Legal issues and news

The House Financial Services Committee was scheduled to vote on legislation to modernize anti-money-laundering rules, but the latest version of the bill excludes a key provision involving the collection of beneficial ownership information.

From a major CFPB deadline to a long-anticipated fintech report, there's a lot to watch for in the days to come.

From a major CFPB deadline to a long-anticipated fintech report, there's a lot to watch for in the days to come.

Wells Fargo on the receiving end of USAA's long-standing intellectual property threat; millions are mad about Erica, Bank of America's virtual assistant; relief may be in reach for bankers fed up with SARs; and more from this week's most-read stories.

The agency has provided new information about changes large and midsize banks are making in the wake of the Wells Fargo scandal, but Senate Democrats continue to press for more details.

The settlement is the latest development in probes by governments around the globe into banks’ manipulation of benchmark interest rates.

The settlement applies to customers who had accounts opened without their consent over a 15-year period beginning in May 2002.

Of all the types of malicious software targeting businesses, ransomware continues to be one of the most pervasive, according to recent studies. Here's an overview of the things banks, especially small ones, are doing to stop it.

The new chair of the Conference of State Bank Supervisors argues that state regulators will keep protecting consumers if the CFPB curtails oversight.

Businesses are tasked with carrying too much of the burden of protecting customers' personal information, and typically turn to Social Security numbers. The advent of self-sovereign identity may give consumers a chance to reclaim control over their data and how it’s used, Finicity's Nick Thomas writes.

The legislation unveiled this week left out a requirement — included in an earlier version — for new companies to report their true owners.

Dan Heine and Diana Yates were accused of hiding Bank of Oswego's condition by inaccurately reporting bad loans.

Institutions that have been opening consumer accounts without consent need to prepare for the fallout, even if the OCC has said it won't name names.

Security Group was fined $5 million for abusive collection tactics; the Dutch payments company is now valued at nearly $16 billion.

In his inaugural hearing as comptroller of the currency, Joseph Otting defended his decision not to publicly rebuke banks for Wells Fargo-like problems.

The House Financial Services Committee is preparing to vote on legislation to modernize anti-money-laundering rules, but the latest version of the bill excludes a key provision involving the collection of beneficial ownership information.

Acting CFPB Director Mick Mulvaney had sided with two industry trade groups that sued the CFPB in April to invalidate the tough restrictions.

Republican congressmen Blaine Luetkemeyer and Steve Pearce say their new legislation would update anti-money-laundering and counterterrorism requirements for small financial institutions.

Wong was placed on administrative leave in February and arrested in May in connection with alleged embezzlement and fraud at the credi tunion.

Legislation with bipartisan support would raise the threshold for reporting suspicious activity, a goal banks have long sought.