Legal issues and news

Succession plan could be formalized this week; bankers may be getting nervous about extending construction loans.

Bank of America has agreed to pay a multimillion-dollar sum to settle a defamation claim brought by former executive Omeed Malik, who was fired by the bank earlier this year, according to a person familiar with the matter.

Flagstar Bank raids Regions for its director of retail banking; prosecutors allege bank CEO got access to Trump in exchange for approving Paul Manafort mortgage; a potential turning point in fintech regulation; and more from this week's most-read stories.

The suit against Alliant Credit Union comes just weeks after trade associations said firms were using social media ads to target plaintiffs for a potential class-action case.

The Treasury secretary told lawmakers that the government needs “to strike the right balance” on Bank Secrecy Act requirements while determining the best way to collect details about account holders.

The Commodity Futures Trading Commission has approved a record $30 million whistleblower award, the result of information that helped the agency sanction JPMorgan Chase for failing to properly inform some wealthy clients about conflicts of interest behind its investment recommendations.

This is the trade association’s 15th such filing in response to disputes regarding credit union websites and the Americans with Disabilities Act.

Fallout from the Equifax breach is coming into clearer focus as more companies begin pinpointing its effects over the last several months.

The moves are seen as setting the stage for CEO James Gorman’s eventual retirement; banks outside the U.S. are suffering from the greenback’s recent rise.

Mayor Eric Garcetti signed an ordinance Monday that establishes new requirements for banks that want to do business with the city. The rules are thought to be the first of their kind nationally.

Once regarded as a safer option for consumers, BOPIS (buy online and pick up in store) has now joined the ranks of targets that cybercriminals are learning to exploit. It comes down to correctly identifying the shopper, writes Ryan Wilk, vice president of customer success at NuData Security.

A more conservative court will be likelier to rule favorably on issues ranging from the deference for regulatory agencies to what constitutes a fair-lending violation.

A more conservative court will be likelier to rule favorably on issues ranging from the CFPB's leadership structure to what constitutes a fair-lending violation and more.

A money-laundering scandal at Denmark's largest bank has prompted increased regulatory scrutiny at larger banks, so criminals may try to filter dirty money at smaller institutions, a regulator warned.

A new court filing suggests that Stephen Calk was named to a 13-member economic advisory team in 2016 in exchange for approving a $9.5 million loan to former campaign manager Paul Manafort.

Leandra English, who sued President Trump and Mick Mulvaney last year claiming to be the rightful director of the CFPB, said Friday that she plans to resign and drop the litigation.

One firm's inability to access bank data shows how fragile fintechs can be; payments processor Square quietly withdraws bank application; turnover of chief risk officers is on the rise; and more from this week's most-read stories.

Beach Community Bank, which recently added $100 million in capital, hired veteran banker Carl Chaney as its executive chairman.

The fundraising is a sign of the rise in the anti-money-laundering market, which is expected to reach $4.26 trillion worldwide in less than a decade.

The Swiss bank allegedly hired Chinese officials’ friends and relatives to win business; JPM asked “several dozen” employees to consider moving from London.