Legal issues and news

The Federal Trade Commission alleges in a lawsuit that the company's "no-hidden-fee" pledge is deceptive. LendingClub says the claims are unwarranted.

Companies that handle sensitive customer data have even more to worry about when making an acquisition. Not only do they have to be sure the acquired company has good security, but they can't let their guard down even after the acquisition closes.

When regulators recognize ICOs as securities offerings, they will likely require issuers to fully comply with standard Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, increasing compliance pressure, according to Ron Teicher, CEO of EverCompliant.

CEO Tim Sloan and board chair Elizabeth Duke fielded tough questions Tuesday on everything from the embattled bank’s culture to its ties to the private prison industry.

The bank faces June 15 AML compliance deadline; the features that make Zelle popular with customers entice thieves.

A federal grand jury in Charlotte, N.C., has indicted a former credit union CEO with fraud in connection with the U.S. government's Troubled Asset Relief Program.

The issues at Wells Fargo extend beyond the fines; Ally Financial's auto finance chief departs; ICBA chief Cam Fine signs off; and more from this week's most-read stories.

Recently filed court documents give the clearest sign yet that the National Credit Union Administration is considering appealing a controversial court decision on the regulator's revised field-of-membership rule.

The bank’s latest punishment would settle charges by the CFPB and the OCC; Staley did not act without integrity in trying to unmask a whistleblower.

E-commerce payments technology provider Stripe is launching a fraud prevention tool for security professionals at large organizations.

ATMs require dual-factor authentication in the form of a physical card and a PIN, and this same concept should be extended to phone transactions, writes Patrick Cox, CEO of TRUSTID.

A class action filed last week alleges that Renovate America and Renew Financial failed to provide consumer protections promised to L.A. County, that this constitutes elder abuse, and the county is complicit.

A $135 million increase in litigation expenses related to its 2011 acquisition of Wilmington Trust overshadowed a wider net interest margin and improved credit quality for the Buffalo, N.Y., company in the first quarter.

Whether due to costs, growing cyber threats or other factors, a growing number of credit unions are outsourcing an important C-level security role.

Comptroller of the Currency Joseph Otting took office only late last year, but he is wasting little time in tackling a series of hot-button topics, including easing anti-money laundering regulations and lowering national bank fees.

The bank revealed Friday that it is facing hefty regulatory penalties and will likely have to restate first-quarter earnings. Declines in loan balances and fee income and questions about upcoming stress tests are only adding to investors' worries.

Reps. Elijah Cummings and Stephen Lynch sought records related to a banker's communications with former Trump campaign manager Paul Manafort and the Trump campaign, and about his bank's loans to Manafort.

A panel of judges remained skeptical of claims by Leandra English, deputy director of the Consumer Financial Protection Bureau, that she is the rightful head of the agency. But they didn’t sound convinced that current acting Director Mick Mulvaney is, either.

Beach Community Bank in Fort Walton Beach will be sold for $100 million once its holding company goes through bankruptcy, according to a local news report citing the bank.

JPMorgan Chase was sued for charging "sky-high" interest rates and fees to customers who used their credit cards to buy cryptocurrencies such as bitcoin.