Legal issues and news

Agency plans to address issues and regulation of cybercurrencies; OCC says the bank failed to fix problems cited in a 2012 consent order.

San Francisco-based Arxan Technologies, which got its start in 2001 providing security tools to protect gaming and medical-device applications, says financial services companies are one of the fastest-growing sectors seeking help in barricading their mobile apps from hackers.

The OCC said Thursday that the bank has yet to fully meet the conditions of a 2012 consent order requiring it to address problems in its Bank Secrecy Act and anti-money-laundering compliance programs.

Sen. Sherrod Brown called on the Trump administration to support the Consumer Financial Protection Bureau's enforcement action against PHH Corp., which agreed to a $45 million settlement this week related to foreclosure abuses.

North Korean counterfeits haven't been documented since 2008, but recent sanctions may have pressured the country to return to making undetectable U.S. cash.

Seeking a way to facilitate higher-value contactless transactions, the Bank of Cyprus plans to issue an EMV card deploying biometric authentication to replace a PIN code.

The Senate Banking Committee's first hearing of 2018 will focus on anti-money-laundering efforts and counter terrorist financing, which could be a precursor to legislative reforms.

The debit card is growing in popularity in the U.S. for retail transactions, and consequently FIs are making debit a top priority. However, the strength of debit is a double-edged sword.

Cybersecurity systems, as sophisticated as they are, are clearly not doing the job. And maybe they never will, given that in the end the effectiveness of those systems can be overridden by workers inside the organization, writes Tal Vegvizer, director of research and development for Bufferzone.

The Lower East Side People’s Credit Union filed a suit against President Trump over his appointment of Mick Mulvaney as the CFPB's acting director.

If acting CFPB Director Mick Mulvaney ultimately prevails in the lawsuit challenging his position, he is expected to continue implementing the most significant changes to the agency in its six-year history.

All three are forbidden from having anything to do with the affairs of a federally insured financial institution.

With so much uncertainty, the only thing that's clear is how different the sector may look a year from now. Here's an overview of the leading trends in technology that will impact payments and banking in 2018.

State and federal regulators finally approved the Mississippi bank’s acquisitions of Ouachita Bancshares and Central Community after anti-laundering and CRA matters were resolved. BancorpSouth’s CEO says he may pursue more deals.

With so much uncertainty, the only thing that's clear is how different the sector may look a year from now. Here's an overview of the leading trends in technology that will impact banking in 2018.

With the increased demand for heightened security and the increased costs, there will also be a growth in attacks from nation-state actors, writes Antwayne Ford, president and CEO of Enlightened.

Getting the most detailed picture calls for a multilayered approach that leverages the most effective elements of in-house and outsourced solutions, writes Monica Eaton-Cardone, COO of Chargebacks911 and CIO of its parent company Global Risk Technologies.

By deploying voice biometrics, organizations including large banks, government agencies, telcos and retailers can not only make the process of authentication easier, but also can protect their customers’ identities from being compromised in the case of a hack, writes Brett Beranek, director of product strategy at Nuance.

A federal judge appeared to be leaning toward siding with President Trump during oral arguments Friday in a case in which Consumer Financial Protection Bureau Deputy Director Leandra English is challenging the president's ability to appoint Mick Mulvaney as acting director.

Thirty-nine credit unions will pay fines for filing 5300s after deadline, a three-fold increase over the previous quarter and the highest number of CUs to consent to penalties in over a year.