Legal issues and news

S&P lowers the bank’s rating to A-minus following Federal Reserve sanctions on growth; 13 are arrested after alleging defrauding banks of $530 million over seven years.

The U.S. banking arm of the Dutch lender Rabobank has forfeited nearly $370 million for anti-money-laundering deficiencies that authorities say allowed untraceable money transfers on behalf of criminals.

Sen. Elizabeth Warren released a scathing report Wednesday on Equifax's handling of the data breach last year, part of an effort to gain backing for legislation to rein in the credit bureaus.

The U.S. charged 36 people in a takedown of an international cybercrime ring that prosecutors say used the slogan “In Fraud We Trust” and stole $530 million with the help of pilfered identities and malware.

In recent weeks three surveys have been released that assess the U.S. fraud landscape across all of these audiences. These reports provide a holistic snapshot of where payments fraud in the U.S. is today.

Citigroup said an Italian court rejected a €1.8 billion ($2.2 billion) civil claim filed by Parmalat against the bank over the food company's collapse in 2003.

"Ring-fencing" is designed to reduce risk, but will lead to major changes in transaction infrastructure and open a temporary door for fraudsters, according to Marcus Hughes, head of strategic business development at Bottomline Technologies.

The results suggest that even as financial institutions implement more sophisticated fraud-mitigation techniques, they have not been keeping pace with criminals.

In the rising tide of e-commerce fraud, one of the trickiest areas to control is so-called friendly fraud, particularly within the growing markets for digital goods.

A Georgia Supreme Court case sheds light on the lengths that the often assailed industry has gone to shape policy outcomes. It also raises the question of whether, in evaluating industry-funded research, it is enough to assess the published study itself, or if it is necessary to dig deeper.

The bank’s assets are capped at their current level of $1.95 trillion; Citi, JPM and B of A will no longer allow bitcoin purchases on their credit cards.

In his decision Thursday, U.S. District Judge Paul Gardephe said the lawsuit brought by the Lower East Side People's Federal Credit Union lacked standing.

This trend will continue until banks have addressed key vulnerabilities, according to John Gunn and David Vergara of VASCO Data Security.

Appeals court says single director is constitutional; the CFTC is rethinking policies because of bitcoin.

A federal appeals court handed a major victory — and a significant defeat — to the CFPB by upholding its constitutional structure while also slapping down the agency's practice of making new interpretations of law through enforcement actions.

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

The decision by the appeals court means that a president can only fire the head of the Consumer Financial Protection Bureau for cause. But the ruling also scrapped the CFPB's massive fine against a nonbank mortgage lender.

Lower East Side People’s Federal Credit Union is on a mission to protect the Consumer Financial Protection Bureau from Mick Mulvaney.

Modernized bank technology and improved data sharing would sharpen anti-money-laundering efforts, making crime like human trafficking more risky and less profitable.

Having chargebacks have been a consistent thorn in merchants' sides for much of the past decade — and to make matters worse, while 82% of merchants say they actively dispute chargebacks, 24% have no idea what their win rate is.