Legal issues and news

The California company will pay nearly $3 million to address claims it failed to pay employees for overtime.

Without the Consumer Financial Protection Bureau's expanding consumers' legal options, they will continue to be vulnerable to the abusive practices that have proliferated throughout the financial industry in recent years.

Senate Democrats' legislative bid to reform the credit reporting industry is tempered and balanced, according to analysts, which could help it gain traction in the GOP-controlled Congress.

Equifax Inc. said two of its senior executives are leaving as the credit-reporting company faces mounting public anger for losing data on 143 million Americans in one of the biggest cyberattacks in history.

Credit Suisse Group AG said it settled lawsuits brought by Massachusetts Mutual Life Insurance Co. over the sale of mortgage-backed securities before the financial crisis.

Agency confirms it’s investigating the credit bureau; regulator gives green light to Upstart Network to use cellphone payments, etc., to underwrite loans.

Bankers in Florida and Texas are dusting off their disaster-recovery playbooks, which focus on retrieving customers' valuables, ensuring employee safety and minimizing the bank's own legal exposure.

By replacing human judgment with other identity technologies, higher levels of verification accuracy can be achieved in a fraction of the time, writes Romana Sachová, co-chair of the Security and Biometrics Workgroup at Mobey Forum.

Rep. Carolyn Maloney, D-N.Y., sent a letter to the top executives at TransUnion and Experian on Wednesday asking them what steps they are taking to safeguard consumer data in light of the Equifax breach.

Thirty-six lawmakers signed a bipartisan letter Tuesday calling for an investigation into the sale of stock by Equifax executives between a data breach at the firm and when it was disclosed.

A mishmash of lawmakers from different parties and committees are wading into the aftermath of Equifax’s megabreach, with some using it to advance their policy agendas while others are calling for possible criminal prosecution.

Tim Sloan told investors Tuesday that Wells Fargo could uncover more examples of financial harm to its customers as part of its ongoing review of its sales practices.

A new documentary that aired Tuesday on PBS raises questions about why prosecutors targeted a small bank after the financial crisis and left bigger institutions untouched.

Senate Finance Committee leaders sent a letter to Equifax CEO Richard Smith scrutinizing the scope of the company's data breach and its response.

But the Wayzata, Minn., company is not out of legal hot water, as a judge let stand some charges that it violated a provision in the Dodd-Frank Act that prohibits using deceptive practices to sell consumer products.

The FBI and at least two states are looking into the data breach; Harvey shut lots of banks, but mobile banking apps keep customers operating.

Everybody say it with me, “Customer data is a liability.” And the Equifax breach shows why.

Leaders of the national credit union trade associations are once again calling for a congressional solution to a problem that has plagued consumers for years

In order to compensate victims of the breach, Equifax is offering free credit monitoring services that include a mandatory arbitration clause, a measure Democrats were highlighting to lobby support for the CFPB's rule banning such clauses.

All 12 credit unions subject to late fees had assets of $50 million or less.