Legal issues and news

A district court judge this week has denied allowing four groups — the American Fintech Council, Financial Data and Technology Association, Financial Health Network and Public Citizen — to file legal briefs in support of a rule on financial data rights.

The volunteer firefighting crew in Kerr County was the target of impersonation scams on the digital payments platform for donations to relief efforts.

The show business-themed restaurant, which benefited from a federal loan near the start of the pandemic, says it now owes millions thanks to the Miami-based bank's "fraud, negligence, and misrepresentations." A BankUnited spokesperson declined to comment.

Deadly flash flooding in Texas serves as a reminder of the tactics scammers and fraudsters use against both victims and charitable onlookers.

The ongoing turmoil in the Middle East has highlighted the complexities of successful anti-money-laundering compliance in a conflict zone. U.S. banks need to step up their game in order to stay safe.

The Federal Reserve has banned a Wyoming bank employee from the banking industry for embezzling more than $30,000 from a charity.

Listen to Gasan Awad, SVP, Fraud Director, Enterprise Fraud Product Management at PNC Bank, Chris Briggs, Chief Product Officer at Mitek and Jay Leal, CIO at Vantage Bank.

Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.

Now more than ever, businesses globally have become increasingly susceptible to financial fraud.

A federal judge in New York has rejected Huawei's effort to toss charges alleging bank fraud, sanctions violations and trade secrets theft.

Navy Federal Credit Union will not pay a $15 million fine or $80 million in restitution to service members who were illegally charged surprise overdraft fees when their accounts had sufficient funds.

The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.

The Financial Technology Association — which had been granted the right to defend the Consumer Financial Protection Bureau's open banking rule after the bureau declined to defend it — filed a motion Sunday to preserve the rule.

The Santa Anna National Bank in Central Texas is the second bank to fail this year.

Texas' SB 1281 introduces harsher penalties — up to life in prison — and targets check fraud as banks report rising financial crimes tied to stolen mail.

The Florida man admitted to opening over 100 fake TD Bank accounts in exchange for bribes, leading to $72,000 in fraud losses at the bank.

CIBanco SA, Intercam Banco SA and brokerage Vector Casa de Bolsa SA are all "of primary money-laundering concern," FinCEN said. Treasury Secretary Scott Bessent said they are "vital cogs in the fentanyl supply chain."

Banking has long been overseen by independent agencies, though that independence has been waning for years. With the Supreme Court poised to weigh in, experts are questioning where — and whether — to redraw the line between politics and policy.

Pulaski Savings Bank's failure will cost the FDIC's Deposit Insurance Fund 57.6% of its total assets.