Legal issues and news

Unless security systems are implemented thoughtfully and provide a comprehensive view of an organization’s end-to-end security position they’re little more than a distraction, writes Luis Rojas, vice president of product management for cyber fraud and risk management at Bottomline Technologies.

Credit card issuers are beginning to see significant upticks in credit card account charge-offs, with Discover the latest to report a spike, flagging a 55% hike in losses during the most recent quarter. But what exactly is driving the increase?

The financial services industry is at risk of being caught flat-footed if a legislative measure to rescind the Consumer Financial Protection Bureau’s rule regulating arbitration agreements fails to pass.

Staff for House Financial Services Committee Chairman Jeb Hensarling said CFPB Director Richard Cordray is continuing to ignore subpoenas tied to the agency's work on the arbitration rule.

The bank’s “reasonably possible” legal charges could surpass its reserves by $3.3 billion as of June 30, a Wells securities filing says.

Readers react to USAA teaming up with Amazon’s Alexa, how a new Wells Fargo’s scandal could affect arbitration rules, a digital identity startup’s ambitions, and more.

Push Payments' Travis Dulaney discusses the Fed task force report; Brian Roemmele talks voice pay.

The bank agreed to pay $4.6 million to settle charges it didn't tell consumers why their checking account applications were rejected; Winklevoss brothers to supply bitcoin data to Chicago exchange.

JPMorgan Chase is among four banks sued by a trustee for investors in the debt of Millennium Health LLC, alleging the lenders failed to inform them of a federal probe into the billing practices of the borrower.

Democrats on the House and Senate banking committees are urging Republicans to hold hearings with Wells Fargo's top executives over its phony-accounts and force-placed insurance scandals.

Acting Comptroller Noreika says he will defer to Congress to determine whether the rule requiring mandatory arbitration should be killed; Bitcoin Cash to start trading but is causing confusion in the digital currency market.

Machine learning can allow customers to take control of their data-driven decision making, including fraud, writes Mark Goldspink, CEO of The ai Corporation.

Republicans need just 50 votes in the Senate to repeal the CFPB's rule banning mandatory arbitration, but some key GOP senators remain on the fence.

Four Republican senators are seen as possible defectors on a vote to repeal the CFPB's arbitration rule, while another senator may be absent, which will make the GOP's job harder.

Acting Comptroller of the Currency Keith Noreika said Monday that he would not interfere with the Consumer Financial Protection Bureau's rule banning mandatory arbitration after missing a key deadline to appeal the regulation.

Large banks like Wells Fargo have started using "cyber ranges" and "red teams" to respond to real cyberattacks on virtual versions of their real systems.

The four former credit union employees are banned from having any dealings with federally insured financial institutions.

Republican efforts to repeal the Consumer Financial Protection Bureau's arbitration rule were dealt a significant blow Friday by another Wells Fargo scandal.

The Buffalo, N.Y., bank has been freed from an enforcement order that required an upgrade of its anti-money-laundering compliance systems. The Fed had ordered the upgrade as a condition for approval of its acquisition of Hudson City Bancorp.

The New Jersey company reported lower quarterly profit that included professional fees tied to addressing an informal order from regulators.