Legal issues and news

GlobalID stands out from scores of similar companies and projects by attempting to wed self-sovereignty with regulatory compliance. If its technology works, it could alleviate a major cost for banks.

Readers react to the CFPB’s final arbitration rule, a new potential hurdle for initial coin offerings, a housing finance reform proposal and more.

The fine for BTC-e was the Treasury’s first action against a money-services business located in a foreign country, and the second against a virtual currency exchange.

The Consumer Financial Protection Bureau is likely to finalize its small-dollar rule by September ahead of Director Richard Cordray's widely expected departure.

UniCredit, Italy's No. 1 bank, said hackers took biographical and loan data from 400,000 client accounts in one of the biggest breaches of European banking security this year.

Some bankers fear the use of artificial intelligence in detecting crime could catch innocent customers in a dragnet. Proponents say it can do a better job of spotting true criminals.

The House voted 231 to 190 on Tuesday to nullify the CFPB's rule banning mandatory arbitration clauses, but the outcome in Senate is unclear.

Piecemeal settlement through mandatory arbitration masks widespread misconduct like Wells Fargo’s fake-accounts scandal. Class actions bring such systemic abuses to light, and should always be an option for consumer redress.

Readers question acting comptroller Noreika, weigh in on SoFi’s charter application, defend Trump’s exit from the Paris Accord, and more.

As an industry, payment system providers and other IoT systems makers in all stripes and colors need to shift the paradigm and build in tamper-proof security based on their original configuration, writes Assaf Harel, CTO of Karamba Security.

House and Senate lawmakers formally filed resolutions on Thursday to repeal the Consumer Financial Protection Bureau's arbitration rule, but there were early signs that enacting them may prove challenging.

Acting Comptroller Keith Noreika says his agency is prepared to defend its authority to grant banking licenses to fintech firms; lawmakers hopeful they can block anti-arbitration rule before it takes effect.

The simplest scams are sometimes the hardest to thwart. Rather than redesign its prepaid card with added security, InComm is redesigning the packaging in a way that should render stolen cards unusable.

Sen. Tom Cotton, R-Ark., plans on leading Republican efforts to overturn the Consumer Financial Protection Bureau’s rule governing arbitration agreements and said Wednesday that a few Democrats might help the effort.

Most U.S. voters, including those who identify as Republicans, support the Dodd-Frank financial reform law and the Consumer Financial Protection Bureau, according to a poll conducted in late June.

The OCC and CFPB are engaging in a high-stakes battle over the latter agency's effort to rein in mandatory arbitration clauses, in a rare public spat between federal regulators.

Acting Comptroller of the Currency Keith Noreika has asked the CFPB to delay publishing its final arbitration rule, citing concerns about how it will impact the safety and soundness of banks.

The industry and GOP lawmakers face short time frames and other challenges in trying to repeal the Consumer Financial Protection Bureau's arbitration rule.

A monitor's report detailing HSBC's compliance with a 2012 agreement with U.S. prosecutors to fix faulty money-laundering controls isn't a judicial document and shouldn't be made public, a federal appeals court said.

Despite assurances that the Department of Justice crackdown on banks' third-party relationships is ceasing, lawmakers say it is still having an impact.