Legal issues and news

The trade groups assert credit unions will face long-term costs related to canceling and reissuing debit and cards, as well as dealing with reputaitonal risks and other negative factors

The lawsuit against Navient Corp. demonstrates that despite the recent appointment of more industry-friendly regulators in Washington, financial services companies still face significant legal threats from state capitals.

Wells Fargo executives and directors accused of steering the bank into the worst scandal of its modern history were ordered to defend a lawsuit accusing them of profiting from the creation of millions of fake customer accounts.

Wells Fargo's home state of California passed a law aimed at curtailing the bank's use of closed-door arbitration to shroud complaints from aggrieved customers affected by its scandals.

The bank plans to contact all customers who paid fees for rate lock extensions during a three-and-a-half-year period and to refund any who believe they should not have been charged.

Former Equifax CEO blames one employee’s mistake for the massive hack; Warren calls Sloan “incompetent” and says he should be fired.

Wells Fargo CEO Tim Sloan took heat from Senate Democrats, who questioned his fitness for the job, the bank's use of mandatory arbitration clauses and even whether its charter should be revoked.

Former Equifax CEO and Wells Fargo chief both expected to issue mea culpas to Congress; Goldman apparently likes digital currency.

The workers who have been brought back do not include any of the more than 5,000 employees who were fired for alleged misconduct, according to the company.

Though many of its policies were in place before news of the Equifax breach came out, Mountain America Credit Union is doubling down on its approach to protecting member data.

Mastercard is unveiling an anti-fraud tool that’s been in development for more than three years, bringing a new way to pinpoint cards and accounts at the highest risk of fraud following data breaches.

The week of Oct. 2 is shaping up to be a significant one for the financial services industry on Capitol Hill, as lawmakers grill the top executives of Equifax and Wells Fargo, as well as the top regulator of Fannie Mae and Freddie Mac.

Ocwen Financial reached a settlement with 10 states under which it can't acquire servicing rights for eight months but will not face any financial penalties.

The groups argue that the CFPB did not properly conduct a cost-benefit analysis of the rule banning mandatory arbitration agreements and that the final product will harm, not help, consumers.

Both former credit union employees are prohibited from participating in the affairs of any federally insured financial institution.

Readers comment on the ripple effects of the Equifax breach, who benefits from the CFPB's final arbitration rule, gender-related issues in financial services, and more.

Washington Federal is the latest bank to pull an application after being flagged for insufficient Bank Secrecy Act compliance.

Equifax's data breach may be the most serious, given that it covered 143 million consumers and involved reams of confidential information, but it wasn't the largest. Following are the biggest to date.

Acting Comptroller of the Currency Keith Noreika affirmed Thursday that the agency’s fintech charter, if implemented, could be granted to commercial firms like Walmart or Google.

Yes, the credit bureau goofed badly on data security, and it proved to be worse at crisis management. But other companies have been just as sloppy with cyber defenses, and business and government leaders should have tackled these problems long before now.