Legal issues and news

The Consumer Financial Protection Bureau is in the direct crosshairs of a federal lawsuit questioning its leadership structure. But it might be the independence of all federal agencies on trial.

Kmart has been hit with a malware attack that has resulted in the compromise of payment card credentials for the second time in three years.

Recent NCUA prohibition orders have included restitution payments ranging from $14 million to $18 million, but it remains to be seen whether such stiff penalties will curb the incidence of fraud at CUs.

This is the second consecutive month that restitution payments for accompanying prohibition orders have exceeded $10 million.

Wells Fargo streamlines Western unit, shifts executives as post-scandal overhaul continues; Goldman Sachs gets grief for "cynical" purchase of Venezuelan bonds at deep discount.

The bank agreed to improve anti-laundering controls deemed "unsafe" by the Fed, including oversight of so-called mirror trades that may have helped foreign customers hide large sums of money.

Auditors performing a review of Ocwen Financial padded time sheets and claimed excessive and improper expenses, including lengthy travel and meals at strip clubs and casinos, according to a lawsuit filed against Fidelity Information Services.

Retail banking chief Mary Mack made several changes, including restructuring leadership in the Western region, where some of the worst incidents in the Wells scandal were said to have occurred.

Jo Ann Barefoot, a former deputy comptroller of the currency, discusses her regtech startup Hummingbird.

Grow Financial alleges that a former employee stole private credit union information and passed it on to GTE prior to obtaining a job there.

A federal appeals court appears to be leaning toward a ruling in favor of the CFPB in a case about its single-director structure.

Readers weigh in on a proposal for encouraging small bank installment loans, a firm that uses AI to reduce false alarms, what security improvements are needed for sharing customer data, and more.

The British machine learning technology company Featurespace is boosting its expansion strategy in the U.S. by arguing that fraud-fighting technology can improve on its own through experience.

While CUs welcome the changes to the appeals process, the merger transparency rule is sure to raise a few eyebrows.

Two related and equally humiliating cases of high-level bankers completely falling for fake emails illustrate the dangers of social engineering and the need to better protect executives and other employees from themselves.

As volume grows, fraud and security risk will expand as well. Merchants and issuers can't afford to avoid the extra work to secure the channel.

Appeals court justices appeared divided on whether the structure of the Consumer Financial Protection Bureau is constitutional during oral arguments in the PHH v. CFPB case on Wednesday.

House Democrats are asking Deutsche Bank Chief Executive Officer John Cryan for documents related to two internal reviews, including one into accounts held by President Trump and his family.

Brian Moynihan won praise from the Wells Fargo CEO for his handling of subprime, legal and other post-crisis issues during his first years as Bank of America's top executive.

Merlon Intelligence, a startup launching Wednesday, plans to offer banks AI software that will help them with their expensive compliance responsibilities.