Legal issues and news

Financial services companies and groups are increasingly willing to take the regulatory regime to court in an effort to fight back — and so far, they appear to be succeeding.

Ocwen Financial asked a federal judge Wednesday to dismiss a lawsuit by the Consumer Financial Protection Bureau, saying the agency is unconstitutional.

The Greenwood, Village, Colo.-based credit union was sued by Denver Metro Fair Housing Center over alleged discrimination against women on maternity leave.

Christy Romero, the special inspector general for the Troubled Asset Relief Program, and two other government entities were involved in a probe that led Lamar Cox, former chief operating officer at Tennessee Commerce Bank, to plead guilty to misleading the FDIC.

The West Virginia company sold the mortgages to Residential Funding and ResCap Liquidating Trust between 2003 and 2007.

Kosta Peric, deputy director of digital payments and financial services for the poor at the Gates Foundation, discusses his efforts to expand access to low-cost financial services in developing countries.

The insurer says the administration’s review of systemic designations could moot the case.

President Trump is locked in a political game of chicken with Richard Cordray, the director of the Consumer Financial Protection Bureau.

A federal appeals court rejected Friday an appeal by the Consumer Financial Protection Bureau to investigate an accreditor of for-profit colleges.

A $26 million settlement by Santander Consumer is shining a light on the hard-to-measure problem of auto dealer fraud, while also raising questions about the adequacy of lenders' efforts to combat bad behavior.

The San Francisco bank is adding $32 million to a previously announced agreement, and also extending it back to 2002, in the wake of a report on the roots of the firm's sales scandal.

Readers sound off an attempt to block prepaid regulations, threats to consumer privacy, FSOC’s political bent, the proper use for SARs, and more.

Issuers and other organizations accept a nominal level of money laundering. Machine learning and artificial intelligence can improve that.

The man who took 11 Alabama Credit Union employees hostage during an attempted robbery in January has reportedly told police he needed the money to pay for court costs in in a separate criminal case.

To battle the rise of new-account fraud, Dublin-based Experian has adopted a new tool from BioCatch, which uses behavioral biometric technology to spot fraudulent applicants.

Unlike other “suspicious activity report” categories, a new proposal to add a “cyberevent” category would require institutions to detect and report digital mischief whether directed at a customer’s account or the bank itself.

Justices on the Supreme Court appeared exasperated with both sides for a case that would define whether companies that buy distressed debt are covered under a federal statute setting limits on their activities.

Readers weigh in on a notable OCC personnel change, the Scottrade breach, the ability of corporate owners to still be anonymous and more.

The 110-page document offers plenty of new details about what went wrong at the megabank but may leave many wanting a truly independent investigation.

A review of activity that long ago would not shed additional light on the scope of misconduct in Wells Fargo's retail banking unit, CFO John Shrewsberry said in an interview.