Legal issues and news

Litigation is soaking up a significant share of resources at the Consumer Financial Protection Bureau, which faces at least a dozen cases challenging its constitutionality and a surging number of legal disputes to its enforcement actions.

In the wake of allegations against subprime auto lender Santander Consumer, attendees of CU Direct’s DRIVE Conference discuss steps credit unions are taking to protect against fraud risks.

The trade group filed a brief backing an effort by the American Bankers Association to push back against the NCUA's planned revisions to field-of-membership regulation.

The ICBA has filed a supporting brief to the American Banker's Association's FOM suit against NCUA, but a rapid decision is unlikely, and the case has already dragged on longer than the bankers' MBL suit.

As payments get more complex, money laundering and other risks increase. Audits and advanced regulatory technology can help companies keep up, writes Performline CEO Alex Baydin.

It's time for credit unions, industry stakeholders and the movement's 107 million members to speak up and tell Congress to get serious about protecting members' data from retailer data breaches.

More business lending is shifting from banks to "murky" trusts as the government imposes more restrictions to reduce risky loans; 11 states advance suit as Justice Department retreats.

U.K. corporations are increasingly worried about business payment fraud, and while more than half fear attacks from the outside, concerns over insider fraud have spiked, according to a new report from Bottomline Technologies.

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.