Legal issues and news

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.

Bank agrees to pay $97 million as DOJ drops criminal charges involving money laundering at Citi uni; digital currency price roars past $2,200 as Japanese catch the bitcoin bug.

David McLaughlin, founder and CEO of QuantaVerse, discusses how artificial intelligence can improve anti-money-laundering compliance; the problems of de-risking and "defensive filing" of suspicious activity reports; the Clearing House's proposal to reduce banks' AML costs; and more.

Banamex USA will pay $97.4 million to the Justice Department over widespread anti-money-laundering abuses.

The case, PHH Corp. v. CFPB, is being watched closely because depending on the outcome, it could give President Trump the power to immediately fire Richard Cordray, the CFPB's director.

The U.K.’s Payment Systems Regulator is escalating its inquiry into the role banks play in preventing money-transfer scams where consumers are tricked into sending funds to fraudsters.

The Trump administration’s examination of Dodd-Frank Act powers to allow regulators to seize and unwind a failing megabank is drawing criticism from supervisors at home and abroad.

The Trump administration must weigh risks to national security in its review of the $1.2 billion deal. Its decision will shed light on whether — given the president’s “America First” rhetoric — Chinese investment is still welcome in the U.S. financial services sector.

Family Savings CU helped police catch a suspect in a crime spree worth more than $43,000, but analysts say card skimming remains so pervasive that it may be nearly impossible to stop.

Bradley Linskens, the former top examiner of Wells Fargo at the Office of the Comptroller of the Currency, sued the agency Tuesday over records requests he had made related to his removal earlier this year.

The former New Jersey mutual is stepping up efforts to court bigger commercial clients. The move will help Investors diversify its loan book and deploy capital while it is barred from buying banks.

Advocates for the cannabis industry took to Capitol Hill on Wednesday to lobby for bank protections that would help legitimize the industry and give it access to financial services.

State regulators felt they were strung along by the mortgage servicing giant Ocwen Financial after years of promises that were never fulfilled, resulting in successive enforcement actions against the company.