Legal issues and news

Documents filed in connection with a $586 million settlement reveal how certain agents for the global money transmitter enabled extensive fraud and money laundering.

The new approach is designed to make is possible for issuers to react speed their reaction to online fraud.

Windows smashed, no injuries reported.

The global money transmitter will pay $586 million and implement an anti-fraud program in order to resolve allegations that it enabled widespread misconduct by some of its employees.

"There is an added sense of urgency now," says Barbara Roper, director of investor protection at the Consumer Federation of America.

The Western Union Company agreed to pay $586 million and admitted to a lapse in anti-money laundering controls in an agreement with the U.S. Justice Department and other U.S. authorities.

Justin Newton, founder and CEO of Netki, discusses the barriers to commercialization of bitcoin, how his startup is trying to solve the problem, why private blockchains are useful and why public ones will eventually become more valuable.

The Consumer Financial Protection Bureau and two states on Wednesday sued the nation's largest student loan servicer, Navient, for allegedly systematic failures in processing loan payments and failing to enroll borrowers in less expensive repayment plans.

Navient Corp. was sued by a U.S. regulator over allegations that the student loan giant "systematically" cheated borrowers.

While the Trump administration could relax other bank regulations, it is unlikely that it would ease up when it comes to money-laundering compliance.

Violations of Bank Secrecy Act and anti-money-laundering compliance remain a hot topic for financial institutions as regulators can bar them from branch building and bank acquisitions. Here are some notable regulatory actions that are still unresolved.

People's United is taking its efforts to raise awareness of financial exploitation to a new level.

The Consumer Financial Protection Bureau on Wednesday warned about the risks of the online debt sales, alleging that sensitive personal and financial information is available in some instances to any visitor to a debt marketplace website.

Documents from Massachusetts complicate the narrative that marijuana businesses either can’t get bank accounts or are only being served by small institutions.

SoftBank's big bet on next-generation tech; Supreme Court hears surcharge arguments

By providing lots of data, and encouraging consumers to carefully examine their statements, merchants and payment companies can reduce fraud and chargebacks.

Attorney General-designate Sen. Jeff Sessions R-Ala., could pose a roadblock for marijuana businesses seeking financial services, but might also end a controversial Justice Department program targeting payment processors and financial institutions.

HSBC was fined $32.5 million for failing to comply with a 2011 consent order that directed the bank to revamp its mortgage servicing and foreclosure practices.

Fraudsters, aware of the scope of the Payment Card Industry data security standards, increasingly deploy fraud methods that fall outside of PCI safety.

Uber and other digital commerce plays are drawing attention to online fraud and innovation. Payment companies and merchants will need to adjust to meet the pace of change in the year ahead.