Legal issues and news

New York established the nation’s first cybersecurity regs for FIs, but the recent WannaCry ransomware attacks provide lessons for CUs well beyond the Empire State.

Up-to-date operating systems, anti-phishing tools and good backup should keep banks and CUs safe from ransomware. Can your institution check off those boxes?

Up-to-date operating systems, anti-phishing tools and good backup should keep banks safe from ransomware. Can your bank check off those boxes?

The laws that force banks to know their customers are good at catching petty criminals and “wannabe” terrorists, but can’t thwart sophisticated bad actors, argues whistleblower Edward Snowden.

President Trump’s aim to scale back financial regulations may make it easier for student loan borrowers to maintain federal class actions.

The U.S. shift to EMV technology has dramatically reduced levels of counterfeit card fraud, but merchants and the card networks are divided on whether it caused the expected shift of fraud to digital channels.

The regulator said that the Bank of Lake Mills, Freedom Stores and Military Credit Services violated the FTC Act.

There's an outbreak of email and telephone hoaxes in France falsely attributed to the country's central bank, as criminals multiply attempts to steal credentials from French companies and consumers, the Bank of France said.

Citi says David Madaras sent a profane message that confirmed the name of a confidential client, but he says the messages were read out of order and misunderstood.

The London-based bank overbilled customers by nearly $50 million through violations including collecting excess mutual fund fees.

After a bogus-accounts scandal spooked new clients and crimped profitability, Wells Fargo may eliminate more branches and dismiss staff.

Repealing or modifying regulators’ authority to take over failing banks may actually increase the risk of taxpayer-funded bailouts, said former Federal Reserve Board Gov. Daniel Tarullo.

In the way that Gap and Victoria's Secret are ubiquitous in the malls dotting the suburban landscape, it is unlikely fintech partners will be exclusive to one bank.

Mobile apps are becoming the playground and hiding place for cyberattacks and the criminals who orchestrate them.

One recent study says local and regional FIs face the greatest risk of losses from ransomware, but there are steps CUs can take to mitigate that risk.

As China's only gambling center, the island has become a crime risk, pressuring greater security for card transactions.

Police in Sydney, Australia reportedly arrested two men this week suspected of using Host Card Emulation technology to make fraudulent debit card purchases amounting to AUS$1.5 million (US$1.1 million).

The landmark ruling remands the city of Miami's 2013 suit against Wells Fargo and Bank of America to the lower court.

Money laundering in Latin America is said to be worsening and a corruption probe in Brazil adds to the worries, but Latin American banks are fighting hard to preserve business with U.S. banks.

The beneficial ownership regulation, meant to catch financial criminals, has produced data that is useful in making small-business loans, LexisNexis Risk Solutions says.