Legal issues and news

Federal Trade Commission data shows scam losses for adults 60+ have skyrocketed, with banks under pressure to strengthen protections.

Junk bonds made Michael Milken the most important and richest person on Wall Street. But they caused many large thrifts to fail. Had he listened to his professors and pursued his Ph.D. in 1970, his legacy might have been different.

A federal judge in North Dakota found that the Federal Reserve's rules capping interchange fees runs afoul of the Durbin Amendment section of Dodd-Frank, vacating the rule unless the central bank decides to appeal the decision. The decision carries implications not only for swipe fees but also how and when banking regulations can be challenged.

New York's bank regulator says Paxos ignored obvious money-laundering red flags and lacked basic compliance controls, particularly in its dealings with Binance.

As stablecoins and related products gain traction in the U.S., bankers are going to have to face the fact that their current anti-money-laundering controls simply aren't up to the task anymore.

Last year, scammers tricked 11,000 people — many elderly — to send them money through ATMs for Bitcoin and other crypto. The payments are often irreversible.

Lenders and servicers must determine how quickly to act as some legislators look to enable the move a key regulator has ordered while others urge deliberation.

Companies that lack artificial intelligence governance may spend hundreds of thousands of dollars more in responding to cyberattacks, IBM found.

In a new lawsuit, a former Flagstar compliance officer says Alessandro DiNello fired him for investigating his suspected misconduct. In one lurid example, the former CEO allegedly revealed sensitive company information as a junior employee sat on his lap.

The Federal Deposit Insurance Corp. withheld bonuses from former FDIC Chair Martin Gruenberg and four senior officials, whose names were redacted from the report, as part of "corrective action" for allegations of misconduct.