Legal issues and news

The question is no longer whether the financial services industry needs a unified approach to combating instant payment fraud but who will take the lead to make it happen. The onus is on the biggest players in the market to show the way forward.

A federal judge said she is inclined to issue a preliminary injunction to stop the Trump administration dismantling the Consumer Financial Protection Bureau.

A new order requires certain non-bank financial companies in certain ZIP codes to report transactions over $200, much lower than the previous $10,000 threshold.

Banco San Juan Internacional argues recent comments from Federal Reserve Chair Jerome Powell raise questions about the central bank's handling of master accounts.

A Texas judge refused the Consumer Financial Protection Bureau's effort to put a lawsuit on hold against Dallas-based Comerica Bank, claiming the stay would "harm Comerica's reputation."

Five Star Bank's parent company denied wrongdoing but said the agreement spares it the uncertainty and expense that might have resulted from a trial.

In a packed courtroom, a federal judge parsed whether the Trump administration's aggressive actions to rein in the Consumer Financial Protection Bureau are part of a "normal" transition of power or would impede its statutorily required functions.

President Donald Trump's company accused it of illegally "de-banking" him for political reasons by abruptly canceling hundreds of accounts for his real estate business after his first term ended in 2021.

The Trump administration intended to gut the Consumer Financial Protection Bureau through a mass workforce reduction, which could be a smoking gun in a court battle with the bureau's union.

The Internal Revenue Service holds a massive trove of sensitive data about American taxpayers that would be of inestimable value to a company operating in the private sector. Protecting it is a matter of national security.

Federal Reserve Gov. Christopher Waller said the Founding Fathers supported independent money management and undoing it now would be a mistake.

Ahead of a court hearing, the top lawyer at the Consumer Financial Protection Bureau says he ordered supervisory staff to get back to work. But examiners and supervisors are disputing that work is being done, noting that travel credit cards have been cut off.

A coalition of national financial organizations filed a friend-of-the-court brief for preemption after regulators filed one against it in a key servicing case.

Leo Salom, who has led Toronto-Dominion's U.S. division since 2022, saw his variable pay decline 35% in 2024.

Consumer advocates MyPath and the Mississippi Center for Justice have been allowed to intervene in a banking industry lawsuit challenging the CFPB's $5 overdraft fee cap for large financial institutions after the bureau declined to defend the rule.

Edward Arthur Nurse was in charge of the vault at Park Side Credit Union. Then $389,000 went missing, replaced by piles of fake cash.

The Biden-era suit against Zelle's parent company and its largest bank parent owners sought to require banks to reimburse consumers for "induced fraud," when a consumer is tricked into sending money to someone under false pretenses.

At a court hearing on Monday, lawyers for the Trump administration said statutorily required work is being done by the Consumer Financial Protection Bureau, while the union claimed the government is trying to shut the agency down.

The Consumer Financial Protection Bureau's decision to no longer pursue its enforcement action against the credit reporting bureau marks the eighth lawsuit dropped by the agency in recent days.