Legal issues and news

Michael Lewis takes a more sympathetic approach than many other observers to the former CEO of the crypto exchange FTX in his latest book, "Going Infinite."

Federal reports have sharply limited the kind of plaintiffs who can prove they have standing to sue financial institutions under the Fair Credit Reporting Act.

A medical services company is suing the nation's largest bank, alleging that it refused transactions, closed accounts and erroneously told customers that the company was subject to sanctions by the U.S. Treasury Department. JPMorgan declined to comment on the suit.

In our ongoing battle against financial fraud, we need a holistic overhaul of the regulatory landscape to safeguard the financial industry and its stakeholders effectively.

Gov. Jim Justice alleges that Carter Bancorp engineered a technical default on a multi-million lending relationship and has blocked his company's efforts to refinance with other lenders. The lawsuit extends a dispute that started after the death of the bank's founder in 2017.

The bank was recently sued by customers who say they were misled into thinking that their savings accounts were earning competitive rates. Capital One responded with a series of arguments for why the case should be thrown out.

One large bank accused the former lender of commingling mortgagor payments in its general operating accounts instead of delivering those funds to a lockbox.

In its biannual report on supervision and regulation, the Federal Reserve Board noted an uptick in governance issues with large banks. Regional and community banks, meanwhile, were plagued by IT problems and risk management struggles.

The Cincinnati-based bank, which purchased a solar lender last year, is facing an investigation from 17 state attorneys general over the acquired company's lending practices and contractor network. One solar panel installer has gone bankrupt and faced complaints across the country.

Fincen's final rule issued Tuesday allows reporting companies to use Fincen identifiers as shorthand for a full list of preapproved beneficial ownership data, which the agency says will streamline the reporting process.