Legal issues and news

A survey by American Banker indicates that check fraud is the top fraud concern for banks, especially smaller ones. This is driving spending to prevent it.

The Office of Management and Budget issued a sweeping directive Monday to overhaul the federal government to align with the Trump administration's priorities.

Once a helpful tool for law enforcement, CTRs have become next to useless in the fight against money laundering. It's time to retire them in favor of more modern and effective measures.

The settlement detailed the missteps PayPal took in the lead-up to the attack and highlighted common risks — both on compliance and security — banks face.

The case against Yellowstone Capital, which state officials alleged deceived small-business borrowers, has brought attention to the industry.

The ruling lets state Attorney General Letitia James continue arguing Citi should have reimbursed customers for wire fraud, though some claims were dismissed.

Industry players, regulators and law enforcement will need to work together in 2025 to ensure that as Americans increasingly rely on digital payments, the fraudsters trying to take advantage of them are kept at bay.

The lawsuit alleges mismanagement and fiduciary breaches caused SVB's 2023 collapse, costing the Deposit Insurance Fund $23 billion.

Toronto-Dominion Bank is moving up the start date for its new chief executive officer, Raymond Chun, by two months and has reduced executives' pay.

The order calls on federal agencies to support more forms of digital identity documents and could lead more states to adopt digital driver's licenses.

The investment banking giant has been the subject of regulatory probes regarding the way it vets prospective clients. So far, that's not driving away potential clients, executives say.

The Biden administration is asking the Supreme Court to overturn a lower court injunction against the Corporate Transparency Act, which requires businesses to disclose their beneficial owners. The outcome has significant implications for banks' AML compliance burdens.

The Supreme Court heard oral arguments in Thompson v. United States, which could decide whether the federal government can prosecute "misleading" in addition to "false" statements to the Federal Deposit Insurance Corp.

Digital transaction risk draws attention to dynamic CVVs for cards.

An alarming percentage of cyberattacks in 2024 exposed eight or more pieces of sensitive customer information, a notable increase in severity. Banks need to have both proactive and reactive strategies in place to protect customers.

Debt collection trade group ACA International and Specialized Collections Systems, a Houston-based debt collector, filed a lawsuit against the Consumer Financial Protection Bureau alleging its medical debt rule is outside its authority.

Since the pandemic, financial scams have surged dramatically. The solutions to rampant fraud are clear; what's missing is the urgency.

To effectively reduce fraud, banks must transition to proactive, integrated strategies encompassing robust risk management and asset liability management.

Two trade groups filed a lawsuit against the Consumer Financial Protection Bureau claiming it exceeded its authority and ignored the legislative history on medical debts.

A customer claims the Massachusetts bank fined her numerous times over a single botched purchase. The bank paid her back — but her class action lawsuit isn't going away.