Legal issues and news

The use of digital wallets to finance the Hamas attack on Israel highlights the need for tighter controls on the transfer of cryptocurrencies.

In the wake of the disgraced financier's downfall, executives at JPMorgan Chase, Barclays and Deutsche Bank have continued to draw the ire of federal regulators and weather millions of dollars in fines and settlement costs.

The Alabama-based bank, which reported $135 million in check fraud losses during a six-month period, says that it had changed the period of time it holds a deposit in an effort to become more customer-friendly. "We opened the door too wide, bad people came rushing in, and we didn't close the door timely enough," said CFO David Turner.

A new law will make Colorado a much more difficult place for cash-strapped citizens to get credit. Other states should avoid following in its footsteps.

Frank, Daylight, Greenwood, Totem and Brigit faced lawsuits, disputes and penalties.

Banks cannot shrug off the impact of sudden account closures as inevitable collateral damage involved in fighting money laundering.

Despite the surge in tips to the Securities and Exchange Commission in fiscal year 2023, the number of whistleblowers receiving awards dropped sharply.

The Canadian bank didn't admit liability in the settlement, which is set to go before a court for approval in February.

The process allows artificial intelligence and machine learning to train on the data of many banks, without compromising customer privacy.

Corporations and trial lawyers have long fought over whether consumers should be forced into arbitration to resolve their complaints. Now there's a new wrinkle: It's becoming harder for aggrieved customers to even get to arbitration.

The Justice Department and the Consumer Financial Protection Bureau are suing a real estate developer over an alleged bait-and-switch land-sale scheme near Houston. The developer used TikTok and other social media sites to lure Hispanic immigrants into predatory loans, the government alleges.

At the heart of Ardith Lindsey's Nov. 20 lawsuit are allegations that Mani Singh, another Citigroup managing director who was always more senior than her, coerced her into an abusive relationship and threatened her and her family with violence after she ended it in October 2022.

Federal banking agencies should disregard a demand by state attorneys general that national banks be instructed to provide investigators with bank records outside of a court proceeding.

New York Gov. Kathy Hochul signs a law banning medical debt on credit reports; PayPal's former CEO Dan Schulman will exit the board; community banks boost small-business loan approvals; and more in the weekly banking news roundup.

The roundup of top banking tech news for 2023: Ally Bank's path into the world of generative artificial intelligence, JPMorgan Chase's fallout from its deal with the college financial-planning website, banks across the U.S. increasingly fell victim to cyber attacks and more.

A federal judge has issued a temporary restraining order against websites created by Storm-1152. That organization allegedly supplies fake Microsoft accounts to groups like Scattered Spider, whose targets include financial companies.

A Connecticut-based couple sued the bank and Cavanaugh Appraisals, LLC for denying them a refinance in 2021 because of racial bias.

Xu Guojun, a former local branch head at Bank of China, was handed a life sentence over one of the Asian nation's biggest bank frauds.

Carter Bankshares in Martinsville, Virginia, is attempting to exit a longstanding relationship with West Virginia Gov. Jim Justice through a seldom-used collections tool that was at the center of a court hearing this week.

An increase in paper mail theft corresponds with a rise in physically altered checks that redirect funds to fraudsters.