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A report reveals Heartland Tri-State Bank's failure last year was due to its CEO being ensnared in a sophisticated investment scam that is taking more victims.
February 19
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Community Bank System in Syracuse faced claims it failed to properly pay some branch-level employees, making it one of a growing number of banks forced to confront compensation-related disputes in recent months.
February 16
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The Financial Crimes Enforcement Network Tuesday proposed a rule to include investment advisors in the compliance regime under the Bank Secrecy Act, aiming to close regulatory gaps exploited by criminals.
February 13
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The original lawsuit was one of several filed in 2014 in a coordinated effort among federal and state regulators aimed at fraudsters trying to cheat distressed mortgage borrowers.
February 8
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Federal prosecutors allege that Shan Hanes, the former CEO of the now defunct Heartland Tri-State Bank, illegally took money from customers to fund cryptocurrency investments. He could face up to 30 years in prison if convicted.
February 8 -
Banks historically have been averse to challenging their regulators in court, but a suit over the recently finalized Community Reinvestment Act implementation rules is a signal that the times have changed.
February 7
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The Independent Community Bankers of America, American Bankers Association and other groups filed a lawsuit arguing that recent reforms to implementing regulations for the Community Reinvestment Act exceed statutory authority.
February 5
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First National Bank of Pennsylvania, a unit of FNB Corp., ran into trouble in connection with North Carolina operations it acquired from Yadkin Financial in 2017.
February 5
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When customers are targeted directly with fake text messages that lead to account takeover, artificial intelligence, and in some cases generative AI, can play a role in fighting the fraud, experts say.
February 5
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The Treasury Department's Financial Crimes Enforcement Network fined a New York credit union employee $100,000 Wednesday in connection with a scheme to launder $1 billion using armored trucks and the credit union's Fed master account.
February 1
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The megabank failed to adequately protect and reimburse customers who were victims of wire-transfer fraud, according to a lawsuit by the New York Attorney General. Citi said that it follows all relevant laws and regulations.
January 30
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Zeke Faux, a Bloomberg journalist, describes his two-year odyssey to better understand cryptocurrencies in his book "Number Go Up." His work proves to be an entertaining deep dive into an industry riddled with scams.
January 30
American Banker -
The criminal hacking gang LockBit said it was behind a ransomware attack that shut down some of the operations of EquiLend, a financial technology firm that processes trillions of dollars of securities-lending transactions every month.
January 24
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Plaintiffs' lawyers are targeting various companies in connection with a California law that ensures customers can air grievances publicly without the threat of retribution. BofA and U.S. Bank say the suits against them are meritless.
January 22
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January is Human Trafficking Prevention Month, and the financial services industry should take the opportunity to step up for survivors.
January 22
Moore & Van Allen -
A federal judge rejected every one of Missouri's arguments for why SIFMA's lawsuit should be dismissed.
January 19
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The leader of the Financial Services Forum takes issue with a recent BankThink article that challenged the industry's claims about proposed rules for implementing the Basel endgame capital requirements.
January 19
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The Federal Reserve and New York State Department of Financial Services fined the Industrial and Commercial Bank of China for violations related to a lack of internal controls for confidential supervisory information and anti-money-laundering compliance failures.
January 19
