Legal issues and news

The lawsuit by state Attorney General Keith Ellison is the latest challenge to high-cost loans by tribal lenders. The lenders argue that tribal sovereignty gives them immunity from such lawsuits.

Citing the need to conserve capital, Blue Ridge Bankshares indefinitely extended a dividend suspension that it announced in July. The bank remains well-capitalized, but it saw its ratios shrink in the third quarter.

U.S. Attorney Philip R. Sellinger said Oscar Marcelo Nunez-Flores, a New Jersey bank staffer of a bank unnamed in case documents, was arrested Wednesday after he allegedly took bribes to launder millions in drug money to Colombia.

Charlie, a neobank marketed to people 62+, and Carefull, which partners with financial institutions, recently raised their Series A's. A third, called EverSafe, is embarking on its first fundraise.

The whistleblower who brought the case, Minnesota-based municipal advisor Johan Rosenberg, will receive $14.4 million under the deal.

JP Morgan Chase and Carver Federal Savings are applying fast-acting security tools more broadly — regardless of how fast the transaction is.

Sam Bankman-Fried spent almost three hours trying to persuade a judge to allow him to testify about the role FTX lawyers played in the lead up to the collapse of the crypto-exchange and the alleged mismanagement of customer funds.

The student loan servicer said that it's open to settling a high-stakes lawsuit filed by the Consumer Financial Protection Bureau during the Obama administration. It recorded a $45 million charge and said that the range of reasonably possible losses is between $0 and $250 million.

Javice, accused of defrauding JPMorgan Chase in its $175 million acquisition of her college-loan-planning site, says the bank was not sticking to a court order requiring it to pay for her legal defense.

Banks and dissenting policymakers have raised the possibility of challenging regulators' Community Reinvestment Act overhaul in court, but it remains unclear whether they intend to walk the walk.

As financial institutions increasingly rely on artificial intelligence for anti-money-laundering and fraud detection, they face challenges in meeting regulators' demands for complete transparency and documentation.

FTX Trading is considering proposals from three bidders to restart trading on what had been one of the world's biggest crypto exchanges before the company sank into bankruptcy amid fraud allegations.

The Consumer Financial Protection Bureau's mission is important. That's why Congress needs to have stricter oversight of its actions.

The Alabama bank reported that check fraud resulted in operational losses of $135 million between April and September, including $53 million last quarter. The entire banking industry has been beset by higher levels of check fraud since the start of the COVID-19 pandemic.

The Treasury Department's Financial Crimes Enforcement Network issued an alert Friday calling on financial institutions to closely monitor and report suspected financial activities related to Hamas, including complex cryptocurrency transactions and through fictitious charities.

The New York State Department of Financial Services and the Federal Reserve Board penalized Metropolitan Commercial Bank for failing to prevent $300 million in fraud in a prepaid card program. It is the latest example of a bank being sanctioned in connection with rampant fraud during the COVID-19 pandemic.

Because instant settlement is irreversible, companies like Orum expect to see demand for systems that can vet recipients within seconds.

The bank argues federal law preempts a New York state statute requiring at least 2% interest payments on borrowers' accounts.

The Securities and Exchange Commission will not ask a federal appeals court to reconsider a ruling that paves the way for Grayscale Investments to launch a spot bitcoin exchange-traded fund, according to a person familiar with the matter.