Legal issues and news

The proposal would bring companies cited for civil enforcement actions under its scope to bar them from doing business with the government-sponsored enterprises.

The company directed its bilingual team to steer customers away from products with no closing costs toward "predatory lending options" without disclosing the costs, in part by refusing to provide Spanish-language written materials, according to a lawsuit filed by current and former members of the company's bilingual mortgage sales team.

Lloyds Banking Group, Natwest Group, Bank of Scotland and others will use the artificial intelligence tool in preparation for new rules that will require them to compensate customers affected by "authorized push payment" scams.

A challenge to the SEC's use of administrative law judges could have big implications for bank regulators. The FDIC, Fed, OCC and CFPB could be forced to go to federal court in cases that would otherwise be handled in-house.

This week in global news, Mizuho opens generative AI to staff, BBVA organizes to fight fraud and more.

Synthetic fraud — which combines real and false identifying information — has been a niche variety of identity theft for some time. But recent advancements in artificial intelligence and people's access to it might bring it into the mainstream in a big way.

One area of focus for the bank is using advanced artificial intelligence to detect business-email compromise. The payment messaging network Swift and online gambling host Caesars are also using AI to stop people from gaming their systems.

Investors will get the chance to fill three director seats at the Philadelphia company, which last held an annual meeting in April 2021 and has been embroiled in a legal fight with a shareholder group.

A new inspector general report suggests that grifts were more pervasive than has previously been reported. The Small Business Administration, which drew blame in the watchdog report, took issue with the findings.

About 90% of surveyed bankers said cybersecurity was their biggest worry, ahead of legacy tech and talent shortage issues.

A Florida pension fund is demanding the bank turn over files about a possible criminal probe into whether the bank violated federal law by setting up fake job interviews to meet in-house diversity guidelines. 

The German bank's New York branch was entangled with U.S. regulators and law enforcement agencies for more than a decade in connection with money laundering and sanctions violations.

A former employee of The Change Company, which is the largest non-traditional mortgage lender in the U.S., claims in a new lawsuit that the firm mischaracterized the race, ethnicity and income of its borrowers. The company says the allegations, which relate to the representations it makes to be certified as a community development financial institution, are meritless.

Ransomware gang Cl0p is currently threatening 50 companies with releasing data it stole from them late last month.

Brijesh Goel was convicted Wednesday of tipping off former Barclays Plc trader Akshay Niranjan about deals at Goldman.

A West Virginia homeowner is suing the banking giant for charges incurred when paying by phone, claiming breach of contract and violation of consumer protection laws.

Threat intelligence has become a viable option for banks looking to gain insights about fraudsters communicating on Telegram with other criminals.

A study from Surfshark found that crypto scams cost their victims about five times as much money as losses from other cybercrimes.