Litigation

Banks and financial institutions face a barrage of lawsuits from consumers alleging they failed to investigate inaccurate information on a credit report. Industry blames the uptick in litigation on social media sites and the proliferation of credit repair companies.

Investors are keeping a close eye on recent banking news, including Mastercard's latest plan for crypto, Comerica's proposed settlement of a class action, employment gains and skeptical shareholders.

A federal judge granted a preliminary injunction sought by industry groups that sued to block a Colorado law. The law, which would cap interest rates on consumer loans, targets partnerships between fintechs and out-of-state banks.

In a win for credit card issuers, a lawsuit challenging the Consumer Financial Protection Bureau's $8 credit card late fee rule will remain in a Texas court and not be transferred to Washington, D.C.

Payday lenders want an appeals court to rehear a novel claim about the Consumer Financial Protection Bureau's funding despite a Supreme Court ruling last month that upheld the agency's funding as constitutional.

Comerica Bank has agreed to a proposed settlement of fraud claims after denying refunds to Direct Express beneficiaries who alleged money was stolen from their prepaid accounts. In the past month, beneficiaries have been sent postcards announcing the settlement.

A Minnesota trade group and its co-plaintiff, Lake Central Bank, signaled that they plan to appeal a district court's dismissal of their lawsuit against the FDIC. The case involves the agency's guidance on nonsufficient funds fees.

The National Rifle Association bagged a key victory in a case against a former top New York state official. The high court's ruling could make it harder for regulators to discourage financial institutions from doing business with specific industries.

In this month's roundup of top banking news: a Supreme Court ruling on CFPB funding, TD Bank's money laundering woes, an FDIC workplace probe reveals a culture of misconduct and more.

The Supreme Court decided to rule narrowly in Cantero v. Bank of America, N.A., sending the case back to the Court of Appeals for the Second Circuit with instructions to perform a more nuanced analysis on whether a New York escrow law unfairly discriminates against national banks.