Legal issues and news

A rumored executive order that would require banks to verify the citizenship of their account holders would be incredibly burdensome for banks. It would also result in the "debanking" of untold numbers of Americans.

Todd Lane, the CEO of California Coast Credit Union, described an allegation by an executive at San Diego County Credit Union as "categorically inaccurate." The two institutions are locked in a legal fight after their agreement to merge turned contentious.

Lake Shore Bancorp in Western New York has reached a "standstill agreement" with the Stilwell Group, which has promised not to force a merger or sale in the next three years.

CISA and Microsoft urge organizations to secure endpoint management systems as threat actors increasingly seek to disrupt operations with wiper malware.

The Financial Crimes Enforcement Network is charged with protecting the U.S. financial system, but its failure to implement a whistleblower program authorized in 2022 leaves the agency unable to capitalize on a key source of intelligence.

The Ohio-based lender is accusing Atlantic Coast Mortgage of stealing customers, while a Chicago bank is accusing Lower of raiding a Maryland branch.

The Office of the Comptroller of the Currency and 10 former officials filed amicus briefs that provide legal heft to banks battling the state of Illinois over a law that removes sales taxes and tips from interchange fees.

Federal Reserve Chair Jerome Powell, in a post-FOMC meeting Wednesday, said he intends to stay at his post until a successor has been confirmed, adding that he will remain on the Fed board until a Justice Department investigation into him is concluded.

Jurors determined that Aaron Luneke, the former chief financial officer of Bank of the Valley in Nebraska, obtained millions of dollars in loans — including from his own bank — by inflating contractor bills for a new car wash business.

The Trump administration wants to reverse fair-lending laws; the Fed's rate setters will do exactly what they've already told everybody they're going to do.

The former Rocket employee said she faced pressure to resign after requesting remote-work accommodations and leaves of absence to deal with health conditions.

Union Bank and Trust is resolving claims from a 2023 software exploit that exposed customer data to cybercriminals.

Bank of America has reached a settlement in principle to resolve a class-action lawsuit filed by victims of Jeffrey Epstein.

State attorneys general sued the Department of Housing and Urban Development as well as lender OneMain Financial; M&T Bank CEO Rene Jones talks about the changing nature of money, and the stone money of Yap.

Federal Judge David Nye sides with a broker fired over five years ago for placing trades without first obtaining his client's permission.

The criminal cases against these former 30 Under 30 honorees highlight the dangers of prioritizing hypergrowth narratives over proper due diligence.