Legal issues and news

Creditors of the subprime auto lender Tricolor, which filed to liquidate in bankruptcy this month, are staking their claims on the company's remaining assets.

State regulator says blockchain tools are key to detecting money laundering and sanctions violations.

Prosecutors say Daryl Heller lured 2,700 investors with promises of safe ATM profits but misappropriated $185 million.

The White House said it will appeal a circuit court ruling allowing Federal Reserve Gov. Lisa Cook to remain on the central bank board while her lawsuit challenging her dismissal is litigated.

SMS-based multifactor authentication is now so badly compromised that it has become a major vector for fraud. But there's a potential solution, and it's in every bank customer's pocket.

An alleged scandal involving the LA Clippers is just the latest reputation hit to the beleaguered fintech.

The Department of Justice argued that Federal Reserve Gov. Lisa Cook has not provided an explanation for her alleged primary residential claims on separate mortgage applications, but the motion made no mention of newly uncovered documentation that suggests Cook represented one of those mortgages as a vacation home in her application, undermining claims of fraud.

The Massachusetts bank is being accused of aiding and abetting the operation of a Ponzi scheme centered in Hamilton, New York. The bank declined to comment on the allegations.

City National Bank promotes Brandon Williams to head private banking and wealth management; a former U.S. Postal Service letter carrier is sentenced to five and a half years for stealing over $10 million in checks from the mail; Lazard expands its North American investment banking franchise with two managing director hires; and more in this week's banking news roundup.

The White House's appeal of a lower court injunction allowing Federal Reserve Gov. Lisa Cook to remain on the Fed board is urging the court to rule in its favor ahead of the Federal Open Market Committee meeting on Sept. 16 and 17.

Origin Bancorp, Renasant Bank and Triumph Financial are the latest financial institutions to report exposure to the bankrupt auto lender Tricolor, joining a list that includes Fifth Third, Barclays and JPMorganChase.

The Consumer Financial Protection Bureau told its staff to expect an upcoming reduction in force because the agency's budget was cut in half by the president's recently passed tax and budget bill.

The White House has appealed a D.C. District Court ruling allowing Federal Reserve Gov. Lisa Cook to remain on the Fed board pending the outcome of her challenge to President Trump's moves to fire her.

Taylan Turan, who was previously HSBC Holdings' global CEO of retail banking, will join the Canadian bank later this month as chief operating officer.

Tricolor Holdings had been showing some cracks leading up to its bankruptcy filing Wednesday. Fifth Third, which had funded the company, said that the problem is a "one-off."

Researchers warn the Android banking trojan can steal money, drain crypto wallets and enable NFC relay fraud.

Republicans on the House Financial Services Committee voted to table a motion by Rep. Joyce Beatty, D-Ohio., to compel the Treasury Department to provide unredacted financial records related to the late child sex trafficker Jeffrey Epstein, effectively quashing the subpoena.

Predators often target boys ages 14 to 17, demanding money or using deepfakes to extort them.

How can lenders stop elder fraud when a scam is already underway? One approach, allowed by a growing number of state laws, is to contact someone the client trusts. It's a tactic that can work quickly — or backfire.

A Republican-led effort to raise Bank Secrecy Act reporting thresholds gains momentum amid debanking rhetoric as lawmakers eye must-pass defense authorization as vehicle for financial regulatory reform.