Legal issues and news

Art collectors — and criminals — can anonymously spend millions on art in the U.S. A newly introduced bill could change that.

A judge ruled the Pennsylvania lender had to commit to its increased fair lending obligations for three more years, as it wouldn't harm the public interest.

The Financial Technology Protection Act would create a task force to stop terrorists and criminals from using digital assets, as lawmakers push for stronger oversight for emerging technologies. 

First-party fraud — customers claiming they never made a transaction when they know full well they did — is a growing problem for banks. An emerging host of vendors including Socure are offering machine learning models that detect this.

A coalition of consumer groups sued the Consumer Financial Protection Bureau and acting Director Russell Vought for refusing to implement a statutorily mandated small-business data collection rule that is already tied up in litigation.

Complaints to the Consumer Financial Protection Bureau have skyrocketed in the first half of 2025, due in part to an increase in payment scams generated by social media that target peer-to-peer payment platforms such as Zelle, Venmo and other apps.

The Department of Justice has filed a notice that it will appeal a D.C. District Court ruling that reinstated two democratic members of the National Credit Union Administration who had been fired by President Trump earlier this year.

American Banker's Frictionless Fraud report finds not all institutions are well assured their customer verification tools can keep up with new schemes.

Sam Altman, the founder and CEO of OpenAI, said the rapidly growing capabilities of AI are rendering many of banks' fraud prevention measures useless and warned of an "impending fraud crisis" if banks don't update their processes.

The Treasury's financial crime agency delayed enforcement of a variety of Bank Secrecy Act requirements for investment advisors in order to gain time to revise and tailor regulations.

Texting a password recovery link to a customer presents the risk of someone else taking over the account. Researchers found this happens somewhat frequently.

To reverse the trend in payments fraud, regulators and the private sector must work together to expand how we define verification. It must be a dynamic, intelligence-driven process embedded at every point of the payment journey.

A Wells Fargo customer was surprised to receive a "cryptic notice" and a cashier's check from the firm compensating him for float fees charged more than a decade ago. A lawsuit followed.

Supreme Court rulings and provisions in the recently passed budget bill are bolstering the legality of the administration's effort to fire more than 1,000 employees at the Consumer Financial Protection Bureau.

New research from American Banker finds that card and check fraud has gotten more problematic for bankers over time.

Government officials confirmed the California Democrat is under scrutiny over a long-held Maryland property he designated as a second home in 2020.

Dallas Turner, a linebacker for the Minnesota Vikings, sent $240,000 via wire transfers after scammers convinced him someone was impersonating him.

Foisted on the banking industry decades ago, with no formal rulemaking process, the Federal Financial Institutions Examination Council Manual should be eliminated in favor of new rules crafted with the input of relevant stakeholders.

First Northwest Bancorp is parting ways with CEO Matt Deines "by mutual agreement," the Port Angeles, Washington-based company said. Deines' departure comes a month after a hedge fund sued, alleging the lender was complicit in a Ponzi scheme.