Legal issues and news

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.

The New Hampshire congresswoman promised new investigations into scam drivers, including AI and digital payment platforms.

Despite bipartisan support and backing from bank trade groups, the Treasury scrapped a corporate ownership reporting rule meant to expose shell companies and aid financial compliance. But the problems that spurred the law's passage still remain.

Regulators from California, Massachusetts, Minnesota, Nebraska, New York and Texas levied the fine for anti-money-laundering and Bank Secrecy Act violations, which comes as Wise seeks a banking license in the U.S.

The union representing the Consumer Financial Protection Bureau in their suit against mass firings at the agency said the Supreme Court's ruling allowing President Trump to proceed with mass reductions-in-force elsewhere does not impact the union's lawsuit.

A district court judge this week has denied allowing four groups — the American Fintech Council, Financial Data and Technology Association, Financial Health Network and Public Citizen — to file legal briefs in support of a rule on financial data rights.

The volunteer firefighting crew in Kerr County was the target of impersonation scams on the digital payments platform for donations to relief efforts.

The show business-themed restaurant, which benefited from a federal loan near the start of the pandemic, says it now owes millions thanks to the Miami-based bank's "fraud, negligence, and misrepresentations." A BankUnited spokesperson declined to comment.

Deadly flash flooding in Texas serves as a reminder of the tactics scammers and fraudsters use against both victims and charitable onlookers.

The ongoing turmoil in the Middle East has highlighted the complexities of successful anti-money-laundering compliance in a conflict zone. U.S. banks need to step up their game in order to stay safe.