Legal issues and news

The Internal Revenue Service's Criminal Investigation unit has a new initiative for engaging with financial institutions to uncover tax and financial fraud.

Democratic lawmakers signed an amicus brief with the D.C. District Court supporting a preliminary injunction to stop mass firings by the Trump administration at the Consumer Financial Protection Bureau.

Scambaiting, which started as a genre of YouTube content, is now a full-blown tech tactic — with support from Australia's biggest bank.

The Consumer Financial Protection Bureau asked a federal judge to vacate and set aside a settlement against a Chicago mortgage lender, accusing the CFPB of misconduct in a case brought under former Director Kathy Kraninger, a Trump appointee.

Dave Cunningham, senior case manager for Alvaka shares insights on ransomware attacks, how to avoid them and what victims should do if they are targeted.

The banking industry groups suing the Federal Reserve over its stress testing practices filed a motion for a summary judgment in the case, arguing that a quick resolution could ensure changes are made prior to the 2026 stress testing cycle.

The Consumer Financial Protection Bureau said it is "optimistic" that a lawsuit challenging the $8 credit card late fee rule can be resolved. The late fee rule is expected to be rescinded by the Trump administration.

The Justice Department has asked the high court to intervene and halt reinstatements of federal employees who were fired by the Office of Personnel Management.

The interim final rule removes the requirement under the Corporate Transparency Act for U.S. companies and people to report beneficial ownership information.

Banks such as Texas Capital and Synovus say they're learning from anti-money-laundering failures elsewhere. They emphasize the importance of having enough compliance staffers — and ensuring they have the necessary skills.

Apollo Global Management's billionaire co-founder Marc Rowan described conversations he and Charlie Javice had during her discussions with the bank, including about a one-on-one meeting she had with JPMorgan Chief Executive Officer Jamie Dimon.

Marc Rowan's membership on Frank's board was cited by the defense at the beginning of trial as showing Charlie Javice's company was a legitimate and credible business.

Trade groups, citing federal banking conflicts, are asking for summary judgment to permanently block a state law banning interchange fees on taxes and tips.

The card network said it saved would-be victims $350 million in the first year after it combined several crime-fighting units.

A Maryland judge temporarily halted mass layoffs of probationary employees at multiple agencies, citing legal violations and harm to states' ability to respond to unemployment needs.

A federal judge in Maryland ruled against the City of Baltimore's attempt to block cuts to Consumer Financial Protection Bureau program funding on procedural grounds.

Hackers breached the New York community bank's cybersecurity walls in 2022, drawing regulatory scrutiny and causing its CEO to resign.

Both consumers and banks reported that the rate of fraud and scams has steadied, according to Fincen and FTC data, but the total cost continued rising.

The software helps identify and investigate crime, then writes a recommendation.  

The question is no longer whether the financial services industry needs a unified approach to combating instant payment fraud but who will take the lead to make it happen. The onus is on the biggest players in the market to show the way forward.