Legal issues and news

To effectively reduce fraud, banks must transition to proactive, integrated strategies encompassing robust risk management and asset liability management.

Two trade groups filed a lawsuit against the Consumer Financial Protection Bureau claiming it exceeded its authority and ignored the legislative history on medical debts.

A customer claims the Massachusetts bank fined her numerous times over a single botched purchase. The bank paid her back — but her class action lawsuit isn't going away.

The U.S. suffers from a disproportionately large share of global credit card fraud. Bringing customer authentication methods up to standards adopted in other developed countries would solve much of that problem.

The payment company says machine learning is making progress in fighting card testing, which crooks use to determine how ripe a payment account is for theft.

The manufactured home loan lender, a unit of Berkshire Hathaway subsidiary Clayton Homes, was accused of ignoring red flags that sent many borrowers into bankruptcy, default and ultimately out of their homes.

An appeals court ruled that online lender CashCall had waived its right to a jury trial and that its other challenges "lack merit," in a lawsuit filed by the Consumer Financial Protection Bureau in 2013.

After the U.S. government alleged that the cash-advance app doesn't make the cost of "tipping" clear to customers, the Los Angeles-based company said it would implement a new business model in early 2025.

The Consumer Financial Protection Bureau has sued some of the largest U.S. corporations and banks before the changeover to the Trump administration later this month.

Vulnerabilities related to environmental, social and governance issues have become a serious threat vector when it comes to money laundering. Banks must recognize the danger and adapt their systems accordingly.

At TD Bank and some other financial institutions accused of aiding and abetting money laundering, AML and branch employees have colluded and even joked about it in instant messages. Technology is part of the answer to detecting and preventing this.

These banks are expected to draw regulatory scrutiny in the coming year. 

The tiny community bank handled hundreds of millions of bulk cash shipments from Mexico without red-flagging any of them, the agency said. The bank has filed a motion to dismiss.

Banks such as TD, Wells Fargo and Bank of America drew attention this year for money-laundering issues. That's one of several top regulatory news items in 2024.

New tools, new partnerships and a new focus on combating increasingly complex fraud schemes will take center stage in the new year. This could be a turning point in a long-running battle.

The watchdog accuses Rocket Homes and The Mitchell Group brokerage of initiating a plan to generate origination business for Rocket Mortgage.

The Consumer Financial Protection Bureau sued Walmart and payment app Branch Messenger, accusing them of illegally opening 1 million deposit accounts and charging $10 million in fees. Branch said the agency refused to engage in any meaningful way about the matter.

The Consumer Financial Protection Bureau sued three of the largest U.S. banks for fraud perpetrated on the bank-owned payment network Zelle, alleging shoddy safeguards and millions in consumer losses.

The Federal Deposit Insurance Corp.'s decision to weigh civil lawsuits against Silicon Valley Bank executives to recover losses to its Deposit Insurance Fund isn't rare in itself, but the bipartisan nature of the move and size of the failed institution suggest a current that isn't changing with the presidential administration.