Legal issues and news

The Canadian bank's U.S. unit is restructuring its balance sheet and managing the fallout of anti-money-laundering compliance failures, but there were some positive indicators in last quarter's results.

The Consumer Financial Protection Bureau voluntarily dismissed a lawsuit against Capital One brought under the Biden administration alleging the bank failed to honor interest rate promises, costing consumers an estimated $2 billion.

Housing finance players accused of wronging consumers slammed the lawsuits as politically motivated efforts by former Biden-era bureau director Rohit Chopra.

The bank is partnering with the fraud protection platform to offer tools to help clients — especially older adults — avoid scams and financial mistakes.

The Justice Department said in a legal brief that the Consumer Financial Protection Bureau will continue to exist, but said instead that the agency will have fewer employees and a reduced budget under the Trump administration.

Lazarus Group, hackers based in North Korea, tricked Bybit CEO Ben Zhou into approving a transfer of 400,000 ethereum tokens from his company's cold wallet.

The student aid startup founder is accused of securities fraud, wire fraud, bank fraud and conspiracy.

The heist is among the largest ever experienced by the crypto industry and highlights concerns many have over the need for better regulation.

The hacker group NoName057 claimed responsibility for DDoS attacks on major Italian banks, citing President Mattarella's remarks on Russia's invasion of Ukraine.

President Donald Trump's concerted effort to bring the entirety of the executive branch under his direct control defies tradition, and in some cases, likely the law. Banks have thus far voiced little objection, but they should know how critical the rule of law is to their bottom line.

Too often, banks confronting a problem with their anti-money-laundering compliance opt for quick fixes that fail to address the root of the problem. Building a good corporate risk culture takes time and investment.

A federal magistrate judge is recommending that the Consumer Financial Protection Bureau's small business lending data collection rule be upheld, rejecting a challenge by merchant cash advance lenders.

A federal district court in Texas has stayed an injunction that had prevented enforcement of the Corporate Transparency Act and its reporting requirement.

The amended language in the bank's terms and conditions will halt payments to social media sellers. It comes as banks on the P2P app face increased political pressure to step in and stop payments to scammers on the platform. 

Acting Comptroller of the Currency Rodney Hood suggested Tuesday that regulators should consider raising the dollar amount for mandatory suspicious activity reporting and revising the Herfindahl-Hirschman Index to advance bank mergers.

At a trial that starts this week in Manhattan, federal prosecutors will seek to prove that Charlie Javice, the founder of college financial-planning startup Frank, and chief growth officer Olivier Amar committed fraud to get JPMorgan Chase & Co. to go through with the 2021 transaction.

U.S. District Judge Amy Berman Jackson agreed to temporarily block the Trump administration from firing more CPFB employees and said the White House could not delete or destroy any of the bureau's data or databases.

Consumer and employees groups are seeking a restraining order against CFPB acting Director Russell Vought, arguing that he was unlawfully installed and has "no power to direct" the bureau.

The mayor and city council of Baltimore, along with a Maryland-based economic justice group, are suing the bureau and its acting director, claiming that the recent decision to "defund" the CFPB will leave it unable to support communities.

The rule requiring businesses to report their beneficial ownership is deeply flawed. Enforcement should be suspended until it can be revised to place fewer burdens on law-abiding people and companies.