Legal issues and news

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.

Eric Council, Jr. will spend two years in prison for an identity theft scheme that led to a false post by the SEC on X that bitcoin ETFs had been approved.

A federal appeals court in Texas has delayed the implementation of the Consumer Financial Protection Bureau's small-business data reporting rule slated to go into effect in July. How the Trump administration proceeds from here could be instructive on its approach to other CFPB rules.

The Canadian bank plans to exit its 10.1% interest in the brokerage firm, allowing it to shore up capital and strategically shrink to adhere to penalties related to its historic compliance failures.

Acting Consumer Financial Protection Bureau Director Russell Vought ordered bureau employees to "stand down" and perform no work, effective immediately.

After nearly 10 years of banking my business, BofA debanked it because of overzealous anti-money-laundering enforcement. The Trump administration must bring back common sense to Bank Secrecy Act compliance.

The Columbus, Ohio-based bank has unveiled a product that lets adults who need help managing their finances and guarding against fraud give limited account access to someone they trust.

The Consumer Financial Protection Bureau, now led by Treasury Secretary Scott Bessent, agreed to temporarily halt enforcement and litigation over its medical debt rule, handing the banking industry an immediate reprieve.

The credit union suffered a ransomware attack in June 2024 that affected nearly all of its banking systems.

The wholesale and non qm lender said it's placed Serene Vernon on administrative leave and elevated capital markets officer John Hamel to the role of president.