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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.
February 10
K.H. Thomas Associates -
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.
February 7
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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.
February 7
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The credit union suffered a ransomware attack in June 2024 that affected nearly all of its banking systems.
February 4
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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.
February 3
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A trio of high-profile lawsuits issued at the tail end of the Biden administration indicate that the agency cares more about pursuing a political agenda than it does about helping American consumers.
January 30
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A survey by American Banker indicates that check fraud is the top fraud concern for banks, especially smaller ones. This is driving spending to prevent it.
January 29
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The Office of Management and Budget issued a sweeping directive Monday to overhaul the federal government to align with the Trump administration's priorities.
January 29
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Once a helpful tool for law enforcement, CTRs have become next to useless in the fight against money laundering. It's time to retire them in favor of more modern and effective measures.
January 27
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The settlement detailed the missteps PayPal took in the lead-up to the attack and highlighted common risks — both on compliance and security — banks face.
January 23
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The case against Yellowstone Capital, which state officials alleged deceived small-business borrowers, has brought attention to the industry.
January 23
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The ruling lets state Attorney General Letitia James continue arguing Citi should have reimbursed customers for wire fraud, though some claims were dismissed.
January 22
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Industry players, regulators and law enforcement will need to work together in 2025 to ensure that as Americans increasingly rely on digital payments, the fraudsters trying to take advantage of them are kept at bay.
January 21
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The lawsuit alleges mismanagement and fiduciary breaches caused SVB's 2023 collapse, costing the Deposit Insurance Fund $23 billion.
January 17
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Toronto-Dominion Bank is moving up the start date for its new chief executive officer, Raymond Chun, by two months and has reduced executives' pay.
January 17
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The order calls on federal agencies to support more forms of digital identity documents and could lead more states to adopt digital driver's licenses.
January 16
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The investment banking giant has been the subject of regulatory probes regarding the way it vets prospective clients. So far, that's not driving away potential clients, executives say.
January 16
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The Biden administration is asking the Supreme Court to overturn a lower court injunction against the Corporate Transparency Act, which requires businesses to disclose their beneficial owners. The outcome has significant implications for banks' AML compliance burdens.
January 16
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The Supreme Court heard oral arguments in Thompson v. United States, which could decide whether the federal government can prosecute "misleading" in addition to "false" statements to the Federal Deposit Insurance Corp.
January 15
