Legal issues and news

The Delaware-based bank filed a complaint against two companies that built a WSFS logo display in downtown Philadelphia. Part of the signage eventually broke off in what the bank called an "almost-tragedy."

Items include estimations of President-elect Donald Trump's impact on fintech funding, the fallout from VyStar Credit Union's tech moves and more.

The Knoble, a nonprofit that brings banks, credit unions, payment networks and law enforcement together to detect elder and child exploitation and human trafficking, has worked with more than 600 banks.

Canada's banking regulator is beefing up its rules on corporate culture, saying that it expects executives and boards to be accountable.

The Federal Reserve issued an enforcement action against the former head of Heartland Tri-State Bank, who embezzled millions of dollars after falling victim to a crypto scam.

Robert Thompson was charged with using nonpublic information about New York Community Bank and Capital One to execute stock trades. His guilty plea could come with up to 25 years behind bars.

The five-part framework suggests both technical and governance solutions to protect consumers from losing money to scammers and fraudsters.

Small Business Bank in Lennox, Kansas received another cease-and-desist order from the Federal Reserve for failing to comply with anti-money laundering and Bank Secrecy Act requirements for the second time in 14 months.

Nicholas Takahashi and his team are accused of deliberately trying to poach the clients of a former colleague managing hundreds of millions in assets and producing more than $1 million a year in revenue.

In its semiannual supervision and regulation report, the Federal Reserve flagged climbing loan delinquencies and a rising number of large bank citations for governance and controls.

The bank's U.S. operations will be closely monitored during a yearslong probationary period, during which any sign of backsliding could trigger swift punitive action.

The Treasury's financial crimes arm alerted banks to the dangers of AI-powered fraud, urging close monitoring and swift reporting of any suspicious activity.

The Dallas-based bank is accusing the Consumer Financial Protection Bureau of "pursuing an aggressive and overreaching investigation" into its role in a Treasury Department prepaid card program.

Recent multimillion-dollar elder fraud cases are leading to lawsuits and possible regulatory action. 

Anthony Gressak III, who also served as interim CEO of Nano Banc, allegedly obtained pandemic relief funds fraudulently.

As long as fraud-prevention efforts remain siloed and bank-specific, perpetrators remain free to employ the same strategies over and over. Banks need to do a better job of sharing information and collaborating.

Daria Sewell pleaded not guilty to possessing customers' personally identifiable information. The case adds to the Canadian bank's anti-money-laundering woes.

The plea agreement, which includes a fine of more than $1.4 billion, penalizes TD for systemic money laundering violations. "We have the ability to profit, and we should be able to profit, but not at the expense of the law," said U.S. District Judge Esther Salas.