Legal issues and news

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.

TD Bank Group's money-laundering-related crimes have sparked questions of how banks should be penalized for moving dirty money. CFPB Director Rohit Chopra said the FDIC should do more.

Not all banks and fintechs are on board with numberless cards, and some payment professionals question whether they are worth the cost.

Bank trade groups filed a motion for a preliminary injunction to stop the Consumer Financial Protection Bureau's $5 overdraft fee rule from going into effect late next year.

This year, American Banker reporters dove deep into topics such as gambling addiction, Citigroup's rebuild, the Small Business Administration, fraud and monetary policy for its feature articles. Check out the most consequential articles of the year.

The Federal Deposit Insurance Corp. is considering suing former Silicon Valley Bank executives over risk management decisions, imprudent dividends and billions in losses that fueled a banking crisis in 2023.

Members of the Federal Deposit Insurance Corp. board of directors Tuesday debated Consumer Financial Protection Bureau Director Rohit Chopra's proposal limiting capital distributions system-wide during times of stress, as well as penalties for institutions caught engaging in money laundering.

Data breaches in 2024 exposed billions of records, impacting financial firms, banks and consumers alike.