Legal issues and news

The criminal hacking gang LockBit said it was behind a ransomware attack that shut down some of the operations of EquiLend, a financial technology firm that processes trillions of dollars of securities-lending transactions every month.  

Plaintiffs' lawyers are targeting various companies in connection with a California law that ensures customers can air grievances publicly without the threat of retribution. BofA and U.S. Bank say the suits against them are meritless.

January is Human Trafficking Prevention Month, and the financial services industry should take the opportunity to step up for survivors.

A federal judge rejected every one of Missouri's arguments for why SIFMA's lawsuit should be dismissed.

The leader of the Financial Services Forum takes issue with a recent BankThink article that challenged the industry's claims about proposed rules for implementing the Basel endgame capital requirements.

The Federal Reserve and New York State Department of Financial Services fined the Industrial and Commercial Bank of China for violations related to a lack of internal controls for confidential supervisory information and anti-money-laundering compliance failures.

Past crises have created opportunities for criminal organizations to inject their funds into the legitimate banking system. Bankers can't allow that to happen again.

By overturning so-called "Chevron deference," the Supreme Court could compel lawmakers to be less ambiguous in their legislative language, limiting agencies' interpretative power.

At least four conservative judges on the Supreme Court, a formidable group at the oral argument stage, appear ready to overturn 'Chevron' deference, which could have massive consequences for bank policy.

Who counts as a politically exposed person, or PEP, is different in different jurisdictions. Uniformity in the identification of people considered a higher risk for money laundering would ease compliance headaches for everyone.