Legal issues and news

Judge Mark T. Pittman sided with the Consumer Financial Protection Bureau in ordering the case be moved from Texas to the District of Columbia due to "forum shopping."

A federal judge in New York ruled that the Securities and Exchange Commission can proceed with its lawsuit against the cryptocurrency-trading platform Coinbase, claiming the company failed to register as a securities business.

A lawsuit filed by the American Fintech Council and two other trade groups has implications for other states that also want to keep out high-cost consumer lenders.

Preliminary rulings by a Pennsylvania judge will allow a jewelry company that claimed it lost $1.1 million to fraud to move forward with suing individual bank employees.

A month after the collapse of FTX, federal prosecutors filed eight charges against crypto mogul Sam Bankman-Fried. Four of them involved wire fraud.

Wars in Ukraine and the Middle East. Fiercely polarized U.S. politics. Rapidly multiplying payments options on social media networks and elsewhere. Those factors and more are making it harder than ever for banks to combat illicit financial transactions.

Bankers from Citigroup were partying with clients one night in May 2018 at a downtown Manhattan hot spot called Catch.

Specialized large language models should be harnessed to help financial institutions identify and halt fraudulent activity. The best model would involve regulator-approved pooling of anonymized customer data.

In a simulation exercise hosted by the Global Resilience Federation on Tuesday, banks and credit unions tested their ability to withstand an industrywide wiperware attack.

The American Bankers Association and U.S. Postal Inspection Service have launched a public awareness campaign on ways to protect checks sent in the mail.

Companies lose an estimated 5% of their revenue each year due to fraud, according to a report from the Association of Certified Fraud Examiners.

American Bankers Association CEO Rob Nichols argued Tuesday that the trade group had no choice but to sue federal agencies that "overstepped" their authority. Former Trump-appointed regulators expressed support for the industry's increased willingness to take its overseers to court.

Industry veterans are wary of prospective borrowers who can't pay for agents, and of compensation guidelines clashing with government mortgage lending programs.

Judicial review of bad rulemaking is a right that all regulated industries enjoy. But some industries avail themselves more than others, and the ones that rely on it the most tend to get worse policies. Banks should take notice.

A Texas judge ordered the U.S. Chamber of Commerce to explain why it sued the Consumer Financial Protection Bureau in Texas to halt the bureau's $8 credit card late fee rule after the bureau filed a motion accusing the trade group of "forum shopping."

A Texas judge has recused himself from a case that pits the largest credit card issuers against the Consumer Financial Protection Bureau and a rule that would eliminate $10 billion in late fees.

The Consumer Financial Protection Bureau claims trade groups have no jurisdiction to file a lawsuit in Texas to stop the bureau's $8 credit card late fee rule, saying the plaintiffs engaged in "forum-shopping" to seek the most favorable outcome.

Prosecutors claim Dan Rotta, 77, hid more than $20 million from the IRS, using "pseudonyms, complicated corporate structures, and nominees" to conceal offshore assets and income.

The Supreme Court should preserve the preemption of state banking laws by federal laws, a key element of the dual banking system that has served the country well for generations.

The attack is one of three major incidents the lender has suffered in the past three years.