Legal issues and news

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.

The Supreme Court will hear oral arguments in two cases seeking to overturn the legal principle known as "Chevron deference," that could usher in a new era of litigation by corporations against government agencies.

Payments fraud is the most expensive kind, at $450B; anti-financial-crime execs are the most worried about real-time payments, a survey from Nasdaq and Oliver Wyman found.

A coalition of financial trade groups issued a joint comment letter asserting that the federal bank regulators' proposed capital rule lacked justification and evidence required by the Administrative Procedure Act, threatening legal action if regulators don't delay and significantly amend the rule.

The agency plans to restrict access to a system that provides borrower tax returns to mortgage lenders beginning June 30. Left out of the loop, small-business lenders say getting credit to borrowers will become more difficult as a result.

SEC Chairman Gary Gensler clarified Tuesday that a post on X from the official SEC account that the commission had approved bitcoin ETFs was the result of a hack. X said the SEC did not have multifactor authentication enabled on its account.

The country's largest credit union is learning the hard way that failure to assure inclusivity in lending practices is a recipe for both financial and reputational damage.

The CFPB's plan to block medical debt from appearing on credit reports will have damaging unintended consequences, limiting consumer access to both credit and health care.

The use of digital wallets to finance the Hamas attack on Israel highlights the need for tighter controls on the transfer of cryptocurrencies.

In the wake of the disgraced financier's downfall, executives at JPMorgan Chase, Barclays and Deutsche Bank have continued to draw the ire of federal regulators and weather millions of dollars in fines and settlement costs.

The Alabama-based bank, which reported $135 million in check fraud losses during a six-month period, says that it had changed the period of time it holds a deposit in an effort to become more customer-friendly. "We opened the door too wide, bad people came rushing in, and we didn't close the door timely enough," said CFO David Turner.

A new law will make Colorado a much more difficult place for cash-strapped citizens to get credit. Other states should avoid following in its footsteps.

Frank, Daylight, Greenwood, Totem and Brigit faced lawsuits, disputes and penalties.

Banks cannot shrug off the impact of sudden account closures as inevitable collateral damage involved in fighting money laundering.

Despite the surge in tips to the Securities and Exchange Commission in fiscal year 2023, the number of whistleblowers receiving awards dropped sharply.

The Canadian bank didn't admit liability in the settlement, which is set to go before a court for approval in February.

The process allows artificial intelligence and machine learning to train on the data of many banks, without compromising customer privacy.

Corporations and trial lawyers have long fought over whether consumers should be forced into arbitration to resolve their complaints. Now there's a new wrinkle: It's becoming harder for aggrieved customers to even get to arbitration.

The Justice Department and the Consumer Financial Protection Bureau are suing a real estate developer over an alleged bait-and-switch land-sale scheme near Houston. The developer used TikTok and other social media sites to lure Hispanic immigrants into predatory loans, the government alleges.