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A new OCC action over the megabank's anti-money-laundering guardrails, which follows news of seemingly more severe lapses at TD Bank, is raising concerns that a broader crackdown is at hand.
September 13
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The Canadian bank said it expects to recover hundreds of millions of dollars after a three-judge appeals panel found that it cannot be held liable in connection with a multibillion-dollar fraud. The ruling echoed a different appeals court's decision stemming from the collapse of Bernard Madoff's Ponzi scheme.
September 13
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The penalty by the Office of the Comptroller of the Currency is a major setback for the San Francisco bank, which was freed from a separate anti-money-laundering order in 2021. Its stock price fell sharply after the news broke.
September 12
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The law that created the Consumer Financial Protection Bureau stipulates that the agency must be funded by the central bank's earnings. But, the Fed has been losing money for two years. Therefore, its payments to the agency are not legal.
September 12
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Banks and consumers report fraud at higher rates than they did before the pandemic, and those cases have continued getting costlier.
September 11
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The bureau studied mail theft-related check fraud and found that fraudsters often know to manipulate checks and avoid branches.
September 9
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Reports of fraud committed against financial companies are on pace to, for the first time, fall this year compared with 2023. Consumer reports of fraud are also down.
September 9
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A company spokesperson said the company reviews fraud-related issues and refers them to law enforcement "as appropriate."
September 6
