Legal issues and news

A company spokesperson said the company reviews fraud-related issues and refers them to law enforcement "as appropriate."

A survey of 135 financial services companies conducted by LexisNexis Risk Solutions, a subsidiary of LexisNexis, found that a vast majority reported increased levels of fraud in 2023.

The American Bankers Association says a proposal to replace its own financial security identifier with one owned by Bloomberg exceeds the agencies' statutory authority and could disrupt financial markets.

Diane Offereins retired from a top job last year amid scrutiny of the card network's charges to merchants. Now she's suing Discover over its decision to cancel unvested stock worth $7 million.

Recent Supreme Court decisions reducing the ability of regulatory agencies to interpret the meaning of federal laws make it likely that supervisory decisions based on assessments of banks' safety and soundness will face court challenges.

People filmed themselves depositing bad checks, then quickly transferring or withdrawing the funds. Then they shared screenshots of their negative balances.

Mr. Cooper will be filing a motion to dismiss a data breach-related class action by Sept.13, documents show.

The indictment of Telegram's CEO has added scrutiny to the ways in which messaging apps are facilitating check fraud — and what banks can do to stop them.

Shutting down Telegram could disrupt fraudsters targeting banks, according to experts. With charges against CEO Pavel Durov, the idea appears more than hypothetical.

New rules from Treasury's Financial Crimes Enforcement Network will mandate reporting for non-financed real estate transfers and expand anti-money-laundering requirements for investment advisors.

The plaintiffs' 2nd Circuit filing in the Bank of America escrow preemption case is the first since the Supreme Court sent it back for more analysis.

The New York State Department of Financial Services issued a consent order against Finland-based Nordea Bank, citing deficiencies related to the Bank Secrecy Act and anti-money-laundering requirements.

The wealth management giants join their rivals Wells Fargo, Morgan Stanley, UBS, LPL Financial and Ameriprise in being accused of using uninvested cash in advisory accounts to boost their bottom lines rather than benefit clients.

The Federal Deposit Insurance Corp. is trying to limit the impact of a Supreme Court decision that curtailed federal agencies' use of administrative law judges.

A federal judge excoriated banks for inflating data in a challenge to the Consumer Financial Protection Bureau's data collection on small-business loans.

Most financial institutions are seeking ways to speed up payments, but one neobank is looking to slow them down to protect a segment of the population frequently targeted by scams.

The Toronto-based bank also expects a "global resolution" of investigations by U.S. authorities to be finalized by the end of the year.

Vice Chair for Supervision Michael Barr says generative AI could present financial-stability risks if certain models are used ubiquitously.

California has a pending law that would hold banks liable for three times the amount of a loss if they had reason to suspect financial exploitation of an older customer and did nothing about it.