Legal issues and news

Metropolitan Bank Holding is rescinding a $7.5 million loan it made to its CEO, and canceling a stock purchase he used the proceeds to fund, after determining that the loan was likely impermissible.

Security researchers discovered the compromise in Trading Technologies software while looking into the cause of a compromise in 3CX phone conferencing software.

The Treasury Department's Financial Crimes Enforcement Network said it is looking into the feasibility of verifying entries in a forthcoming beneficial ownership database, but may be limited by legal and cost considerations.

The Texas Bankers Association, a trade group representing Lone Star State bankers, accused the agency of exceeding its authorities in crafting its rule on collecting data about small business lending activity.

Rep. Roger Williams, chairman of the House Small Business Committee, says Small Business Administration is considering allowing borrowers to self-certify eligibility for loans, a step some believe could lead to more fraud. The agency declined to say whether that is one of the changes it's considering.

Nexway, based in France, allegedly processed payments in its own name on behalf of a tech support scam and telemarketing company from 2016 to 2020.

Prosecutors claim every dollar in subsidy funds from settlements equates to ten times the amount in value in home lending efforts.

Alphv developers claimed responsibility for an attack that started last week against the payments and digital banking software maker. The ransomware is more sophisticated than many of its peers.

The head of the Council of Federal Home Loan Banks argues that the special lien status of Home Loan bank advances, created by legislation in the 1980s, is largely irrelevant in today's marketplace.

The bank's decision to allow former boss Jes Staley to leave on good terms is under fresh scrutiny as several U.S. legal cases reveal new details of his interactions with Jeffrey Epstein.