Legal issues and news

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.

At the heart of Ardith Lindsey's Nov. 20 lawsuit are allegations that Mani Singh, another Citigroup managing director who was always more senior than her, coerced her into an abusive relationship and threatened her and her family with violence after she ended it in October 2022.

Federal banking agencies should disregard a demand by state attorneys general that national banks be instructed to provide investigators with bank records outside of a court proceeding.

New York Gov. Kathy Hochul signs a law banning medical debt on credit reports; PayPal's former CEO Dan Schulman will exit the board; community banks boost small-business loan approvals; and more in the weekly banking news roundup.

The roundup of top banking tech news for 2023: Ally Bank's path into the world of generative artificial intelligence, JPMorgan Chase's fallout from its deal with the college financial-planning website, banks across the U.S. increasingly fell victim to cyber attacks and more.

A federal judge has issued a temporary restraining order against websites created by Storm-1152. That organization allegedly supplies fake Microsoft accounts to groups like Scattered Spider, whose targets include financial companies.

A Connecticut-based couple sued the bank and Cavanaugh Appraisals, LLC for denying them a refinance in 2021 because of racial bias.

Xu Guojun, a former local branch head at Bank of China, was handed a life sentence over one of the Asian nation's biggest bank frauds.

Carter Bankshares in Martinsville, Virginia, is attempting to exit a longstanding relationship with West Virginia Gov. Jim Justice through a seldom-used collections tool that was at the center of a court hearing this week.

An increase in paper mail theft corresponds with a rise in physically altered checks that redirect funds to fraudsters.

Banks and fintechs are coming together to help older customers with a variety of needs, from avoiding financial exploitation to planning for the future.

The former mortgage professionals say they routinely worked nights and weekends in excess of 60 hours a week.

The district judge upheld the state's regulations mandating that nonbanks disclose the annual percentage rate, finance charges and fees on financings of $500,000 or less.

The credit card company is creating avenues for their staff, veterans and talent outside their organization looking to upskill.

Commonwealth Bank of Australia has developed an advanced artificial intelligence tool that can spot harassment in transaction messages.

Bank customers' complaints of sudden account closures track a rise in automated anti-money-laundering decisions and possibly outdated AML rules.

An email security company has found a 12-fold increase in the number of phishing emails it has seen since the advent of ChatGPT, and malicious models may be to blame.

The U.S. Supreme Court heard oral arguments in a case that has large stakes for bankers who get into hot water with their regulators. Conservative justices asked tough questions of a Biden administration lawyer who defended agencies' reliance on administrative law judges.

A London court handed a big win to Deutsche Bank and other creditors holding obscure notes issued by Lehman Brothers before its collapse.

While ransomware group Alphv/Blackcat claims to have orchestrated the incident, title insurance company Fidelity National Financial has not yet stated whether confidential data was compromised.