The Consumer Financial Protection Bureau (CFPB) has taken action against Navy Federal Credit Union, banning the institution from charging illegal surprise fees and mandating refunds exceeding $80 million to affected customers. In addition, Navy Federal must pay a $15 million civil penalty to the CFPB's victims relief fund.
North Korean state-sponsored group BlueNoroff, a subgroup of the Lazarus Group, has launched a new malware campaign called "Hidden Risk," targeting cryptocurrency and DeFi businesses. SentinelLabs researchers found that the campaign, active since July 2024, employs phishing emails and PDF-based lures with fake crypto news headlines to trick victims into clicking on malicious links.
The recent re-election of Donald Trump to the U.S. presidency has sparked numerous discussions about the direction of government policy and its impact across various sectors.
In response to recent proposals by the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve, the Bank Policy Institute and Clearing House Association are advocating for direct regulatory oversight of fintechs.
JP Morgan Chase & Co. has agreed to pay $151 million in penalties without admitting or denying any wrongdoing. The company's affiliates were accused of misleading brokerage customers who invested in its 'conduit' private fund products, exposing them to market risks, and failing to disclose financial incentives tied to the Portfolio Management Program and Clone Mutual Funds.
S&P Global Ratings has highlighted poor corporate vulnerability remediation as a significant risk factor. Analyzing data from over 7,000 rated companies, S&P found that 40% address known system flaws "infrequently," leaving them exposed.
Australia's Securities and Investment Commission (Asic) is calling on financial services and credit licensees to strengthen their governance practices to keep pace with the rapid adoption of artificial intelligence.
One of the central challenges in cross-border payments is navigating the complex and varied policy and regulatory frameworks imposed by different jurisdictions. These differences increase the regulatory compliance burden across the payment chain, slow down transaction times, and create uncertainties for stakeholders. In response, central banks are taking proactive steps to address these issues through Project Mandala, a proof-of-concept initiative led by the BIS Innovation Hub.
