Links in “Banks”

Wire transfer hackers making nearly $1 billion in requests to move money misspelled "foundation," which caught the attention of the routing bank. But by that time, four transfers totaling more than $80 million had already slipped through. Perhaps now the attackers can afford a good editor. [3/11/16]

The chair of the Democratic National Committee is reportedly supporting a bill that would curb the authority of the CFPB to regulate payday loans. [3/11/16]

An informal CBA poll finds Clinton narrowly defeating Trump, 52% to 48%, in a mock election if the electorate were entirely banks. Conversely, an informal ICBA poll of bankers finds Trump crushing Clinton 83% to 17%. [3/11/16]

CFPB Director Cordray rejects J.G. Wentworth's petition to remove the CFPB's civil investigation demand, its third against the company in three years. "This means that the director of the CFPB is tasked with evaluating and ruling on CIDs issued by the agency he is in charge of. Therefore, it isn't surprising that, to date, the bureau has not made public any decisions to actually grant a petition to modify or set aside." [3/10/16]

Ransomware takeovers of individual machines are going for $300 to $500 per machine. But some payouts, like the $17,000 ransom paid by Hollywood Presbyterian Hospital last month, go for much more. The reason 2016 will be the year ransomware holds America hostage is that those trying to defend us against it can't get their act together. [3/10/16]

The Obama administration has indicated that it plans more regulation for the financial industry in the president's 10 remaining months in office. [3/9/16]

In its Spring 2015 rule-making agenda, the CFPB estimated that its proposed payday lending rule would be issued "later in 2015." In its Fall 2015 rule-making agenda, that date was pushed back to February 2016. Industry watchers are now placing current estimates at later this spring. [3/9/16]

Do big banks actually serve a vital purpose in our economy? Imagine an airline industry filled with only community airplane producers. [3/9/16]

CBA took a poll of about 1,000 bankers to see who they would vote for president if the race came down to Hillary Clinton and Donald Trump. The results might surprise you. Throw in a particular pair of running mates and the results flipped. [3/9/16]

The ABA has several suggestions for how to fix the FDIC's proposed small business lending survey, starting with how to ask about how banks handle overdrafts on their most basic, entry-level checking accounts. [3/8/16]