Links in “Banks”
- DDoS Attack Takes Down HSBC’s Site
One of the biggest banks in the world saw its online banking in the U.K. taken offline by a denial of service attack. [2/1/16]
- Meanwhile in Japan: Negative Interest
In an effort to stimulate banks to lend more to companies, Japan is cutting interest rates below zero, which means banks are essentially paying for the privilege to park their money. [1/29/16]
- Cue the CFPB: Human Rights Watch Targets Debt Buyers, Modern Banking
A group called Human Rights Watch has issued a report using anecdotal methodologies to criticize the debt-buying industry, the court system and the banking industry in general. The report is likely to find readers at the CFPB. [1/29/16]
- Sorority Dues Mean Bank President Will Be Paying Her Dues to Society
The former president of a Texas bank issued more than $68,000 in cashier's checks to herself to pay for various living costs, including her daughter's college sorority dues. She pleaded guilty to a 10-year accounting scheme that overstate the bank's value by more than $800,000. [1/29/16]
- Hold the Phone! The Deadline for the Defense Database is Monday?
Beginning Oct. 3, 2016, lenders must determine the military status of all their applicants for many forms of consumer credit. One way to do this is through queries to the Defense Manpower Data Center website. The deadline for expressing an interest in direct access to the database is Feb. 1, 2016. That's Monday, folks. Financial institutions didn't even hear about the option until Jan. 12, 2016. Several trade groups are requesting an extension on the connectivity option to March 1, 2016. [1/28/16]
- You Never Hear About the Ones That DON’T Get Away
Big fraud cases are frequently in the news. But what is less well-known is that our nation's banks stop more than $8 out of every $10 of attempted deposit account fraud. [1/28/16]
- Industry to FinCEN on CDD Proposal: Hold On, Not So Fast
FinCEN took 15 months to assess comments on its proposed customer due diligence rules, then dumped its publication in the Federal Register on Christmas Eve with only a 30-day public comment period. The proposed rule would require financial institutions to identify beneficial owners who hold a 25% or greater ownership stake in the legal entity. [1/28/16]
- Online Lender Jumps Into Superbowl
Competition from non-bank lenders for mortgage loans continues to grow. Quicken Loans will jump into the Superbowl commercial big leagues with its Rocket Mortgage tool ("Push button, get mortgage"). Here's an advance peek at its ad. [1/28/16]
- TRID Hits Some Banks Harder Than Others
Flagstar "experienced more of an impact" than other bank originators. For JPMorgan Chase, cycle times were "a couple days, few days worsened." [1/27/16]
- The Long Tail of Post-Breach Costs
Survey finds that more than 40% of organizations suffering a breach felt the biggest monetary pinch one- to 12 months after the attack. These financial shocks often come from unplanned purchases following an incident. [1/27/16]
