Links in “Banks”

Recent high-profile cyberattacks are taking their toll on the psyche of financial institutions. Survey finds 84% of financial firms rank cyber risk as a top five concern, up from 59% earlier this year. [10/24/14]

The Financial Action Task Force, the global AML regulators, cautions banks on "de-risking," the practice of terminating relationships with clients or categories of clients to avoid, rather than manage risks. De-risking has the potential to drive entities into unregulated channels, while excluding legitimate entities from access to the mainstream financial system. [10/24/14]

While the industry is pleased with the recent rule allowing qualifying financial institutions to post their privacy notices online (instead of delivering them via the mail), that was only the third of nine specific streamlining opportunities identified by the CFPB in the notice it published in 2012. [10/23/14]

Instant card issuance has its risk, but research shows that customers use their cards considerably more when they can walk out of their branch with a new card in their pocket. [10/23/14]

A closer look at why M&T's "totally free" checking account landed them with $2 million in restitution charges and a $200,000 fine. (Hint: Don't quietly sweep 90-day dormant "totally free, with no strings attached" accounts into accounts with fees.) [10/23/14]

A Norwegian company has developed a prototype of a credit card that authenticates the user via a built-in fingerprint sensor. The card would not need an on-card battery by harvesting energy from payment terminals. [10/23/14]

Despite the greater alignment of qualified mortgage rules, there is still an environment of heavy government lawsuits, which conflicts with the government's message to mortgage lenders that they need to lend more. [10/22/14]

Regardless of who which party takes the Senate, the CBA sees bringing more structure to the CFPB as a needed outcome and has reason to hope it could happen. [10/22/14]

Mastercard demonstrates a future of a cashless society, where touchless payment solutions can be used for such devices as parking meters, vending machines and laundromats, where the app could also permit customers to reserve a machine, let them know when it is available and when their laundry is finished, all via their smart phone. [10/22/14]

A 2013 letter from an FDIC regional director to an Ohio bank telling it doing business with payday lenders is generally unacceptable has been subsequently dismissed by the FDIC as not reflective of FDIC policy. [10/22/14]