Links in “Banks”

Here's the anatomy of an advanced persistent attack, in which hackers break into a network, plant malware, and keep a low-profile until they are able to swipe the targeted data. [10/13/14]

Even a bank the size of Wells Fargo can overlook the small details. For example, the regulations require the definition section of a bank's privacy policy to italicize the information that is specific to it (see this). But scroll down to WF's definitions section on its online privacy policy, and sure enough: no italics. If that can happen to a bank with a compliance staff the size of a small army, doesn't that make your Friday a little bit better? [10/10/14]

Up until recently, the CFPB has seemingly been satisfied with imperfect compliance with the new mortgage servicing rules, so long as a “good faith effort” to comply with the rules is demonstrated. But the recent actions against Flagstar Bank seem to signify that the good faith effort isn’t enough anymore. In this video, AffirmX’s SVP and In-House Counsel Jane Pannier discusses what has happened and what it means for your institution. [10/10/14]

Hackers who breached JPMorgan are now linked to 13 other breach attempts, sending a shudder through Wall Street. [10/10/14]

Banks that rely on specialty consumer reporting agencies to determine whether to open a checking account for a new customer can expect to see greater scrutiny of their use of these lists, which the CFPB suspects may be overly broad and leave consumers without the ability to dispute any inaccuracies contained in the reports. [10/10/14]

Once making a mobile payment becomes faster than using a credit card, it will reach its tipping point to widespread adoption. The use of biometrics, such as fingerprints or voice authentication, is the key to that speed. And it'll be here sooner than you think. [10/10/14]

Financial institutions have long had concerns about the use of disparate impact to prove discriminatory practices. Disparate impact does not require showing intent on the part of the institution, just statistical data that shows that a policy, practice, or action resulted in a disproportionately adverse effect on a protected class. The Supreme Court has agreed to hear the case regarding the Texas Department of Housing and Community Affairs' low-income housing policies. [10/9/14]

The CFPB has issued an updated “readiness guide” to assist financial institutions in preparing for the new combined TILA/RESPA disclosures that go into effect August 1, 2015. The guide provides checklists to assist with you with updating your policies and procedures. [10/9/4]

The CFPB held a forum yesterday to gather information on the methods used by financial institutions to screen applicants for checking accounts. The CFPB is concerned that inaccurate information may prevent some consumers from being able to access this vital service. [10/9/14]

With mobile banking being the preferred method of banking by 10% of consumers, no wonder it has caught the attention of fraudsters. Here are 12 steps your consumers can take to protect the data on their mobile devices. [10/9/14]