Links in “Banks”

The answer could be “yes.” According to Apple, the new Apple Pay iPhone tool, which was announced yesterday, will allow consumers to use their mobile phones to conduct transactions in a much more secure fashion than currently possible with plastic cards because no card information is shared with the merchant. [9/10/14]

The Fed governor tells the Senate Banking Committee that a planned capital surcharge on the nation's biggest banks is higher than the Basel surcharges on their international counterparts and may cause them to downsize and take fewer risks. [9/10/14]

In light of yet another retailer security breach, this time at Home Depot, ICBA calls for the costs of data breaches to be borne by the party at fault for the breach and for all participants in the payment system to be subject to Gramm-Leach-Bliley Act–like security standards. [9/10/14]

Experian releases report showing student loans increased by 84% since the recession. Students loans have become the second largest debt class behind only mortgage. Massachusetts has the least amount of late payers on student loans; Mississippi has the most. [9/10/14]

Every year, consumers in the U.S. transfer billions of dollars out of the country through banks, credit unions, and other businesses in ways that fall under the definition of a remittance transfer. In light of the CFPB's recent amendments to Regulation E, AffirmX's Senior Analyst Coppelia Padgett helps clear the air about what a remittance transfer is and what it involves, because you might be surprised at what is and is not covered by this regulation and the recent amendments. [9/9/14]

Home Depot has confirmed that its data systems were breached in April, but claims that no debit PINs were compromised. Still, the retail giant is recommending that consumers who shopped in any of its retail stores in the U.S. and Canada watch their accounts for signs of unauthorized transactions. [9/9/14]

74% of bank customers spend $3 or less in monthly banking fees, less than the cost of a gallon of gas. Here are more results from the ABA's annual survey. [9/9/14]

New York bill would require banks to maintain properties in the foreclosure process that have been abandoned by their owners. It would also require lenders to notify owners that they do not have to move out until the process is complete, which can take years. The move is designed to reduce the number of "zombie" properties that fall prey to vandalism, decay and crime, which impacts their surrounding community as well. [9/9/14]

Fed Governor Daniel Turullo is expected to tell lawmakers today that risk-based capital standards for banks in the U.S. will be tougher than the Basel requirements imposed on their European counterparts. [9/9/14]

Heads of the CFPB, Fed, FDIC and OCC are among those scheduled as witnesses before a hearing today before the Senate banking committee. [9/9/14]