Links in “Banks”

Reports of a $16-$17 billion Bank of America's settlement would be the largest DoJ settlement arising from economic meltdown. [8/7/14]

Reports of potentially the largest breach ever are emerging that a Russian crime ring has stolen 1.2 billion password and username combinations and more than 500 million email addresses. [8/7/14]

Report says no. Student debt represents 7% of GDP, whereas mortgage debt peaked at 62% in 2007. [8/7/14]

Yep. Mobile banking logins exceeded online logins for the first time in late 2013. Here are the results of a survey of what those mobile customers are using their smart phones for. [8/7/14]

Digging a little deeper into the numbers behind the reports that "fully 10% of people who used their cell phone to deposit a check had it returned to the originating institution due to fraud" shows some noteworthy qualifiers to that claim. [8/6/14]

Groups hit branches in four states, find explanations of overdraft programs highly inconsistent and often incorrect. They call for bank regulators to institute new rules, including prohibiting banks from providing financial incentives to employees for the sale of overdraft protection to customers, and limiting the number of times financial institutions may impose overdraft charges. [8/5/14]

First Commerce Credit Union in Tallahassee, Florida, is hoping to be the sixth credit union in the past three years to purchase a bank. The purchase and assumption agreement has been approved by both boards and is awaiting approval from state and federal regulators. [8/5/14]

ICBA head breaks down what he sees as the primary impacts of the Government Accountability Office's on advantages for large financial institutions. [8/5/14]

Bring Your Own Device (employees using their own phones or tablets to access corporate data) is here to stay, with one report noting that 70% of employees use their own devices, 21% in spite of established policy otherwise. But BYOD brings significant benefits, not just risks. [8/5/14]

The Internet Crime Complaint Center has issued a warning about a new fraud that involves hacking into the email account of an executive and then issuing emails to company employees requesting them to take certain actions such as transferring funds. Knowing that most employees will respond promptly to an executive’s request, the Center noted in its IC3 notice that the average loss from these fraudulent actions is $55,000. [8/4/14]