Links in “Banks”
- Class Action Lawsuits Follow Target Breach
Target has already been hit with three class action lawsuits and is being questioned by attorneys general in Connecticut, Massachusetts, New York and South Dakota. The breach has called into question the use of magnetic stripes on the back of cards, which is seen as antiquated technology. Credit union leagues and security experts are urging the industry to adopt chip and pin technology, which is less vulnerable to breaches. [12/26]
- Bad Santa: Man Posing as Kris Kringle Robs Bank in Florida
Man dressed in Santa outfit and carrying a wrapped package passes teller a note suggesting the box was dangerous; suspect remains at large. [12/26]
- CFPB Educating Customers to Sue?
CFPB's consumer education efforts include statements that "borrowers who fall behind now have more options to take control" and the CFPB will "stand with borrowers." [12/24]
- Lumps of Coal: Regulators on a Roll with Large Money Judgments
Recap of recent regulatory actions against Ally Bank for illegal discrimination in purchasing loans from dealers, and Ocwen Financial for its illegal practices in addressing delinquent mortgage loans. [12/24]
- The Dos and Donâts of Multi-Channel Contact Centers
While the trend is towards multi-channel contact centers, most companies donât do it right. Among other pitfalls, the most common mistake is setting up different teams or groups to handle each new interaction channel. [12/24]
- Happy Holidays: JPM Eases Limits on Its Target Customers
In response to customer backlash during the busiest shopping and travel period of the year, JPMorgan Chase eases its limits on card usage of its 2 million customers who used debit cards at Target during its data breach. Instead of $100 cash withdrawal and $300 in purchase limits, the nation's biggest bank increased limits to $250 and $1,000 respectively. [12/24]
- Conundrum: How to Serve the Underbanked While Avoiding Regulatory Landmines
Is check-cashing for the underbanked a potential profit center, or are banks setting themselves up for regulatory nightmares down the road? [12/23]
- Nearly $100 Million Fine Levied Against Bank for Its Indirect Auto Lending
CFPB and DoJ action against Ally Bank comes on the heels of the CFPB bulletin informing indirect auto lenders they would be on the hook for any intentional or disparate impact on minorities. [12/23]
- During Christmas Crunch, Chase Tightens Controls on Target Customers
Chase limits two million customers who used its debit cards during Target's recent data breach to withdrawals of up to $100 a day and purchases up to $300 a day. [12/23]
- After the Horse Has Bolted: Target to Hire Third-Party Forensics Firm
40 million stolen credit card identities later, Target plans to hire a third-party digital forensics firm to investigate the breach and recommend information security improvements. [12/20]
