Links in “Banks”
- Layered Approach to Customer Security
Rather than just something your customer knows (name and password), layered security involves something your customers have (card, token, device), something your customers are (fingerprint, voice, iris), where your customers are (GPS location), along with activity, date/time and usage trends, and more. [10/28]
- Government’s Shortsighted Pursuit of JPMorgan Chase
By going after Chase, which purchased struggling entities at the behest of the government and is now being penalized for the misdeeds of those companies before the purchase, the government may find fewer banks willing to take its calls the next time it is trying to find a buyer for a major institution in trouble. [10/28]
- Atlanta Operation Collecting Millions in Phantom Debts Halted
Court order freezes the assets of group that used robocalls to threaten legal action against consumers unless they responded within a few days. Group collected millions in payments for phantom debts and almost 3,000 complaints to the FTC. [10/25]
- Survey: Half of Young Employees Would Break BYOD Policies
Survey finds that about half of younger employees (21-32) would break company policies that ban bringing personal devices to work (Bring Your Own Device). [10/25]
- Bright Side of Shutdown: Mortgage Rates Dip
Gridlock spooked investors, causing mortgage rates to drop. [10/25]
- Community Banks: Hugely Preferred, Still Disappearing
Report finds large banks to be very far away from their customers, while community banks far more in touch; regardless, community bank numbers continue to shrink. [10/26]
- CBA on Regulators’ QM Statement: It’s a Start
Consumer Bankers Association issue statement calling the joint regulatory agencies statement on quality mortgages and fair lending "a welcome start point," but add that "further guidance may be needed." [10/24]
- “Hustle” Program at Countrywide to Cost BofA
Jury finds Bank of America liable for fraud for Countrywide's lending program called "Hustle" that prosecutors allege treated quality control and underwriting "as a joke." The loans were then sold to Fannie Mae and Freddie Mac. Penalty phase starts in December. [10/24]
- International Compliance Perspective: Many Banks May Dump Their U.S. Customers
Foreign Account Tax Compliance Act, due to come into force next year, has many international banks considering turning away their U.S. customers rather than absorbing the considerable increase in expenses of compliance or facing large fines for violations. [10/24]
- Vietnamese Theft Ring Tricks Experian Into Divulging Confidential Info
Criminals posing as private investigators trick Experian into selling them social security numbers, drivers licenses numbers, bank account and credit card info on possibly millions of Americans. [10/24]
