Links in “Banks”
- Credit Unions Warned to Be Vigilant after Adobe Breach
A breach last week of the Adobe network resulted in the theft of consumer information from 2.9 million customers. Sources told Credit Union Times the impact on credit unions may be substantial as the theft included Adobeâs source code. Credit unions are warned to keep their Adobe products fully patched and updated. [10/7]
- Mortgage Bankers: Shutdown’s Impact on Housing Market to Spread
Reduced functionality of key government agencies involved in the lending process to result in disruptions to lenders and confusion and fear among borrowers in the time-sensitive housing market. [10/7]
- Think Transmitting to Europe Is Tough? Try Going the Other Way
European money transmitters find U.S. to be a nightmare of financial regulations that can differ sharply from state to state. [10/7]
- Whistleblower Alleges HSBC Continues to Flout AML Rules
Despite big fines, HSBC continues to violate anti-money laundering rules, alleges whistleblower, who asks federal authorities to open a new investigation. [10/7]
- Poll: Is Pressuring Banks to Cut Online Lender Ties Right? Or Is It Backdoor Policymaking?
Magazine's unscientific poll asks readers to rate the government's right to pressure banks to move away from online lenders. [10/7]
- CRA’s Bite: PacWest’s “Low Satisfactory” Has Groups Seeking to Delay Acquisition
CRA's bite isn't limited to administrative headaches, as PacWest is finding out. The California bank's plans to acquire CapitalSource is facing opposition from community groups concerned about its commitment to the Community Reinvestment Act in light of its low-satisfactory rating in its lending, investment and service tests. [10/7]
- If It Can Happen to Adobe…
Information security reminder, courtesy of Adobe, whose system has been attacked, compromising the information of nearly 3 million customers, including IDs, encrypted passwords, debit card numbers, expiration dates and more. [10/4]
- Is Another Recession Around the Corner?
According to a recent CNN Money survey, almost half of the economists who responded to the survey stated that we will face another recession if Congress doesnât increase the debt ceiling. Financial markets are already responding in a negative manner to the possibility of a U.S default. [10/4]
- The Three Major Card Issuers Look to Replace Card Numbers with Digital Tokens
Visa, Mastercard and American Express announced that they are considering replacing card account numbers with a digital token. The intent of the change is to increase the security of the online purchase process as a digital token can be restricted in how itâs used with a specific merchant, device, transaction, or category of transactions. [10/4]
- Community Bankers Group Responds to CFPB: Don’t Punish Us for Actions of Reckless Credit Card Firms
On the heels of the CFPB's release of a study on the CARD Act, ICBA cautions that imposing costs and regulatory burdens on community banks for the misdeeds of others could drive them from the market, leaving the credit card market in the hands of a few large issuers. [10/4]
