Links in “Banks”
- Can an Institution Take a Garnishment Fee If It Creates a Negative Balance?
Short answer: no. But there is a short window of time when the financial institution may collect the garnishment fee if funds are deposited to the account. [7/31]
- Webinar Looks at Compliance Solution for Banks
45-minute webinar gives live peek at AffirmX's cloud-leveraging compliance solution for banks. Next demo is 8/1 at 1:30 Eastern. See what all the fuss is about. [7/30]
- A Look at the Less Obvious Risks for a DDoS Attack
DDoS attacks are on the rise. While the obvious target may be your website or your online banking site, other online connections, such as the connection from your core to your online banking service, your email system, and the connections to your ATM and shared branching networks may also be vulnerable. [7/30]
- Senators Offer Alternative to Dodd-Frank
Sens. Moran, Tester and Kirk introduce the Community Lending Enhancement and Regulatory (CLEAR) Relief Act, S. 1349, as a means to provide regulatory relief to community banks from Dodd-Frank. [7/30]
- Islamic Bank Endorses the Cloud
COO of Islamic Bank of Britain says banks should not be afraid to go further and faster in their adoption of cloud computing. [7/30]
- What Mid-majors Can Learn from the Large Bank Stress Tests
As stress testing extends to the $10 billion to $50 billion crowd, a look at some of the lessons learned so far from the stress-testing process of the $50 billion and up club, including the kinds of technology investments that are related to compliance. [7/30]
- Botched Foreclosure Seizure Offers Case Study in Reputation Risk Management
Ohio bank seizes the wrong house, changes the locks and removes possessions; one Good Morning America feature later, it appears to remain committed to its strategy of serving as a cautionary tale in reputation risk management. [7/30]
- ATM Trapping Making a Big Comeback
Thieves are using ever-more sophisticated traps fitted into an ATM cash or card slot, which prevent the consumer from retrieving his or her cash; when the angry consumer leaves, the thief returns to the ATM and empties the trap. The use of these devices, which has caused huge losses in Europe, is heading back to the states. [7/29]
- FDIC Hits Marketing Affiliate as Well as Bank with Fines
Following First California Bank's $600K penalty in May, the bank's Cornerstone Marketing affiliate was ordered to pay a $25K fine over violations related to reloadable cards the bank offered; [7/29]
- 365/360 Interest Accrual Method: UDAAP-ish?
Using the actual/360 interest accrual method on a $100 million portfolio earnings can increase earnings for a financial institution by over a $1 million, but will it attract regulatory attention as an Unfair, Deceptive or Abusive Act or Practice? [7/29]
