Links in “Banks”
- Cardless ATMs?
Smart phones may be on their way to becoming smarter. A holding company for 15 banks became the first U.S. financial institution to roll out a technology that allows people to authenticate their ATM transactions with their smart phone, rather than their ATM card. The approach is considered faster and more secure. [4/20/15]
- Cybersecurity: Think Like a Bad Guy Without Having to Wear a Hoodie
Hackers typically don't have incredible super powers. They usually have some basic tools and time to kill. Here are four ways to think like a hacker to help your financial institution get a step ahead of them (and you don't even have to wear a hoodie). [4/20/15]
- Proposal for Regulatory Relief Takes a New Tack
Two senior FDIC officials propose a surgical response to calls for Dodd-Frank relief. The proposal consists of four criteria for an institution to qualify for regulatory relief: no trading assets or liabilities, no high-risk derivatives positions, no derivative exposures of any kind over $3 billion, and a capital level of at least 10%. [4/20/15]
- New Guidelines for Suspicious Activity in Letters of Credit
International trade association releases guidance for identifying potentially suspicious activity in letters of credit and documentary collections. [4/17/15]
- Trade Groups to Senate Leaders: Move Now on Data Security
Several trade groups write to Senate leaders to express their "strong support" for the Data Security Act of 2015. S. 961 would provide "meaningful and consistent protection for consumers nationwide." [4/17/15]
- It’s Official: Take Another Year to Post That Credit Card Agreement
The TILA/Reg. Z requirement that would call for credit card issuers to post their agreements in a public database on the CFPB's website beginning April 30, 2015 has been suspended for one year. The CFPB will use that year to develop an automated system that will allow users to upload agreements directly. (Note: But you're not off the hook for posting the agreement on your own publicly available website.) [4/17/15]
- CFPB Moving into Glass House?
A bill that calls for more transparency from the CFPB passed in the House overwhelmingly (401-2). The measure requires each advisory and subcommittee of the CFPB be subject to the provisions of the Federal Advisory Committee Act, which would permit their meetings to be open to the public. [4/16/15]
- Will Your Backup Be Ready? 4 Trouble Spots to Avoid
One in seven backups fail to restore properly, but only one in 20 organizations consistently test their backups. That's one of four backup landmines described in this article. [4/16/15]
- Change in “Points and Fees” Definition Bill Advances
H.R. 685, aka the Mortgage Choice Act, passed the House. It would amend the definition of points and fees for amounts escrowed for insurance and title charges paid to affiliates of the creditor or mortgage originator. [4/16/15]
- Even Police Get Hacked
A police department in Massachusetts was taken over by ransomware. Its backup was also corrupted, and its latest uncorrupted backup was 18 months old. So what did they do? They paid the ransom: $500 in bitcoin. "It was an eye-opening experience." [4/15/15]
