Links in “Banks”

The CFPB not only goes after debt collectors for allegedly fraudulent practices, it is also going after the payment processors of those companies. The agency says those companies "should have known" about the alleged violations, resembling the Department of Justice's Operation Choke Point strategy. [4/9/15]

Recent activity indicates that the CFPB is circling; expect credit reporting of medical accounts to be addressed in proposed rules soon. [4/8/15]

The case for human safeguards and security education, not just hardware and software. [4/8/15]

Banks are three of the top five spenders when it comes to IT. But the top spot is held by Walmart, which spent more than $10 billion on IT last year. The top 10 companies spent $45 billion. [4/8/15]

With consumer borrowing reaching a record high in February, expect scrutiny to grow, especially for the two categories that fueled the growth the most: auto loans and student loans. [4/8/15]

If you think relations between the U.S. and Russia are strained now, consider the 1980s. It was the culmination of the Cold War—an arms race between the U.S. and the USSR. Tensions were high, and there was one thing keeping everything in balance: mutually assured destruction, or MAD. As difficult as that period was, it provides useful guidance for financial institutions when it comes to how they can approach their enterprise risk management. [4/7/15]

A major emphasis from the Fed Board's watchdog group to the CFPB on employment diversity is the need to improve tracking of workforce data. (Also see Risk Watch 55 for more key takeaways for financial institutions from the Office of Inspector General's report.) [4/7/15]

A security vendor planted phony "stolen" data in the "Dark Web," then tracked it to see where it goes. In less than two weeks, the data made its way to 22 countries and was viewed nearly 1,100 time. Most frequent activity came from Nigeria and Russia. [4/7/15]

The CFPB has introduced a new consumer publication that replaces the “Settlement Cost Booklet” or “Special Information Booklet.” Here's what mortgage lenders need to know about it. [4/7/15]

News reports about Hillary Clinton's use of private emails for official business and an U.S. ambassador who ran his office through his private Gmail account may have shocked the public, but didn't surprise many technologists. [4/6/15]