Links in “Banks”

The first 48 hours after a cyber attack are critical. Actions your financial institution take within that window will do much to determine the attack's overall impact. Here are three questions you'll want to be prepared to answer during those 48 hours. [1/21/15]

Law firm files amicus brief in case before the Supreme Court on disparate impact. The use of disparate impact has prevented affordable housing developers and operators from carrying out their mission to use federal programs to develop affordable housing and to invest in low-income communities. Oral arguments begin tomorrow. [1/20/15]

Indian bank allows customers to transfer money to anyone in the country who has a Twitter account, check their account balance, view the last three transactions, and more. Presumably all within 140 characters or less. [1/20/15]

47% of respondents to a survey of senior bank officials plan to purchase a healthy bank in the next year, but only 3% said they plan to sell their bank. But the news is not all gloomy for banks that are shopping. [1/20/15]

A new breed of smart lending computer algorithms could help banks make better, fast lending decisions, but with so much data and so much complexity, the software could end up discriminating against certain racial or ethnic groups without being programmed to do so. [1/19/15]

OCC closed First National Bank of Crestview (Florida), the first failure of 2015. Last year, 18 banks failed, down from a high of 157 failures in 2010. [1/19/15]

Two online payday lenders have agreed to pay a record $21 million to settle charges that they engaged in deceptive practices. The FTC said the companies claimed a $300 loan would cost $390 to repay, but actually charged $975 for repayment. [1/19/15]

The definition of "private information" that would trigger customer notification requirements if a breach is discovered would expand to include email addresses, passwords, and medical and health insurance information. If approved, the New York law would also require companies that collect this information to have security measures in place to protect this data. [1/19/15]

More on the CFPB's findings that nearly half of consumers do not shop among multiple lenders before applying for a home loan. The bureau has launched a new site called "Owning a Home Toolkit." Also, here's Bloomberg's Businessweek take on the matter. [1/16/15]

Sen. Richard Shelby (R-Alabama) is setting up his Senate Banking Committee with veterans, and his committee has already schedule its first hearing for next week, a month earlier than the committee got up and running last time leadership changed hands. An observer says it's a "real indicator they're serious to move fast and to move smartly." [1/16/15]