Links in “Banks”
- Biometrics Ushering in the Post-Password Era
Alliance of 150 companies seeks to create a common standard for authentication, relying instead on fingerprints and other biometrics to usher out the "old world order of passwords and PINs." [12/16/14]
- ABA Calls Out Credit Union for Its Ad Slogan
"Everyone can bank here." That advertising slogan caught the eye of the ABA, which wrote to the NCUA chairman to point out that NRL Federal Credit Union may be circumventing field of membership requirements. [12/16/14]
- Trade Groups to CFPB: Rulemaking Trumps “No Action Letter” Approach
Regulatory uncertainty ultimately harms consumers, because it constrains financial institutions from seeking to develop innovative products. The CFPB's proposal to mitigate uncertainty by providing a letter that it intends to take no action against a particular product has a number of disadvantages over the rulemaking approach. A group of trade associations details these shortcomings in this letter to the bureau. [12/16/14]
- EMV Train Building Up Steam
Merchant reluctance to invest in the technology and other obstacles are being steadily overcome, and the "EMV train has finally left the station and is building up steam." [12/15/14]
- Subprime Auto Lending Probes Expanding to Include Banks
In addition to automakers' own lending arms, the probe for discriminatory practices in subprime auto lending has now grown to include Santander and TD Bank. [12/15/14]
- 2014: The Year of the User
Employees, not the IT department, are leading financial institutions to the use of cloud apps, leading 2014 to be dubbed "the year of the user." [12/15/14]
- CFPB Goes After Two Companies for Student Loan Debt Relief Practices
CFPB sues two companies for a range of infractions in their dealings with student loan recipients, from tricking consumers into paying upfront fees to access free federal loan benefits, implying an affiliation with the government, and charging consumers a monthly fee. More coverage here. [12/12/14]
- Cyber Security Threat Shifting from Online to Mobile
Online banking malware threats fall 24% from previous quarter, while the number of mobile banking trojans tripled during the same period. [12/12/14]
- 68 Million Unbanked Adults in U.S.
Report indicates that U.S. market has 68 million adults without a bank account, who must rely instead on alternate financial services, such as check cashing or payday loans. The report identifies five key trends driving growth in the underserved market, including 2013 being the first year short-term, installment-type credit products generated more revenue than single-payment products. [12/11/14]
- NY’s Plan for Cyber Exams Includes Beefed Up “First Day Letter”
New York's IT examinations to be preceded by a pre-examination questionnaire, called the "First Day Letter," that will require bankers to detail how they are set up to handle cyber security issues. [12/11/14]
