Links in “Technology”

Congress is taking a closer look at the online lending industry after it was revealed that one of the San Bernardino shooters borrowed $28,500 from an online lender that may have been used to pay for ammunition, pipe-bomb components and a rented SUV. [12/14/15]

Online banking is the most important banking channel, beyond branches, call centers, and mobile. Would you want to go out in that weather? [12/10/15]

Not long ago, the banking industry and online lenders wouldn't have anything to do with the other. But now they are looking at each other with the idea that maybe marriage is in the cards. [11/30/15]

A new SEC rule and Title III of the JOBS Act have created an opportunity for federally-insured credit unions to become “qualified third parties” for the maintenance and transmission of investor funds through crowdfunding sites. Credit unions would not hold a stake in the companies, but would supply the introduction of their members to businesses that need capital. While establishing crowd funding sites would not represent a significant revenue source, it could allow credit unions to become more involved in their local communities. [11/25/15]

Financial tech sector talks about compliance all the time. But conferences of the compliance community seldom address technology. Why this is dangerous. [11/25/15]

Is Internet Archive Federal Credit Union slipping away because it was too innovative, such as trying to provide banking services to Bitcoin, thereby making regulators too uncomfortable? The New York Times takes a look. [11/25/15]

According to 95% of financial institutions surveyed that offer remote deposit capture services, the answer is “yes.”  While they note that there are risks involved, the benefits exceed the costs and risks. In addition, the survey results revealed that risk-related concerns were not as dramatic as most feared with less than 25% of the respondents reporting that they incurred transaction losses. [11/24/15]

The ranking Democrat on the House Small Business Committee intends to find out. She wants the CFPB and the SEC to answer her five questions. [11/17/15]

Online lenders operate outside the traditional banking system, meaning they also face fewer regulatory restrictions. Lawmakers and government officials have taken a fairly hands-off approach. But that may soon change. [11/13/15]

Consumers admit they may have themselves to blame for lax protection when using cloud-based apps, with 43% of those who have been breached admitting to opting out of certain security features that were available. Perhaps not coincidentally, their concerns about security when using cloud-based apps is rising. [11/3/15]