The Topeka, Kansas Columbian Bank and Trust Company ($752 million assets) has been closed by the Kansas Bank Commissioner, and the FDIC has been named receiver. The Citizens Bank and Trust, Chillicothe, MO acquired the insured deposits of the Topeka, KS bank.
The nine branches of The Columbian Bank and Trust...
With just over one-third of the year remaining, the number of bank and credit union failures in 2008 has already topped the decade's previous double-digit high, set in 2002.
Analysis of bank and credit union failures shows that 16 institutions -- eight banks and eight credit unions -- have failed so far this year....
Since January, 16 U.S. banks and credit unions have failed. Following is a list of the failed institutions.
January
Douglass National Bank, Kansas City, Missouri, with approximately $58.5 million in assets was closed. Liberty Bank and Trust Company of New Orleans, Louisiana has agreed to assume all deposits...
Interview with Cyber Crime Expert Eric Fiterman
In the wake of the arrests of 11 hackers tied to the TJX data breach, security experts everywhere are warning of bigger, bolder threats to come.
So, what should banking institutions have learned from TJX-style breaches, and what can they do now to protect their...
Interview with William Henley, Director at the Office of Thrift Supervision
The downturn in the U.S. economy has financial institutions challenged to "do more with less." While the focus continues to be on the mortgage crisis, William Henley, Director, IT Risk Management for the Office of Thrift Supervision,...
Identity theft red flags, business continuity planning, vendor management - these topics all have received fresh attention from the regulatory agencies this year. And with more to come before year's end.
So, as a way to both reflect and project, we take a look at the Top 6 Regulatory Issues of 2008 - and identify...
In a month of bad news for banking (see recent stories about IndyMac Bank and other failures), our recent series of articles and insights on Gramm-Leach-Bliley Act (GLBA) compliance delivers a reassuring message: Banking institutions are making progress in safeguarding customer information.
A "progressive learning...
Business continuity planning (BCP) is a key element to Gramm-Leach-Bliley Act (GLBA) compliance, but compliance alone isn't enough to sustain a business in the wake of disaster.
Given recent guidance on business continuity in general, pandemic planning in particular, we caught up with a pair of industry experts to...
First National Bank of Nevada, Reno, Nevada, and First Heritage Bank, N.A., Newport Beach, California, were closed late Friday by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. The FDIC entered into purchase and assumption agreements with Mutual...
Nearly every organization is required to have a Business Continuity Plan. Yet, planners often overlook issues related to resource allocation -- the "people, places and things" necessary for business continuity. Register for this webinar for case studies and insight on how to:
Identify and describe the components...
Last Friday, IndyMac became another financial institution to fail this year because of the credit crisis.
Taken over by federal banking regulators, IndyMac, a Pasadena, California-based mortgage lender with $32 billion in assets, was the largest thrift on record to fail and the third largest bank failure in...
Talk about a harmonic convergence.
Just as the major banking regulatory agencies went before the Senate committee recently to deliver their "State of the Banking Industry" addresses, I was sitting back and starting to think about drafting the questions for our next State of Banking Information Security survey.
I no sooner finished my most recent post on Business Continuity Planning, and we (BIS) published the transcript of a podcast conducted with Roger Batsel CISO Interviews: Roger Batsel, Republic Bank, on Business Continuity/Disaster Recovery), SVP, Managing Director of Information Systems at Republic Bank, Louisville,...
A Business Impact Analysis (BIA) is an integral part of developing a Business Continuity Plan for any type of disaster, and the Federal Financial Institutions Examination Council (FFIEC) has released recent guidance about enhancements to the BIA and testing discussions.
According to the latest update to the FFIEC's...
My recent post on Business Continuity Planning and its role in supporting institutions affected by the recent Midwest flooding generated more than its fair share of dialogue with my peers.
So much of what's required by regulation often presents itself as a documentation exercise and rarely transcends the...
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