The Government Accountability Office (GAO) on Thursday issued a new report that sums up what many in the financial services industry have known for years - the regulatory system is in dire need of a makeover.
The GAO report, "A Framework for Crafting and Assessing Proposals to Modernize the Outdated U.S. Financial...
The Labor Department delivered more discouraging news to investors on Friday with the December employment report showing that in 2008 the workforce lost 2.6 million jobs.
This is the biggest job loss since the end of World War II. The report says the economy shed 524,000 jobs in December, bringing the year's total...
OK, for months now we've been saying (all right, I've been saying) that we all know regulatory reform is coming; it's just a matter of "what" and "when."
Well, "when" was Thursday, and "what" arrived in the form of a new report from the U.S. Government Accountability Office (GAO), proposing a new framework for the...
A U.S. payment processing arm of the Royal Bank of Scotland, RBS WorldPay, says that its computer system was hacked in November and personal information on 1.5 million cardholders may have been affected. Only about 100 cardholders were directly affected by fraud, the company says in a public announcement about the...
Investors on Wall Street on Wednesday wiped out all gains made in earlier sessions, responding to more bad economic news. U.S. stocks dropped precipitously, with the Dow Jones industrial average shedding 245 points. Nasdaq and S& P both were down 3 percent.
I'm experiencing the New Year's phenomenon. That's what I call the very early part of each year when I struggle writing the correct date on things like checks, forms and the many other documents that require it.
Reported data breaches increased by nearly half in 2008, and 12 percent of the total hacks were at financial institutions - up from 7 percent in 2007.
This is the news from the Identity Theft Resource Center's (ITRC) 2008 breach report, which shows that 2008's 656 reported breaches were up 47 percent over 2007's...
The U.S. economy will probably deteriorate further this year, and unemployment will rise into 2010, says the U.S. Federal Reserve. The central bank says it expects GDP to decline this year, according to minutes from the Federal Reserve Board's meeting in December.
Not only is it an interesting time to be in banking; it's an interesting time to be learning about banking.
Dr. Stephen Happel is Professor of Economics at Arizona State University, and he's also a longtime instructor at the Pacific Coast Banking School in Seattle. In this exclusive interview, Happel...
Elsewhere you've read about the major news, newsmakers and security breaches of 2008. Here's a light-hearted look at some of the more strange, bizarre and down-right dumb bank robberies of the past year.
The U.S. Treasury Department gave details on Monday of a $15 billion investment in seven banks made through its Capital Purchase Program.
Treasury created the Capital Purchase Program, a part of the Troubled Asset Relief Program (TARP), to help to stabilize and strengthen the U.S. financial system.
Stupid robbery attempts are always funny, but when they happen in your backyard, well, they're even funnier.
A few weeks back, near my home in New Hampshire, a would-be robber held up a local Citizens Bank branch, and he attempted to get away with an undisclosed amount of cash.
OK, welcome to the first full work week of the New Year.
Holidays are over, 2008 is behind us, everyone is back at work this week. What's on the agenda?
Following is a list of seven key priorities - your Risk Management Marching Orders for 2009.
The Federal Deposit Insurance Corp. (FDIC) announced on Friday it has made a deal to sell failed mortgage lender IndyMac to a group of private investors for $13.9 billion. It will cost the FDIC $8.5 billion to $9.4 billion in one of the most expensive bank collapses in history.
Regulatory compliance is the backbone of a financial institution's information security program. But compliance alone isn't enough, says John Pironti of ISACA's Education Board, who advises institutions to take a risk-based, not a "checklist-based" approach to security.