As institutions look at their calendars and see that November 1 compliance deadline looming, it's time to realize that this isn't just another regulation. The ID Theft Red Flags Rule is about stopping identity theft from happening to your customers.
When I hear information security professionals say they're...
With investors waiting anxiously to see if the Federal Reserve will cut its rates to below 1 percent, the world's stock markets surged in volatile reaction to that possibility.
The last time rates were at 1 percent was between June 2003 and June 2004.
Asian markets climbed on the news, with Hong Kong up 14 percent...
Exclusive Interview with the Board Member of the NCUA
As banking unions struggle with the global crisis in confidence, U.S. credit unions are beneficiaries of consumers looking for safe new homes for their deposits.
At least that's the popular theory. But what's the real state of affairs now at...
The final week of October started off badly, as investors today saw world markets continue last week's slide. The Japanese Nikkei stock index hit a 26-year low, and U.S. government rescue moves for the economy aren't easing jittery consumer and investor fears of a prolonged global recession.
Along with Asian markets...
The Federal Trade Commission (FTC) announced this week it will suspend enforcement of the new Identity Theft Red Flags Rule until May 1, 2009 - six months beyond the original Nov. 1 deadline.
This move will give non-banking creditors and state-chartered credit unions additional time to develop and implement written...
The headlines have been about Wall Street, but what's happening on Main Street?
Community banks make up more than 90 percent of the nation's 8000-plus banking institutions, and it's important to hear from their senior leaders on such topics as safety and soundness, customer confidence and business/security...
Tuesday's news was mainly about Wall Street, with the U.S. government pledging to invest up to $125 billion in nine of the nation's largest banks.
But Main Street banking institutions and their customers will be the ultimate beneficiaries of this financial boost, says one industry analyst.
"It's all about...
PNC Financial Services today announced plans to buy National City Corp., a Cleveland, OH-based banking group with more than 1,500 offices in nine states. PNC will pay $5.2 billion in an all stock deal, with the price of $2.23 a share, about 19 percent less than what National City closed at on Thursday.
This...
It's interesting how with everything going on in our industry this year, between the credit crisis, bank mergers, bank closings and emerging regulatory compliance requirements (and on and on and on), that we haven't had time to discuss much else. However, work continues out in the trenches, money is still moving into...
More bad news on the economic front, as the U.S. stock market on Thursday faced a third day of downturn. The market plunged on Wednesday -- the Dow closing down 514 points, recording its seventh-worst point loss in history.
The fears sparking these drops are the repercussions from the two bubbles that have burst...
Worries of a world recession continue, as European stock markets opened sharply lower on Wednesday following losses in Asia amid an expected retreat on Wall Street. The bad news includes U.S. banking giant Wachovia announcing its third quarter report and the largest loss by a bank - nearly $24 billion. Wachovia, being...
The crime of deception is now even more deceptive.
Multi-channel fraud - schemes that are launched simultaneously via telephone, Internet, in person and via mail - is a growing concern for financial institutions. And the linked crimes aren't always easy to spot.
In this exclusive interview, security expert Diana...
I just have to chuckle sometimes when I read headlines like the one that appeared recently - 'Dark Market' Takedown: Exclusive Cyber Club for Crooks Exposed.
It seems that the FBI is getting pretty clever at "blending" into the cyber criminal world. A tip of the hat goes to Shawn Henry, the FBI Cyber Division...
The Office of the Comptroller of the Currency (OCC) has issued new Fair Credit Reporting Act (FCRA) examination procedures for rules addressing affiliate marketing, identity theft red flags, and address discrepancies last week. These new examination procedures add to existing FCRA procedures.
OCC examiners performing...
Silver State was #11.
On Friday, Sept. 5, Silver State Bank of Henderson, Nev., was closed by the Nevada Financial Institutions Division - the 11th failed U.S. bank of 2008. Three days later, the bank's surviving branches reopened as part of Nevada State Bank. This is the story behind that transition, providing an...
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