BankInfoSecurity.com RSS Syndication

FDIC Proposes New Rules for Bank Deals

The board of the Federal Deposit Insurance Corp. (FDIC) on Thursday voted to ask for comment on a proposal that would set higher limits for private equity firms purchasing failed banks. Under the proposal, private equity investors that would want to buy any failed banks would be limited from lending to investors and investment funds, and would have to make sure the new bank remained well capitalized.

Cybersecurity Plan Means New Jobs

Agencies, Contractors Need Advanced Skills Now
So, the Obama administration has presented its cybersecurity plan establishing the practice as a major, new national priority.

What does this mean for information security careers?

Security experts that work closely with the government offer insights on the direction the new administration has taken regarding its security policies and how these can impact security careers.

Life After CISO: What Are the Options?

Tips on How to Prepare for the Next Big Career Move
You've spent years in information security, toiling your way to the top - to the CISO role. What's next? What are your career options, and how should you prepare for exploring them?

Jennifer Bayuk is the former CISO at Bear Stearns & Co. She became an independent consultant after the company was acquired by JPMorgan Chase early last year. Bayuk notes that, "The CISO title is something that sticks with you. It is not so much a title as a mindset. I was recently invited to be on a panel of CISOs at a conference, and suggested that it was inappropriate. But a colleague joked, 'Once a CISO, always a CISO,' and I knew what he meant." She wants to remain independent and participate in projects and research that will increase national security as well as equip future security professionals.

The First National Bank of Beardstown, Beardstown, Illinois, Assumes All of the Deposits of the First State Bank of Winchester, Winchester, Illinois

The First State Bank of Winchester, Winchester, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with The First National Bank of Beardstown, Beardstown, Illinois, to assume all of the deposits of The First State Bank of Winchester.

State Bank of Lincoln, Lincoln, Illinois Assumes All of The Deposits of the John Warner Bank, Clinton, Illinois

The John Warner Bank, Clinton, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with State Bank of Lincoln, Lincoln, Illinois, to assume all of the deposits of The John Warner Bank.

FFIEC Issues Statement on Regulatory Conversions

The Federal Financial Institutions Examination Council (FFIEC) today issued the Statement on Regulatory Conversions to reaffirm that the supervisors are unified in their approach to regulatory conversions. Supervisors will only consider applications undertaken for legitimate reasons and will not entertain regulatory conversion applications that undermine the supervisory process. It is expected prospective supervisors will follow existing supervisors' work on examination and enforcement actions, including consumer protection and safety and soundness issues.

Agencies Publish Final Rules and Guidelines to Promote Accurate Reports About Consumers

The federal financial regulatory agencies and the Federal Trade Commission yesterday published final rules and guidelines to promote the accuracy and integrity of information furnished to credit bureaus and other consumer reporting agencies, and widely used to determine consumers' eligibility for credit, employment, insurance, and rental housing.

ID Theft Red Flags FAQ's: A Guide to the 'Gotchas' of Compliance

As of Nov. 1, 2008, all banking institutions must be in compliance with the Identity Theft Red Flags Rule, which requires:

Financial institutions and creditors to implement a written identity theft prevention program;
Card issuers to assess the validity of change of address requests;
Users of consumer reports to verify the identity of the subject of a consumer report in the event of a notice of address discrepancy.

To help institutions meet compliance, the banking regulatory agencies have recently released a document outlining a series of Frequently Asked Questions about the Red Flags Rule. These questions have arisen from initial examinations and include:

The ID Theft Red Flags scope;
The definitions of "covered account," and "service provider";
Types of notices of address discrepancy that trigger the rule;
Furnishing a confirmed address to a consumer reporting agency.

In this exclusive new webinar, Bill Sewall, former Information security executive with Citigroup, will offer an insider's perspective on how to make sure you answer these questions before the examiner comes calling.

Drawing upon his years of experience in risk management and compliance, Sewall will:

Walk Through the FAQs - Explaining each of the questions and answers contained within the four umbrella topics.
Tell You How to Prepare - Offering insights on risk assessment and scoping tasks you can conduct upfront to anticipate any questions and help ensure a successful examination.
Provide Tips for the Test - Offering a refresher on how to help manage the examination process from start to finish.

"Supreme Court Has Created More Chaos than Clarity" - Gregory Taylor of the ABA on Cuomo v. ClearingHouse

With the U.S. Supreme Court's ruling on Cuomo v. ClearingHouse, the door is now wide open for state attorneys general to step in and monitor regulatory compliance at national banks. And according to Gregory Taylor, VP and associate general counsel at the American Bankers Association, this new scrutiny could come soon. Taylor discusses:

ABA's stance in favor of the OCC in Cuomo v. ClearingHouse;

The ramifications of the Supreme Court's decision;

What banks should expect next.

Prior to joining the ABA in 2004, Taylor handled high-profile litigation and enforcement matters for the FDIC and the OCC. He is currently responsible for the ABA's amicus efforts on behalf of the banking industry.

Do Consumers Want Mobile Banking? - SWACHA's Dennis Simmons on Electronic Payment Trends

How strongly do consumers embrace electronic bill payments, and do they really want mobile banking as much as industry analysts say they do?

These were the questions on Dennis Simmons' mind when his trade organization, SWACHA, the electronics payments resource, launched a recent survey on consumer usage of electronic payments.

In an exclusive interview, Simmons discusses:

Survey results and their message to banking institutions;

Payment/security threats currently menacing the financial services industry;

Ways institutions can help vulnerable businesses fight fraud.

Simmons has over 20 years experience as the senior operations officer of several Dallas area banks. A frequent speaker and recognized expert on payments system issues, he is currently a member of the Board of NACHA, the immediate Past Chair of NACHA's Electronic Check Council and immediate past Co-Chair of NACHA's Risk Management Advisory Group. He was recognized by Transaction World as one of its 2007 "Movers and Shakers" in the payments business and is the recipient of two public service awards from the Federal Bureau of Investigation (FBI). He is an Accredited ACH Professional (AAP).

SWACHA is an official source for the ACH Operating Rules and represents its members in national issues and the rule-making process. SWACHA's mission is to be the resource of choice for education, training, representation and knowledge regarding payments and payments system risk.

How to Improve Vendor Management: Insights from Charlie Miller, Formerly of Merrill Lynch

Vendor Management: Banking/security leaders all know they need to get a better handle on it - but how?

Charlie Miller, former director of vendor governance at Merrill Lynch, offers his insight on improving vendor management, including:

The biggest challenges facing banking institutions;

Where to start the improvement process;

The BITS Shared Assessments Program, and how institutions of all sizes can benefit from it.

Miller provides advisory consulting services in the areas of outsourcing, privacy, information security and business continuity. He brings more than 20 years of experience in financial services, focusing on governance, risk and control. While at Merrill Lynch, Miller held key positions in the design and implementation of major global initiatives, including privacy and incident response, information leakage and data protection.