BankInfoSecurity.com's Week In Review for Friday, Oct. 8, 2010
- Reg. E Amendment Introduced in Senate In response to the ongoing threat of ACH/wire fraud, U.S. Sen. Charles Schumer (D-NY) has introduced a proposed amendment to Regulation E that would give municipalities and school districts the same level of protection as consumers;
- The sentencing of Jerome Kerviel, the French rogue trader who cost France's second-largest bank, and his former employer, $6.8 billion in fraudulent transactions, proves that internal controls only go so far. Corporate ethics are just as important; and
- When it comes to managing third-party service providers, regulatory guidance hasn't evolved, but the technology landscape has. Donald Saxinger, senior examination specialist with the FDIC, says financial institutions have to ensure they are getting service and protection when they work with third-party providers in the emerging technology realm.
Please listen to this roundup, and check out all of the week's news and views on BankInfoSecurity.com.