As the U.S. financial market prepared to reopen on Monday (a state and federal holiday), depositors of two banks were set to meet their new institutions.
The Federal Deposit Insurance Corporation (FDIC) announced late Friday the closings of Main Street Bank of Northville, MI., and Meridian Bank of Eldred, IL....
As the markets tumble and the American consumer watches retirement funds evaporate, fraudsters are eagerly seeking new victims.
The Federal Deposit Insurance Corporation (FDIC) warns consumers to beware fraudulent emails purporting to be from the agency. In a news alert issued on Thursday, the FDIC warns recipients...
Interview With Dan Clements, President of Card Cops
We all know the bad guys are getting smarter, more organized and better fortified. But so are the good guys.
In this exclusive interview, Dan Clements, President of Card Cops (www.cardcops.com), a data security company, discusses how his group helps...
The sad scenario plays out on the news on a regular basis these days. A homeowner facing foreclosure is barricaded inside their home as law enforcement comes to serve the papers. Shots ring out, and officers rush in to find the wounded homeowner.
What happened last Friday with Addie Polk of Akron, Ohio, a...
In conjunction with the recent Identity Theft Red Flags Rule Roundtable webinar, we conducted an interview session with Evelyn Royer of Purdue Employees Federal Credit Union and Steven Jones of Synovus Financial Corp. Topics ranged from:
How has your institution tackled ID Theft red Flags Rule compliance?
What...
In discussing our current banking crisis with a colleague earlier this week, I was surprised by the level of cynicism he displayed towards the regulatory agencies and their efforts to govern the institutions they oversee. He's a practitioner like me, and I'd always thought of him as being of an equal mind on such...
It's officially the 11th hour.
The deadline for compliance with the Identity Theft Red Flags Rule is less than one month away, and financial institutions are scrambling to meet it.
Yet, a new study from Tower Group, the financial services research firm, predicts that less than one-third of institutions will be...
The Payment Card Industry (PCI) has released its newest version of its data security standards (PCI-DSS). The version is designed to help protect transmitted charge and debit card information, and spells out a comprehensive vulnerability management program.
While not a banking regulatory standard, PCI was...
The passage of the $700 billion bailout of Wall Street didn't have the desired effect on the world's stock markets, as they all suffered through another traumatic session on Monday. The Dow Jones industrials plunged as much as 800 points, setting a new record for a one-day point drop.
Investors watched with baited...
In a stunning move announced early Friday morning, Wells Fargo & Company (NYSE:WFC) and Wachovia Corporation (NYSE:WB) have signed a definitive agreement to merge their operations in a stock-for-stock transaction requiring no government assistance.
This merger is a 180-degree turnaround from the news announced...
We just saw banking history being created.
It isn't over yet, the reshaping of the U.S. financial services landscape, but when you look back on the seismic changes that occurred in September, you appreciate that we have indeed just experienced a series of events unlike any since the Great Depression. It seems every...
Interview with Steve Neville, Director of Identity Solutions, Entrust
Online fraud is a crime that's ever-growing and whose face is ever-changing. And yet banking institutions are levering new strategies and solutions to face the threat.
In this exclusive interview, Steve Neville, Director of Identity...
Two days after the House narrowly rejected the Bush Administration's proposed $7 billion financial market bailout, the U.S. Senate on Wednesday approved an amended version of the bill.
By a 74-25 vote, the Senate gave thumbs-up to an aid package that includes new "sweeteners" to attract House critics - i.e. middle...
OK, you've heard enough from me of late about what banking institutions should say or do re: customer confidence and the crazy economic mess we're in.
Well, here's what one bank actually did about it.
A quick update on economic events since Tuesday ...
The stock market rose on Tuesday on news that the work on the revised $7 billion financial market bailout bill looked promising. This was one day after the biggest point drop in its history.
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