The Massachusetts senator asked Richard Fairbank in a letter why the bank didn’t detect the breach for nearly four months and how it plans to prevent future cyber intrusions.
The CEO's tenure lasted just 18 months; the former FDIC chair says having Congress more involved in setting accounting standards "could well backfire on the banks."
JPMorgan Chase ends business loan partnership with OnDeck; Truist out to prove it can best the megabanks in tech; Capital One's data breach was bad, but it could've been worse; and more from this week's most-read stories.
A Fed team toured an Amazon facility at about the same time Capital One’s data was hacked; House oversight members want answers from the CEOs of the two companies.
Readers react to Capital One's massive data breach, raise alarm to The Bancorp's expansion in CRE securitizations, defend fintechs offering retirement plans and more.
Three GOP members of Congress have sent letters to the companies requesting staff-level briefings on the breach in which an ex-employee of Amazon Web Services illegally accessed data of more than 100 million people who have or applied for Capital One credit cards.
The hack prompts renewed concerns about security of data held in the cloud; lawmakers acknowledge that Facebook’s proposed Libra cryptocurrency could have applications for law enforcement.
Though involving an eye-popping 106 million credit card applicants' information, Capital One's breach was also unusual in a number of ways, including that it was quickly caught through a responsible disclosure program run by the bank.
In what's being called "one of the largest-ever data breaches of a large bank," Capital One said a Seattle hacker gained access to the personal information of more than 100 million customers; Citigroup plans to cut hundreds of jobs in its global markets division and combine its equity trading and prime brokerage units.
Capital One Financial Corp. lost data from as many as tens of millions of credit card applications after a Seattle woman hacked into a cloud-computing company server, federal prosecutors in Seattle said.
