News Topic: Cybersecurity

The two agencies cited geopolitical tensions in issuing the warning and best practices tips, though they stopped short of referring directly to the recent U.S. clashes with Iran. ... Read full article

Under terms of the settlement approved by a Georgia court Monday, Equifax may also have to pay an additional $125 million if the initial amount doesn't cover all the claims. ... Read full article

Lawmakers advanced legislation that would require banking regulators to give annual testimony to lawmakers and would mandate regular reports on cybersecurity efforts. ... Read full article

Iranian hackers have a history of targeting U.S. banks. Security experts discussed how bankers can prepare themselves if such attacks are renewed as part of a response to the killing of Qassem Soleimani. ... Read full article

The bank sees digital assets as part of the future and "we want to be there when this happens," says Ralph Achkar, head of digital product development and innovation. ... Read full article

A new system uses biometrics and distributed ledger technology to safeguard call centers from identity theft attacks. ... Read full article

The agency’s semiannual report warned institutions to be mindful of operational risks from the innovation in core banking systems, and detailed supervisory steps to monitor the adoption of a new reference rate. ... Read full article

A report from the Financial Stability Oversight Council cited a bigger share of originations and servicing by nonbanks as a potential vulnerability in the financial system. ... Read full article

The bank will continue to hold cash in sweep accounts until 2031, although at a lower rate; capital requirements could lead big banks to hold off lending. ... Read full article

A proposal to modernize the Community Reinvestment Act could be just a snippet of what regulators try to accomplish as they wrap up 2019. ... Read full article

Banks’ third-party technology providers may face increased scrutiny; Rep. Porter wants more data about "confusing" checking account fees. ... Read full article

The two previously worked at BNY Mellon in similar roles, Scharf as CEO and Daley as head of public affairs; Michael Johnson’s demotion follows the bank’s massive data breach in July. ... Read full article

Severe attacks are on the rise in all sectors, including financial services. There are several specific defenses banks can employ to mitigate and recover from them. ... Read full article

It's time to establish a fintech commission. ... Read full article

The National Credit Union Administration has unveiled a proposal to address a federal judge's concerns that its 2016 field-of-membership overhaul could discourage lending in low-income areas. ... Read full article

The Federal Trade Commission should look into whether Amazon’s failure to secure its services “constitutes an unfair business practice,” which would violate federal law, Sens. Elizabeth Warren and Ron Wyden wrote the agency's chairman. ... Read full article

Community banks and credit unions are eager to innovate, but technology upgrades must be done first, says Bruce Lowthers, FIS banking solutions president. ... Read full article

Members of the House Financial Services Committee cited leveraged lending, cybersecurity and the switch to a new interest rate benchmark among potential systemic risks that keep them up at night. ... Read full article