News Topic: Cybersecurity

Democratic lawmakers and consumer advocates say the remedies offered to consumers by firms like Capital One and Equifax are too difficult to access and not particularly helpful. ... Read full article

Nitin Mhatre of Webster Financial explains why the Consumer Bankers Association — whose members want a bigger piece of the student lending market — backs legislation that would make the federal government tell borrowers how much they will ultimately owe, ... Read full article

Regulators are letting banks choose from among four security frameworks, but some observers are urging a more prescriptive approach. ... Read full article

Former Equifax CEO and Wells Fargo chief both expected to issue mea culpas to Congress; Goldman apparently likes digital currency. ... Read full article

A number of banks and business groups sue to block prohibition on mandatory arbitration; credit bureau weighs how far back to look in denying compensation. ... Read full article

Yes, the credit bureau goofed badly on data security, and it proved to be worse at crisis management. But other companies have been just as sloppy with cyber defenses, and business and government leaders should have tackled these problems long before now. ... Read full article

Rep. Patrick McHenry, R-N.C., plans to reintroduce legislation requiring the IRS to fast-track income verification, which proponents say could reduce the financial industry's dependence on credit bureaus. ... Read full article

Regulators disagree whether proposed changes to capital requirements would ease burden on community banks; JPMorgan on hook if jury award not overturned. ... Read full article

The embattled Smith may lose severance benefits, depending on firm’s probe into data breach; Clayton grilled about why the agency took so long to act after Edgar hack. ... Read full article

Equifax observed an increasingly well-worn ritual of scandal-ridden firms by jettisoning CEO Richard Smith: apologize, promise to do better in the future, and sacrifice your top executive in the hopes it will ward off action by Congress and regulators. ... Read full article

The accounting firm says only a "very few" clients were affected by the cyberattack; former CEO Mike Cagney's wife, the lender's chief tech officer, is leaving. ... Read full article

Ironically, the credit bureau’s rise was built on promise to safeguard customers’ most sensitive information; bank to build global ops center in Warsaw. ... Read full article

Sen. Elizabeth Warren, D-Mass., is broadening her probe into the data breach to look at whether the company should have disclosed the breach sooner and if it plans to claw back compensation. ... Read full article

The Financial Stability Oversight Council meets Friday to discuss removing the label from the now shrunken insurer; Senate Banking Committee to hear Richard Smith on October 4. ... Read full article

Summit Credit Union in Madison, Wis., has filed what's believed to be the first lawsuit by a financial institution in connection with the massive data breach. ... Read full article

The hearings before the Senate Banking Committee have high stakes for both companies, as lawmakers are expected to ask the CEOs whether they should be fired. ... Read full article

Equifax's data breach may be the most serious, given that it covered 143 million consumers and involved reams of confidential information, but it wasn't the largest. Following are the biggest to date. ... Read full article

The Equifax breach has millions of Americans now thinking about freezing their credit to guard against identity theft. But those who act could be cutting themselves off from the nation's vast credit economy. ... Read full article