News Topic: Data breaches

The Clearing House is pushing contract terms that would give fintechs quicker access to consumers' financial information, but one large upstart has taken issue with the proposal's language. ... 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

Congress should consider acting quickly or companies could treat the Golden State's new data privacy restrictions as a national standard. ... Read full article

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

The lawmakers, including Sens. Sherrod Brown and Elizabeth Warren, sent the bank a letter focusing on customers' difficulty enrolling in credit monitoring and identity protection services. ... Read full article

The company still intends to shut down its data centers next year even as the recent hacking that exposed the data of some 100 million people raised questions about its aggressive embrace of cloud computing. ... Read full article

At the same time, consumers hold banks to tougher disclosure standards than government agencies, health care organizations and retailers, according to Experian. ... Read full article

A senior official at the European Central Bank warned that banks embracing external data storage and other digital technology need to face the reality that those systems are inviting targets for hackers. ... Read full article

The Massachusetts Democrat is questioning a claim by the agency about the amount of redress available to those affected by the credit bureau's 2017 data breach. ... Read full article

From housing finance to Facebook’s crypto plans, moderators questioning the presidential candidates in Texas next month would have no shortage of financial policy topics from which to pick. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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 ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

Bank posts its best second quarter since 2010 after a disappointing Q1; Cerberus in talks to buy loans at the center of a major accounting error. ... Read full article