The Senate bill is a huge win for the banking industry, but there are still plenty of unresolved legislative issues of interest to financial institutions.
Mark Begor said Wednesday that banks and other customers will receive regular updates on the credit reporting agency’s efforts to improve its cybersecurity in the wake of last year’s massive data breach.
Ryan, McConnell say they have a deal on a bipartisan Dodd-Frank rollback; New York won more than $5 billion in settlements from big banks under the former AG.
Readers applaud acting Consumer Financial Protection Bureau Director Mick Mulvaney’s cost-cutting ideas, slam recent calls for postal banking, opine on banks limiting their business with firearms dealers and more.
Acting CFPB Director Mick Mulvaney told a group of bankers last week that he intends to end public access to complaints, but Sen. Elizabeth Warren and two other Democrats argue that would be a mistake.
Online account opening and facial recognition features on mobile apps are among the technologies the bank intends to introduce or improve upon this year, CEO Jamie Dimon wrote in his yearly shareholder letter.
Some speculate that the banks who do business with credit reporting agencies may be looking for alternatives after mounting concerns about their ability to keep information private. But breaking up is hard to do.
Mark Begor, a former long-time GE Capital executive, faces lots of challenges as the credit bureau recovers; CEO dismisses “widespread rumors” that the bank wants to replace him.
The hiring of Mark Begor comes as the credit bureau has been shuffling its top managers since disclosing last year that hackers were able to access the personal data of 145.5 million U.S. consumers.
