Banking

UBS Blames Internal Gaps for Fraud

Updated: 2011-10-31 14:53:01

Audit Reveals Fraud-Prevention Measures Didn't Detect Rogue TradesSwitzerland-based UBS says an internal assessment has identified two financial controls that were not effective and ultimately resulted in losses totaling $2 billion in unauthorized trades.

1 Bank Closed; 1 CU Conserved

Updated: 2011-10-31 14:53:01

104 Institutions Have Failed so Far in 2011One bank was closed and one credit union was placed into conservatorship by state and federal banking regulators on Fri., Oct. 28. These failures bring the year's tally to 104 failed institutions.

FDIC: Community Banks of Colorado, Greenwood, Colo., Closes

Updated: 2011-10-31 14:53:01

The Federal Deposit Insurance Corp. was appointed receiver for Community Banks of Colorado, Greenwood, Colo., by the Board of Governors of the Federal Reserve System.

OCC: Regulation E: Revised Examination Procedures

Updated: 2011-10-31 14:53:01

The OCC is issuing a new booklet entitled "Electronic Fund Transfer Act-Regulation E" in the Comptroller's Handbook. This booklet updates examination procedures and incorporates recent changes the Board of Governors of the Federal Reserve made to Regulation E regarding overdraft services, gift cards and electronic signatures.

ID Theft: How to Help Consumers

Updated: 2011-10-31 14:53:01

Are banking institutions and state and federal agencies doing enough to assist consumers with ID theft recovery? ID theft expert Joanna Crane says consumer expectations are often loftier than what's being done to meet the demand.

Fighting Fraud: Banks, Merchants Must Align

Updated: 2011-10-31 14:53:01

The only way to improve card security is for banks and merchants to align their strategies, says Gray Taylor of NACS. "This is something that hurts both of our industries. Fraud hurts us all."

EMV: It's About Reducing Fraud

Updated: 2011-10-31 14:53:01

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12 Core IT Security Services

Updated: 2011-10-31 14:53:01

Guidance to Safeguard Digital Assets in Fiscally Challenged TimesCIOs and CISOs face the overwhelming mission of safeguarding systems and data while fiscal shortfalls force significant consolidation and reengineering of IT programs and services.

FDIC: All American Bank, Des Plaines, Ill., Closes

Updated: 2011-10-31 14:53:01

All American Bank, Des Plaines, Ill., was closed by the Illinois Department of Financial and Professional Regulation - Division of Banking, which appointed the Federal Deposit Insurance Corp. as receiver.

NCUA: Birmingham Financial Federal Credit Union of Birmingham, Ala., Conserved

Updated: 2011-10-31 14:53:01

The National Credit Union Administration assumed control of service and operations at Birmingham Financial Federal Credit Union of Birmingham, Ala.

Something far more frightening than Zombie Bankers

Updated: 2011-10-31 08:42:32

Things worth reading: 31st October 2011

Updated: 2011-10-31 08:05:48

The Finanser's Week: 24th October - 30th October 2011

Updated: 2011-10-30 08:28:36

Make the Banks Pay

Updated: 2011-10-29 05:24:52

I have a post up on Salon.com. Credit Slips readers will recognize it as based on a prior post here.

Financial Stability Board Calls for Effective Consumer Finance Protection

Updated: 2011-10-29 03:06:53

The Financial Stability Board, an international organization operating under the auspices of the G20 countries, this week issued its Report on Consumer Finance Protection. http://www.financialstabilityboard.org/publications/r_111026a.pdf FSB emphasizes the link between international financial stability and consumer protection, particularly in the mortgage...

Judge Orders SEC to Explain Why Citigroup Is Getting Off Easy for Deceiving Clients

Updated: 2011-10-28 20:20:32

U.S. District Judge Jed Rakoff has serious reservations about a $285 million settlement between federal securities regulators and Citi. And no wonder -- the deal stinks.

Now Accepting Nominations for Celent Model Bank 2012

Updated: 2011-10-28 15:36:31

Remember when banking was broadly embraced as an honorable profession? That idea seems to have been lost among most businesses and consumers these days. Hardly a day goes by without a news story about some sort of alleged bank impropriety. In sharp contrast, Celent seeks to celebrate financial institutions doing things well. Each year, we [...]

The best mobile financial videos on the Web

Updated: 2011-10-28 08:50:10

Things worth reading: 28th October 2011

Updated: 2011-10-28 07:01:20

Two worlds and in between

Updated: 2011-10-27 12:33:06

A discussion about why nation-by-nation bankruptcy fails when dealing with global enterprises, here.

Mobile banking and PFM is so last decade

Updated: 2011-10-27 10:01:27

Things worth reading: 27th October 2011

Updated: 2011-10-27 05:25:02

Predicting the Next Chapter 11 Wave

Updated: 2011-10-26 14:42:16

A great chart over at the Economist breaks down moves in consumer spending by industry, perhaps giving us some insight over where the next chapter 11 cases will come from, at least in the broadly defined retail sector. For example,...

10% of lending via P2P?

Updated: 2011-10-26 06:37:39

Things worth reading: 26th October 2011

Updated: 2011-10-26 05:46:30

Do You Remember How Overdraft Protection, Overdraft Fees, and Free Checking Used To Work?

Updated: 2011-10-25 16:49:35

Calling everyone in the over-40 set to help me remember something. When dealing with those old-fashioned things called “checks,” how did your own overdraft protection used to work? My recollection is that, back in the day, as long as a...

Social Media Best Practices for Banks - “Be Cool.” Good Luck With That!

Updated: 2011-10-25 16:16:34

I’m still inundated with inquiries from financial institutions regarding social media. Everyone seems to be so concerned with getting on Facebook or Twitter. It’s as if that would solve all the woes of the banking industry. A very popular website, Mashable, put out an article yesterday titled, 5 Best Practices for Financial Institutions on Facebook. Needless [...]

Australian Bank launches mobile innovation

Updated: 2011-10-25 05:38:21

Things worth reading: 25th October 2011

Updated: 2011-10-25 05:21:12

The Financial Services Club London Agenda, Winter 2011/12

Updated: 2011-10-24 13:26:10

Warren and Empiriciscm

Updated: 2011-10-24 05:06:13

It is not often that intellectual debates about the nature of law and legal scholarship find their way into the popular media. Elizabeth Warren's campaign for U.S. Senate, however, has provided the occasion. This past weekend in the Boston Globe,...

Things worth reading: 24th October 2011

Updated: 2011-10-24 04:14:49

The Finanser's Week: 17th October - 23rd October 2011

Updated: 2011-10-23 06:55:00

Things worth reading: 21st October 2011

Updated: 2011-10-21 01:15:01

A lighthouse keeper in the desert sun

Updated: 2011-10-20 19:44:53

Thinking about the return of the Delaware/SDNY venue debate and the bankruptcy court's decision to deny appointment of a trustee in the case of bankrupt solar panel maker Solyndra, up now at Dealbook.

Engaging In An Industry Discussion About Payments

Updated: 2011-10-20 15:37:38

A few weeks ago, I was asked by David Bannister, editor of the Banking Technology magazine, to join a panel of industry experts to discuss the question - “Whatever happened to the listening bank?” The premise behind the question is that banks are at risk of getting disintermediated in payments by alternative providers. Are banks doing [...]

Who needs to focus on the customer?

Updated: 2011-10-20 09:00:50

Things worth reading: 20th October 2011

Updated: 2011-10-20 06:40:43

Will Taxpayers End Up Bailing Out Bank of America -- Again?

Updated: 2011-10-19 19:18:05

B of A is moving risky derivatives out of its Merrill Lynch investment banking unit into a government-insured part of the bank. Guess who is on the hook if they should fail?

Mobile platforms for building mobile banking

Updated: 2011-10-18 23:28:12

I’m at the Pyxis mobile conference learning about the latest and greatest. Pyxis is one of a number of Mobile Enterprise Application Platforms (MEAP). The goal is to write the software once so that it can be deployed anywhere: Android, iOS, Blackberry, wherever… There seem to be three major ways to implement the solution: Create a wrapper [...]

Deep Freeze: Cooling Economy Chills Wall Street

Updated: 2011-10-18 19:25:01

The American housing market is a festering sore on the financial industry. And big banks' latest financial returns show that they can expect more pain as economic conditions stagnate.

JPMorgan Chase's Financial Results: Uglier Than They Look

Updated: 2011-10-13 19:53:35

The Wall Street bank used accounting tricks to prettify its latest quarterly numbers. That may be legal, but it can't mask the company's growth challenges.

Occupy This: Wall Street Pay Rises as Profits Fall

Updated: 2011-10-11 20:08:48

Compensation at big banks keeps climbing even as their earnings fall and as the firms shed employees. This isn't how financial reform was supposed to work.

Dexia: Zombie Bank's Demise Came Three Years Too Late

Updated: 2011-10-10 19:57:48

European banking officials could've shuttered the Franco-Belgian company during the financial crisis. Instead they let it fester. Now the debt virus risks spreading to other big banks.

The Tablet Will Act as a Catalyst to the Redesign of Online Banking

Updated: 2011-10-07 19:29:15

I’ve been thinking about this for some time and wrote about it in a report I published this past June. It’s already starting to materialize. This week, Citi unveiled it’s new website, and it’s modeled after the mobile and tablet experience. To get a feel for the changes, have a look at the video Citi has on its preview [...]

Durbin or Duhhh?!bin

Updated: 2011-10-06 08:38:20

I’ve been following the Durbin debit card discussions with interest for years. As many of you will know, I believed that if you’ve been following regulation in other markets, Europe and Australia in particular, this was inevitable. And, following the script I laid out, banks have decided to recoup fees by introducing a monthly fee [...]

Reflections from EFMA Cards & Payments Conference

Updated: 2011-10-06 01:54:35

The conference season continues with gusto. After a hectic week in Sibos, I found myself last week on a Eurostar heading to Paris for a three-day Cards and Payments conference organised by EFMA, where I was invited to speak on Day 1. I don’t know if others have the same experience, but I view these events as falling into one [...]