• NCUA: Temporary Corporate Credit Union Share Guarantee Program Extended

    Updated: 2010-08-31 22:09:28
    The National Credit Union Administration has extended the expiration date of NCUA's Temporary Corporate Credit Union Share Guarantee Program (TCCUSGP) from September 30, 2012, to December 31, 2012.

  • FDIC: FDIC Holds First in a Series of Roundtables on Financial Reform

    Updated: 2010-08-31 22:09:28
    As part of the implementation of the Dodd Frank Wall Street Reform and Consumer Protection Act, the Federal Deposit Insurance Corporation announced a series of roundtable discussions with external parties. The first discussion will take place on Tuesday, August 31, 2010, and focus on the new resolution authority provided in Dodd-Frank for the largest financial firms.

  • FDIC: Cayman Islands Monetary Authority Releases Revised List of Unregistered Entities

    Updated: 2010-08-31 22:09:28
    The Cayman Islands Monetary Authority has revised its list of entities that provide a Cayman Islands mailing address, but are neither registered nor licensed to conduct business activities regulated by the Cayman Islands Monetary Authority.

  • FDIC: Regulatory Relief, Guidance for Institutions in Areas of Illinois Affected by Severe Weather

    Updated: 2010-08-31 22:09:28
    The Federal Deposit Insurance Corp. has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Illinois affected by severe storms and flooding.

  • Mortgage Fraud: Compliance to be a Challenge

    Updated: 2010-08-31 22:09:28
    Attorney L.T. Lafferty says the greatest challenge financial institutions now face in mortgage lending is complying with new consumer protection regulations.

  • BankInfoSecurity.com Week in Review: Aug. 27, 2010

    Updated: 2010-08-31 22:09:28
    A review of this with week's top stories by managing editor Tracy Kitten: California Eyes Stronger Privacy Law; IBM Expert Offers Views on Top Security Trends and Fraud Risks.

  • Mobile Banking: It's Not About ROI

    Updated: 2010-08-31 22:09:28
    Tommy Sanderson, manager of electronic delivery for Miss.-based Renasant Bank, says when it comes to mobile banking, "We just want to keep on talking about it."

  • 10 Tips to Thwart Skimming

    Updated: 2010-08-31 22:09:28
    Best Practices for Protecting ATMs and POS TerminalsThe keys to thwarting card skimming can be summed up in four ways - layered security, monitoring, system audits and education.

  • FDIC: 829 Troubled Banks

    Updated: 2010-08-31 22:09:28
    Highest Number of Problem Institutions Since 928 in 1993The Federal Deposit Insurance Corporation's "Problem Bank List" rose to 829 in the second quarter of 2010.

  • ID Theft: Courts Cracking Down

    Updated: 2010-08-31 22:09:28
    Ex-Prosecutor Says Courts Are Sending Message to HackersInterview with Kim Peretti of Pricewaterhouse Coopers: Are the courts taking a more severe sentencing approach to cybercrimes related to identity theft?

  • What do a Chevy Camaro and Online Banking Have in Common?

    Updated: 2010-08-31 16:38:41
    On a recent business trip to Atlanta, I arrived at the rental car lot and there were almost no cars to choose from. I use National’s Emerald Aisle service and the manager kindly pointed me to a brand new Chevy Camaro parked off to the side. It’s not my kind of car, but I figured [...]

  • Fringe Lending and Consumer Welfare

    Updated: 2010-08-31 15:32:15
    Like Katie Porter, I found Professor Jim Hawkins' paper on fringe lending valuable for challenging some of the premises underlying calls for stricter regulation of fringe lending products like payday loans. In my view, there are empirically testable criteria for...

  • BankServ to Acquire NetDeposit

    Updated: 2010-08-31 14:29:50
    Today, BankServ and NetDeposit announced the signing of a definitive agreement wherein BankServ will acquire substantially all of the assets of RDC pioneer NetDeposit, LLC, a wholly owned subsidiary of Zions Bancorporation (Nasdaq:ZION). The combined entity would place BankServ solidly among the largest RDC vendors when measured by the number of live end-users, but well behind [...]

  • Banks best customers? Themselves!

    Updated: 2010-08-31 08:35:00

  • SIBOS 2010: How do you see the world in 2025?

    Updated: 2010-08-31 08:29:34

  • Things worth reading: 31st August 2010

    Updated: 2010-08-31 08:09:06

  • Explaining the Housing Bubble

    Updated: 2010-08-31 05:18:31
    Some self-promotion: I've posted a new paper to SSRN, coauthored with Susan Wachter (Wharton). It's entitled "Explaining the Housing Bubble." Here's the abstract: There is little consensus as to the cause of the housing bubble that precipitated the financial crisis...

  • I Want The Real Story

    Updated: 2010-08-30 23:40:20
    Over the last month, the U.S. market has been flooded with stories about major developments in the mobile NFC payments space. These have included the “outed” rumors of a joint venture among AT&T/T-Mobile/Verizon, Apple’s hiring of a senior manager with an NFC background, and the revelation that BofA will test mobile NFC payments along with Visa [...]

  • Things worth reading: 30th August 2010

    Updated: 2010-08-30 07:49:31

  • What happens in Vegas could change how you think about banking.

    Updated: 2010-08-27 01:13:13
    Celent will be hosting two exciting events on Tuesday October 19th just before BAI in Las Vegas. The first is open to all: The Impact of Alternative Channels on Your Bank — Join the Celent banking team and a select group of banking panelists for a unique opportunity to explore how banks are leveraging alternative channels [...]

  • Hawkins' Fringe Banking Premise is that Payday and Title Loans are Short-term: If Only it Were True

    Updated: 2010-08-26 20:08:01
    Although I disagree with the starting point of the paper Katie wrote about yesterday, Fringe Banking by Professor Jim Hawkins, and thus disagree with most of Professor Hawkins’ conclusions, I have great respect for him and am grateful that his...

  • Fringe Banking and Financial Distress: Argument and Critique

    Updated: 2010-08-25 14:29:28
    Today at The Conglomerate Blog, there is an online workshop of former Credit Slips guestblogger Jim Hawkins' paper, Regulating at the Fringe: Reexamining the Relationship between Fringe Banking and Financial Distress. Jim shared some of his thoughts on what he...

  • A Code Head-Scratcher

    Updated: 2010-08-23 23:41:24
    From a retention application in Lehman, By this Application, the Debtors seek entry of an order, pursuant to section 327(e) of the Bankruptcy Code, authorizing the employment and retention of KBT&F as special counsel to the Debtors, to perform necessary...

  • Rise of the Machines: How Technology Can Lower Your Corporate IQ

    Updated: 2010-08-23 21:22:43
    When should you rely on a computer to make a decision, and when should you let less tangible measures -- instinct, customer relationships, professional experience, street smarts -- be your guide?

  • The Dodd-Warren Rift: President Obama Can you Hear Me?

    Updated: 2010-08-22 18:29:34
    With even Dr. Phil coming out in favor of Warren for CFPB head, Chris Dodd very much opposed and waffling about why, and a new rap video about Professor Warren going viral, according to an article in the New York...

  • If You Have Complained About Financial Industry Regulation

    Updated: 2010-08-20 16:19:07
    . . . . today's Dilbert is for you:

  • Bankruptcy and the Crisis: Why so Few?

    Updated: 2010-08-18 20:59:08
    Many thanks to Bob for the invitation to guest blog here. Those who follow Bob's postings on bankruptcy filing numbers will have seen that U.S. consumer bankruptcy filings have been plodding upwards steadily, but only to roughly where they were...

  • Welcome to Alan White

    Updated: 2010-08-18 20:23:57
    We are happy to have Professor Alan White of Valparaiso University School of Law join us as a guest blogger. White joined the Valparaiso faculty in 2007 after substantial practice experience with Community Legal Services in Philadelphia. In practice, White...

  • The Market for LLCs

    Updated: 2010-08-18 20:02:46
    It's a little off from our usual topics, but I have a post up over at The Conglomerate blog as part of their junior faculty scholars' workshop. Gordon Smith and Larry Ribstein also are commentators. The paper under discussion is...

  • Why Wall Street Buzzards Won't Halt Foreclosure Crisis

    Updated: 2010-08-18 16:10:43
    The WSJ says Lewis Ranieri and other distressed-debt investors are homeowners' best bet for avoiding foreclosure. If so, let us pray.

  • Green Shoots at Last: Small Business Lending Finally Starting to Thaw

    Updated: 2010-08-17 15:21:24
    After going into deep-freeze, lending to small businesses is finally starting to thaw. But that doesn't mean it's easy to get credit.

  • How Wells Fargo Used Overdraft Fees to Prey on Customers

    Updated: 2010-08-12 20:00:21
    In a blistering decision, U.S. district judge William Alsup ruled earlier this week that Wells Fargo (WFC) has been gouging customers for years by deliberately jacking up overdraft fees. If the...

  • I’m Sorry Mr. Customer, I Have No Idea Who You Are!

    Updated: 2010-08-11 19:49:46
    I just returned from a rare visit to my bank branch. As I was waiting in line, the man in front of me was in the process of screaming at the teller. He was furious that the teller had requested he provide his birthdate and mailing address information prior to handing him cash. She politely [...]

  • Student Loans Now Greater Than Credit Card Debt

    Updated: 2010-08-11 19:17:07
    Total outstanding student loan debt now exceeds credit card debt, as reported yesterday in the Wall Street Journal which in turn elaborated on a web article by Mark Kantrowitz, publisher of FinAid.org. Revolving consumer credit according to the Federal Reserve...

  • Federal Court Ruling Puts Another Nail in the Coffin of Free Checking

    Updated: 2010-08-11 18:19:14
    In today’s New York Times, the paper announced that Wells Fargo had lost a Federal Court ruling to the tune of $203 million. Wells Fargo, like most other large banks, processes checking and debit transactions from largest to smallest, rather than in the order received. There are a number of rationales for this policy. One [...]

  • Have a Smart Phone? Keep DampRid Handy

    Updated: 2010-08-10 18:10:13
    A while back I posted what may have been an amusing account of my inept smart phone handling at a cocktail party. My folly resulted in the device dropping into a glass of merlot. Obviously, the phone was immediately disabled. Once home, I tried several remedies including placing the phone in the oven at low temperatures and [...]

  • 9.8.10: Celent Banking Webinar: Taxonomy of Payments

    Updated: 2010-08-10 17:33:10
    Zilvinas Bareisis, Senior Analyst, Celent’s Banking Group This event is free to attend. Celent clients and the media will have access to the webinar’s PowerPoint presentation after the event. Please click here for more information.

  • Unrepentant Wall Street Inflating Another Bubble in Structured Notes

    Updated: 2010-08-10 16:00:21
    Wall Street is making a show of complying with the Dodd-Frank Act. So why is it using "structured notes" to inflate a new bubble?

  • Surcharging or discounting? The name should matter less than the underlying intention

    Updated: 2010-08-10 14:46:38
    I just came back from vacation having visited family and friends in Lithuania. There, at one of the retailers, I saw a rare sight - a list price and a discounted price if paying cash instead of a card. In Europe, I am very used to having to pay extra if paying by card, particularly a credit card. A [...]

  • What Financial Firms Can Do to Regain Customer Trust

    Updated: 2010-08-09 20:06:29
    It's no secret that many consumers don't trust their banks. But market researcher Doug Cottings says there are ways to change such perceptions. Step one? Communicate.

  • Pay the Bums

    Updated: 2010-08-09 08:38:00
    Over at the NY Times, William Cohan has a post complaining about a pending motion in Lehman. Unfortunately this represents just another example of how the mainstream press continues to muddle their reporting of chapter 11. The motion in question...

  • Make Your Home Finance Audit Fun While Fighting Back Against Bank Fees

    Updated: 2010-08-06 23:56:49
    The article Katie posted on bank fees was right on. The fees have gotten so creative that we invented a new household game to combat them, in which we compete for a pre-determined prize. The prize makes it fun. We...

  • Colbert: Elizabeth Warren Is No Oprah

    Updated: 2010-08-05 00:58:20
    Stephen Colbert last night opining that "a huge budget and no constraint on authority" should be reserved only for Oprah Winfrey here, including an interview with Barney Frank on why Warren is the best pick.

  • Innovate This: What Tim Geithner Still Doesn't Get About Financial Services

    Updated: 2010-08-04 22:45:27
    Tim Geither seems to think that financial innovation is a force for good. No. Nor is it a force for evil.

  • Will Dodd-Frank Reduce Safe Harbor Overreach?

    Updated: 2010-08-04 05:15:06
    As loyal Slips readers will no doubt recall, I've been something of a broken record (what's the modern version of that saying? Buggy mp3?) on the issue of the safe harbors in the Bankruptcy Code, especially as expanded by the...

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