• FDIC: Overdraft Payment Programs and Consumer Protection

    Updated: 2010-11-30 21:34:36
    The Federal Deposit Insurance Corp. is issuing final guidance, which reaffirms existing supervisory expectations with respect to overdraft payment programs, generally, and provides specific guidance with respect to automated overdraft payment programs.

  • The Future of Electronic Payments

    Updated: 2010-11-30 21:34:36
    Social Networks, Globalization Are Changing the LandscapeEmerging technologies are bridging banks to social networks and setting the stage for cross-continent payments rails.

  • Next in WikiLeaks' Crosshairs: a Big U.S. Bank

    Updated: 2010-11-30 19:28:27
    WikiLeaks founder Julian Assange says the media firm's next document dump will expose widespread corruption in the heart of American financial services.

  • Incident Response Trends for 2011

    Updated: 2010-11-30 13:34:15
    Interview with Georgia Killcrece of SEI's CERT Program, Part 1 of 2It's no longer how you respond to a security incident that counts; it's how you manage it.

  • Lies, damned lies and consumer surveys

    Updated: 2010-11-30 09:59:58
    In my yesterday’s post, I mentioned that it would be interesting to see the actual retail results and if the US consumers would indeed be as frugal as some of the pre-shopping season surveys suggested. Well, the first results are just in - see First Data’s Black Friday 2010 Spend Trend press release. And according to [...]

  • Things worth reading: 30th November 2010

    Updated: 2010-11-30 08:19:21

  • 2011 Outlook: 'Complexity is the Biggest Problem'

    Updated: 2010-11-30 05:33:42
    The complexity of global compliance may be the biggest task IT security organizations face of 2011, IBM's Kristin Lovejoy says.

  • The Political Economy of CFPB Funding

    Updated: 2010-11-30 02:06:35
    Federal Reserve Bank of St. Louis President James Bullard is kvetching about the CFPB's funding mechanism. It seems that he doesn't like the CFPB having a claim on 12% of the Fed's budget. That money might get used for effective...

  • Payments and the 2010 holiday season

    Updated: 2010-11-29 13:10:27
    As we all know, Thanksgiving is not only an important holiday in North America, it is also a start of the retail bonanza in the run up to Christmas. Black Friday and Cyber Monday have become one of the biggest shopping days of the year. And the phenomenon is spreading outside North America - Cyber [...]

  • Banksquare: the new sharing service from your bank

    Updated: 2010-11-29 13:00:18

  • Seattle Fraud Spree: Case Grows

    Updated: 2010-11-29 12:36:23
    Foreign Hacker Suspected in Restaurant Data BreachFederal authorities now say the recent Seattle cyber attack was a much bigger crime than first believed, and the forensic trail leads overseas.

  • Things worth reading: 29th November 2010

    Updated: 2010-11-29 07:23:16

  • The Finanser's Week: 22nd November - 28th November 2010

    Updated: 2010-11-28 08:08:06
    : : The Financial Services Club's Blog The Financial Services Club is a unique service designed for Senior Executives and Decision Makers from any firm interested in understanding and planning strategies for the future of banking and finance . Barclays : Banks Behaving Badly Main November 28, 2010 The Finanser's Week : 22nd November 28th November 2010 Our biggest stories of the week are Barclays : Banks Behaving Badly Antony Jenkins , the Head of Barclays Global Retail Division appeared on BBC Radio’s Today program saying that the level of consumer complaints to banks in general , and to Barclays specifically , is not acceptable” . Looking at the numbers of complaints upheld by the Financial Ombudsman against Barclays , he's . right VISA's pride before a fall over the Chinese wall I was at

  • Security Skills: Demand Has Never Been Greater

    Updated: 2010-11-26 12:48:27
    The information security profession is seeing a transition, as organizations focus more on filling roles related to business and information risk management.

  • Barclays: Banks Behaving Badly

    Updated: 2010-11-26 11:09:29
    : , The Financial Services Club's Blog The Financial Services Club is a unique service designed for Senior Executives and Decision Makers from any firm interested in understanding and planning strategies for the future of banking and finance . Things worth reading : 26th November 2010 Main November 26, 2010 Complaining about your bank Yes , you can I got a note today regarding the fact that the Head of Barclays Global Retail Division , Anthony Jenkins , appeared on BBC Radio’s Today program this morning saying that the level of consumer complaints to banks in general , and to Barclays specifically , is not acceptable” . The Financial Ombudsman Service said it received and upheld more complaints about Barclays than about any other bank last year , and Mr . Jenkins said Barclays are

  • Things worth reading: 26th November 2010

    Updated: 2010-11-26 08:22:28

  • VISA's pride before a fall over the Chinese wall

    Updated: 2010-11-25 11:45:30

  • Things worth reading: 25th November 2010

    Updated: 2010-11-25 08:23:58

  • FDIC: Insured Institutions Earned $14.5 Billion in Q3, Up from $2 Billion a Year Ago

    Updated: 2010-11-25 01:04:21
    Commercial banks and savings institutions insured by the Federal Deposit Insurance Corp. reported an aggregate profit of $14.5 billion in the third quarter of 2010, a $12.5 billion improvement from the $2 billion the industry earned in the third quarter of 2009.

  • Editor's Choice: ATM Fraud: Skimming is #1 Threat; Phishing Attacks on the Rise

    Updated: 2010-11-25 01:04:20
    Industry insiders say card skimming incidents are growing and the ATM is the most-hit target, and a rash of targeted phishing schemes brings phishing attacks back to the fore.

  • Things worth reading: 24th November 2010

    Updated: 2010-11-24 06:28:27

  • Bank On It: Republicans are Gunning for the Consumer Financial Protection Bureau

    Updated: 2010-11-23 22:43:41
    Reps. Spencer Bachus of Alabama and Judy Biggert of Illinois are taking aim at a new government agency charged with guarding people against abusive financial practices

  • Robosigning and Evidence

    Updated: 2010-11-23 15:58:34
    The robosigning issue brought to mind a Talmudic evidentiary rule that declares the testimony of certain types of people inadmissible: These are they who are ineligible (as witnesses): a dice-player, a usurer, pigeon-flyers, traffickers in Seventh Year produce, and slaves....

  • Do bankers really want to be plumbers?

    Updated: 2010-11-23 07:53:00

  • Things worth reading: 23rd November 2010

    Updated: 2010-11-23 07:16:44

  • So now the Kardashians Are Financial Role Models?

    Updated: 2010-11-23 06:31:08
    That’s what you might think if you heard and believed the buzz about the new Kardashian card, a pre-paid Visa card representing all the glitz and glamour as the sisters themselves. But let’s not forget the demographic for pre-paid cards,...

  • 12.16.10: Celent Banking Webinar: Mobile Payments in China: Emergence of a Mega-Market

    Updated: 2010-11-23 04:05:43
    Celent analyst Hua Zhang 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.

  • NCUA Liquidates Constitution Corporate Federal Credit Union

    Updated: 2010-11-22 21:24:36
    NCUA has announced that on November 30,2010, Constitution Corporate Federal Credit Union (Constitution) will be liquidated.

  • The New Definition of “Issuer”

    Updated: 2010-11-22 18:39:02
    As Celent’s analyst covering the mobile banking & payments sector, I would be remiss to not make at least some mention of last week’s announcement by Isis, the mobile payments JV launched by AT&T, T-Mobile & Verizon. One of the more striking aspects of the Isis announcement was that Barclay’s was characterized as the “first issuer”, implying that many [...]

  • Things worth reading: 22nd November 2010

    Updated: 2010-11-22 07:47:53

  • Hats off to Ethan Cohen-Cole

    Updated: 2010-11-21 21:42:59
    Credit Slips was fortunate to enjoy posts last week by Ethan Cohen-Cole. It's always fun to have non-law profs bring their perspectives to this blog, and Ethan offered up interesting thoughts on a range of issues, from the immediate (perhaps...

  • The Finanser's Week: 15th November - 21st November 2010

    Updated: 2010-11-21 08:46:28

  • First Michigan Bank, Troy, Mich., Assumes All of the Deposits of First Banking Center, Burlington, Wis.

    Updated: 2010-11-20 09:44:47
    First Banking Center, Burlington, Wisconsin, was closed today by the Wisconsin Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

  • Thank you

    Updated: 2010-11-19 20:15:00
    I wanted to thank the editors of Credit Slips for giving me the opportunity to air my opinions this week. I'm a regular reader of this blog and it's an honor to be a contributor as well. Ethan

  • Argh - Eric Cantona calls for a revolution!!!

    Updated: 2010-11-19 13:55:41

  • What is High Frequency Trading?

    Updated: 2010-11-19 11:02:02

  • Things worth reading: 19th November 2010

    Updated: 2010-11-19 09:04:22

  • Do Mortgage Servicers Even Understand Their Own Business?

    Updated: 2010-11-19 05:00:45
    The House Financial Services Committee's Subcommittee on Housing and Community Opportunity had a hearing today on foreclosures, modifications, and servicing. There was a deja vu aspect to the hearing. Congress has been holding this same type of hearing for 4...

  • Why a Foreclosure Compensation Fund Is a Bad Idea

    Updated: 2010-11-18 15:11:56
    The Washington Post yesterday wrote : "State attorneys general and the country's biggest lenders are negotiating to create a nationwide fund to compensate borrowers who can prove they lost their home in an improper foreclosure" The fund is being compared...

  • Principles Aren't Always Enough; Rules Are Needed Too.

    Updated: 2010-11-18 11:14:00
    In my last posting, I discussed the tradeoffs of regulation on the consumer side, and the extent to which disclosure would be sufficient to resolve consumer protection issues. Here, I pose a simple problem to illustrate why principles based regulation...

  • A question of definition

    Updated: 2010-11-18 09:38:33

  • What's in Your Wallet Part II: Let's Shop for Credit Cards

    Updated: 2010-11-17 23:53:52
    I have been enjoying talking to my UNM colleagues about Katie’s post on what's in our wallets. There are different credit cards for every demographic imaginable. For example, there are cards with rights to all airport clubs and even the...

  • New Consumer Regulation: Education and Disclosure Is Not Enough

    Updated: 2010-11-17 14:02:00
    Elizabeth Warren’s appointment as special advisor to the president was widely hailed as an achievement for consumer advocates. Professor Warren has long been a strong advocate of the middle class and famously compared financial products to flaming toasters. The creation...

  • Cartoon Bank: Understanding the Fed's Policy of Quantitative Easing

    Updated: 2010-11-16 21:37:02
    It's not so hard to understand why the U.S. central bank is pumping money into the economy--in pictures.

  • Modern Redlining in Historical Context

    Updated: 2010-11-16 17:35:00
    A paper that I wrote while an employee of the Federal Reserve System a couple years back documents the presence of ‘redlining’ in the issue of credit cards. Credit Slips picked it up here (link). (To ensure there are no...

  • They Really Did Know the Loans Were Bad…

    Updated: 2010-11-16 11:55:00
    A firm which few know of – Clayton holdings—will likely soon be at the center of a wide variety of lawsuits and individual complaints. Clayton’s job was to validate the innards of mortgage backed securities (MBS) when made available for...

  • GM's Special Tax Treatment

    Updated: 2010-11-16 06:51:07
    My thoughts on GM's ability to use its tax losses, despite the usual rules, up now on Dealbook.

  • AFP 2010 Roundup

    Updated: 2010-11-16 04:10:34
    Conference season has concluded. After several weeks on the road, I finally hit the last stop on the fall conference circuit - The AFP Annual Conference. This popular business banking conference took place last week in lovely San Antonio, Texas. The trend of increased attendance figures continues (see my BAI Retail Delivery post here), as [...]

  • How the Deficit Commission is Threatening Your Retirement

    Updated: 2010-11-15 22:00:34
    Let's talk about deficits for a moment. Not that $1.3 trillion federal shortfall that's in the news these days (A CBS News poll shows that only a handful of Americans think that's an urgent...

  • An update on Payment Services Hubs research

    Updated: 2010-11-15 15:24:45
    During my webinar on Taxonomy of Payments in September I mentioned that I have been conducting research on Payment Services Hubs (PSH). Since then I received a lot of interest from clients asking when the research findings would become available. I am pleased to announce that Celent will be publishing a series of reports on [...]

  • Am I Paying for My House or the Brooklyn Bridge?

    Updated: 2010-11-15 13:29:51
    The foreclosure mess has raised new tough questions. We once again seem back to distributional issues. If a foreclosure is in question for a homeowner that has not been paying and a bank that has no good proof of its...

  • Cash Is (Still? Again?) King

    Updated: 2010-11-15 09:26:00
    Payments innovations aside, Scott Schuh gave a preview of the soon-to-be-released results of the 2009 Survey of Consumer Payment Choice. The 2008 data are already available and provide a detailed portrait of payment practices of consumers (this is an excellent...

  • Welcome to Ethan Cohen-Cole

    Updated: 2010-11-15 03:14:06
    Credit Slips welcomes Ethan Cohen-Cole. He is an Assistant Professor at the Robert H. Smith College of Business at the University of Maryland--College Park. Previously, he was a research economist at the Federal Reserve Bank of Boston. He has done...

  • Debt Settlement Plans: Run as Fast As You Can, Consumers

    Updated: 2010-11-13 00:11:59
    Tell me the truth. Does this sound legal? Crystal has $12,000 in credit card debt, and ABC Debt Settlement Company advertised that they can settle credit card debts for 50 cents on the dollar. We’ve all heard the ads “Do...

  • USAA Easy Deposit Press Coverage Misses the Point

    Updated: 2010-11-12 14:51:31
    This fall, USAA began offering free check deposit services at nearly 30 United Parcel Service Inc. stores in San Antonio, where USAA is headquartered, and San Diego. USAA, whose main office is its only branch, plans to expand the service to more than 1,700 UPS sites nationwide by spring. Some of the press coverage of [...]

  • Payment Possibilities

    Updated: 2010-11-12 06:25:00
    If "What's in Our Wallets?" left you bored, this is the counter post. Last week I attended an event called Innovations in Payments organized by David Evans, an expert on credit cards. My take-away: if I want to be at...

  • The Constitution in the Financial Crisis

    Updated: 2010-11-11 11:08:00
    I'm off this morning to California, where I will be speaking at Stanford on "Bankruptcy and the Rule of Law." Looks to be a fascinating conference overal -- with an unusual foray into Constitutional Law for a bankruptcy person like...

  • If you think this is tough . . .

    Updated: 2010-11-10 13:16:40
    My latest Dealbook post is up. In it, I argue that the difficulties of cross-border corporate bankruptcy show just how hard it will be to implement a cross-border resolution process, as Dodd-Frank contemplates.

  • What's in Our Wallets?

    Updated: 2010-11-09 06:41:00
    Capital One made the slogan famous, but it's more fun when it's not just a hypothetical question. Many of the Credit Slipsters research at least some kinds of payments, such as credit cards, and some of us teach payment systems...

  • Reign of Terror: How Subprime Lenders and Wall Street Caused the Financial Crisis

    Updated: 2010-11-08 22:08:51
    Beginning in the 1960s, author and journalist Michael Hudson explains, financial firms started changing how consumers thought about debt. The conceptual shift, coupled with deregulation, helped...

  • The Coming of Unholy Alliances

    Updated: 2010-11-08 17:52:00
    In trade journals, industry conferences and blog postings, a lot of attention has been placed on the roles of FIs and mobile carriers the mobile payments space.  In the United States at least, these roles are typically defined as being mutually-exclusive, and the long-rumored AT&T/T-Mobile/Verizon mobile payments JV is almost without exception portrayed as an [...]

  • Protecting the Subsidy

    Updated: 2010-11-05 10:19:00
    So the fight over leadership of the House Financial Services Committee has begun with an attack on Dodd-Frank, particularly with the claim from Spencer Bachus, one of men who would be chair, that Dodd-Frank would cost the US derivatives industry...

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