• FDIC: Board Approves Proposed Rule to Set Claims Process Under the Dodd-Frank Act's Orderly Liquidation Authority Provisions

    Updated: 2011-03-31 21:43:17
    The Board of Directors of the Federal Deposit Insurance Corp. have approved a Notice of Proposed Rulemaking (NPR) to further clarify application of the orderly liquidation authority contained in Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act, "Orderly Liquidation Authority" (OLA).

  • RSA Breach: A CISO's Action Items

    Updated: 2011-03-31 21:43:17
    Terrell Herzig, CISO at UAB Medicine, speaks out on steps steps he's taking in the wake of the RSA SecurID attack.

  • FFIEC Draft: The Bad and Good

    Updated: 2011-03-31 21:43:17
    Risk Assessor Says Banks Anxiously Await Expected GuidanceNew authentication guidance, when it is passed down federal banking regulators, needs to pay more attention to mobile, says former Bank of America executive David Shroyer.

  • Phishers Impersonate NACHA

    Updated: 2011-03-31 21:43:17
    Payments Association, IRS Among Latest TargetsNACHA has posted an alert about a targeted phishing scam that appears to be hitting recipients up for ACH transaction details. Reports of phishing e-mails appearing to be from the Internal Revenue Service have also cropped up this week.

  • FinCEN: AML Guidance and Counter-Terrorist Financing Risks Posed by Northern Africa, Other Nations

    Updated: 2011-03-31 21:43:17
    The Financial Crimes Enforcement Network is issuing this advisory to inform banks and other financial institutions operating in the United States of the risks associated with jurisdictions identified by the Financial Action Task Force (FATF) on Feb. 25, as having strategic deficiencies in their anti-money laundering and counter-terrorist financing (AML/CFT) regimes.

  • Former Intelligence CIO New BofA CISO

    Updated: 2011-03-31 21:43:17
    Patrick Gorman Served in Bush and Obama AdministrationsPatrick Gorman, a former associate director of the Office of the Director of National Intelligence, is the new chief information security officer and senior vice president at Bank of America, the nation's largest bank company.

  • FDIC: The Bank of Commerce, Wood Dale, Illinois Closes

    Updated: 2011-03-31 21:43:17
    Advantage National Bank Group, Elk Grove Village, Illinois, Assumes All of the Deposits of The Bank of Commerce, Wood Dale, Illinois

  • OCC: OCC, FinCEN Assess Penalties Against Pacific National Bank, Miami

    Updated: 2011-03-31 21:43:17
    The Office of the Comptroller of the Currency today announced the assessment of a $7 million civil money penalty against Pacific National Bank, Miami, for violations of an OCC Consent Order, the Bank Secrecy Act and the USA PATRIOT Act.

  • BankInfoSecurity Week in Review for Friday, March 25, 2011

    Updated: 2011-03-31 21:43:17
    Phishy HTML pages get past spam filters, and users of RSA's SecurID two-factor authentication products come up with new ways to monitor threats and take preventive steps in the aftermath of a hacker attack against RSA.

  • Senate Vote Seen on IT Security Bill

    Updated: 2011-03-31 21:43:17
    A comprehensive bill to dramatically change the way the federal government addresses cybersecurity could pass the Senate as early as this summer, Sen. Thomas Carper, who chairs a Senate panel with IT security oversight, says in an interview with GovInfoSecurity.com.

  • U.S. Bank Deposit Point: Doing Right Things Right

    Updated: 2011-03-31 15:44:44
    Earlier in March, U.S. Bank launched two consumer/small business products after extensive pilot testing: • Deposit Point, a desktop RDC product bundled with its online banking solution. • Deposit Point Mobile, Initially available to U.S. Bank Mobile Wallet users who have an iPhone To be eligible for Deposit Point, one must have had a U.S. Bank checking or [...]

  • 20,000 consumers cannot be wrong ...

    Updated: 2011-03-31 07:20:00

  • Things worth reading: 31st March 2011

    Updated: 2011-03-31 07:01:02

  • 5.11.11: Celent Banking Webinar: Branch Banking in a Multichannel World

    Updated: 2011-03-31 05:18:20
    Bob Meara, 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.

  • Banks will absolutely be disintermediated

    Updated: 2011-03-30 08:52:17

  • Things worth reading: 30th March 2011

    Updated: 2011-03-30 07:10:36

  • Things worth reading: 29th March 2011

    Updated: 2011-03-29 06:52:05

  • Illinois Foreclosures Delayed

    Updated: 2011-03-29 02:37:16
    Yet more servicing snafus.

  • More Bogus Lobbying Numbers from the Banks: Debit Interchange Rates

    Updated: 2011-03-29 02:00:07
    You gotta love the American Bankers Association. These guys just don't stop trying. They're the Hamburgler of the lobbying world. The ABA now has a little piece out now entitled "Merchant Interchange Rates are Steady—Transaction Volumes Are Rising". This piece...

  • Dopeheads: How the Feds Feed Wall Street's Debt Addiction

    Updated: 2011-03-28 17:47:49
    Prepare to be shocked: Big financial firms get a lot more out of the U.S. economy than they contribute. One major reason -- leverage.

  • Bullish Small Business Owners Need One Thing to Spark the Economy -- a Loan

    Updated: 2011-03-28 11:25:37
    The Federal Reserve's financial crisis survey shows that many smaller companies not only survived, but actually thrived during the crash. The better news: Even struggling firms are expecting to grow.

  • Allocating Scarce Dollars: Payment Hierachy

    Updated: 2011-03-28 10:33:00
    When Americans have fewer dollars, creditors need to position themselves at the top of the pile to get paid each month. This is called payment hierarchy, and traditionally mortgage creditors have been at the top and unsecured creditors, and perhaps...

  • AMEX enter the P2P payments war

    Updated: 2011-03-28 07:30:00

  • Things worth reading: 28th March 2011

    Updated: 2011-03-28 06:51:09

  • The Finanser's Week: 21st March - 27th March 2011

    Updated: 2011-03-27 08:38:58

  • Welcome to Lois Lupica

    Updated: 2011-03-26 15:13:08
    This week Credit Slips will feature posts from Professor Lois Lupica. She is the Maine Law Foundation Professor of Law at the University of Maine Law School and counsel at Thompson & Knight LLP. Lupica's published works include writings about...

  • Mortgage Fraud Prosecutions

    Updated: 2011-03-26 00:46:54
    Joe Nocera's Talking Business column today relates a very disturbing government prosecution of mortgage fraud. Read it. It's a very troubling story. I have not looked at any of the documents from the case and am forming my opinions solely...

  • Funding Your Buddy's Bachelor Party Through A Payday Loan?

    Updated: 2011-03-25 23:32:32
    You probably know that title lenders and payday lenders are not just looking for customers who are faced with an emergency. According to the lenders’ ads, there are many great reasons to take out such a 300% loan. This ad,...

  • The Mobile Revolution

    Updated: 2011-03-25 10:24:15

  • Things worth reading: 25th March 2011

    Updated: 2011-03-25 07:09:11

  • The integration of mobile and banking

    Updated: 2011-03-25 05:06:36
    Banks, mobile network operators (MNO) and other payment service providers (PalPal, Boku) across the globe are exploring the integration of financial services and the mobile phone. Analogous to the Celent reports on the Taxonomy of Payments, I will be writing about the taxonomy of mobile banking. In broad brushstrokes I think of the following categories: Alerts: [...]

  • Banks should advise customers on the do’s and don’ts of social networking

    Updated: 2011-03-24 07:39:28

  • Things worth reading: 24th March 2011

    Updated: 2011-03-24 07:27:03

  • The GSEs, PMIs, and the Banks

    Updated: 2011-03-24 00:51:46
    Yves Smith at Naked Capitalism has a fascinating post about the GSEs and private mortgage insurance. The short of it is that the GSEs don't seem to be making claims on PMI policies despite being the loss payees. The reason...

  • Banks "will absolutely not be disintermediated"

    Updated: 2011-03-23 11:10:25

  • Things worth reading: 23rd March 2011

    Updated: 2011-03-23 07:12:08

  • Wilmington, Again

    Updated: 2011-03-22 21:36:51
    My thoughts on the latest effort to restrict chapter 11 cases filing in the jurisdiction of incorporation, up on Dealbook.

  • Why a Legal Victory Over the Federal Reserve and Wall Street is a Big Win for Taxpayers

    Updated: 2011-03-22 21:35:07
    In forcing the Fed to say which banks it rescued and how much the companies borrowed, the Supreme Court set a vital precedent. The message? The people have a right to know.

  • Teachers and the Durbin Interchange Amendment

    Updated: 2011-03-22 20:35:46
    The National Education Association, the largest teachers' union, has come out in opposition to the Durbin Interchange Amendment. It's unusual to see labor siding with financial institutions, but the lines are often blurrier than one might recognize. There are no...

  • How Wall Street Banks Help Tyrants Loot Their Countries

    Updated: 2011-03-22 17:08:24
    Corrupt foreign leaders have made a habit of stashing illicit funds in the U.S. And big banks wouldn't have it any other way.

  • Extremely Vital Statistics

    Updated: 2011-03-22 11:55:39

  • Things worth reading: 22nd March 2011

    Updated: 2011-03-22 06:19:18

  • Servicemen and Debt: Know Your Rights

    Updated: 2011-03-22 04:27:19
    If you don’t personally go to war, you might not think about what being deployed does to your pocketbook. Of course, American civilians regularly take on debt, like mortgages, student loans, credit card debt and so on. Active duty troops,...

  • Cash is still #1

    Updated: 2011-03-21 15:42:58

  • Things worth reading: 21st March 2011

    Updated: 2011-03-21 07:07:01

  • The Finanser's Week: 14th March - 20th March 2011

    Updated: 2011-03-20 08:43:36

  • Congratulations Bob Lawless!

    Updated: 2011-03-20 00:28:47
    Credit Slips' Very Own Robert M. Lawless was inducted into the American College of Bankruptcy last night at a ceremony at the Supreme Court of the United States. I'm hopeful that we can soon post a picture of the tuxedo-clad...

  • How Bank Dividends Help Wall Street -- and Hurt Almost Everyone Else

    Updated: 2011-03-18 17:03:14
    The Federal Reserve plans to let numerous big banks resume payouts to shareholders. Here's why that's a terrible idea.

  • Shakedown or Bailout? The Mortgage Servicing Settlement

    Updated: 2011-03-18 15:20:09
    How's this for contrasting interpretations: the AGs' proposed mortgage servicing settlement is being termed both a "shakedown" (WSJ editorial page) and a "bailout." (Jesse Eisinger at ProPublica--ok, he uses the word "gift", but still). Wow. That's some divergence in characterization...

  • Huzzah! FDIC Grows a Pair, Sues Ex-WaMu Execs for Recklessness

    Updated: 2011-03-18 11:47:12
    The S&L's collapse in September 2008 was by far the biggest bank failure in U.S. history. And according to government regulators, the thrift's management was clearly at fault.

  • Why Elizabeth Warren Terrifies Wall Street -- She Makes Sense

    Updated: 2011-03-16 16:31:29
    The presidential appointee is making progress setting up the Consumer Financial Protection Bureau. And its mission is about as far from radical as you can get.

  • The Economics of Lehman

    Updated: 2011-03-16 10:28:00
    So Lehman has commenced yet another adversary proceeding, this time to recover a preference. The alleged preference is for $206,000. The complaint has three attorneys on it: two partners and an associate. The associate bills out at $630 per hour....

  • Small Banks and Debit Interchange Reform: Winners or Losers?

    Updated: 2011-03-16 04:24:33
    The banking industry is making a full court press to get the Durbin Interchange Amendent implementation delayed. Given that a year of delay is worth about $15-16 billion in swipe fees, the banks are quite motivated, and they've managed to...

  • Wall Street's Revenge: How Republicans Plan to Cripple Financial Reform

    Updated: 2011-03-15 18:55:10
    Less than a year after Congress sought to patch up our ailing financial system by passing the Dodd-Frank Act, conservative lawmakers are moving to strip the law of key safeguards.

  • Blockbuster and the "New" Chapter 11

    Updated: 2011-03-14 10:48:00
    Up now on Dealbook.

  • My Personal Metaphor for the Middle Class

    Updated: 2011-03-13 22:54:20
    Today, I am visiting my parents' home and went for a walk that included a stroll down the commercial strip on the busy street near their house. Along this commercial strip in a solid middle-class neighborhood in Peoria, Illinois, is...

  • Innovation in Unlikely Places

    Updated: 2011-03-10 20:30:58
    BAI Payments Connect event this past week in Phoenix wasn’t exactly a hotbed of innovation in my opinion. Not surprising perhaps, when so much collective industry activity needs to be spent on compliance these days. In fact, one mid-tier bank asserted publically that 30% of its IT budget in 2010 addresses compliance directives. A sad [...]

  • How Much Does Google Love Mobile?

    Updated: 2011-03-10 14:05:10
    Yesterday morning London commuters reading a Metro, the local free paper, were hit with the front-page news about recent security issues on the Android platform and how Google had to use a remote ‘kill switch’ to delete up to 58 free apps from phones running its Android software without users’ permission. It was a somewhat ironic [...]

  • Squaring Off Over Mobile Payments: Verifone Delivers Low Blow to Square

    Updated: 2011-03-09 19:54:06
    It’s no secret that the mobile payments space is heating up and there is no question that security concerns are popping up. Today, Verifone took aim at Square over security concerns with its reader. Verifone’s CEO published an “open letter to the industry” at http://www.sq-skim.com. Here are a few excerpts: “The issue is that Square’s hardware is poorly [...]

  • Thank You to Sarah Woo

    Updated: 2011-03-09 19:25:17
    On behalf of the Credit Slips regulars, I wanted to thank Sarah Woo for joining us as a guest blogger. Her posts on Lehman, DIP financing, and the transmission of risk from financial sectors to the real sectors of the...

  • Making a Bad Business Case Worse: Dodd Frank and Mobile NFC

    Updated: 2011-03-09 00:14:49
    We keep hearing that mobile payments are coming, but to date there has been more light than heat. Why is this? In a previous Celent report, The View from the Mobile NFC Finish Line: Bank Economics in a Mature Mobile NFC Payments World, September 2009, Celent made the case that NFC payments were not in [...]

  • Housing Finance Reform

    Updated: 2011-03-08 01:21:16
    Credit Slips is well-represented on the New York Times Room for Debate website. Susan Wachter (Wharton School) and I have a short opinion piece on housing finance reform on the site. Our main point: housing finance risk is inevitably socialized,...

  • Gap in Cost of Credit for Haves and Have-nots Broadens Further

    Updated: 2011-03-06 20:11:53
    I can remember when the Card Act first came out. Many professionals, including some of my colleagues, bemoaned the loss of perks for the well-heeled. They were all sure that from now on, since the card companies could no longer...

  • Yeah, except for those . . .

    Updated: 2011-03-04 17:10:08
    So I'm reading the FT this morning on the train to work, and I read about how Basel III will hurt European banks, and how most of these banks did quite well in the financial crisis. I arch an eyebrow....

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