Financial institutions

Authorities warn of senders appearing to be from financial institutions

BOISE, Idaho (KIFI) – Patricia Perkins, Director of the Idaho Department of Finance, warns consumers to take a close look at incoming mail which may appear to be correspondence from their financial institution, but which are actually advertisements from third parties or even scams. The Department has observed a substantial increase in consumer complaints about […]

Financial institutions

Capital One scraps overdraft fees, joins other financial institutions – WSB-TV Channel 2

Capital One is the latest financial institution to remove overdraft fees. >> Read more trending news The company announced Wednesday that customers will be able to withdraw their accounts but won’t be charged for doing so, The Associated Press reported. It now joins other companies like Ally Bank and PNC in not charging customers overdraft […]

Financial institutions

Capital One to scrap overdraft fees, joining other financial institutions – KIRO 7 News Seattle

Capital One is the latest financial institution to remove overdraft fees. >> Read more trending news The company announced Wednesday that customers will be able to withdraw their accounts but won’t be charged for doing so, The Associated Press reported. It now joins other companies like Ally Bank and PNC in not charging customers overdraft […]

Financial institutions

Netflix fulfills $100 million cash pledge to black financial institutions – Media Play News

Erik Gruenwedel December 1, 2021 Netflix announced on Dec. 1 that it had committed to disbursing 2% of its available cash, or approximately $100 million, to black banks and related financial institutions by the end of 2021. In a post, Netflix Treasurer Shannon Alwyn and Aaron Mitchell, director of human resources at Netflix Animation Studios, […]

Financial institutions

How Financial Institutions Can Stop Account Takeover Attacks

Financial institutions (FIs) can detect and prevent account takeover attacks using continuous monitoring and adaptive multi-factor authentication. Account takeover fraud (ATO) is one of the leading causes of fraud-related losses for banks and financial institutions. An account takeover occurs when a customer’s bank account is digitally “hacked” and exploited by an attacker. The methods and […]

Financial institutions

West Virginia treasurer joins 15 other states in warning financial institutions of ‘woke capitalism’ | VM News

Country united states of americaUS Virgin IslandsMinor Outlying Islands of the United StatesCanadaMexico, United Mexican StatesBahamas, Commonwealth ofCuba, Republic ofDominican RepublicHaiti, Republic ofJamaicaAfghanistanAlbania, People’s Socialist Republic ofAlgeria, People’s Democratic Republic ofAmerican SamoaAndorra, Principality ofAngola, Republic ofAnguillaAntarctica (the territory south of 60 degrees S)Antigua and BarbudaArgentina, Argentine RepublicArmeniaArubaAustralia, Commonwealth ofAustria, Republic ofAzerbaijan, Republic ofBahrain, Kingdom ofBangladesh, […]

Financial institutions

Why Financial Institutions Bet on Sustainability

Many people feel that their right to use cash is in jeopardy. Why this is so important might be lost on some, but money is often an unrecognized asset. Sentiment on the subject is so strong in the UK that a group of stakeholders recently launched a non-profit with the aim of saving this ancient […]

Financial institutions

FINCEN seeks the assistance of financial institutions in the fight against environmental crimes – Criminal law

United States: FINCEN seeks the assistance of financial institutions in the fight against environmental crimes To print this article, all you need to do is be registered or log in to Mondaq.com. On November 18, 2021, the Financial Crimes Enforcement Network (FinCEN) issued an advisory “to draw attention to an […]

Financial institutions

Financial Institutions — Crossing the Crypto Accounting Chasm

The US Securities and Exchange Commission’s approval of the first US Bitcoin futures exchange-traded fund (ETF) marks a monumental shift in institutional and regulatory attitudes toward crypto. In just two days, ProShares’ Bitcoin ETF surpassed $1 billion in assets. According to a survey by Fidelity, around 10% of all bitcoin ($125 billion) is now held […]

Financial institutions

Financial institutions buy riskier assets due to moral hazard, says Bank of Canada

Canadian financial institutions increasingly view the financial system as risk-free. That could be a risk in itself. The Bank of Canada (BoC) completed its biannual Financial System Survey (FSS) this week. He found that institutions buy “riskier” assets to compensate for low interest rates. Risk managers consider the risk to be low, believing that the […]

Financial institutions

Digital transformation for financial institutions

By Benjamin Mkwizu In the recent past, we have witnessed an evolution in customer expectations of banking service delivery. There is now much more appreciation and adoption for personalized products accessible through a diverse range of distribution channels. Young people are more likely to use portable devices to access their banking services. Welcome to the […]

Financial institutions

FTC signals new wave of cybersecurity enforcement for financial institutions

Thursday, November 18, 2021 Take away food The FTC has expanded the definition of “financial institutions” to include more types of businesses, though small businesses remain exempt from more onerous requirements. Financial institutions must appoint a “qualified person” to oversee their cybersecurity compliance. Companies should have a written information security plan, an incident response plan, […]

Financial institutions

[Law Talk] Importance of internal controls for financial institutions

Over the past year, the financial crisis caused by the unsound business practices of some financial companies such as Lime, Optimus and companies that sold funds linked to derivatives, has been the hottest topic within the financial industry. Following the eruption of these high-profile scandals, financial supervisors began to sanction financial firms for unsound business […]

Financial institutions

Non-practicing entities increasingly target banks and financial institutions in patent litigation – Intellectual Property

United States: Non-practicing entities increasingly target banks and financial institutions in patent litigation November 11, 2021 Thompson Coburn LLP To print this article, all you need to do is be registered or log in to Mondaq.com. While banks and financial institutions have long been the subject of patent lawsuits, they have been increasingly targeted this […]

Financial institutions

54% of financial institutions are looking to launch instant approvals for loans

According to a new study, more than half of financial firms plan to roll out “instant loan approval” within the next two years. The findings feature in a new report commissioned by digital identity technology provider GBG, which saw research group IDC investigate. 1,502 Australian consumers and 300 financial institutions (FIs) and professional services firms […]

Financial institutions

Financial institutions managing $130,000,000,000 in assets subscribe to the scientific net-zero standard

Financial institutions representing a combined $130 billion asset management portfolio have signed an ambitious plan that envisions “reaching a state of net zero” by 2050 using a standard of “science-based targets developed by the eponymous Science Based Target (SBTi) initiative. Focus: get the information you need with the Recharge diary The global energy transition is […]

Financial institutions

Global registry launched to help financial institutions find fintech companies to work with

SINGAPORE — Financial institutions (FIs) will soon find it easier to find fintech companies to work with, thanks to a global fintech registry set to go live next month. The ChekFIN platform aims to help FIs identify and evaluate fintech companies for collaboration and development opportunities, the Asean Financial Innovation Network (Afin) said. “Financial institutions […]

Financial institutions

Lake Trust Credit Union and Other Financial Institutions Enter Michigan’s Cannabis Banking Market

When the cannabis industry was launched in Michigan, conflicting federal and state laws prevented most banks and credit unions from participating in the burgeoning industry. That left a lot of dealing in cash. Medical marijuana and the New Generation Meds adult cultivation facility in Lansing are among the cannabis operations that have been able to […]

Financial institutions

SRM Announces Cryptocurrency Advisory for Financial Institutions

MEMPHIS, Tenn.–(BUSINESS WIRE)–SRM (Strategic Resource Management), an independent advisory firm serving financial institutions in the United States and Europe, has announced its new cryptocurrency advisory offering. This addition to the company’s advisory services will provide cryptocurrency education, support product development and vendor selection for financial institutions integrating these technologies, and provide advice on key compliance […]

Financial institutions

By helping banks and financial institutions break free from legacy limitations, FLOXX raises $8.5 million – Tech.eu

Bucharest-based fintech FLOXX has raised $8.5 million in a seed funding round. The enterprise-grade platform helps banks and financial institutions with complex IT infrastructures create digital experiences that neo-banks have championed for years, experiences that consumers increasingly expect. The seed funding will be used to expand operations across Europe and the United States, including through […]

Financial institutions

Helping Banks and Financial Institutions Break Free from Legacy Limitations, FLOXX Raises $8.5M

Bucharest-based fintech FLOXX has raised $8.5 million in a seed funding round. The enterprise-grade platform helps banks and financial institutions with complex IT infrastructures create digital experiences that neo-banks have championed for years, experiences that consumers increasingly expect. The seed funding will be used to expand operations across Europe and the United States, including through […]

Financial institutions

FTC finalizes safeguard rules for non-bank financial institutions – Finance et Banque

United States: FTC finalizes safeguard rules for non-bank financial institutions 06 November 2021 Sheppard Mullin Richter & Hampton To print this article, all you need to do is be registered or log in to Mondaq.com. On October 27, the FTC announced a final rule changing standards for protecting customer information, […]

Financial institutions

Survey: More financial institutions are using scenario analysis to manage climate risk | Item

Conducted by the GARP Risk Institute (GRI), the “Third Annual Global Survey of Climate Risk Management in Financial Firms” gathered responses from 78 financial institutions around the world, including banks, asset managers, insurers and other businesses, which collectively hold approximately $46 trillion in assets on their balance sheets and total assets under management of approximately […]

Financial institutions

FTC Amends GLBA Safeguard Rule on Financial Institutions

Wednesday, November 3, 2021 Last week, the Federal Trade Commission (the “FTC”) issued a final rule amending the standards for protecting customer information (commonly referred to as the “safeguard rule”) enacted under the Gramm-Leach-Bliley Act ( “GLBA”). The final safeguard rule, approved by FTC commissioners along party lines, will require financial institutions to make significant […]

Financial institutions

Fintechs are friends, not enemies, of traditional financial institutions

Charles Krawitz is Vice President of Commercial Lending and Lending Operations at Alliant Credit Union. As fintechs capture an ever-increasing share of consumer financial activity, traditional institutions face increasing pressure to maintain their appeal. Faced with such competition, it is natural for regulated financial service providers to view fintechs as adversaries. However, adopting a defensive […]

Financial institutions

6 financial institutions under investigation for money laundering – FID

At least six institutions operating in the island’s financial sector have been flagged by the Financial Investigations Division (FID) as not following the law and their operations “may be used to facilitate money laundering”. According to FID Senior Director Keith Darien, “…We think a few of these (financial) institutions will be prosecuted, or will have […]

Financial institutions

Updated FTC rule requires financial institutions and dealers to tighten data security

The Federal Trade Commission, citing an increase in data breaches and cyberattacks, on Wednesday released a series of long-debated updates to its rule requiring financial institutions to establish safeguards to protect customer financial information. In short, the FTC’s amended 145-page “safeguard rule” states that nonbank financial institutions — including car dealerships — establish and maintain […]

Financial institutions

Financial institutions oppose Biden’s plan to spy on customers’ bank accounts – The Mercury

In an effort to increase taxpayer compliance, the Biden administration has proposed that financial institutions be required to report additional information about account holders in an enhanced annual IRS Form 1099-INT. Starting in 2023, banks, credit unions, and other entities would be required to report annually to the IRS the gross inflows and outflows of […]

Financial institutions

FTC updates security requirements for financial institutions

The Federal Trade Commission on Wednesday announced safeguard rule updates that strengthen the security of consumer financial information following an increase in data breaches. The updates outline specific criteria that financial institutions must meet, including limiting access to consumer data and using encryption to secure that data. “Financial institutions and other entities that collect sensitive […]

Financial institutions

Jack Henry & Associates Announces Executive Retirement

Published: October 26, 2021 at 7:00 a.m. CDT|Update: November 3, 2021 at 8:00 a.m. CDT MONET, Mo., November 3, 2021 /PRNewswire/ — Jack Henry & Associates, Inc.® (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily to the financial services industry. The company today announced that the Chief Financial Officer […]

Financial institutions

Technologies you didn’t know financial institutions were using

There is a common misconception in some circles that banks and other large financial institutions are not innovating at the speed of their smaller, leaner fintech counterparts. Behind the scenes, however, companies like UBS are making major advances in customer and employee experience using cutting-edge technologies, while maintaining the highest levels of security and compliance. […]

Financial institutions

Treasury Department Report on 21st Century Financial Institutions

WASHINGTON (October 22, 2021) – Following a review of federal banking practices, the Financial Stability Oversight Council (FSOC) yesterday released its recommendations on how regulators can ensure the financial system is properly prepared for the impending onslaught of climate change impacts. The report, which was mandated by a May 2021 White House executive order, was […]

Financial institutions

Why the climate summit is important for financial institutions, regulators and risk managers

The United Nations Conference of the Parties on Climate Change (COP26) in Glasgow is fast approaching. Beginning in late October, the mega conference will host representatives from nearly 200 countries for two weeks, with a focus on reviewing the Paris Agreement and each country’s carbon reduction commitments. The Paris Agreement: where it all began In […]

Financial institutions

Time-varying tail dependency networks of financial institutions

Time-varying tail dependency networks of financial institutions – Journal of Risk The tail-dependent network among Chinese financial institutions and systemically important financial institutions is analyzed. Extreme dependence between financial institutions increases during financial crises. Securities firms play an important role in cross-industry transfer of tail risk. In this study, we characterize systemic risk by the […]

Financial institutions

US Financial Institutions Report Significant Increase in Ransomware Payments to Cybercriminals

By Sean Lyngaas, CNN U.S. financial institutions reported nearly $600 million in suspected ransomware-related payments to cybercriminals in the first six months of 2021, more than were reported for all of 2020, the Department of Finance said Friday. Treasure in a report. The data “indicates that ransomware poses a growing threat to the U.S. financial […]

Financial institutions

Navigator Credit Union: Avoiding Scams Involving Financial Institutions | Dollars and senses

Studio10 continues to help you avoid scams. Sheamon McCants, regional branch administrator of Navigator Credit Union, joined Joe and Chelsey on Studio10 with advice. Financial institutions along the Gulf Coast are reporting an increase in identity theft scams. Caller ID spoofing occurs when a caller deliberately tampers with the information transmitted to your caller ID […]

Financial institutions

Ransomware: US Financial Institutions Report Significant Increase in Payments to Cybercriminals

The data “indicates that ransomware poses a growing threat to the U.S. financial industry, businesses, and the public,” the report from the Treasury’s Financial Crimes Enforcement Network said.. The report comes as the Biden administration has sought several ways to cut off the revenue streams of Russian-speaking ransomware groups that have extorted millions of dollars […]

Financial institutions

Georgieva Row reveals a murky truth about global financial institutions

Allegations that the IMF chief manipulated a flagship World Bank ranking to boost China have thrown the organizations into turmoil – and revealed a murky truth about international financial institutions. Organizations like the World Bank and the IMF are member organizations with powerful grassroots shareholders, and therefore far from independent of geopolitics. The reports, forecasts […]

Financial institutions

How Financial Institutions Can Prepare for Advanced Cyber ​​Threats in 2022 and Beyond

Banks and other businesses in the financial services industry are prime targets for cyberattacks with the plethora of sensitive information contained in customer records, especially as more of the world has moved to online banking and alternative/contactless payment methods during the pandemic. Today, a new wave of integrated finance software, banking as a service (BaaS) […]

Financial institutions

Square and PayPal are serious threats to community financial institutions

Square and PayPal are serious threats to community financial institutions Identify growth opportunities and inform strategies Through cleansed customer information and transaction data. learn more Build better relationships with Total Expert customer intelligence look how (sponsored content) Open Banking Explained: What, Why and How Open banking and open finance are becoming household names. But what […]

Financial institutions

Financial institutions urge public to act against new IRS proposal

stock picture The public is encouraged to contact lawmakers now MARSHFIELD, WI (OnFocus) – According to CUNA (Credit Union National Association), House Speaker Nancy Pelosi (D-Calif.) said Tuesday that expanding financial institution reporting requirements to the Internal Revenue Service (IRS ) would be included when the House considers its latest reconciliation bill. The proposal would […]

Financial institutions

China to investigate links between financial institutions, regulators and private companies, including Alibaba’s Ant

Chinese President Xi Jinping is focusing on the ties China’s state banks and other financial stalwarts have developed with big players in the private sector, expanding his efforts to curb capitalist forces in the economy. Mr Xi, who began his campaign late last year with a regulatory assault on private tech giants, is launching a […]

Financial institutions

RBI monitors financial institutions for any increase in stress

The Reserve Bank of India (RBI) is in regular contact with financial institutions to assess any buildup of stress whenever it is observed, Deputy Governor Mahesh Kumar Jain said in a post-political interaction with reporters. Jain was responding to a question on whether the RBI was comfortable with the quality of financial sector assets after […]

Financial institutions

[Webinar] ESG Risk Management and Compliance with Sustainability Requirements in Financial Institutions – October 21, 10:00 a.m. – 11:00 a.m. EDT | Mitratech Holdings, Inc.

October 21, 2021 10:00 a.m. – 11:00 a.m. EDT Engage in a valuable thought leadership discussion as speakers from the field of RegTech, sustainability and sustainable finance break down ESG sustainability requirements for financial institutions. To earn valuable information on the implementation of ESG risk management and reporting in your company. Explore the opportunities and […]

Financial institutions

Major Quebec financial institutions sign a declaration on sustainable finance

The signatories agreed to strengthen the integration of ESG components into their internal operations, processes and practices, as well as their disclosure and transparency. The statement also committed to developing local expertise in sustainable finance and investing, including supporting locally developed sustainable finance products and services and promoting the growth of funds managed by locally […]

Financial institutions

Financial institutions fined nearly $11 billion worldwide for KYC and regulatory non-compliance

Financial institutions around the world have been fined US$10.6 billion for regulatory non-compliance, including Anti-Money Laundering (AML) and Know Your Customer (KYC) during the 2020 financial year according to the AML/KYC Tracker of PYMNTS and Trulioo. PYMTS reports that digital fraud against consumers increased by 24% in the period from January to April 2021 compared […]

Financial institutions

G20 financial institutions exposed to $22 trillion in polluting industries: report

Financial institutions in G20 economies have nearly $22 trillion of exposure to carbon-intensive sectors, 60% with banks, 30% with asset manager equity portfolios and the rest is weighted in cash and government securities, according to a report. While banks’ exposure stands at $13.8 trillion, asset managers’ equity holdings stand at $6.6 trillion and the remaining […]

Financial institutions

Weekly Column: Financial Institutions Shouldn’t Be IRS Agents

Few things are more private than your household finances. Under the guise of closing the “tax gap,” the Biden administration and its congressional allies are trying to push through a new partisan reporting system in which financial institutions report customer transactions to the Internal Revenue Service (IRS). This proposal would turn every American’s local bank, […]

Financial institutions

FintechOS launches in the US to drive digitalization in underserved financial institutions

NEW YORK, September 14, 2021 /PRNewswire/ — FintechOS, the Global Technology Provider for Market-Leading Financial Services Brands, Announces US Launch Following Success in Home Country EuropeAs good as inside Asia and the Middle East. FintechOS is forging ties with US credit unions and traditional banks to break down common barriers to digitalization currently hampering the […]