Even though the majority of credit unions in the U.S. are not directly involved in the problems caused by the "mortgage debacle," all credit unions should be part of the solution, says NCUA's Rodney Hood.
Hood, Vice Chairman of the national credit union agency, made the comment Thursday to a group of credit unions...
Interview with Nancy Atkinson of Aite Group
Market crashes, bank closures, history in the making.
Today's news is filled with troubling symptoms of the global credit crunch. Yet, despite this economic crisis, regulatory compliance and risk management remain top priorities of banking institutions.
In this...
In an unprecedented move, U.S. Department of Treasury sources say the federal government may inject funds directly into troubled banks in order to get banks to begin lending -- another move to try to stabilize the shaky stock markets.
The European markets rallied behind the news that leaked yesterday, and the US...
Interview With Dan Clements, President of Card Cops
We all know the bad guys are getting smarter, more organized and better fortified. But so are the good guys.
In this exclusive interview, Dan Clements, President of Card Cops (www.cardcops.com), a data security company, discusses how his group helps...
Whispered fears of a global recession became louder on Wednesday, as world stock markets took yet another precipitous drop overnight. Japan's Nikkei had the biggest loss recorded since the 1987 market crash, with a 9.4% drop that wiped $250 billion off of Tokyo stock value.
The U.S. Federal Reserve and other...
The sad scenario plays out on the news on a regular basis these days. A homeowner facing foreclosure is barricaded inside their home as law enforcement comes to serve the papers. Shots ring out, and officers rush in to find the wounded homeowner.
What happened last Friday with Addie Polk of Akron, Ohio, a...
As the $700 billion bailout bill was signed into law on Friday, Oct. 3, two more troubled credit unions were closed by the National Credit Union Administration (NCUA). The TEXTDOT-WF Credit Union of Wichita Falls, TX., and N&W Poca Division Federal Credit Union of Bluefield, W.V., were the 12th and 13th credit unions...
The Wachovia bank battle continues between Wells Fargo and Citigroup, with yesterday's afternoon announcement of a "cease-fire" of sorts between the rival suitors.
This was after Citigroup filed a $60 billion suit because Wachovia entertained a better offer from Wells Fargo on Friday. All three banks' stocks slid in...
In conjunction with the recent Identity Theft Red Flags Rule Roundtable webinar, we conducted an interview session with Evelyn Royer of Purdue Employees Federal Credit Union and Steven Jones of Synovus Financial Corp. Topics ranged from:
How has your institution tackled ID Theft red Flags Rule compliance?
What...
In discussing our current banking crisis with a colleague earlier this week, I was surprised by the level of cynicism he displayed towards the regulatory agencies and their efforts to govern the institutions they oversee. He's a practitioner like me, and I'd always thought of him as being of an equal mind on such...
It's officially the 11th hour.
The deadline for compliance with the Identity Theft Red Flags Rule is less than one month away, and financial institutions are scrambling to meet it.
Yet, a new study from Tower Group, the financial services research firm, predicts that less than one-third of institutions will be...
The Payment Card Industry (PCI) has released its newest version of its data security standards (PCI-DSS). The version is designed to help protect transmitted charge and debit card information, and spells out a comprehensive vulnerability management program.
While not a banking regulatory standard, PCI was...
The passage of the $700 billion bailout of Wall Street didn't have the desired effect on the world's stock markets, as they all suffered through another traumatic session on Monday. The Dow Jones industrials plunged as much as 800 points, setting a new record for a one-day point drop.
Investors watched with baited...
Banking regulators have turned up the heat on institutions to conduct better due diligence when selecting third-party service providers to manage sensitive data. But how does one determine if a vendor's security practices are truly up to snuff? Register for this webinar to learn through case studies and insights from...
In a stunning move announced early Friday morning, Wells Fargo & Company (NYSE:WFC) and Wachovia Corporation (NYSE:WB) have signed a definitive agreement to merge their operations in a stock-for-stock transaction requiring no government assistance.
This merger is a 180-degree turnaround from the news announced...
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