Banking
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7/29/2015

Senate banking committee Chairman Richard Shelby, R-Ala., says he'll continue with his financial regulatory overhaul efforts when Congress returns after its August recess. He says he's seeking a bipartisan effort.

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The Hill
7/29/2015

Bond investors doubt the Federal Reserve will clearly indicate during its policy meeting today that it plans to increase interest rates in September for fear it may hurt the economy. "In my opinion it is too soon to signal a hike," said Jim Caron of Morgan Stanley Investment Management.

7/29/2015

The Federal Reserve and Federal Deposit Insurance Corp. have requested more information from American International Group, Prudential Financial and General Electric's GE Capital to address funding and liquidity. The regulators want the resolution plans submitted by Dec. 31.

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Reuters
7/29/2015

Financial institutions are a primary target for cyberattacks, and the industry is spending hundreds of millions of dollars on security. But executives still fear that hackers can exploit vulnerabilities.

7/29/2015

Blockchain technology likely will be first used in post-trade processing rather than payments, says Blythe Masters, CEO of Digital Asset Holdings and chairman of Santander Consumer USA. "I believe that [blockchain] technology has the potential to truly change the way the financial world operates, to reduce costs ... reduce risks and ultimately provide better customer service," she said.

7/29/2015

Payment processor Paymap, a Western Union subsidiary, and mortgage servicer LoanCare, a Fidelity National Financial affiliate, engaged in deceptive advertising that resulted in consumers paying excess fees for accelerated mortgage payments, charges the Consumer Financial Protection Bureau. The two companies face fines and customer refunds totaling more than $38 million.

7/29/2015

Federal investigators are looking at ties among suspects and potential suspects in last year's JPMorgan Chase breach to find links that could help solve the case.

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JPMorgan
7/29/2015

Servicers have rejected 70% of applicants for the Home Affordable Modification Program, or nearly 4 million people, the Office of the Special Inspector General for the Troubled Asset Relief Program said in its latest report to Congress. Special Inspector General Christy Romero called the situation "a massive lost opportunity for an emergency program designed to help homeowners through the crisis."

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HousingWire
7/29/2015

Visa is concerned about weak remote-access controls for merchant point-of-sale devices and systems, and is working to educate retailers about the issue, says Eduardo Perez, senior vice president of payment system risk.

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BankInfoSecurity.com
7/29/2015

USAA's Savings Coach application provides daily savings recommendations based on an individual's spending. An 800-person, four-month test of the app showed that USAA members ages 18 to 24 put about $120,000 into savings. The app employs voice-command technology, text and gaming.

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