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May 8, 2013
BankNews e-Digest header

Safety and Soundness for Smartphones

By Kari English, Senior Editor  

Kari Here is a scary statistic: Almost 66 percent of smartphone owners do not password protect their phones, according to a study by the Federal Reserve Bank of Boston. It turns out, the weakest link in the mobile payments security chain may not be in the technology or the hardware, but in the consumer, the Reserve Bank concluded. "...many consumers neglect to take basic precautions," said Marianne Crowe, vice president of payment strategies at the Boston Fed. Read more>>    


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FHFA: Fannie and Freddie Of Little Value Without Government Guarantees
The reports conclude that without government guarantees, the multifamily businesses of Fannie Mae and Freddie Mac have little inherent value. The reports further conclude that the sale of these businesses would return little or no value to the U.S. Treasury and to taxpayers. Read more>>
Mobile Banking 2013

FHFA Limiting Fannie, Freddie Loan Purchases to Qualified Mortgages
Adoption of these new limitations by Fannie Mae and Freddie Mac is in keeping with FHFA's goal of gradually contracting their market footprint and protecting borrowers and taxpayers. Read more>>
Register for Webcasts
RDC webinar Remote Deposit Capture: Customer Due Diligence
FFIEC Tier II Exam Considerations Plus Mobile Capture!
Date: May 30
Click here to register.

Cybercrime Take a Bite Out of Cybercrime:
Arm Yourself Against Account Takeover

Date: June 11 

Click here to register. 

ICBA Supports Revisions to Remittance Rule
The CFPB issued several updates to the rule to help smaller remittance transfer providers, such as community banks, continue to offer these services. Read more>>
Tier 1-Mo. Bank

CFPB Revises Rule Protecting Consumers Sending Money Internationally
The revisions are intended to preserve the new consumer protections provided under the rule while facilitating the industry's compliance with the rule. The rule will take effect Oct. 28, 2013. Read more>>

FDIC Announces Settlement With Citizens Bank of Pennsylvania for Deceptive Practices
The FDIC determined that CBPA engaged in deceptive practices in violation of Section 5 in the marketing and implementation of its overdraft payment program, checking rewards programs and stop-payment process for preauthorized recurring electronic funds transfer. Read more>>
Entries Being Accepted for 2013 ISAs

ISA 2013 The Innovative Solutions Awards, sponsored by BankNews, recognize companies that have introduced or significantly enhanced products designed to help community banks become more efficient, expand their capabilities and, ultimately, better serve their customers. The Innovative Solutions Awards are presented in four categories: Equipment/Hardware Solution;
Consulting/Outsourcing/Training Solution;
Management/Operations/Processing Solution; and eBanking (Mobile/Online) Solution. Read more>>

OCC Assesses Civil Money Penalty Against RBS Citizens, N.A.
The Office of the Comptroller of the Currency has assessed a $5 million civil money penalty against RBS Citizens, N.A., headquartered in Providence, R.I., for violations of section 5 of the Federal Trade Commission Act, and ordered the bank to pay approximately $2.5 million in restitution to 265,000 affected customers. Read more>>
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