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By Jeff Mansir
Over time and through experience, we have learned that cyber-attacks will happen, some will be successful, and the ability to recover from a successful attack is something that must be considered and addressed. Defensive measures should no longer realistically be expected to safeguard an information network alone. An attack will happen; what will you do when it does?
April 6 – The FDIC has published a new guide to help community bankers learn more about the programs and products offered by the Federal Home Loan Banks to facilitate mortgage lending.
March 7 – New York State has passed the nation’s first cybersecurity regulations designed to protect consumers and safeguard the security of the state’s financial services industry. While New York is the first to pursue such an initiative, financial institutions across the nation should expect similar regulations to take hold as cyber attacks continue to rise, both in numbers and intensity. DefenseStorm urges financial institutions to take a more proactive approach to cybersecurity now to not only stay steps of ahead of bad actors, but regulations that are surely around the corner for other states as well.
February 9 – Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, along with its partner Let’s Talk Payments (LTP), have released a global survey report – Blockchain Technology: From Hype to Reality. According to the report, over 80 percent of bankers surveyed expect to see commercial adoption of the technology by 2020, with nearly half (50 percent) of the financial institutions already investing or planning to invest during 2017. This announcement builds on the recent announcement by Emirates NBD and ICICI Bank on the deployment of blockchain technology in international remittances and trade finance.
January 27 – First Merchants Corporation, First Merchants Bank, a wholly-owned subsidiary of First Merchants Corporation, and The Arlington Bank have executed a definitive merger agreement whereby The Arlington Bank will merge with and into First Merchants Bank.
January 18 – The Consumer Financial Protection Bureau is suing the nation’s largest servicer of both federal and private student loans for systematically and illegally failing borrowers at every stage of repayment. According to the bureau, Navient, formerly part of Sallie Mae, created obstacles to repayment by providing bad information, processing payments incorrectly and failing to act when borrowers complained. Through shortcuts and deception, the company also illegally cheated many struggling borrowers out of their rights to lower repayments, which caused them to pay much more than they had to for their loans. The bureau seeks to recover significant relief for the borrowers harmed by these illegal servicing failures. (more…)
January 6 – Terrance A. (“Terry”) Shirey has been named president and CEO of Nevada State Bank, a division of ZB, N.A. He succeeds Dallas E. Haun, who has served as Nevada State Bank’s CEO over the course of the past decade. Mr. Haun will continue to serve as Nevada State Bank’s Chairman. Mr. Shirey joined Nevada State Bank in 2008 as its chief financial officer, and most recently has served as the bank’s president and chief operating officer.