By Paul Rohan
June 19 — Historically, confidentiality has been the priority of the banking industry. Today, additional cornerstones are emerging as customers have embraced — and come to expect — services that provide richer, more valuable experiences, such as offering financial advice based on past behavior and enabling payments or money transfers virtually anywhere to anyone. Fueled in large part by the proliferation of mobile devices, cloud services and app ecosystems, these changes require a competency many banks have never developed — sharing data.
June 18 — President Trump has announced a nominee to head the Consumer Financial Protection Bureau, but his pick, Kathy Kraninger, may face a rough road to confirmation.
June 13 — Comptroller of the Currency Joseph M. Otting discussed his priorities for the agency and the federal banking system during testimony before the House Financial Services Committee.
June 13 — The U.S. District Court for the Western District of Texas today ruled against the request by Mick Mulvaney, the Community Financial Services Association of America and the Consumer Service Alliance of Texas to delay the compliance date for the Consumer Financial Protection Bureau’s rule on payday loans. (more…)
June 12 — Given all the attention paid to “too big to fail” banks, it is tempting to think that, in the eyes of policy makers and the media, small financial institutions are “too small to matter.” But when it comes to facing cyber threats, the size of the bank has little relevance. Malicious actors will look for weak spots to exploit as easy entry into a network, regardless if the target is a small or large institution.
With smaller budgets and teams, it can be challenging for community banks to address cybersecurity and regulatory compliance demands to the same degree as the nation’s large financial institutions. How to approach cyber risk was the topic of an interview between two former bank regulators. Tom Curry, former Comptroller of the Currency, spoke with David Cotney, former Massachusetts Bank Commissioner, at a recent roundtable event for Massachusetts bank executives held in Boston. Curry is now a partner and co-chair of the banking practice at the Boston law firm Nutter, and Cotney is now regulatory director for CyberFortis, a cybersecurity firm. (more…)