Moody's Investors Service downgraded two servicer ratings for Ocwen Loan Servicing, reflecting additional scrutiny by regulators and concerns about the nonbank mortgage servicer's ability to ensure timely payments to bondholders.
A large cybertheft against JPMorgan Chase and other big New York banks is said to have started with a break-in on an employee's computer at home. It serves as a reminder that big problems can start in small places and that banks need to take more steps to minimize the damage from hacker attacks.
Russian hackers attacked JPMorgan Chase and at least four other banks this month in a coordinated assault that resulted in the loss of gigabytes of customer data, according to two people familiar with the investigation.
Pride, greed, sloth and envy are just a few of the potential stumbling blocks in the management of banks' bond portfolios, writes David G. Barnes.
JPMorgan customers were targeted with a phishing scam earlier this week aimed at obtaining online banking credentials.
The theft of 4.5 million customer records from Community Health Systems could bring a wave of identity theft and illustrates the need to eradicate the Heartbleed bug from banks' networks.
The Consumer Financial Protection Bureau said examiners are on the lookout for borrowers getting the "runaround" when their loans are serviced by a new company.
More than a dozen bipartisan lawmakers urged the Federal Reserve to scale back its emergency lending authority in a pending rule required by the Dodd-Frank Act.
If megabank CEOs aren't themselves informed of all the pieces of their companies that have evolved over nearly a half century of financial conglomeration, how can they possibly inform regulators?
Each bank has tended to tackle financial crime on its own in effect, inventing its own wheel. The result: ballooning costs and redundancies. But compliance is not a competition.
PHH is appealing one of the largest judgments ever awarded in a mortgage case. The dispute encapsulates many of the problems that have plagued the servicing industry in recent years.
Banks that own broker-dealers need to hold more capital to withstand runs and other shocks, said Eric Rosengren, the head of the Federal Reserve Bank of Boston said Wednesday.
Financial institutions are on the lookout for spamming and spear phishing following news that a gang of Russian hackers stole 1.2 billion sets of usernames and passwords. But they're taking the reports with a grain of salt.
The Heartbleed bug alerted banks to their own vulnerabilities and made them realize that they have heightened responsibilities toward customers when it comes to communicating security concerns, according to Joram Borenstein of NICE Actimize.
Fair Isaac's new credit scoring model includes enhancements to evaluate borrowers with limited credit histories and quantify the risk associated with different types of debt.