BankThink

Core banking purchases have stayed level, vendors systems are getting better and overall things are not as bad as they might seem.

"Did you hear about the airplane that hit the World Trade Center?" I thought it was something of an odd time to tell a joke, because that's precisely what is sounded like the start of. "Hey, did you hear the one about the...?" I didn't respond, still giving most of my attention to the speaker. We were in the second session of the morning at CUJ's Grow Show.

The possible 360-degree review of the tax code by the Super Committee should send a signal to the credit union industry that the next several months may test its political and legislative skills regarding the tax exemption like never before.

Credit unions are beginning to interact with members through a variety of new channels as members demand more easily accessible account details. That especially includes access to mobile devices, which are becoming an increasingly popular method for members.

The massive data breach of Sony's PlayStation Network hasn't deterred people from using it – 3 million new customers have signed up since the incident was disclosed in April.

Investor's stake in the future of Bank of America shows a boldness that banks now lack.

Receiving Wide Coverage ...Get Ready to Rumble: Morning Scan is brought to you today by two cups of coffee and the letter X, as in the big targets on the backs of several banks that are drawing the aim of Uncle Sam's legal eagles … A.M. radio jockeys couldn't stop blaring a Times report that the Federal Housing Finance Agency will sue more than a dozen big banks, including Bank of America and JPMorgan Chase, over the sale of mortgage securities. The story lead the paper and cited unnamed sources. Instead of demanding the banks buy back the original loans, in this lawsuit the agency seeks to be reimbursed for losses on the securities held by Fannie Mae and Freddie Mac. Some observers question whether such a lawsuit, when added to the state attorneys general settlement talks, might not push banks over a cliff.

In the Dodd-Frank Act, Congress included an exemption from the five percent risk-retention requirements applied to residential mortgages. Unfortunately, in their proposal to define what qualifies as a "qualified residential mortgage" under that exemption, regulators included only a very narrow test of borrowers' credit risk.

The Capital One acquisition of ING Direct USA is, as far as we know, the first time size alone has been made an M&A approval criterion for the Federal Reserve.

California is making its data breach notification law stricter. The state's notification law was the model upon which many other states based their notification laws.