BankThink

Receiving Wide Coverage ...B of A Posts a Loss: Bank of America reported a loss of $8.8 billion during the second quarter partly due to the $8.5 billion settlement with investors in June who claimed the bank had sold them poor-quality mortgage-backed bonds. The reported loss to shareholders was 90 cents per common share, according to the Post. CEO Brian Moynihan said, "the solid performance in our underlying businesses continues to be clouded by the costs we are absorbing from our legacy mortgage issues," The Times reported. The Journal said that if you exclude the $1.23 charge a share in mortgage-related and other adjustments, the bank earned 33 cents a share. Wall Street Journal, New York Times, Washington Post

The FBI has reportedly executed search warrants on the homes of suspected members of the hacking group Anonymous.

Consider this analogy for a moment.

Members of the hacking group Anonymous, have found a home at a new social networking site: AnonPlus.

Receiving Wide Coverage ...Cordray Tapped for CFPB: President Obama will nominate former Ohio attorney general Richard Cordray to lead the new Consumer Financial Protection Bureau, sidestepping Harvard professor Elizabeth Warren, who envisioned the agency and spent the past year setting it up, the White House said Sunday. The Post said a formal announcement was expected Monday. The Journal said that as Ohio Attorney General Cordray butted heads with banks over mortgage foreclosure. Wall Street Journal, New York Times, Washington Post

Though banks are expected to have layers of authentication, phone companies require almost none for access to voicemail.

A new software update for Apple's iPhone fixes a security hole, but not all users may want the update.

In Wisconsin, as well as many other states, CU leaders appear to be well versed at playing defense but rarely take the offense...against banks or anyone else.

Few have found much in the way of good news in the economic downturn, the Kansas-flat lending numbers, or especially the penalty-even-if-you-never-committed-a-foul assessments. But one group has: those selling a Promised Land just over the charter horizon.

I believe many credit unions will find they have more to lose — and little to gain — if they walk away from a corporate that has served them well for many years.