BankThink

The industry faces a range of risks every day ranging from natural disasters to employee misconduct. Management needs a plan in place for when a problem arises.

Midsize banks have much smaller security budgets, less mature security programs and less robust controls than their bigger counterparts, writes Leigh-Anne Galloway, cybersecurity resilience lead at Positive Technologies.

There’s no reason for the central bank to prohibit nonbank financial firms from entering the payments system as long as appropriate rules are put in place to protect against risk.

The bank says regulators want information about its possible role in the money laundering scandal; Kristi Mitchem moves to BMO Global Asset Management.

While the transaction will lower the cost of servicing First Data’s massive debt, the fintech and processing giant will be more complex and ponderous, writes Eric Grover, a principal at Intrepid Ventures.

The Federal Reserve has suggested it could join the market for instant interbank payments, but private-sector entrants would be better.

With a permanent director confirmed, the agency should take steps to establish a small-business data collection rule mandated by the Dodd-Frank Act.

The bloc said the company artificially raised interchange fees in Europe; weather changes that increase flood risks may mean defaults on mortgages.

Those of us who have found ourselves in roles as stewards of the public trust in this sector are finding agreement in a variety of protocols that bridge even the stodgiest savings account with the coolest app-based e-wallet, writes Bryan Woods, president of Spend Inc.

Large financial institutions need to adopt a new mindset to compete with tech startups, one that allows them to take risks and put aside legacy systems.