BankThink

Online fraud is on the increase, but the good news is emerging technology can protect digital identities.

The bank's fake account scandal is further reason to make the results of Wells' 2012 Community Reinvestment Act exam public.

Male bankers are often unaware of how they benefit from a level of privilege that limits the advancement and contributions of their female colleagues, to the detriment of the entire industry.

Receiving Wide Coverage ...More pain for Wells: Sen. Sherrod Brown, D-Ohio, said he plans to introduce a bill that would prevent Wells Fargo from forcing customers to use arbitration clauses if they challenge the bank for opening bank accounts without their permission, a move that would make it easier for customers to sue the bank for any damages they may have incurred as a result. "Giving customers back their right to take Wells Fargo to court gives them the power to ensure they are made whole and helps prevent cases like this in the future," Brown said in a press release.

Blockchain and payments have come to go hand-in hand since it emerged to power bitcoin, but the real pain financial institutions are looking to solve is enhancing global currency transactions and shortening settlement cycles.

While the Wells Fargo scandal might offer marketing opportunities for community banks, there is concern about regulatory fallout that fails to distinguish between large and small banks.

A strategy to reinvigorate black-owned financial institutions would not only bring hope to the black community but would also be an inspiration for other minorities who seek to be more effectively served by financial institutions that understand their needs.

Receiving Wide Coverage ...Deutsche's turn in the hot seat: Deutsche Bank replaced Wells Fargo as the financial world's favorite whipping boy, at least over the weekend. The Financial Times reports that Germany's deputy chancellor and economics minister, Sigmar Gabriel, "launched a blistering attack" on Deutsche's CEO John Cryan after Cryan last week blamed "forces in the market" for trying to destabilize the bank. "I didn't know whether I should laugh or be furious that a bank which turned speculation into a business model now declares itself the victim of speculators," Gabriel told reporters. Gabriel's comments "suggest that if push comes to shove, the bank can expect little sympathy from Berlin," the FT says.

Consumers are becoming increasingly aware of the double-edged sword that comes from broadly sharing their personal data.

Restoring consumer confidence in financial services won't be easy after the latest banking brouhaha, but the Consumer Financial Protection Bureau can help by proactively holding all mortgage loan officers to the same federal licensing standard.