PALO ALTO, Calif. - (07/06/06) Addison Avenue FCU, which hadbeen developing its own proprietary online authentication software,agreed instead to license Entrust Inc.s software, in orderto settle a patent infringement suit Entrust had brought againstthe credit union, the two companies announced Wednesday. The suit,brought in U.S. District Court in San Francisco this March, claimedthe $1.5 billion credit union infringed on the patent of itsIdentityGuard multi-factor identification product with the creditunions own system. Terms of the license deal were notdisclosed. Both parties indicated satisfaction in ending thedispute without further litigation.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
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Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
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The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
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A panel at CBA Live explored the contract provisions banks need to consider before embarking on new banking-as-a-service relationships and what catches their eyes in consent orders from banking regulators.
March 27 -
VersaBank in London, Ontario, agreed nearly two years ago to buy a small Minnesota bank. The buyer's CEO says he remains hopeful approval will come soon.
March 27