NEW YORK - (04/27/05) -- The recent rash of large-scaleidentity thefts has given momentum to a bid to allow individuals tolock down their credit information if they believe their personalinformation has been compromised. Lawmakers in 18 states areconsidering legislation that would allow a person to freeze theirpersonal credit card information. The proposals would force creditbureaus to give consumers the right to block their accounts to keepanyone from instantly opening a new credit card or account in theirnames. The bids come as several retailers and credit card companieshave reported major online security breaches, including HSBC, whichwarned 180,000 customers of its General Motors-branded MasterCardearlier this month to cancel their cards in the face of possibletheft from retailer Polo Ralph Lauren. And last week, Lexis Nexisreported that hackers had broken into its database, possiblygaining access to customers' data. And last year, 163 credit unionswere forced to recall their credit/debit cards because of asecurity breach at BJ's Wholesale Club.
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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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.
March 27 - Yahoo Finance Feed
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.
March 27