FEDERAL WAY, Wash. - (06/23/05) -- Credit union officials are upsetover last week's news of a massive theft of credit card data andare urging efforts to recover losses and potential losses caused bythe latest security breach. John Annaloro, president of theWashington CU League, sharply criticized executives of Visa andMasterCard Wednesday in a letter to the two card associations fordelaying information about the security breach for weeks, withoutinforming their credit union and bank customers. In many case,credit unions learned of the problems through calls from members orfrom local press reports, Annaloro said. He asked CUNA Mutual Groupto lead the way in seeking recovery for any losses, as the creditunion insurer did in last year's incident at BJ's Wholesale Club,where a legal action for recovery has been initiated. Meantime,credit unions on the west coast are already reporting that some oftheir accounts may be included in those Visa, MasterCard, Discoverand American Express accounts breached from Card Systems Solutions.Oregon Community CU said Wednesday that as many as 7,000 of its90,000 accounts have been exposed to potential theft and isrecalling the cards.
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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.
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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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