SAN DIMAS, Calif. - (01/05/05) -- WesCorp FCU said it has signed withIPLocks, of San Jose, Calif., to provide it with additionaldatabase security and audit trail tools. IPLocks Database SecurityMonitoring Assessment and Audit Analysis System will help thecorporate credit union giant gain access to levels of detail thatare not readily available from network-based scanning andvulnerability assessment tools to ensure no new vulnerabilities areintroduced to its operating system or database application levels.The system is also designed to manage access-control andconfiguration changes, and track the movement of all data, enablingWesCorp to know who has access to what information at alltimes.
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Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.
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The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.
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The credit union regulator, responding to a recent executive order, has established strict new standards for prosecuting financial crimes. Regulators are now supposed to make criminal referrals only in cases where putative defendants appear to have known they were breaking the law.
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Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
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Baton Rouge-based Investar Holding Corp. has agreed to pay $84 million for Wichita Falls Bancshares, which operates five branches in the Dallas-Fort Worth Metroplex.
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A federal judge in New York has rejected Huawei's effort to toss charges alleging bank fraud, sanctions violations and trade secrets theft.
July 2