WASHINGTON - (02/24/06) A data breach that exposed asmany as 40 million credit card accounts to hackers last year willresult in tighter security measures to protect millions of creditand debit card users, the Federal Trade Commission announcedThursday. CardSystem Solution has settled charges that the companybroke the law by failing to ensure adequate safeguards forsensitive customer information. The breach resulted in millions ofdollars in fraudulent purchases in credit union and bank accounts,with as many as 264,00 cardholders affected. CarsYstems has sincebeen acquired by biometric payments solution provider Pay By Touch,which has agreed implement a comprehensive security program andobtain independent audits every other year for 20 years. The FTCcould not seek civil money penalties under the law it accusedCardSystems of violating.
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Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
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The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
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The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
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Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.
April 25 -
Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
April 25 -
The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
April 25