ALEXANDRIA, Va. - (03/25/05) -- NCUA said it plans to adopt similarrules enacted by the banking regulators this week requiring banksto notify customers if their personal accounts have beencompromised by hackers or identity thieves. But the credit unionregulator is expected to take a softer approach, making thenotification a recommendation, not a requirement, according to anagency spokesman. "Most likely it will be on the Board agendawithin the next two months," Nicholas Owens, an NCUA spokesman,told The Credit Union Journal Thursday. Under rules passed thisweek by the FDIC, Federal Reserve, Comptroller of the Currency andOffice of Thrift Supervision breaches of private information mustbe reported to affected customers if the financial institutiondetermines the data has been or could be misused. The rules come ata time of growing concern over incidents of identity theft, likethat at ChoicePoint Inc., in which 145,000 people may have beenaffected by unauthorized access to the company'sdatabase.
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The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.
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The former head of the Consumer Financial Protection Bureau resigned Friday after the troubled rollout of the Free Application for Federal Student Aid led some House Republicans to call for his resignation.
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Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
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The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
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In the inaugural iteration of American Banker's news quiz, test your knowledge on top articles covering the legal battles of the Consumer Financial Protection Bureau, new technology testing at JPMorgan Chase, earnings season and more.
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