TUCSON, Ariz. - (06/20/05) -- Credit union managers were workingthrough the weekend to determine how their institutions may havebeen impacted by a security breach at processor CardSystemsSolutions that may have compromised up to 40 million card accountsat MasterCard, Visa, American Express, Discover, and several othercard brands in one of the biggest data heists ever. The breachcompromised account holder names, account numbers and thousands ofcredit union and bank accounts. The situation was first revealed byMasterCard in an alert sent to all of its issuers Friday.MasterCard said about 13.9 million of the card accounts breachedwere of its brand and about 68,000 of its card holders are "at thehigher level of risk." MasterCard traced the breach to CardSystemsbased on an unusual pattern of fraudulent transactions, but theextent of the fraud and losses has yet to be determined, thecompany said. MasterCard said the security breach involves acomputer virus that captured customer data for the purpose of fraudand may have affected holders of all brands of creditcards.
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Powered by younger, affluent cardholders, American Express saw a 6% increase in billed business during the first quarter, while weak growth still plagues its small-business segment.
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For the better part of the past decade, the Federal Reserve Board in Washington has played a more active role in presidential searches by regional reserve banks. The shift seems to have made the system more diverse, but some argue it's at the expense of regional bank independence.
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Beth Johnson, a self-described math geek, is driving the bank's ESG strategy and training its employees to keep pace with industry trends.
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
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The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
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The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
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