WATERBURY, Vt. – State officials reported yesterday that a database containing Social Security numbers and account information for 70,000 people–most of them members of New England FCU–was hacked, exposing the individuals to potential fraud on their credit cards or accounts. The state’s largest credit union provided information for 58,800 of its members to Vermont’s Department of Human Services for the purpose of helping collect child support debt. The breach comes a few weeks after national retailer TX Maxx disclosed that its database had been hacked into and exposed hundreds of thousands of cards accounts at dozens of credit unions and banks to potential fraud. It also the thrid time in a month that Vermont officials have conceded a breach in their data security at a state agency. Officials of the $500 million Williston-based credit union said they will do everything they can to protect the affected accounts.
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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.
April 25 -
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.
April 25 -
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