MasterCard International said it has ordered all ATM switch providers to turn off machines not compliant with the new Triple DES encryption standards next April 1, in order to ensure protection of sensitive cardholder information during the transaction process. All credit unions and banks tied into the MasterCard or VISA networks are required to upgrade their ATMs to Triple DES compliance by April 1. Triple DES-for Triple Data Encryption Standard-will replace the Single DES systems currently used by ATMs to protect user PIN numbers from fraudulent activity. Credit unions are currently working with ATM servicers to either upgrade their hardware or software, while others will be required to replace outdated machines altogether.
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A housing bill that already passed the Senate cleared the House Monday evening, but included bipartisan community banking provisions that have already raised objections in the upper chamber.
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Fifteen banks have failed since November 2019, with the most recent one occurring on Jan. 30.
February 9 -
The Government Accountability Office was tasked with investigating the Consumer Financial Protection Bureau's stop-work order, but CFPB officials refused to meet with or provide information to Congress' investigative arm.
February 9 -
Federal Reserve Gov. Christopher Waller said comments from banks and fintech firms reveal sharply different priorities in the creation of the central bank's proposed "skinny" master accounts.
February 9 -
Check fraud has risen 385% since the pandemic, with criminals using stolen mail and digital tools to deceive major financial institutions.
February 9 -
The activist investor HoldCo Asset Management said Monday that it doesn't plan to pursue proxy battles this spring at either Key or Eastern. It had been agitating publicly over the banks' M&A strategies.
February 9





