SACRAMENTO, Calif. - (04/11/06) -- Schools Financial CU said Monday ithas agreed to implement PassMark Security's Two-Factor Two-Wayonline authentication system for Internet banking. Members of the$1.2 billion credit union will enroll in the new security system byselecting a unique image and creating a personal, descriptive labelfor it. From then on they will see that image and descriptivephrase -- their PassMark -- when logging into online banking. Aslong as they see their PassMark, members can be assured that theyare at the credit union's web site and it is safe to enter theirpassword. Additionally, PassMark adds other layers of securityincluding two-factor authentication -- a combination of computersystem identification and pre-defined secret answers that furtherstrengthen login authentication. The PassMark solution will beintegrated with the credit union's Symitar core processing andonline banking system from Jack Henry & Associates.
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The central bank extended the deadline for comments on Regulation O by one month, to Nov. 4.
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The Brazil-based digital bank, which recently launched a U.S. business, submitted an SEC filing to stop the spread of misinformation.
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The bank-owned payments company has been developing an interoperable payments network that will allow banks to clear and settle tokenized deposit transactions. It's targeting an early 2027 launch for the network, and is working toward an atomic future thanks to bank demand.
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More states are providing funding to community development financial institutions, which are contending with hostility from the Trump administration and challenges from high interest rates.
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Chicago-based Northern Trust has started its search for a new CFO as David Fox plans to retire in March; the American Fintech Council has been appointed as an observer on the Conference of State Bank Supervisors' newly formed nonbank industry advisory; Wells Fargo has hired JPMorganChase investment banker David Harkin to advise on technology deals, and more in this week's banking news roundup.
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A proposal is meant to ensure advisors can trade client assets on a discretionary basis without triggering onerous custody requirements, while also giving them a self-custody option for crypto.
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