HARRISBURG, Pa. - (06/21/05) -- Recent incidents of mass theft ofpersonal data is expected to give a boost to several billsintroduced in the state legislature aimed at thwarting identitytheft and other unauthorized uses of consumers' personalinformation. One of the bills would require that all businessesnotify their customers, not just their credit agencies, if theylearn that personal information has been compromised. Another wouldmake it crime for someone to install spyware, software used tosteal personal information or steer ads to a computer user, onsomeone's computer without permission, or with the intention ofcollecting personal information. The introduction of this billcomes after the U.S. House passed a similar anti-spyware bill,which would create monetary and criminal penalties for spywarepurveyors. Others measures being proposed would: allow individualsto put a security alert on their credit report, if they suspectsomeone has stolen their credit information; allow cell phonecustomers to opt out of a company's subscriber directory; woulddiscourage businesses and government agencies from posting SocialSecurity numbers online; and require the state Department ofTransportation to issue a new driver's license number to anyone whocan show that he's been the victim of identity theft.
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Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.
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The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.
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The credit union regulator, responding to a recent executive order, has established strict new standards for prosecuting financial crimes. Regulators are now supposed to make criminal referrals only in cases where putative defendants appear to have known they were breaking the law.
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Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
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Baton Rouge-based Investar Holding Corp. has agreed to pay $84 million for Wichita Falls Bancshares, which operates five branches in the Dallas-Fort Worth Metroplex.
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A federal judge in New York has rejected Huawei's effort to toss charges alleging bank fraud, sanctions violations and trade secrets theft.
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