Data security

The National Credit Union Administration lacks the authority to regulate third-party vendors that supply vital services to the industry. This creates a major risk to credit union customers and the broader U.S. economy.

While companies tend to amp up warnings to consumers about fraud and scams during the holidays, institutions may also need to bulk up their defenses.

The breach, which occurred earlier in November, did not directly impact customer operations, but a threat actor stole data meant for customers.

The five-part framework suggests both technical and governance solutions to protect consumers from losing money to scammers and fraudsters.

Small and midsized banks fail to implement key oversight measures on their third-party vendors, something regulators implore they fix, according to research released Tuesday.

The agency said VyStar customers took on fees and credit report demerits because they could not access banking functions for months following an attempted upgrade.

This month's roundup features news about the rising concerns of Zelle fraud, JPMorgan Chase's AI arms race with Capital One and more.

Consumer Financial Protection Bureau Director Rohit Chopra said opposition to the bureau's recently finalized open banking rule should be viewed as banks and other large firms attempting to quash competition and stymie consumer data protection.

The Bank Policy Institute is among the parties that filed a lawsuit late Tuesday to challenge the Consumer Financial Protection Bureau's new open banking rule.