Compliance

Business went on as usual at commercial banks as the New York Stock Exchange and other large businesses suffered outages. But the confluence of events served as an unnerving reminder of the cyber risks facing the industry.

As technological problems forced the New York Stock Exchange to grind to a halt Wednesday, financial services insiders and observers weighed in on the vulnerabilities of increasingly electronic financial systems.

ACI Worldwide has added three board members with pervasive experience in financial services, following the retirement of other board members.

Mobile banking technology provider Monitise Plc has informed its shareholders that Visa Europe will reduce its investment in the company, but will complete a three-year commercial agreement to develop services and finish products.

With the looming liability shift in the United States, EMV is on every payment card issuer’s mind, though with the challenge comes opportunities, such as bolstering customer relationships.

The National Credit Union Administration has signed a five-year contract with the National Treasury Employees Union—which represents nearly 80% of the agency's work force.

Western Union, which last week suspended activities in Greece amid the country's debt crisis, has restarted some of its services.

Credit unions and CUSOs largely panned a recent report issued by the U.S. Government Accountability Office (GAO) that specifically called on Congress to authorize NCUA to examine credit unions' third-party technology providers, with one notable exception.

PayPal is putting a lot of effort into ensuring that the company that emerges from eBay ownership this month is a much different — and more powerful — creature than the one it has been until now.

While hiring a chief risk officer is a given at the big banks, smaller institutions must weigh several factors and options in determining the risk leadership model that works for them.