PayThink

Many companies are "needlessly exposing their customers to hacking, identity theft and government surveillance," a cybersecurity researcher wrote, and although a few are starting to make improvements, they are "invisible to the average user."

The article "Bankers Fear 'Witch Hunt' in Government Pursuit of Fair Lending Cases" [Aug 2] chronicles the response of bankers, advocates, the Department of Justice itself, and others to "an aggressive push by the Justice Department to investigate fair lending claims..." and "...the launch last year of a special fair-lending unit within Justice's civil rights division...investigating claims of bank discrimination in their credit policies."

Community bankers have a chance to have our issues heard over the next few months on the national front.

A little over one year ago Congress overwhelmingly passed the Wall Street Reform and Consumer Protection Act, more commonly known as Dodd-Frank. Though many parts of the bill are controversial, none has sparked more debate than Title X, which created and authorized the new Consumer Financial Protection Bureau.

The branch will be mainly a marketing and new account indoctrination center. Smartphones will eliminate most face-to-face transactions, as well as paper checks, currency and cards – not to mention the costs associated with those media.

Malicious apps on Android handsets can "pop up" over the original app and steal users' credentials, using a security flaw discovered independently by two research teams.

Unlike grading corporate credits, rating big countries is thoroughly ridiculous. We can all look at the same budget numbers and assess the political prospects as well as any rating agency.

The downgrading of the government to double-A-plus was not only correct but overdue. If anything, S&P should have taken Uncle Sam down to double-A-minus, given the deadlock over revenues and spending.

A firm we know needed a $20,000 letter of credit to extend its lease. So, it went in turn to the banks it uses, at each of which it maintains cash deposits well north of an order of magnitude larger than the letter of credit requested. Also, the firm has no debt and has annual revenues in the high seven figures. So, could it get the letter of credit renewed?

Notes from the World Council of Credit Unions' World CU Conference in Glasgow, Scotland, as well as some other points from across the pond ...