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As PPP enters forgiveness phase, some banks see outsourcing as best move; after the Fed’s stress tests, Wells Fargo to cut dividend while other big banks boost capital buffer; Supreme Court strikes down CFPB leadership structure; and more from this week’s most-read stories.July 2
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Axcess Financial is using stronger authentication, studying up on bad actors and planning to use a federal service that automates verification of Social Security numbers.July 2
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Technology has helped banks expand globally, but complying with country-specific laws restricting data flows is a constant struggle.June 30
Chief Compliance and Data Protection OfficerInCountry
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Thanks to their close relationship with the card networks, banks stand to benefit most from deals like Mastercard’s agreement to buy Finicity and Visa’s pending purchase of Plaid. The prospects for fintechs and consumers are dicier.June 29
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Wells Fargo customers targeted with phishing attacks using calendar invites; Fed freezes stock buybacks, caps dividends after stress test results; Citigroup names Titi Cole its head of global operations and fraud prevention.June 26
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Now perhaps more than ever, banks and their proxies need to show tact when communicating with past-due borrowers.June 26
PresidentPersado
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Business continuity plans should be used constantly, not just when the crisis is at its peak, says the New York Fed’s head of financial services.June 24
Executive Vice President, Wholesale Product manager and head of the Financial Services GroupThe Federal Reserve Bank of New York
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In a new twist on an old scam, cybercriminals have tried to get thousands of people to surrender their Wells bank account information by sending authentic-looking emails containing malicious links that lead to a fake website bearing the company's name.June 22
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The bank says fraud attempts involving commercial wire transfers have escalated since the outbreak began. It's training employees and customers how to head off the often hard-to-detect scams.June 18
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Peoples Bank in Arkansas and Main Street Bank in Massachusetts are getting smarter about spotting suspicious transactions tied to unemployment benefit fraud as well as warning customers what to watch out for.June 15
