Risk

PayPal's executives likely expected the company's $3 billion buying spree of companies like Hyperwallet and iZettle to dominate its media coverage this month. But a single careless letter has stolen the narrative.

Focus instead on legislation that will prevent the next economic crisis and address technological change, says Rep. Patrick McHenry, a Republican front-runner to become Financial Services Committee chairman.

Even though much of PCI data is stored and maintained on mainframes, many are currently not being evaluated or scanned accurately for PCI DSS compliance, writes Ray Overby, co-founder and president of Key Resources.

U.S. financial institutions such as Bank of America, Citigroup, JPMorgan Chase and Goldman Sachs have reported hundreds of millions of dollars of losses stemming from the scandal at retailer Steinhoff International.

Financial institutions are beginning to get on board with the global fight against climate change, but they are still trailing pension funds and insurance companies in putting these concerns into action.

Turnover of chief risk officers is on the rise as CEOs look to add executives whose experience goes far beyond assessing credit risk. Sometimes they are promoting from within, but often they are poaching talent from rival banks.

Citigroup has appointed Jay Jacobs, former president of the investment management firm PIMCO, as an independent director.

As data breaches mount in the "Equifax era," CFOs have a broad vision of enterprise data that can prove helpful in mitigation, according to Lauren Ruef, a research analyst for Nvoicepay.

Under a consent order with Texas and seven other states, the Atlanta-based credit reporting firm agreed to shore up its information security efforts, but it will not have to pay any financial penalties.

Trade associations hail move that would push back implementation of risk-based capital rule to 2021.

Since launching in the U.S. a year ago, CashShield gained traction in the marketplace by adding Yamibuy and Scalefast, among others, to its global portfolio.

Warnings about "breaking the internet" and environmental harm don't take blockchain's ability to improve these factors into account, contends Vladislav Dramaliev, marketing lead at aeternity.

The company said the aim of a redesign and additional automation is to make its compliance software easier for bankers to use.

Earlier this week, the e-commerce payments giant announced a $400 million deal to acquire Hyperwallet and its payment distribution technology. The deal for Palo Alto-based Simility takes aim at a different need: applying machine learning to its data collection to prevent various types of fraud.

U.S. officials are letting big banks exploit loopholes in Dodd-Frank rules that were meant to curb excessive risk-taking in derivatives, several academics and former policymakers warned. They urged state attorneys general to take action.

Morgan Stanley CEO, New York Fed chief caution against failing to remember what caused the financial crisis; Wells Fargo may combine its two big wealth management businesses.

The White House announcement of Dino Falaschetti as the choice to run the Office of Financial Research comes amid signs that the administration has attempted to reduce the agency's independence.

Institutions that have been opening consumer accounts without consent need to prepare for the fallout, even if the OCC has said it won't name names.

Proposed changes to Dodd-Frank's ban on proprietary trading are unnecessary and put the markets at risk.