Over the next year banks will likely spend millions of dollars enhancing information security in response to the recent Federal Financial Institutions Examination Council guidance. The FFIEC guidelines were updated in response to increased threats from phishing, pharming and crimeware. The updated guidelines suggest that financial institutions (FIs) assess the risk associated with their Internet banking applications, identify mitigating actions and adjust their information security programs to implement those actions.

WASHINGTON - (11/17/05) -- Overwhelmed by claims fromhurricanes Katrina, Rita and Wilma, Congress began plans Wednesdayto increase funding for the National Flood Insurance Program forthe third time since the disasterous flooding caused by HurricaneKatrina. The House Financial Services Committee approved a billWednesday that will increase funding for the program, the onlynational provider of flood insurance, to $22 billion. The proposalcame at the same time the full House was voting to increase thefunding to $8.5 billion, and a month after the funding wasincreased to $3.5 billion, from $1.5 billion. The desperateincrease in funding comes as the Federal Emergency ManagementAgency, which administers the flood insurance program, said it israpidly running out of money to pay as many as 216,000 claimsvalued at more than $23 billion from the massive hurricane. FEMAsaid Wednesday it has stopped paying flood claims because theprogram is approaching its spending limit. The bill passed by theHouse committee would also reform the flood insurance program byincreasing limits on coverage for structural damages, replacementsof furnishings, and for living expenses.

WHITTIER, Calif. - (10/05/04) -- Credit Union of Southern Californiahas implemented a new anti-spam software by Commtouch to helpfilter unwanted e-mails. Commtouch's Enterprise Gateway isinstalled on both the e-mail server and employee in-boxes. Thesoftware automatically installs a quarantine folder on each user'sMicrosoft Outlook account to store selected messages which allowsusers to review for themselves.

CHATTANOOGA, Tenn. - (10/04/04) -- Chattanooga Area Schools FCU said itwill pay its members a $1 million bonus dividend in December, justin time to help pay for Christmas presents. The bonus dividend willbe paid in three different ways: 30% on all dividends earned duringthe year, so far; 15% on all loan interest paid, so far this year;and a special $500 Christmas Cash bonus paid to 100 members drawnat random during the week of December 6. The $1 million payout isthe largest in the credit union's 70-year history.

- MOUNDS VIEW, Minn. (03/22/02) -- LibertyEnterprises, credit unions and their members have combined effortsto raise $180,000 to date for Sept. 11 disaster relief, the companysaid. The latest round of funds-$75,000-is targeted for the NewYork State World Trade Center (WTC) Relief Fund. The Libertyprogram was initiated soon after the terrorist attacks Sept. 11after which Liberty designated $5 per order of two special checkstyles-Flag of Freedom and Firefighters-to support disasterrecovery efforts. The program originally raised $104,645 for the CURebuild America (CURA) Fund organized by the National CU Foundation(NCUF).