Risk
-
ICBA launches 'Wake Up' campaign in ongoing fight against credit unions
The Credit Union National Association has criticized the campaign, issuing a statement refuting many of the ICBA's claims.
By Anna Hrushka • Oct. 22, 2019 -
61% more banks, credit unions serve pot firms over last year, FinCEN says
The public's shifting attitude toward cannabis, in addition to bipartisan legislation, may be encouraging some banks to take on the reputational and legal risks associated with banking marijuana-related businesses.
By Anna Hrushka • Oct. 10, 2019 -
Square opens digital payments platform to more CBD businesses
The San Francisco-based payment processor's move comes more than four months after it rolled out an invite-only pilot program.
By Anna Hrushka • Oct. 04, 2019 -
Deposit growth, cybersecurity risk are top community bank concerns, survey finds
Liquidity risk is a top concern for many community bankers as a poll from the Federal Reserve, FDIC and state bank supervisors reflected a shift in focus from regulation to funding.
By Dan Ennis • Oct. 04, 2019 -
Industry execs question cannabis banking bill's potential impact
One compliance officer says she is concerned "there's not enough teeth" to provide safety for banks that service pot-related businesses.
By Anna Hrushka • Oct. 01, 2019 -
House OKs landmark cannabis banking bill
If the Senate also passes the SAFE Banking Act, it would be a major win for the cannabis industry and banks that want a piece of a market that could grow to $41 billion by 2025, according to data firm Nielsen.
By Anna Hrushka • Sept. 26, 2019 -
Banks worth $47T adopt UN-backed responsible banking principles
The launch of the initiative on the eve of the U.N. Climate Action Summit in New York comes as more financial institutions are emphasizing their commitments to socially responsible investing.
By Anna Hrushka • Sept. 24, 2019 -
10 lessons Fannie Mae learned redesigning its security network
The lending company experienced minor hiccups while building out micro-segmentation.
By Samantha Ann Schwartz • Sept. 16, 2019 -
Senate panel chairman eyes cannabis banking vote by year's end
Passage of legislation to protect banks that service marijuana-related businesses would be a major victory for the cannabis industry, which has remained largely cash-based over a lack of access to banking services.
By Anna Hrushka • Sept. 13, 2019 -
Breach isn't pulling Capital One off its cloud course
Executives continue to cite the "all-in" mantra after the bank saw millions of customers' data exposed this year.
By Dan Ennis • Sept. 11, 2019 -
California lawmaker pulls cannabis banking bill ahead of vote
The state is expected to post $3.1 billion in licensed cannabis sales this year. But as long as pot remains a Schedule 1 drug under federal law, many banks are reluctant to accept those deposits.
By Anna Hrushka • Sept. 11, 2019 -
Chime's SpotMe covers banking customers who overdraw up to $100
Users can sign up for the program if their Chime direct deposits total $500 or more per month. But the negative balance the bank will cover depends on a user's account history.
By Dan Ennis • Sept. 09, 2019 -
Banks have more to lose from data breaches than other companies
An Experian survey revealed 83% of consumers expect to be notified within 24 hours if the breached company is a bank. That compares with 75% for a government agency, 73% for a health care organization and 61% for a retailer.
By Dan Ennis • Sept. 04, 2019 -
'Systemically important' cloud firms lack oversight, lawmakers say
A disruption to Amazon Web Services, Microsoft Azure or Google Cloud could paralyze a significant portion of several banks' business and perhaps be a national security threat, lawmakers wrote.
By Dan Ennis • Aug. 26, 2019 -
Advocates seek 'unified voice' from regulators on small-dollar loans
U.S. consumers borrow nearly $90 billion every year in loans between $300 and $5,000, the Office of the Comptroller of the Currency said. But few banks are moving into that market.
By Anna Hrushka • Aug. 23, 2019 -
Credit union regulator issues guidance for banking hemp
At least two senators have written letters indicating that hemp businesses are struggling to open bank accounts because many financial institutions still question whether they can service the industry.
By Anna Hrushka • Aug. 20, 2019 -
Cloud security burden falls on customer, Amazon exec says
Only customers have a true sense of "what they intended with resources under their control," Amazon Web Services' chief information security officer said after a senator asked about the company's role in Capital One's data breach.
By Samantha Ann Schwartz • Aug. 20, 2019 -
Trump phoned bank CEOs as stocks dropped Wednesday, sources say
The meeting was held on a day the Dow dropped 800 points, or 3%, amid warnings of a recession.
By Anna Hrushka • Aug. 16, 2019 -
5 regulators respond to request for hemp banking clarity
Although the production and sale of industrial hemp was legalized last year, financial institutions still question whether services can be extended to businesses associated with the product.
By Anna Hrushka • Aug. 15, 2019 -
Small-business lending study shows racial disparity
More than half of black sole proprietors who applied for financing received none, a New York Fed study found.
By Dan Ennis • Aug. 14, 2019 -
Schumer asks regulators for clarity on hemp banking
Senate minority leader's letter highlights how hemp growers are facing some of the same reluctance from financial institutions as pot-related businesses.
By Anna Hrushka • Aug. 13, 2019 -
Federal Reserve considers tool to reduce risk of downturn
Banks, whose profits are already under strain from low interest rates, may oppose enacting the buffer.
By Anna Hrushka • Aug. 12, 2019 -
Alaska credit union ends pot pilot after losing insurance coverage
Providing banking to MRBs may have been a "more reasonable prospect" if the burden of compliance was not so high, the credit union's CEO said.
By Anna Hrushka • Aug. 08, 2019 -
Alternative credit data boosts loan approval 27%, Upstart shows in CFPB test
People with credit scores between 620 and 660 were approved about twice as often in a two-year test of the lender's model, which takes into account a candidate's education and job history.
By Dan Ennis • Aug. 07, 2019 -
Fed commits to real-time payments system by 2024
The central bank looks to bring faster transactions to community bank customers and act as a safeguard in a marketplace already served by The Clearing House.
By Dan Ennis • Aug. 06, 2019
