americanbanker

How Worried Should Banks Be About the FBI’s ATM Attack Warning?

People who work in information security departments are confronted with security alerts every day; at large banks they get hundreds of thousands a day. Choosing which to act on and which to leave alone is never easy. The FBI sent a confidential alert to banks late last week, warning that a rash of ATM theft […]

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OCC’s Fintech Charter Is a Mistake

The national fintech charter announced last week by the Office of the Comptroller of the Currency has been positioned by its supporters as a means of encouraging innovation and growth, but instead it brings new risks and market distortions to the U.S. economy.

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What’s Missing From the OCC’s Fintech Charter

The Office of the Comptroller of the Currency recently finalized its controversial decision to authorize a special-purpose fintech charter.

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Banks Won’t ‘Like’ This Offer From Facebook

With apologies to the Godfather, Facebook is making an offer that’s easy for banks to refuse.

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Resurgent Payments Fraud Heightens ID Challenge for Banks

Verifying identities continues to be a tricky proposition for banks as cybercriminals diversify and increase their attacks – especially when it comes to wire transactions. Payments fraud hit a record high in 2017, with 78 of all organizations affected, according to a report from the Association of Financial Professionals and J.P. Morgan.

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PODCAST: Upheaval at the CFPB

The nomination of Kathy Kraninger as CFPB director has sparked fights in Congress. Meanwhile, the agency has taken several notable enforcement actions. American Banker reporter Kate Berry explains what these developments mean for the CFPB’s future.

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6 Takeaways From the U.S. Treasury’s Fintech Report

The Treasury Department released an extensive report Tuesday detailing how nonbanks, including fintech firms and data aggregators, should be regulated. The report makes more than 80 recommendations to regulators and Congress largely encouraging financial innovation within a regulated space.

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Fintech Vendors Keep Reinventing Themselves, and Banks Struggle to Keep Up

Banks planning technology improvements should heed a warning about fintech vendors: Their industry is in a state of churn. There were 70 mergers and acquisitions among fintechs in the U.S., Canada and South America in the first quarter, and those deals were worth a combined 3.

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Go Midwest, Young Fintechs

When John Gibbons clicked on a website for a startup generator in the Midwest last summer, he wondered at first whether it was a scam. Yet he wasn’t asked for his Social Security or credit card number. Its pitch to help those selected create fintechs in the city of his alma mater, Notre Dame, was […]

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HSBC’s Strategy to Improve Digital Services for Commercial Clients

HSBC sees its international reach and long-standing relationships as providing a unique advantage over its competitors as it tries to enhance digital offerings for commercial clients. The bank can utilize a common global architecture that leverages 150 years of data, said Edward Achtner, the head of digital banking for HSBC’s U.S.

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In a Twist, Mulvaney Now Defending CFPB Enforcement Powers

In contrast to acting Director Mick Mulvaney’s pro-industry, deregulatory stances, the Consumer Financial Protection Bureau has lately wielded a lot more of its regulatory clout. The agency has accelerated enforcement actions against a mix of companies, upholding findings that originated in the Obama administration.

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Don’t Be Too Quick to Give Up on Tech

A common response to emerging technology is for bankers to test it. Yet the problem with testing technology is that it is just a test, a false implementation. A test is not designed for reality and it can lead to false results. For example, I remember a U.K.

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