Banking
Top stories summarized by our editors
8/14/2018

Zions Bancorporation's decision to stop being a bank holding company highlights the regulatory burden that comes with being a BHC. Zions is the largest bank to lose the status, looking to reduce compliance costs.

Full Story:
Harvard Law School
More Summaries:
Zions Bancorporation, Zions
8/13/2018

Leaders will have more influence when they develop themselves professionally, help others improve and maintain the organization's strategic alignment, says John Baldoni in this SmartBrief video and blog post. "Savvy managers always ensure alignment by making certain people know their roles and how those roles affect overall results," he says

Full Story:
SmartBrief/Leadership
More Summaries:
John Baldoni
8/13/2018

Trade group Innovate Finance says the "global sandbox" launched by the UK's Financial Conduct Authority in cooperation with other global financial regulators could form the basis for cryptocurrency regulation and help the UK maintain its position as a fintech pioneer after Brexit. The US, Canada, Australia, Bahrain, Hong Kong and Singapore are among the participants in the Global Financial Innovation Network.

8/13/2018

Juniper Research predicts that in 2023 alone, cybercriminals will steal over 33 billion records, a 175% increase over the number of records expected to be compromised this year, and the trend will lead to cumulative losses of over 146 billion records during the next five years. Researchers also expect that by 2023, more than half of all data breaches worldwide will occur in the US.

Full Story:
ComputerWeekly (UK)
More Summaries:
Juniper Research
8/13/2018

The FBI warns that cybercriminals are planning a scheme that could remove millions of dollars from ATMs using duplicated cards. Banks are asked to check their security measures.

Full Story:
Krebs on Security
More Summaries:
FBI
8/13/2018

Some banks will be exempt from issuing annual privacy notices to customers now that the Consumer Financial Protection Bureau has finalized amendments to the Gramm-Leach-Bliley Act. Banks that limit the sharing of customer data and have not changed their privacy policies can use the exemption.

8/13/2018

Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, is looking to stop supervisory examinations of lenders suspected of violating the Military Lending Act, saying such oversight is not expressly laid out in the law. The move has surprised advocates of military families, who want a crackdown on unscrupulous lenders.

8/13/2018

The Insured Retirement Institute is praising the proposed Retirement Enhancement and Savings Act of 2018, saying it would help people saving for retirement make more informed choices about their personal finances. The legislation also would smooth the path for employers to offer annuities within their 401(k) plans.

Full Story:
Investopedia
8/13/2018

The Consumer Financial Protection Bureau fined a Kansas City small-dollar lender $1 and seized $14 million in assets from a loan scheme, saying they didn't think the man could pay a larger fine. Richard Moseley Sr. has also been convicted on criminal charges in federal court and was sentenced to 10 years in prison.

8/13/2018

Federal regulators are encouraging banks to enter the small-dollar lending market, but bankers are reluctant because the loans could be out of favor again under the next US president, according to Richard Hunt, president and CEO of the Consumer Bankers Association. Six financial institutions offered small-dollar loans before 2013, but hundreds would have to offer them to make a dent in the small-dollar loan industry, Hunt said.