House Science, Space and Technology Committee Chairman Lamar Smith, R-Texas, and Oversight Subcommittee Chairman Barry Loudermilk, R-Ga., demanded to know why the Federal Deposit Insurance Corp. did not report a security breach discovered in August until October and did not classify the incident as a major breach. In the latest flap, a problem with the agency's Search+ tool allowed unapproved personnel and contractors to access confidential information.
A number of major internet sites were affected by a distributed denial-of-service attack against web service provider Dyn on Friday. The source is still being investigated, but it is clear that the hackers infected internet-connected household devices and used them as part of the attack.
Banks should play a major part in the process of finding a benchmark to replace the London Interbank Offered Rate, said Daleep Singh, the US Treasury Department's acting assistant secretary for financial markets. Speaking at a conference in Chicago, Singh encouraged market participants to start transitioning away from Libor.
TD Ameritrade Holding and TD Bank are buying Scottrade Financial Services in a $4 billion deal. TD Ameritrade will purchase Scottrade's brokerage operations, and TD Bank will acquire Scottrade's banking operations.
Regulators should embrace financial-technology products that help expand consumer access to credit, and banks should not cut off the flow of data to such companies, Consumer Financial Protection Bureau Director Richard Cordray told a conference Sunday. The agency today is to release a report on Project Catalyst, which allows firms to work with the CFPB on testing new consumer products.
Jumbo mortgages at US financial institutions rose 34% in 2015, finds an analysis of Home Mortgage Disclosure Act data by Inside Mortgage Finance. The jump in jumbo mortgage lending was much steeper at some big banks and regional banks.
Visa will use Chain's blockchain technology to run Visa B2B Connect, a real-time cross-border payments system for businesses.
Three prominent online lenders are launching a common method of displaying the cost of small-business loans, an effort to show that the increasingly scrutinized industry can self-regulate. A standardized disclosure box will reveal annual percentage rates, dollars that need to be repaid and other measures.
The delinquency rate for credit cards issued in 2015 is 3%, compared with 2.2% for cards issued in 2014 and 1.5% for cards issued in 2013, according to TransUnion. Subprime lending has increased delinquency.
- Page 1