News & Commentary
Content posted in January 2013
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Bank Tech Vendor Shakeup Continues: FIS to Acquire mFoundry
News  |  1/31/2013  | 
Bank tech giant previously held 22% interest in mobile solutions vendor; sees deal as opportunity to leverage technology assets across broader client base.
New Threats, New Solutions: Combating Cyber Attacks
Commentary  |  1/31/2013  | 
Small to medium-sized financial institutions need to reevaluate their own security controls.
E.U.'s Barnier Says U.S. Should Respect Basel III
News  |  1/31/2013  | 
The United States should implement Basel III bank capital rules in the same way as Europe does, at the beginning of 2014, the European Union official in charge of regulation said.

Mobile Payments Heat Up in Canada
News  |  1/31/2013  | 
CIBC Bank's Steve Tyers, VP of e-channels products and marketing, discusses the bank's plans for mobile following its launch of an NFC-based mobile payments app late last year with BS&T associate editor Jonathan Camhi.
Mobile Banking Trends To Watch Out For In 2013
Commentary  |  1/31/2013  | 
Mobile banking trends are always a hot topic in the industry. Here are some of the trends expected to grow in mobile banking over the next year.
Google Expected to Win Mobile Wallet Wars, Study Finds
News  |  1/30/2013  | 
A new survey released yesterday by ACI Worldwide found that the majority of retail professionals involved said Google would beat out PayPal and Isis in the mobile wallet wars.
RIM to Rename Itself BlackBerry
News  |  1/30/2013  | 
Research In Motion Ltd is changing its name to BlackBerry, the company announced on Wednesday, in move to refresh its tarnished image as it begins marketing a reengineered line of BlackBerry 10 smartphones.

Check Scanners That Detect Fake I.D.'s Help One Bank Fight Fraud
News  |  1/30/2013  | 
Check scanners from CTS North America have been enabled with technology that detects fake I.D.'s that have helped one community bank secure branch transactions and can authenticate remote check deposits.
Treasury Needs Exit Plan for Ally Financial, Says Watchdog
News  |  1/30/2013  | 
The U.S. Treasury needs to develop a concrete plan for exiting its 74 percent stake in auto financing company Ally Financial Inc, the second-largest remaining recipient of federal bailout dollars, an internal watchdog said in a report released Wednesday.

Two U.S. Senators Press Justice Department on Bank Prosecutions
News  |  1/30/2013  | 
Two U.S. senators on Tuesday questioned whether the Justice Department has been aggressive enough in prosecuting misconduct at the largest banks and asked the department to turn over information on how it determines punishments.

BofA's Moynihan Calls for Renewed Focus on Customers
News  |  1/29/2013  | 
Bank of America Corp must focus on improving customer service as it moves past its crisis-era problems, CEO Brian Moynihan said in a letter sent to employees, signaling one of his strategies for boosting revenue at the bank.

U.K. Watchdog Closes Lehman Case Against Auditor E&Y
News  |  1/29/2013  | 
Britain's accounting watchdog declined to take any action against Ernst & Young (E&Y) over its auditing of Lehman Brothers before the U.S. investment bank failed in 2008 and triggered a near meltdown in global markets.

New Study Finds Bankers Expect Big Challenges And Few Benefits From Dodd-Frank 1073
News  |  1/29/2013  | 
Bankers believe Dodd-Frank 1073, which will regulate cross-border-payments and will be implemented this year, will have a negative impact on their payments business, according to a new survey.
The Compliance Risk of Social Media
Commentary  |  1/29/2013  | 
The guidelines recently issued by the FFIEC on risk management and the use of social media for financial institutions only scratches the surface of this burgeoning issue.
Square COO Quit After Sex Harassment Accusation
News  |  1/28/2013  | 
After mysteriously quitting the prominent payments company it was discovered that Square's COO, Keith Rabois, is facing accusations of sexual harassment.
Bank of America Begins Moving $50 Billion of Derivatives to U.K.
News  |  1/28/2013  | 
Bank of America has begun moving $50 billion of derivatives out of its Irish-based operations into its British subsidiary, The Financial Times reported on its website on Sunday, citing people close to the operation.

Non-Banks Take Early Lead in Mobile Wallet Race
News  |  1/28/2013  | 
A report from Carlisle & Gallagher finds that nontraditional financial institutions are the current mobile wallet frontrunners, though the battle is far from over.
Wall Street Executives Fret About Talent Drain
News  |  1/28/2013  | 
New regulations combined with years of scandals and bad press has driven executive talent away from Wall Street and into Silicon Valley.
Global Bank IT Spending to Reach $179.2 Bln in 2013: Celent
News  |  1/25/2013  | 
The research firm said in a new study that it expects IT spending by banks to grow this year led by banks in North America and the Asia-Pacific.
Longtime Diebold CEO Swidarski Out After 17 Years
News  |  1/25/2013  | 
The company, a major manufacturer of ATMs, said the move was "in our stakeholders' best interests to make a change in leadership at this time."
The Treasury Department’s Most-Wanted Crime Organizations
Slideshows  |  1/24/2013  | 
These criminal organizations are being targeted by the U.S. Department of the Treasury for financial and other crimes.
Delaying EMV Migration Risks Significant Losses for U.S. Issuers
Commentary  |  1/24/2013  | 
U.S. card issuers who delay migration to EMV face a rapidly increasing risk of loss, largely due to the impact of fraud migrating from countries where EMV deployment is more advanced. U.S. issuers should begin to make preparations now.
Investors Blinded by Banks' Calculation of Risky Assets, Says Basel Chairman
News  |  1/24/2013  | 
Material differences in the way banks define their risky assets is blinding investors' ability to make informed choices about where to put their money, a top regulator said on Thursday.

Obama to Tap Former Federal Prosecutor to Head SEC
News  |  1/24/2013  | 
President Barack Obama will nominate former federal prosecutor Mary Jo White to head the Securities and Exchange Commission (SEC), a White House source said, restoring the agency's power to work on its overhaul of Wall Street.

BBVA Invests $100 Million in Financial Services Start-Ups in Silicon Valley
News  |  1/24/2013  | 
Following on the heels of similar investments in innovative start-ups, the bank said that it is making concerted effort to anticipate and tackle disruptive changes in financial services.
More Than Half of Banks Hit by DDoS Attacks Last Year, Study Finds
News  |  1/23/2013  | 
In a recent survey conducted by the Ponemon Institute, more than half of the banking IT professionals in the study said their bank had experienced at least one DDoS in the previous 12 months.
Top E.U. Banks Told to Write "Living Will"
News  |  1/23/2013  | 
Top banks in the European Union must present so-called "living wills" by the year-end spelling out how they would survive a crisis without taxpayer aid.

Bank Websites Must Meet Digital Customers' Needs, Says Forrester
News  |  1/23/2013  | 
The secure websites of the largest retail banks in the U.S. are not evolving to meet the current needs and expectations of consumers in a digital environment, said the research firm.
Branch Closures Revved Up in Late 2012, Study Finds
News  |  1/22/2013  | 
The pace of branch closings in the U.S. more than doubled in the last quarter of 2012 as banks looked to cut costs, a new report by SNL Financial found.
U.S. Fed Missed Warning Signs in 2007 As Crisis Gathered Steam
News  |  1/22/2013  | 
Recently released transcripts from Fed meetings in 2007 show Geithner, Bernanke and other Fed officials did not expect the coming crisis even as trouble signs mounted.
Rewriting the KYC Playbook
Commentary  |  1/18/2013  | 
Banks must address the "V3challenge" -- questions around variety, velocity and vagueness -- in order to achieve better bank counterparty due diligence, as part of Know Your Customer compliance.
Capgemini Financial Services Names Thierry Delaporte As New CEO
News  |  1/18/2013  | 
Delaporte, who has worked with the company for more than 17 years, will take over the leading role for the outsourcing and consulting firm from Aiman Ezzat.
Webster Bank Names New CIO
News  |  1/18/2013  | 
Colin Eccles, former CIO at Umpqua, will focus on development of e-banking solutions at Connecticut-based Webster Bank.
Mortgage Cases to Test U.S. Use of Once-Obscure Fraud Statute
News  |  1/18/2013  | 
Banks are testing U.S. authorities' use of a once-obscure statute to bring more cases tied to the financial crisis, arguing the government is twisting the law beyond what it can do.

BBVA Unveils Mobile RDC for iPhone
News  |  1/18/2013  | 
The bank said the features will soon be available for the iPad and Android devices as well.
Make ‘Em Laugh: 6 Funny Bank Videos That Drive Engagement
News  |  1/17/2013  | 
Banks may not be thought of as having a sense of humor, but these videos prove banks can laugh, often at themselves.
New CFPB Regulations Target Mortgage Servicers
News  |  1/17/2013  | 
The CFPB announced new rules today regulating the mortgage servicing industry in the hopes of helping struggling borrowers.
Reorganize Banks That are 'Too Big to Fail,' Says Fed's Fisher
News  |  1/17/2013  | 
U.S. authorities should reorganize the country's largest banks to protect against the risk of institutions that are "too big to fail" and that would saddle ordinary Americans with the cost of a bailout the next time they get in trouble, a senior Federal Reserve official said on Wednesday.

How Capital One Uses Video to Drive Social Strategy
Commentary  |  1/17/2013  | 
The bank launched a humorous digital video series designed to promote its mobile banking offering.
Tycoons Shunning Financial Services as They Get Richer
News  |  1/17/2013  | 
Tycoons are shunning banks and wealth managers, preferring to put a flood of money from selling stakes in companies into property and new ventures rather than trust industries whose reputations have been battered by the global financial crisis.

Early EMV Compliance Benefits U.S. Merchants
News  |  1/16/2013  | 
Even though the deadlines for merchants to comply with EMV are a few years off businesses can save money and prevent fraud if they accept EMV as soon as possible.
JPMorgan Slashes CEO Dimon's Bonus Due to 'Whale' Trade
News  |  1/16/2013  | 
JPMorgan Chase & Co's board of directors cut Chief Executive Jamie Dimon's annual bonus in half, citing the company's $6.2 billion "London Whale" trading loss, the company said on Wednesday.

Lloyds Whistleblower Says Bank's Business Continuity Plan is Flawed
News  |  1/15/2013  | 
A former business continuity executive claims he was forced out of Lloyds Banking Group because he identified severe problems what would cost £200 million for the bank to remedy.
Green Dot Puts Banks in the Crosshairs
News  |  1/15/2013  | 
The prepaid financial services company launched GoBank, which it says is a mobile bank account for the smartphone generation.
Fiserv Acquires Competitor Open Solutions
News  |  1/15/2013  | 
Fiserv acquired Open Solutions in a deal announced this morning, adding Open Solutions' technologies - such as parts DNA core processing platform - to Fiserv's offerings.
PayPal Adds Gas Stations, Grocery Stores in Retail Push
News  |  1/15/2013  | 
PayPal unveiled new deals with a chain of gas stations and a grocery store operator on Monday, as the payments division of eBay Inc tries to expand its service further into physical retail locations.

MasterCard to Issue Prepaid and Debit Cards in Five African Markets
News  |  1/15/2013  | 
The company has partnered with Equity Bank of Kenya to issue 5 million cards over the next 18 months.
TD Bank Moves Commercial Clients Off Legacy Systems to New Platform
News  |  1/14/2013  | 
With the release of TD eTreasury, TD Bank will be able to move all of its commercial clients on to one online banking platform for the first time.
Oracle Updates Java, Security Experts Say Bugs Remain
News  |  1/14/2013  | 
Oracle Corp released an emergency update to its Java software for surfing the Web on Sunday, but security experts said the update fails to protect PCs from attack by hackers intent on committing cyber crimes.

Security is Final Hurdle to Mass Mobile Payments Adoption
News  |  1/14/2013  | 
A paper by the Federal Reserve Bank of Boston finds that the ultimate broad adoption of mobile payments will be largely correlated with the security of each mobile platform; and that consumer education and stakeholder collaboration will be equally crucial to promoting widespread adoption.
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