Mortgage Cases to Test U.S. Use of Once-Obscure Fraud StatuteJanuary 17, 2013Banks 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.
New CFPB Regulations Target Mortgage ServicersJanuary 17, 2013The CFPB announced new rules today regulating the mortgage servicing industry in the hopes of helping struggling borrowers.
Tycoons Shunning Financial Services as They Get RicherJanuary 17, 2013Tycoons 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.
Reorganize Banks That are 'Too Big to Fail,' Says Fed's FisherJanuary 16, 2013U.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 Re
Early EMV Compliance Benefits U.S. MerchantsJanuary 16, 2013Even 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' TradeJanuary 16, 2013JPMorgan 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.
Green Dot Puts Banks in the CrosshairsJanuary 15, 2013The prepaid financial services company launched GoBank, which it says is a mobile bank account for the smartphone generation.
Fiserv Acquires Competitor Open SolutionsJanuary 15, 2013Fiserv 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 PushJanuary 14, 2013PayPal 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.
Security is Final Hurdle to Mass Mobile Payments AdoptionJanuary 14, 2013A 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
Oracle Updates Java, Security Experts Say Bugs RemainJanuary 13, 2013Oracle 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.
JPMorgan Chase Faces U.S. Order to Improve ComplianceJanuary 11, 2013A U.S. regulatory probe of JP
Morgan Chase & Co is expected to result in an order that
the bank correct lapses in how it polices suspect money flows,
in an action expected as soon as Friday, people familiar with
the situation said.
American Express to Cut 5,400 JobsJanuary 10, 2013Credit card company American Express Co
said it would cut about 5,400 jobs, or 8.5 percent of
its workforce, as it restructures its business and pay legal
bills.
Morgan Stanley Job Cuts May Signal More Pain AheadJanuary 09, 2013Morgan Stanley plans to slash 1,600
jobs in what may be just the beginning of a new round of layoffs
at large investment banks, this time driven by a deeper
reassessment of Wall Street businesses in the face of new
regulations and capital standards.
Senator Pushes to Ban Bankers From Fed BoardroomsJanuary 09, 2013An outspoken Senate critic of
the Federal Reserve said on Wednesday that he would reintroduce
legislation to ban bankers from the boardroom of the 12 regional
Fed branches, citing potential conflicts of interest.
Morgan Stanley to Cut 1,600 Jobs in Investment Bank: SourceJanuary 09, 2013Morgan Stanley plans to cut 1,600
jobs in its investment banking unit, roughly 6 percent of staff
in that unit, with employees being informed about job losses
beginning this week, a person familiar with the matter said on
Wednesday.
Mobile Banking to Exceed One Billion Users by 2017January 09, 2013A new report from Juniper Research also predicts that China, North America and Western Europe will have the highest penetration of mobile banking users.
Top Banks Told to Centralize Risk Data by 2016January 09, 2013The world's top banks have three
years to build up a single picture of all their risks to help
make the wider financial system safer, global regulators said on
Wednesday.
New Currency Exchange Platform Launched in U.S.January 08, 2013USForex, a subsidiary of Sydney-based OzForex Group, allows clients to make international foreign payments and money transfers.
Looser Bank Buffer Rules No Panacea For Europe, U.S.January 07, 2013A decision by global
regulators to give banks more time and flexibility to build cash
reserves will not boost lending or speed recovery in
debt-strapped Europe, where firms and households have scant
appetite to borrow.
