Mortgage servicer sued by borrowers over data breach
Pingora Loan Servicing still hasn’t disclosed the full scope of last fall’s hack impacting at least 169,000 customers across four states.
Cyber Security
U.S. banks haven’t had a ‘digital Pearl Harbor’ yet. Is one coming?
When the U.S. announced sanctions against Russia two weeks ago, many feared U.S. banks would bear the brunt of a payback cyberattack. Experts disagree on why that hasn't happened and whether the danger has passed.
Congress passes 72-hour cyberattack reporting requirement
The bill, part of the omnibus spending package, would force banks and other critical infrastructure providers to tell the government right away when they’ve been breached.
Libor, pot top bankers’ fall wish list in Congress
Infrastructure will command most of lawmakers’ attention, but expect banks to keep pushing for bills that would ease the transition away from a key benchmark rate and help them serve legal cannabis businesses.
Fed’s Powell open to more than one Libor alternative
Federal Reserve Chairman Jerome Powell told senators that the central bank is willing to explore a credit-sensitive interest benchmark in addition to the secured overnight financing rate, which some banks say could cause problems during economic stress.
OCC flags risks from banks’ tech overhaul, Libor transition
The agency’s semiannual report warned institutions to be mindful of operational risks from the innovation in core banking systems, and detailed supervisory steps to monitor the adoption of a new reference rate.
Regulators issue warning on growth of nonbank mortgage sector
A report from the Financial Stability Oversight Council cited a bigger share of originations and servicing by nonbanks as a potential vulnerability in the financial system.
Senior House Republican proposes credit reporting changes
A bill by Rep. Patrick McHenry, R-N.C., would give the CFPB authority to oversee cybersecurity efforts at the credit bureaus.
FCC robocall ruling a setback for banks, debt collectors
The agency's vote Thursday threatens to block many of the industry's communications with customers, though banks did win one concession.
CFPB, FTC need more teeth in dealing with credit bureaus, GAO says
The watchdog’s report — requested by Sen. Elizabeth Warren, D-Mass., and Rep. Elijah Cummings, D-Md. — called for civil money penalty authority and better supervision to guard consumer data.
Takeaways from Trump budget: CFPB reform, FHA fees and student loans
The 2020 budget would add the Consumer Financial Protection Bureau and FSOC to congressional appropriations, charge lenders for FHA upgrades and require universities to have skin in the game on student loans.
FDIC to launch innovation office to help banks compete with fintechs
“We have actually discouraged banks from innovating,” FDIC Chairman Jelena McWilliams said in announcing a move that other agencies have made.
6 takeaways from Treasury fintech report: National charter, breaches and more
The Trump administration is making more than 80 recommendations to encourage financial innovation within a regulated space, including endorsing the creation of a federal fintech charter.
Equifax data breach leads to new credit reporting rules in New York
Credit reporting firms with significant operations in New York will face new cybersecurity and registration requirements to stave off concerns related to a breach of Equifax's systems last year.
Mulvaney thwarts Warren inquiry, citing CFPB structure
The agency’s acting director uses a reply letter to the senator not to answer her questions but to underscore that Congress lacks the ability to compel answers to such questions.
Equifax misled public on data breach, Warren claims
Sen. Elizabeth Warren released a scathing report Wednesday on Equifax's handling of the data breach last year, part of an effort to gain backing for legislation to rein in the credit bureaus.
Warren, Warner propose ‘massive’ fines for breaches at credit bureaus
The two senators are set to introduce a bill that would force such firms to pay $100 per customer whose personal information was compromised.
Can blockchain be used to build a better credit bureau?
Calls for less reliance on credit bureaus and Social Security numbers for verification are leading many to envision a future of identity on a distributed ledger.
Should CFPB have more power over credit reporting agencies?
CFPB Director Richard Cordray is using the Equifax breach to suggest the CFPB be given power to examine credit reporting agencies for potential cybersecurity lapses.
As ex-Equifax CEO testifies, all credit bureaus are on trial
Richard Smith came to Capitol Hill this week to speak about the massive breach at Equifax, but it was clear Tuesday that he will be defending the entire credit reporting industry.
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