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.
Data 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.
Why are complaints about credit bureaus soaring?
Some say Equifax, Experian and TransUnion are too slow to investigate grievances, prompting more complaints to the Consumer Financial Protection Bureau. But the big three say other forces are at work.
CFPB sets stage for long fight on data-sharing rule
As it attempts to craft policy on access to consumers’ financial account information, the agency is wading into a battle between those who want data to flow more freely and those who prioritize security.
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.
Ginnie Mae lays out its plan for a digital mortgage pilot
Ginnie Mae is looking for input on its proposed guidelines for electronic promissory notes and other mortgage documents that it plans to test through a digital collateral pilot.
Apple Card: 10 key takeaways
Apple's new credit card isn't just another virtual card in its virtual wallet. It borrows a lot of features from the most successful brands in payments and technology.
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.
GSEs, data security top Senate Banking’s agenda
Fixing the housing finance system is "the last piece of unaddressed business from the financial crisis," according to a summary of to-do items released by the Banking Committee's chairman.
24 million mortgage documents exposed in data security lapse
A security lapse left millions of mortgage records exposed online without proper data protections, according to security researchers.
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.
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