Five Banks, Two Credit Unions Fail on July 30
Updated: 2010-07-31 11:57:06
Actions Raise 2010 Tally to 120 Failed InstitutionsSeven banks and credit unions failed on Friday, July 30.
FDIC: LibertyBank, Eugene, Ore., Closes
Updated: 2010-07-31 11:57:05LibertyBank, Eugene, Ore., was closed today by the Oregon Division of Finance and Corporate Securities, which appointed the Federal Deposit Insurance Corp. as receiver.FDIC: The Cowlitz Bank, Longview, Wash., Closes
Updated: 2010-07-31 11:57:04The Cowlitz Bank, Longview, Wash., was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corp. as receiver.NCUA: Family First Federal Credit Union, Orem, Utah, Placed Into Conservatorship
Updated: 2010-07-31 11:57:03The National Credit Union Administration today assumed control of operations at Family First Federal Credit Union of Orem, Utah.FDIC: FDIC Closes on Pilot Securitization of Performing Single-Family Mortgages from 16 Failed Banks
Updated: 2010-07-31 11:57:02The Federal Deposit Insurance Corp. today closed on a sale of securities as part of a securitization backed by approximately $471.3 million of performing single-family mortgages from 16 failed banks.Political Cartoons. Elizabeth Warren edition.
Updated: 2010-07-31 06:22:00My husband commented the other day that he didn't think Elizabeth Warren was a "political figure." His argument was not that she is not an elected offical or that she doesn't have partisan allegiances. No, instead, he was focused on...Banks Already Working Around FinReg Rules
Updated: 2010-07-30 22:15:16Remember that controversial rule in the financial regulatory reform law, designed to prevent banks from making risky bets on their own behalf? It did not take long for banks to figure out how to get around it. At The Atlantic, Daniel Indiviglio explains that banks including Goldman Sachs are just reclassifying “proprietary traders” — ones [...]Ranum: Be Serious about Cybersecurity
Updated: 2010-07-30 21:26:44Part II of an Interview with Marcus RanumInsights on the biggest information security challenges now testing banking institutions, healthcare organizations and government agencies.BankinfoSecurity.com Week in Review: July 31, 2010
Updated: 2010-07-30 21:26:25Phishing at the fax and a move to EMV in the U.S. These and other top news and views from the week.Editor's Choice: Account Takeover, Skimming Top News
Updated: 2010-07-30 21:26:24Account take-over with a wrinkle -- hackers get in after disabling an e-mail verification system. This and other top stories for the month of July.Compliance: 'I Might Get Breached, But I Will Get Fined'
Updated: 2010-07-30 21:26:23Interview with Tim Harvey, CEO of Perimeter E-Security, on Balancing Security and ComplianceSmall Business and Corporate Mobile Banking Solutions Gaining Popularity
Updated: 2010-07-30 18:43:31Consumer mobile banking has already created quite a stir. Hefty marketing campaigns aimed at the consumer market are being used to promote mobile banking services. While the potential of the consumer mobile banking market is certainly attractive, little emphasis is being placed on the corporate or small business markets. This is quite surprising given the penetration of mobile devices in [...]Crisis Leadership: How to Survive
Updated: 2010-07-30 13:08:42Recovering from an Information Security DisasterThe Heartland case is a prime example of how information security incidents can impact an organization's reputation - and define a leader.All credit to Jane
Updated: 2010-07-30 09:40:34Barclays sponsor Boris
Updated: 2010-07-30 07:45:00Things worth reading: 30th July 2010
Updated: 2010-07-30 06:29:56Why Is the Government Paying High Interchange Fees?
Updated: 2010-07-29 18:56:23The American Banker (subscription required) reports that Senator Dick Durbin has "added an amendment to an appropriations bill that would require credit card payments accepted at government agencies to be given the lowest available market interchange rates, which typically can...Metro Bank launches today
Updated: 2010-07-29 07:16:00Things worth reading: 29th July 2010
Updated: 2010-07-29 06:09:32Yes, this is the 21st Century
Updated: 2010-07-28 12:58:50Banks “have to unhinge themselves from the physicality of banking”
Updated: 2010-07-28 10:37:30Things worth reading: 28th July 2010
Updated: 2010-07-28 08:09:17Broke USA Tells Payday Loan Stories from the Ground Up
Updated: 2010-07-27 18:49:54Those interested in the dark crevices of consumer lending might want to go to the library or book store and pick up Gary Rivlin’s new book Broke, USA, or at least read this article about it. I just had a...Credit Slips & the WSJ's Washington Wire
Updated: 2010-07-27 14:41:20Mary Pilon of the Wall Street Journal's Washington Wire has a post up about Elizabeth Warren's blogging here at Credit Slips. Long-time readers will undoubtedly remember many of these posts highlighted there. I'll highlight two others. First, there is a..."I've just dropped a Santander"
Updated: 2010-07-27 12:39:26Stressed? Don't worry. The French and Germans will sort it out ...
Updated: 2010-07-27 08:51:28Things worth reading: 27th July 2010
Updated: 2010-07-27 07:01:14Let’s Stop Praying to the Credit Score
Updated: 2010-07-26 18:37:37Mortgage brokers, and those hoping to buy homes, are disgusted by the preeminence of the credit score in “scoring” a home loan today. According to an article, in Friday’s New York Times, this overemphasis on credit scoring in the home...Stress tests useful or misleading?
Updated: 2010-07-26 09:41:46: The Financial Services Club's Blog Your email : address Powered by FeedBlitz Subscribe to this blog's feed About Recent Posts Stressed Don't worry . The French and Germans will sort it out Things worth reading : 27th July 2010 Stress tests useful or misleading Things worth reading : 26th July 2010 The Finanser's Week : 19th July 25th July 2010 You're all individuals , you're all different After the PSD and SEPA , has anything changed Things worth reading : 23rd July 2010 Why banks have no competition Things worth reading : 22nd July 2010 Recent Comments Chris Skinner on Why banks have no competition Hubertus on Why banks have no competition Hubertus on Why banks have no competition MODERN1ST on The first Metro Bank marketing brochure UPDATE Ron on Why banks have no competition GeoffThings worth reading: 26th July 2010
Updated: 2010-07-26 08:12:41Convergence across industries
Updated: 2010-07-26 06:55:29Attending an SAP analyst conference, Dr. Kerstin Geiger raised the issue of convergence, specifically that the boundaries between industries are blurring. We at Celent see this quite strongly in banking. We lots of entries into the banking market from various industries, some of which are quite closely aligned to banking: Insurance [...]The Finanser's Week: 19th July - 25th July 2010
Updated: 2010-07-25 08:14:49Where's the Beef? Elizabeth Warren Edition
Updated: 2010-07-24 02:49:54Here's what's striking about all the criticism of Elizabeth Warren: there's no smoking gun. No one has been able to point to anything radical in Elizabeth Warren's extensive body of writing. Where's the beef? As far as I can tell,...You're all individuals, you're all different
Updated: 2010-07-23 10:39:32After the PSD and SEPA, has anything changed?
Updated: 2010-07-23 09:06:30Things worth reading: 23rd July 2010
Updated: 2010-07-23 06:18:27Rating Agencies on Strike
Updated: 2010-07-23 03:33:08I thought that this story about the rating agencies' response to the financial reform bill received far too little attention. The rating agencies are refusing to rate until and unless they are relieved of their newly acquired liability for their...The Code and the new Financial Reform Act
Updated: 2010-07-22 18:15:05Unless you have been living under that rock, you probably know that the President signed the new Financial Reform Act yesterday. Good summaries of the various stages of implementation, and the overall Act are already available online. But what is...Why banks have no competition
Updated: 2010-07-22 07:00:00Things worth reading: 22nd July 2010
Updated: 2010-07-22 06:08:26Secrets about Elizabeth Warren Revealed
Updated: 2010-07-22 05:00:57I have known Elizabeth Warren for ten years, and I know her pretty well. I've been to her home; she's been to mine. She sent me baby gifts; I got her a 60th birthday present. We exchange Christmas cards, ....Credit Crunch
Updated: 2010-07-22 02:35:05For virtually every hobby, interest or passion, there are bumper stickers, posters, Christmas tree ornaments, and desk knick-knacks. I like golf; I like to knit; I like basset hounds, and I have a haphazard and modest-sized collection of stuff that...The Growing Importance of Self-Service
Updated: 2010-07-21 17:08:28Reg. E changes, the Credit Card act of 2009, the Restoring American Financial Stability Act – all have eroded banks ability to generate revenue. While the full extent of the damage this legislation has caused the industry remains to be seen, one clear implication is that banks must shed costs. For example, in a July [...]What's a Poor (Corporate) Debtor to Do?
Updated: 2010-07-21 05:36:28So Felix Salmon has joined SIGTARP in faulting Treasury for not considering the collateral effects of rejecting dealer contracts in the GM and Chrysler chapter 11 cases. Everyone seems to be missing the basic point that corporate debtors never consider...Rates Braking The Mobile Bank In Canada
Updated: 2010-07-19 17:43:47Earlier this month, I was fortunate enough to have the opportunity to speak with almost every major bank in English- and French-speaking Canada. As it is well-known, one feature that distinguishes the Canadian banking market from the U.S. is the relatively low number of (mostly) nationwide banks. The “big 5″ banks based in Toronto, and the Quebec-based banks represent the [...]Responses to Reg E
Updated: 2010-07-15 19:39:31In the Celent report Reg, Reg, Go Away: Sorry Banks, They’re Here to Stay, I laid out a stark landscape for checking accounts due to the implications of Reg E. Revenue will drop and profits will drop likely moving into loss. What should banks do? A few of the options were: Raise [...]Thank You to Henry Sommer
Updated: 2010-07-14 16:49:38On behalf of Credit Slips, I wanted to thank Henry Sommer for joining us as a guest blogger. Henry is one of the leaders of the consumer bankruptcy bar, and it was our privilege to have him share his views...Undercount of Student Loan Default Rates
Updated: 2010-07-14 05:03:05From Kelly Field in today's Chronicle of Higher Education: According to unpublished data obtained by The Chronicle, one in every five government loans that entered repayment in 1995 has gone into default. The default rate is higher for loans made...Automated Due Process
Updated: 2010-07-14 00:26:42Many Credit Slips readers likely saw the article on automated debt collection by Andrew Martin of the New York Times. If you did not yet find it, you almost certainly will want to read because . . . well, you...Reporting from the field
Updated: 2010-07-13 16:42:07Last week I attended ”The Future of Cards and Payments” conference in London. Over two days, various speakers shared their perspectives on how they see the cards and payments market developing, particularly in the UK. Here is a selection of facts, which I picked up during the presentations and found especially interesting: The crisis hasn’t changed the UK consumers’ behaviour that much. According to a study by Visa [...]Auto Title Loans, Not So Bad After All--Who Knew?
Updated: 2010-07-12 16:42:50In a recent article, Money to Go: Auto Title Lending has an Important Role in the Financial Services Marketplace, Professor Todd Zywicki concludes that outlawing title loans would be bad for consumers, and that title loans are cheaper and better...Chase Mobile Remote Deposit Capture
Updated: 2010-07-08 00:14:25
Mobile banking is now in the mainstream. I am a customer of JPMorgan Chase and like the iPhone app. It gives me the access to what I need in a mobile app:
Balance information.
Transaction history.
Branch and ATM locations
I can also use it to pay my credit card bill. All good.
The only reason I go to a [...]Too Big to Fail = Too Powerful to Pay
Updated: 2010-07-07 05:52:20Scholars and industry analysts are currently debating whether the Dodd-Frank Wall Street Reform and Consumer Protection Act – passed on June 30 by the House and pending before the Senate – represents meaningful reform. On one issue, however, the outcome...A Merchant’s Argument For Mobile Contactless Technology
Updated: 2010-07-05 17:38:44A couple of weeks ago, while in Japan, I took a break from studying banks and payment solutions and met with an unlikely research subject – McDonald’s. I met with McDonald’s because during my latest mobile payments research, the fast food chain was frequently mentioned by payments industry players as a merchant to watch. Being an analyst, I decided to check out McDonald’s for myself. The focus [...]