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Bank of America is paying up for the mortgage mess, but who will get the money?

Posted by TIME Money on August 29, 2014

The banks has agreed to provide billions of dollars in "consumer relief." Here's what that actually means. by. Jacob Davidson Last week, Bank of America agreed to pay almost $17 billion dollars in a settlement with the Justice Department. The settlement is about what Bank of America (and Merrill Lynch and Countrywide, which BoA later acquired) disclosed to investors about mortgage-backed securities, not about how it treated homeowners. Nonetheless, a large portion of the settlement—$7 billion—will be used for consumer relief.So who [...]

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Online banking or shopping: What’s more secure?

Posted by Business Insider on August 29, 2014

by. Matthew J. Belvedere With troubling headlines this week about five banks being hacked, consumers are again faced with questions about the vulnerability of their online transactions. The scope of the bank attacks is still rather vague, with only JPMorgan acknowledging a breach and an FBI investigation, though not yet detailing what information might have been compromised. Rep. Mike Rogers, R-Mich., chairman of the House Intelligence Committee, called the breaches "very sophisticated" and were likely state-sponsored. There have been reports that Russian hackers were to [...]

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Too big to fail banks have paid $251 billion in fines for sins committed since 2008

Posted by Forbes on August 29, 2014

by. Robert Lenzner I was shocked to learn today that a group of the largest banks in the world, the very ones Uncle Sam spent big bucks on to save in 2008, have since then anted back to Uncle Sam a cool quarter of trillion  so far in the way of fines for engaging in some of the very behavior that required they be bailed out. Thanks to the  estimable London School of Economics’ Conduct Costs Foundation for doing this incredibly valuable spade-work for us, [...]

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Disney’s digital playbook

Posted by ABA Banking Journal on August 29, 2014

MagicBands everywhere as D&H clients meet in Disney World.by. Bill Streeter It [...]

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The challenges and opportunities for digitizing payments worldwide

Posted by Gallup on August 29, 2014

by. Leora KlapperIn updating the Findex database on financial inclusion over the 2014 calendar year, I had the pleasure of traveling with Gallup to pilot our expanded questionnaire. We visited people’s homes and asked them to describe to us how they save, borrow, make payments, and manage their risk.A man who lives in a small home in a Kolkata slum with his wife, children, and parents works as a driver, and is paid directly to a bank account that was opened for [...]

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How protecting customers from fraud helps the bottom line

Posted August 29, 2014

As public concern about identity theft and fraud continues to escalate, it has become more critical than ever for financial [...]

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When vendor risk management goes too far

Posted August 28, 2014

by. Paul SchausIf third-party vendor risk management is becoming an overwhelming chore for your bank, perhaps you're interpreting the [...]

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91% of mobile banking customers want fraud alerts

Posted August 28, 2014

Monitise launched Alerting+ in March of this year.  The objective was to allow financial institutions a superior product alternative to [...]

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It’s time for community banks to join the prepaid card game

Posted August 28, 2014

Although prepaid debit cards are one the hottest financial product around today – they grew an eye-popping 71% between 2009 and [...]

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