Post Tagged with: "fdic"

Details on the FDIC Security Breach by Chinese Spies [VIDEO]

Details on the FDIC Security Breach by Chinese Spies [VIDEO]

by July 14, 2016 at 10:35 am 1 comment

How Chinese spies hacked into computers at the Federal Deposit Insurance Corporation from 2010 until 2013 — and American government officials tried to cover it up.

Fighting Fraud with… Fake Fraud?

Fighting Fraud with… Fake Fraud?

by April 20, 2016 at 10:32 am 1 comment

The most vulnerable point in a bank’s network today might just be Bill over in marketing — or any employee. Humans are by nature vulnerable to social engineering and may discuss where they work on social media — LinkedIn is a treasure trove for would-be bank hackers. A common attack against aRead More

hit or miss, call or fold.

Bank Investment: To De Novo Or Not?

by March 21, 2016 at 10:18 am 1 comment

It’s been a year since the Federal Deposit Insurance Corporation (FDIC) conditionally approved a de novo charter for Primary Bank. Based in Bedford, New Hampshire, the new Primary Bank raised an astounding $29 million after obtaining approval for its charter on March 17th of 2015. But Primary Bank was not theRead More

Blame Regulators for Loan to San Bernardino Shooter, Not Prosper or Citi

Blame Regulators for Loan to San Bernardino Shooter, Not Prosper or Citi

by December 14, 2015 at 10:50 am 0 comments

The tumult surrounding the $28,500 loan through Prosper to Syed Rizwan Farook, one of the shooters that killed 14 people, can only be called misguided. There’s also a streak of disingenuousness coming out of bank regulators that deserves to be called out. What is clear is that Farook, the husband inRead More

Square 1 Bank and What’s Messed Up About Banking

Square 1 Bank and What’s Messed Up About Banking

by June 23, 2015 at 10:06 am 0 comments

If you want to know what’s screwed up about banking, check out Square 1 Bank. Here at Bank Innovation, we decided to do a little experiment. We’ve long covered digital retail banking startups, like Simple and GoBank. But we wondered what options were available for small businesses, like, well, Bank Innovation? SoRead More

Everything You Need to Know About Prepaid

Everything You Need to Know About Prepaid

by August 14, 2014 at 5:38 pm 0 comments

Prepaid cards offer a significant opportunity to broaden product lines and modernize customer‐facing applications without massive changes to core processing systems. How should financial institutions grapple with, take advantage of, or succumb to prepaid in the coming decades?

Will The Bancorp Consent Order Hurt the Prepaid Industry?

Will The Bancorp Consent Order Hurt the Prepaid Industry?

by June 18, 2014 at 11:11 am 3 comments

Prepaid is a great business for card issuers — but it’s one regulators are looking at with growing interest. For bankers, those are scary words.

CEO Doubles Down as The Bancorp Weathers FDIC Order

CEO Doubles Down as The Bancorp Weathers FDIC Order

by June 16, 2014 at 11:03 am 1 comment

Just as The Bancorp‘s stock was plummeting 30% after the company was hit with a Federal Deposit Insurance Corp. consent order over too-lax anti-money laundering practices in its prepaid card business, the company’s chief executive officer did something unexpected: she bought more company stock. Betsy Z. Cohen, The Bancorp’s CEO, purchasedRead More

Underbanked Customers Use Mobile Banking — Maybe Too Much

Underbanked Customers Use Mobile Banking — Maybe Too Much

by April 24, 2014 at 5:33 pm 0 comments

Mobile banking is not just for the wealthy — far from it. A report from the Federal Deposit Insurance Corporation released today says just the opposite: the underbanked are greater users of mobile banking services than those with higher incomes. But the underbanked often rely too much on their mobileRead More

Should Banks White-Label Bitcoins?

Should Banks White-Label Bitcoins?

by February 28, 2014 at 11:32 am 1 comment

Mt.Gox declared bankruptcy today, leading to widespread fears about the security of other bitcoin exchanges. Could banks step into the breach? Could banks even release their own brands of virtual currencies? In the early days of paper money, banks issued their own notes. (See left.) But as time went on,Read More