That's All Folks!
3 years ago
Brian Krebs, a former Washington Post reporter who now publishes a blog focused on online security issues (Krebson Security), posted in his blog that VISA and MasterCard are alerting credit card issuers about a recent major breach at a U.S.-based processor. Sources are calling the breach “massive,” and say it may involve more than 10 million compromised card numbers.Reportedly, the breached credit card processor was compromised between 1/21 and 2/25, and full Track 1 and Track 2 data was taken – meaning the information could be used to counterfeit new cards. Two major affected financial institutions say their affected transactions have New York City area parking garages in common. Earlier this week, credit union processor PSCU alerted 482 credit unions of 56,455 compromised cards, with fraudulent activity on 876 accounts of those.
Read Krebs' blog here.
Tuesday, March 27
Durbin's effort comes at a time of concerns over college students taking on unsustainable levels of debt. Outstanding student loan debt now exceeds $1 trillion, according to the Consumer Financial Protection Bureau. In the eyes of private student lenders, that's a sign that the cost of college is rising too quickly, aided by the availability of government-backed loans.
Both federal and private student loans have been barred from discharge in bankruptcy since 2005 as a result of a change in the law that put private lenders on the same footing as the federal government.
Read the Washington Post article in entirety.
Friday, March 9
Watch this video report of a new white paper from CUNA Mutual on the benefits of providing loan payment protection plans for members.
Another One Bites the Dust: Wells Fargo Ends Free Checking
on 10:29 AM
Labels: Consumer, Misc, Operations
Add banking giant Wells Fargo to the list of those putting an end to free checking accounts. So reported the Huffington Post today. the bank is rolling out a new $7 monthly fee for its basic checking accounts. Maintain a $1,500 balance or deposit $500 per month to escape the fee. Bank America is testing a similar fee structure. But, the winner in the bank checking account fee hike, according to Huffington Post are credit unions, as those checking account holders fled from their big banks to more favorably priced credit unions.
Friday, March 2
Forty-four credit unions across the country have applied for $59 million in 2012 funding from Treasury's Community Development Financial Institutions (CDFI) Fund. Twenty-four of them applied for technical assistance grants and twenty for financial assistance grants. In total, $400 million in requests was received for the available $123 million. Applications were from over 400 credit unions, banks, loan funds, venture capital funds, thrifts, and holding companies.
The CDFI Fund helps local financial institutions offer small business, consumer, and home loans in communities and populations that lack access to affordable credit. Credit unions that are certified to take part in the CDFI program may apply for as much as $2 million in funding to help maintain their credit union's presence in the community. Last year, 25 credit unions were awarded funds.
Award recipients and amounts will be announced this coming summer. In the meantime, read the CDFI Fund’s press release about their 2012 awards.
The CDFI Fund helps local financial institutions offer small business, consumer, and home loans in communities and populations that lack access to affordable credit. Credit unions that are certified to take part in the CDFI program may apply for as much as $2 million in funding to help maintain their credit union's presence in the community. Last year, 25 credit unions were awarded funds.
Award recipients and amounts will be announced this coming summer. In the meantime, read the CDFI Fund’s press release about their 2012 awards.
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