Weekly Topic Update (Feb 11 to Feb 17)
According to confidential documents Equifax provided to the Senate Banking Committee, last year's major data breach may have exposed more personal information of customers than previously thought. Tax IDs, driver's license details and more may have also been accessed in a hack that affected 145.5 million customers. The disclosure follows the original breach announcement last fall, in which Equifax admitted the breach compromised sensitive data like names, date of birth, Social Security numbers and home addresses.
Source: CNN Money
FRS | Deposits | Lending | Commercial Lending | Mortgage Lending | Register Notice | 12/27/2017
FDIC | Deposits | Register Notice | 12/28/2017
VA | Lending | Mortgage Lending | Register Notice | 02/01/2018
VA | Lending | Register Notice | 01/19/2018
VA | Mortgage Lending | Register Notice | 02/02/2018
ED | Lending | Register Notice | 01/22/2018
CFPB | Lending | Proposed Rule | 02/05/2018
FINCEN | AML BSA CTF | Register Notice | 02/09/2018
Wall Street Journal (sub. req.) • Lending • Industry News
Goldman Sachs is said to be in discussions with Apple about offering financing to customers buying phones, watches and other gadgets from the technology company. Instead of charging such purchases to credit cards that often carry high interest rates, the customers could take out a loan from Goldman Sachs. The partnership would be a coup for the firm as it tries to grow its consumer bank. Partnerships with large retailers like Apple are key because they can deliver millions of customers that Goldman Sachs would struggle to find on its own.
MoneyLaundering.com (sub. req.) • AML BSA CTF • Industry News
Though the Treasury is lauding the mechanism by which financial institutions share intelligence on suspected money launderers and terrorist financiers with investigators as highly effective, some in the industry are skeptical.
Law360 (sub. req.) • AML BSA CTF • Industry News
The New York State Department of Financial Services issued guidance reminding licensed virtual currency companies that they need to have policies in place to detect and prevent fraud. The guidance also describes the minimum standards those anti-fraud controls should meet and details the obligations these companies have to report wrongdoing to DFS officials.