Remove 2010 Remove FDIC Remove Security
article thumbnail

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

Bank Innovation

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.

FDIC 150
article thumbnail

FinCEN Files Show Banks’ ‘Whack-a-Mole’ Battle Against KYC/AML

PYMNTS

21), Commerzbank recounted in a statement that the transactions detailed in the FinCEN files are “based entirely on reports made by Commerzbank to the responsible authorities, mainly in the period 2010 to 2016,” and that the bank had reached a settlement in 2015 to pay regulators about $1.5 In one example, reported on Monday (Sept.

Fraud 347
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

First New Community Bank In Decades Headed To US Market

PYMNTS

is set to see its first new community bank in decades, as the Federal Deposit Insurance Corporation (FDIC) lent its approval for MOXY Bank to launch in Washington, D.C. The FDIC’s announcement said a private placement offering will raise at least $25 million for the bank ahead of its launch. . Bloomberg listed Casey G.

article thumbnail

How Community Financial Institutions Can Regain the Small Business Lending Market

Abrigo

According to FDIC data, in 2016, commercial banks reported 23 million total small business loans, an increase of 4 million from 2010, with an aggregate loan balance unchanged of just over $627 billion. Changing Lending Environment. Small businesses are turning to small lenders.

Lending 195
article thumbnail

CFPB Orders Subprime Credit Card Company to Pay Estimated $2.7 Million in Refunds for Alleged Illegal Credit Card Fees

CFPB Monitor

The CFPB also found that Continental had engaged in certain deceptive acts and practices in violation of the Consumer Financial Protection Act of 2010. million in consumer funds deposited during 2013 were not FDIC insured. In reality, the consent order asserts, up to $1.8 In addition to requiring the estimated $2.7

Cards 60
article thumbnail

Why The ICBA Is Fighting Industrial Loan Charters For FinTechs

PYMNTS

An industrial bank is an FDIC-insured depository institution that is generally subject to the same banking laws and regulations as any other bank charter type, with the important exception of the Bank Holding Act of 1956. Perhaps Cole’s biggest concern is the precedent it would set if Square is successful at securing such a charter.

Industry 108
article thumbnail

LendingClub Settles With SEC, DOJ

PYMNTS

Both the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) have officially ended a two-year investigation of LendingClub, its subsidiary LC Advisors (LCA), its founder and former CEO Renaud Laplanche and its former CFO Carrie Dolan. In 2010, LendingClub added to its war chest with a $24.5 On Friday (Sept.

Lending 135