Free Newsletter
Banks face new demands to guard themselves from hackers
Hackers who relentlessly pursue banks may run into tougher defenses as the Federal Reserve and other U.S. regulators force the biggest lenders to plug any vulnerabilities. Banking agencies released a proposal Wednesday for rules that would require lenders — and the outside firms that serve them — to better safeguard themselves and their customers. […]
Banks, consumer groups lock horns over arbitration
Consumer rights advocates, joined by New York’s attorney general, and the banking industry are going toe to toe over a federal proposal to block banks from using mandatory arbitration to resolve disputes with their customers. The 90-day comment period on a Consumer Financial Protection Bureau proposal to restore customers’ right to file class-action lawsuits against […]
Report: Growing risk of cyber attacks on banks
ALBANY (AP) — A yearlong survey of New York bank security found that cyber thieves are using increasingly sophisticated methods to breach bank accounts. The report, issued Monday by Gov. Andrew Cuomo and the state’s Department of Financial Services, found that a majority of the 154 New York banks surveyed reported being the target of […]
State surveys banks on cybersecurity
ALBANY — New York financial regulators have surveyed more than 200 banks and other financial institutions about their cybersecurity and will soon expand their analysis to insurers with trillions of dollars of assets. Financial Services Superintendent Benjamin Lawsky, addressing a state Senate hearing Monday, said New York has “tempting targets” for computer crime as a […]
NY ID’s 10 worst firms holding back Sandy funds
ALBANY — State officials say they’ve identified 10 banks and mortgage service companies as the worst in paying out insurance claims to New York’s Superstorm Sandy victims. Gov. Andrew Cuomo says the firms are holding back more than 1,100 checks totaling nearly $41 million, and he’s urging them to “pick up the pace” so homeowners […]
Banks agree to pay $8.5B for foreclosure abuse
WASHINGTON, D.C. — Ten major banks agreed Monday to pay $8.5 billion to settle federal complaints that they wrongfully foreclosed on homeowners who should have been allowed to stay in their homes. The banks, which include JPMorgan Chase, Bank of America and Wells Fargo, will pay billions to homeowners to end a review process of […]
Regulators see banks’ credit portfolio improving
The condition of banks’ credit lines and obligations to issue letters of credit is improving, but it’s still worse than regulators would like to see, according to a study released today by federal financial regulators. The credit quality of large loan commitments owned by U.S. and foreign-based banks and other lenders improved in 2012 for […]
Banks encouraged to convert to state charter
Since taking control of the newly formed Department of Financial Services in October 2011, DFS Superintendent Benjamin Lawsky has encouraged New York banks to convert to a state charter instead of federal Office of the Comptroller of the Currency oversight. Earlier this month, Fairport Savings Bank became one of six banks in the state, and […]
Citibank, 3 others fail Fed stress test; 15 pass
WASHINGTON — Four major U.S. banks failed to show they have enough capital to survive another serious downturn, the Federal Reserve said Tuesday. The list included Citigroup, the nation’s third-largest bank. The Fed said 15 of the19 major banks tested passed. The Fed noted that all 19 banks are in a much stronger position than […]
US: Bank earnings hit five-year high in 2011
WASHINGTON — A surge in earnings by the biggest U.S. banks at the end of last year made 2011 the most profitable time for the industry in five years. More earnings and fewer troubled banks suggest the industry has healed since the 2008 financial crisis. The Federal Deposit Insurance Corp. said Tuesday that bank earnings […]
State AG sues banks in foreclosure effort
ALBANY — New York’s attorney general on Friday accused some of the nation’s largest banks of deceit and fraud in using an electronic mortgage registry that he said puts homeowners at a disadvantage in foreclosures. Democrat Eric Schneiderman sued Bank of America, J.P. Morgan Chase and Wells Fargo over their use of the Mortgage Electronic […]
Taxpayers still owed $132.9B from bailout: report
WASHINGTON — A government watchdog says U.S. taxpayers are still owed $132.9 billion that companies haven’t repaid from the financial bailout, and some of that will never be recovered. The bailout launched at the height of the financial crisis in September 2008 will continue to exist for years, says a report issued Thursday by Christy […]
Case Digests
- Fourth Department – Breach of contract: Hausrath Landscape Maintenance Inc. v. Caravan Facilities Management LLC
- Second Circuit – New York Child Victim’s Act: Kane v. Mount Pleasant CSD; Coe v. Eastport Union Free School
- NYS Advisory Committee on Judicial Ethics – Appointing law clerk: Opinion 22-149
- Fourth Department – Bill of particulars: Harris v. Rome Memorial Hospital, et al.
- NYS Advisory Committee on Judicial Ethics – Accusations against co-judge: Opinion 22-148
- Fourth Department – Medicaid: Washington Center for Rehabilitation and Nursing Home v. NYS Dept. of Health
- Fourth Department – Criminal possession of a firearm: People v. Wilson
- Fourth Department – Promoting prostitution: People v. Watts
- Second Circuit – Class certification: Arkansas Teachers Retirement System V. Goldman Sachs Group Inc.
- Fourth Department – Show-up identification: People v. Waggoner
- Fourth Department – Association: Victory Village Tenants Assoc. v. Evergreen Communities, et al.
- Second Circuit – In personam jurisdiction: Kaplan v. Bank Saderat PLC
Law News
- Greenlight Networks selects Buffalo-based attorney as general counsel
- Barclay Damon hires attorney Matt Smith
- Rochester man sues Geneseo police, alleging false arrest, assault
- The Daily Record’s Power List for Intellectual Property 2023
- NY ethics panel says judges can join NRA
- Harter Secrest & Emery LLP names partner-in-charge of Buffalo office
- Banned professor sues SUNY Fredonia leaders
- Hochul signs law requiring unemployment insurance information from employers
Polls
Loading ...