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Oct 19, 2016

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. […]

Aug 24, 2016

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 […]

May 7, 2014

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 […]

Nov 20, 2013

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 […]

Mar 21, 2013

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 […]

Jan 7, 2013

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 […]

Aug 28, 2012

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 […]

Jul 16, 2012

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 […]

Mar 13, 2012

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 […]

Feb 28, 2012

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 […]

Feb 3, 2012

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 […]

Jan 26, 2012

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 […]

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