Archive for In the news
50 and 50
The Fed just dropped the discount window another 50 bps and the fed funds rate 50 bps. The 50 bps drop in the funds rate was quite a surprise and the Dow jumped nearly 200 points immediately. Credit unions now need to carefully observe their balance sheets and manage appropriately if they are asset or [...]
Read moreMmm, Cake… Cake Financial that is
Cake Financial has launched their public "alpha" today at TechCrunch40. Bringing a new spin to social networks, Cake enables investors to track their performance next to their peers, their friends, and other investors. By automatically plugging in to most of the major brokerages, Cake can automatically retrieve your holdings for up to ten years and track [...]
Read moreSwitching banks…
Addressing pain points for consumers is always a great way to launch a successful business and the new BankSwitcher is doing just that. BankSwitcher analyzes consumers’ checking accounts for direct deposits, automatic payments and the like to determine what exactly needs to be switched by using Wesabe’s newish free API. After determining all of the [...]
Read moreFIS Data Leaked
FIS, or Fidelity Information Services, had an employee steal confidential consumer information and sell it. FIS has their official press release here. What would happen if a CU employee decided that their member data was worth something and sold it? How would or should a CU react in this instance? FIS’ press release reads like [...]
Read moreWalMart in the news about offering financial services
The Financial Times published an article today, “Wal-mart to open 1,000 Money Centers“, providing some details into the major retail chains entry into the financial services market. Although WalMart dropped their ILC plans in March 2007, they’ve decided to utilize pre-paid money cards to get into their customers wallets. WalMart will bring a new level [...]
Read moreAnother CU privacy mis-step
In the wake of the Priority One mistake (here and here) it looks like Jax Federal Credit Union had a little mistake as well. It seems that they had a little problem with their printing vendor and the transmission of statements on their site wasn’t encrypted. Google managed to index all of the sensitive info [...]
Read moreDon't print account numbers and SSN's on envelopes
Unfortunately for Priority One CU, they managed to print the account number and the social security number on the election ballot envelope of Steve Bass, a blogger for PC World, as well as the rest of their membership. Here’s Steve’s article (on PC World). Priority One has an opportunity here.The phrase making lemonade out of [...]
Read moreHouse lawmakers trying to ban Bank of Wal-Mart
The US House Financial Services Committee introduced a bill today that will ban commercial companies from owning a bank. Specifically, it bans them from owning an industrial loan company. The bill was co-sponsored by both the top Democrat and Republican in the committee. It’ll be interesting to see how this one pans out. Wal-Mart shoppers [...]
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