Compliance

Mr. Cooper will be filing a motion to dismiss a data breach-related class action by Sept.13, documents show.

Texas Dow Employees Credit Union publicly acknowledged on Monday that it suffered a data breach in May of last year.

Shutting down Telegram could disrupt fraudsters targeting banks, according to experts. With charges against CEO Pavel Durov, the idea appears more than hypothetical.

Social Security numbers are a dime a dozen on the black market, so cybercriminals are going after bigger and more sophisticated databases.

Banks are concerned about the lack of clarity regarding legal liability in the Consumer Financial Protection Bureau's open banking rule, and fear that they will end up on the hook for data breaches or unauthorized transactions caused by a fintech or data provider.

Vice Chair for Supervision Michael Barr says generative AI could present financial-stability risks if certain models are used ubiquitously.

Even as quantum computers still can't break encryption, the banking industry has been preparing for more than a year to start switching to post-quantum cryptography.

It has never been more important for banks, particularly those over $10 billion of assets, to establish ironclad data quality, governance and control standards. The failure to do so will have cascading negative consequences.

While financial institutions continue to recover from the widespread tech disruption, executives are asking what effective fix-it plans might look like during future events.

Loandepot and Mr. Cooper said they've spent tens of millions of dollars this year following recent, major hacks.