May Newsletter 2011


IN THE NEWS

Editorial

Sony's Play Station Breach will affect/effect as many as 75 million of consumers and how many lenders affected is to be determined! I am not a gamer (I am not even a player/playa, as my kids like to remind me). I purchased a popular video game about 15 years ago, and after staying up all night trying to get to the next level and having to report to work the next day in less than tip top shape, I sent the game back to the manufacturer. Maybe you remember "Doom"? The game was highly addictive-- or least to me! Another thing that is addictively attractive is your money and your customers' money to all the spoofers, phishers, hackers, scammers, etc... Does crime pay? Well, to internet hackers involved in cybercrimes I would say yes!

My point- Are any of us really safe when it comes to the lengths hackers will go to in order to break into our internet bank vaults both personal and corporate and steal our assets? The more I read, discuss and learn about internet security, the more I appreciate what the IT security officer's job/role is in shutting down these type of breaches in our organization and industry and realize it is not a job I would want today with the viral rate of change!

- Greg

NEWS

Former President of Alabama Central Credit Union Charged With Bank Fraud
LoanSafe- Moe Bedard
April 26, 2011 in FBI (Source: FBI) BIRMINGHAM-Federal prosecutors today charged a former credit union president with bank fraud in connection with fictitious companies whose bills were paid through the Birmingham-based credit union... Read More

It appears bankers are not the only ones committing fraud.

FTC Returns $1.5 Million to Consumers from Mortgage Lender Charged
Apr 25, 2011
Federal Trade Commission, Plaintiff, v. Golden Empire an administrator working for the Federal Trade Commission mailed 3,162 refund checks to borrowers allegedly harmed by Golden Empire Mortgage, Inc. and Howard D. Kootstra. The refund checks stem from a lawsuit the FTC filed against Golden Empire and Kootstra, alleging that they illegally charged Hispanic consumers higher prices for mortgage loans than non-Hispanic white consumers... Read More

Serial hacker admits breaching Federal Reserve computers - Faces 10 years in slammer
April 14, 2011 - Dan Goodin
A Malaysian national has admitted hacking a computer network operated by the US Federal Reserve Bank and possessing stolen payment card data. Lin Mun Poo, 32, entered a guilty plea on Wednesday in US District Court in Brooklyn. In November, prosecutors brought a four-count indictment against him that charged him with fraud, aggravated identity theft, unlawful transmission of computer code, and unauthorized access involving government information... Read More

Pa. woman sues over Target debt collection?
Delaware County Daily Times - Joe Mandak
A western Pennsylvania woman filed a federal lawsuit Wednesday against Target Corp. and its law firm over the discount department store chain's debt collection practices, saying false affidavits were used to go after customers who allegedly owed money to a subsidiary bank that issues the store's credit cards... Read More

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FED NEWS & ENFORCEMENT ACTION

Trustmark National Bank, Jackson, Mississippi, Assumes All of the Deposits of Heritage Banking Group, Carthage, Mississippi
April 11, 2011 - Greg Hernandez
Heritage Banking Group, Carthage, Mississippi, was closed today by the Mississippi Department of Banking and Consumer Finance, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Trustmark National Bank, Jackson, Mississippi, to assume all of the deposits of Heritage Banking Group... Read More

Central Bank, Stillwater, Minnesota, Assumes All of the Deposits of Rosemount National Bank, Rosemount, Minnesota
April 15, 2011 - Greg Hernandez
Rosemount National Bank, Rosemount, Minnesota, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Central Bank, Stillwater, Minnesota, to assume all of the deposits of Rosemount National Bank... Read More

Superior Bank, N.A., Birmingham, Alabama, Assumes All of the Deposits of Superior Bank, Birmingham, Alabama
April 15, 2011- Greg Hernandez
Superior Bank, Birmingham, Alabama, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Superior Bank, N.A., Birmingham, Alabama, a newly-chartered bank subsidiary of Community Bancorp LLC, Houston, Texas, to assume all of the deposits of Superior Bank... Read More

Alostar Bank of Commerce, Birmingham, Alabama, Assumes All of the Deposits of Nexity Bank, Birmingham, Alabama
April 15, 2011 - Greg Hernandez
Nexity Bank, Birmingham, Alabama, was closed today by the State of Alabama Banking Department, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with AloStar Bank of Commerce, Birmingham, Alabama, a newly-chartered bank, to assume all of the deposits of Nexity Bank... Read More

The National Credit Union Administration today placed Texans Credit Union of Richardson, Texas, into conservatorship
. April 15, 2011 - NCUA
Texans Credit Union remains open and operating. While continuing normal member services, NCUA will work to resolve issues affecting the Texans Credit Union's safety and soundness... Read More

The National Credit Union Administration (NCUA) today placed Vensure Federal Credit Union of Mesa, Arizona, into conservatorship
April 15, 2011-NCUA
...by NCUA, the National Credit Union Share Insurance Fund (NCUSIF) continues to insure individual accounts at Vensure Federal Credit Union up to $250,000. The NCUSIF, like the FDIC's Deposit Insurance Fund, has the backing of the full faith and credit of the U.S. Government... Read More

OCC Enforcement Actions
April 15, 2011- OCC
The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banksR... Read More

Citizens South Bank, Gastonia, North Carolina, Assumes All of the Deposits of New Horizons Bank, East Ellijay, Georgia
April 15, 2011- Greg Hernandez
New Horizons Bank, East Ellijay, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Citizens South Bank, Gastonia, North Carolina, to assume all of the deposits of New Horizons Bank... Read More

Hamilton State Bank, Hoschton, Georgia, Assumes All of the Deposits of Bartow County Bank, Cartersville, Georgia
April 15, 2011- Greg Hernandez
Bartow County Bank, Cartersville, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Hamilton State Bank, Hoschton, Georgia, to assume all of the deposits of Bartow County Bank... Read More


DODD-FRANK

New Bills Seek to Limit Consumer Agency's Power
MainStreet
A House subcommittee approved three bills Tuesday that would restructure the new Consumer Financial Protection Bureau created by the Dodd-Frank financial reform bill... Read More


The Dawdle-Frank Act: Regulators' missed deadlines
MarketWatch
Regulators have missed dozens of deadlines set in the Dodd-Frank Act for adopting key bank reform rules, with many more cut-off dates expected to be ignored in the months ahead... Read More

Federal Reserve invites comment on two bankruptcy-related studies that it will conduct
April 21, 2011
The Federal Reserve Board on Thursday issued a request for public information and comment on two bankruptcy-related studies that it is required to conduct under the Dodd-Frank Wall Street Reform and Consumer Protection Act... Read More

Here is your chance to give the FED feedback on Chapter 7's or Chapter 11's under Dodd-Frank

IDENTITY THEFT

Seattle Police Say 'wardrivers' Are Hitting Small Businesses PC World- Robert McMillan
April 22, 2011, IDG News Seattle police are investigating a group of criminals who they say have been cruising around town in a black Mercedes stealing credit card data by tapping into wireless networks belonging to area businesses... Read More

Tommy Lee Jones, Tim Burton targeted in identity theft, police say
Los Angeles Times- Veronica Rocha
April 23, 2011
Ex-convict Christopher Herrick, 43, and Traci Godlef, 42, were taken into custody Wednesday at the Glen Capri Inns and Suites in Glendale on suspicion of identity theft and forgery, according to police reports. Police also reported finding inside the motel a credit-history report with a Van Nuys address and the name Gaylord Focker, a character in the film "Meet the Fockers."... Read More

US Man Pleads Guilty to $36.6 Million Worth of ID Theft
PCWorld- Grant Gross, IDG News
A Georgia man connected to US$36.6 million in credit card fraud pleaded guilty Thursday to trafficking in counterfeit credit cards and aggravated identity theft, the US Department of Justice said. US Secret Service agents found... Read More

Feds: 16 Face Charges in Pennsylvania Identity Theft Ring
Fox News, AP PHILADELPHIA
Federal authorities say they've broken up an identity theft ring involving two bank tellers and an insurance company employee. Justice Department officials tell WPVI-TV that 16 people face charges in the operation that targeted at least a hundred people over a three-year period. Costello tells the station that the Citizens Bank tellers and insurance employee sold personal information to 44-year-old Anthony Williams, who obtained credit cards or got checks issued to him at a new address... Read More

Suwanee Woman Charged in ID Theft Operation
MyFox Atlanta- Deidre Duke
April 19, 2011
A Suwanee woman is accused of carrying out a major identity theftoperation. Police say Annette Ford faces identity fraud, forgery and theft charges, and investigators say they've identified thousands of possible victims in the case... Read More

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Managing a Highly Successful Branch
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Fraud Protection - Don't Depend on Others (Your Customers) to Avoid Losses
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Consumer Lending: "You do the Collecting When You Make the Loan!"
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Credit Scoring: Rules, Regulations, Portfolio Development, and Loss Prevention
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