While there is not as many shocking news stories this week, there are, however, some interesting bits of news on data breaches, threats to the banking system, perspective from the new OCC head and the regulators speculating on more flexibility with fintech companies. Read below to stay updated.

Industry News for the Week of March 12

OCC tipped off Wells Fargo about investigation: Read here

Great reminder the FTC also has enforcement authority in the financial services arena.  Also an interesting article on really bad fraud schemes: Read here

OCC, Fed and CFPB pledge more flexibility when it comes to vetting fintech companies: Read here

Banks’ biggest threats are hackers and non-bank competition: Read here

A look at data breach penalties: are they too lax? Read here

How destructive are data breaches? Interesting article/slideshow: Read here

Insight from the new Comptroller of the Currency: Read here

The long-awaited payout and a reminder why one should always listen to consumer/customer complaints: Read here

Banks turn to tech to cope with new regulations

Think-tank JWG reports that, although financial firms have spent billions on regulatory compliance, incoming regulations like GDPR and BCBS 239 will require more spending. CEO PJ Di Giammarino asked: “Why, after eight years of regulatory reform, is the industry still struggling to fund companies that can revolutionize the way we establish policies and ensure compliance?” JWG have, however, found that regulators across countries are now “moving in parallel”, according to research analyst Tom Bicknell. 

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