Category Archives: Banking

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FDIC Signals Strong Support for De Novo Bank Formations

The FDIC over the past few years has taken meaningful steps to facilitate and promote the formation of de novo banks. Late last week, the agency made several significant moves to bolster that effort. In separate actions, the FDIC: issued a request for information seeking comments on how to improve the deposit insurance application process; issued an update to … Continue Reading

Financial Institutions Targeted by “London Blue” Hackers Group

A cyber threat detection company has identified a Nigerian-based hacking group that is engaging in a spearphishing campaign against financial institutions. Spearphishing is a directed email phishing campaign that is typically aimed at those with responsibilities relating to financial transactions. In this case, the group in question has compiled a list of over 35,000 CFOs … Continue Reading

To Catch a Terrorist – Innovation, AI, and Public/Private Partnerships in the World of BSA/AML

On the heels of FinCen and Federal Banking Agencies releasing a joint statement “Encouraging Innovative Industry Approaches to AML Compliance,” Under Secretary for Terrorism and Financial Intelligence Sigal Mandelker announced a new collaborative era during the American Bankers Association’s Financial Crimes Conference, and emphasized the need for private/governmental working relationships and partnerships in order to combat … Continue Reading

De Novo Banks on the Rise

From 2000 to 2007—the seven years leading up to the recent financial crisis—the FDIC received more than 1,600 applications for deposit insurance, an average of more than 200 per year. More than 1,000 new banks ultimately were formed over this same period. During and following the financial crisis, however, de novo bank formations became almost … Continue Reading

Buyer Beware – Know Before You Wire: FTC and NAR Warn Home Buyers on Closing Costs Wire Transfer Phishing Scams

In a recent blog post on the Federal Trade Commission (FTC) Consumer Information blog, the FTC  warned home buyers of an e-mail and wire transfer phishing scam in which hackers pose as real estate professionals or title companies and request buyers to wire their closing costs to the scammer’s account. The FTC noted that hackers … Continue Reading
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