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FDIC Publishes a Bank Customer's Guide to Cybersecurity

Consumers increasingly rely on computers and the Internet for everything from shopping and communicating to banking and bill paying. While the benefits of faster and more convenient "cyber" services are clear, the strategies for preventing online fraud and theft may not be as well-known by many bank customers. That is why the FDIC has produced a special edition of the agency's quarterly FDIC Consumer News (Winter 2016) entitled "A Bank Customer's Guide to Cybersecurity." Here is a brief overview of the articles and other features in this special issue.

Consumer complaints to the FTC increased in 2015

by Colleen Tressler, Consumer Education Specialist, FTC

The FTC received more than 3 million complaints in 2015. That’s up from 2.5 million in 2014. Some of the increase can be attributed to the fact that more people know to complain to the FTC about bad business practices, frauds and scams. Technology helped, too — more complaints are reaching the FTC through the convenience of mobile apps. The top three complaint categories are still debt collection, identity theft, and imposter scams. The FTC took aggressive action in 2015 to help address each area and will continue to make each a high priority in 2016. Read more.

beEngaged 

BE

Coming to the Smith Center on March 7, 2016

Join Southern Nevada business leaders and executive decision makers for a one-of-a-kind event, aimed at involving the business community in efforts to improve Nevada's K-12 education system. Business + Education (BE) Engaged Conference 2016: Accelerating a New Nevada, will include experts and panel discussions, focused on four areas of need in our public schools, which are directly tied to student success in the classroom. Register through LVGEA and the Smith Center.

Senator Heller Calls for Answers

220px Dean Heller Official Senate Portrait 112th CongressFeb. 12, 2016 Senator Heller along with his other Republicans colleagues on the Senate Banking Committee sent the
attached letter to the FDIC, NC
UA, Fed, and OCC pushing for answers on what outdated, unnecessary or unduly burdensome regulations on banks and credit unions have been identified by these regulators though their current EGRPRA process.

 

Congress passed the EGRPRA law which requires that regulations prescribed by financial agencies must be reviewed at least once every 10 years in order to identify outdated, unnecessary, or unduly burdensome regulations and consider how to reduce regulatory burden on insured depository institutions.  The second ever EGRPRA review is currently underway and their last outreach meeting was in December.  This is a unique opportunity to lift unnecessary regulatory burdens.

Federal Banking Agencies Expand Number of Banks and Savings Associations Qualifying for 18-Month Examination Cycle


WASHINGTON—February 19, 2016 Federal banking agencies today increased the number of small banks and savings associations eligible for an 18-month examination cycle rather than a 12-month cycle. The changes are intended to reduce regulatory compliance costs for smaller institutions, while still maintaining safety and soundness protections.

FDIC Announces $62.95 million Settlement With Morgan Stanley Related to RMBS Claims

The settlement funds will be distributed among the receiverships for the three failed banks – Colonial Bank of Montgomery, Alabama, which failed on August 14, 2009; Security Savings Bank of Henderson, Nevada, which failed on February 27, 2009; and United Western Bank of Denver, Colorado, which failed on January 21, 2011. Along with $24 million from a settlement with Morgan Stanley last year of RMBS claims related to Franklin Bank, S.S.B., of Houston, Texas, which failed on November 7, 2008, this settlement brings total RMBS claim settlements by the FDIC with Morgan Stanley to $86.95 million.