Last week, the Office of the Comptroller of the Currency (OCC) officially opened its doors to financial technology companies and encouraged them to apply to become “special purpose” national banks. The premise is simple—become a national bank, abide by the OCC’s rules and regulations, and so-called “fintech” companies can avoid much of the thicket of… Continue Reading
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States Are Amending Their Data Breach Laws. Why Should Banks Care?
Posted in Banking Technology, CybersecurityData security and data breach notifications are—or should be—on everyone’s mind these days. Banks are certainly no exception. And banks, in general, are setting good examples for other businesses because banks’ data security systems and incident-response plans are usually up to date, tested for effectiveness, and the subject of board-level discussions. But how many banks… Continue Reading
Why Banks Should Care about Bitcoin and New York’s Proposed Virtual Currency Regulation
Posted in Banking Technology, Regulatory Developments, Trending News, Virtual CurrencyOn February 25, 2015, the New York Department of Financial Services (NYDFS) published its proposal to regulate virtual currencies in the New York Federal Register. Since the issuance of its initial proposal in July, 2014, the NYDFS received over 3000 public comments on its proposed regulation. Superintendent Benjamin Lawsky claims that the reproposed legislation incorporates many of… Continue Reading
Don’t Be the Next Blockbuster, Kodak, or Encyclopaedia Britannica
Posted in Banking Technology, Graham & DunnThe Changing Face of America While attending a recent presentation at the California Bank Presidents’ Seminar by Brett King, CEO and founder of Movenbank, the world’s first direct mobile-only bank, I was inspired to write another Cyber-Graham. The crossover between baby boomers, Gen Xers, and millennials is fast approaching with economic power shifting to the… Continue Reading