A bill is making its way through the California state legislature that would make companies like Target liable for damages after successful cyber-attacks against their system expose customer data. Currently banks and credit card companies are on the hook for customer financial losses as a...
Yet another state, Louisiana, is looking to convert plastic back to paper, at least when it comes to how tax refunds are distributed. Under a bill approved by the state’s House Ways and Mean Committee on March 31, taxpayers who do not specify a specific...
Bank of American is in talks with the Consumer Financial Protection Bureau (CFPB) to settle allegations that the company misled consumers in purchasing credit products. Though talks are ongoing and not final numbers have been reached, the $800 million settlement would be the largest settlement...
Federal investigators have opened an inquiry into Citigroup’s Mexican unit, over a recent a $400 million fraud case. Banamex, Citigroups Mexican unit, disclosed in February that at least on Banamex employee had processed falsified documents that helped the oil services company obtain a loan that cannot...
EMV adoption has taken another giant step toward advancement with the announcement that a licensing agreement to make the Visa EMV debit available to all NYCE network participants. “NYCE’s participation in Visa’s common debit solution marks an important milestone in the industry’s efforts to adopt...
Trustmark National Bank and Green Bank N.A. have dropped their lawsuit against Target and its security assessor, Trustwave Holdings Inc. The two banks filed suit last week following the theft of 40 million credit-and debit-card numbers during massive 2013 security breach at the retailer. The...
Ross Ulbricht, who stands accused of running the Silk Road black market under the name “Dread Pirate Roberts” says a new IRS ruling that bitcoin is not a currency nullifies at least some of the charges against him. Ulbricht is charged with hacking, narcotics trafficking,...
Four years after regulators tried to curb them with regulations; overdraft fees are on the rise. The median fee for over withdrawing on a checking account was up to $30 in 2013; up a dollar from the year before and $4 from 2009. Overdraft fees...
Only the bitcoin community could put on a happy face when the IRS led the way for tax authorities around the world to blow up billions of dollars of value for bitcoin holders. Coindesk, with its typical only-good-things-happen-in-bitcoin-land attitude, noted cheerfully, “The increased clarity …...
