The banking sector is increasingly reliant on third-party vendors for various functions and services. While this outsourcing can drive operational efficiency, it also exposes banks to a myriad of third-party risks. As these partnerships grow in complexity, robust third-party risk management has
The bustling world of finance faced a significant shake-up earlier this year when Ally Financial, a prominent banking institution, was hit by a substantial data breach. This incident has now escalated into a legal nightmare for the company, with customers seeking justice through class action
As technology advances and digitization intensifies, financial institutions find themselves at the forefront of unprecedented cyber threats. As the stakes get higher, banks are rethinking their strategies to shield themselves from cyber-attacks that can incur monumental costs and erode customer
Bank Danamon Indonesia is grappling with a surge in credit costs, a substantial issue stemming from its vehicle finance subsidiary, Adira Dinamika Multi Finance Tbk (Adira). The financial troubles from Adira have cast a spotlight on critical concerns regarding the bank’s asset quality, earnings s
In an era marked by soaring home prices, rental costs, and rising levels of homelessness, the United States faces an urgent and complex housing crisis that demands immediate and effective legislative action. The recent introduction of the ROAD to Housing Act by Ranking Member Tim Scott (R-S.C.) and
Open banking is gradually making its way to the forefront of the financial sector in the United States, promising to revolutionize the way consumers interact with financial services, especially in the realm of real-time payments. This innovative approach aims to provide more streamlined and
The banking sector in the Philippines faces numerous challenges, primarily revolving around regulatory compliance, which incurs substantial costs and can significantly impact a bank's profitability. Achieving compliance involves investments in advanced technology, hiring qualified personnel,
The financial world is abuzz with anticipation as the Federal Reserve (Fed) meeting on September 17-18 looms large. The potential decision to cut interest rates holds significant implications for savers and investors alike. Over the past year, high-yield savings accounts and Certificates of Deposit
Banking-as-a-Service (BaaS) partnerships have become a conduit for innovation and market expansion in the financial industry. These collaborations allow banks to leverage the technological advancements of FinTech companies, enhancing their service offerings and broadening their customer base.
Federal authorities have indicted 18 individuals in connection with a complex bank fraud and money laundering scheme that spanned multiple states and impacted several financial institutions in Iowa. The indictment sheds light on a sophisticated operation involving defendants from Arizona, Iowa,
