Kmart Corporation has agreed to settle Federal Trade Commission charges that it engaged in deceptive practices in advertising and selling its Kmart gift card. As part of the settlement, Kmart will implement a refund program and publicize it on its Web site. This is the agency’s first law enforcement action...
In the first 10 months of 2006, over half of the 213 information security breaches reported by financial institutions to the FDIC involved technology service providers (TSP). In accordance with federal laws and regulations, financial institutions must safeguard sensitive customer information against unauthorized...
The Office of the Comptroller of the Currency (OCC) has been informed by the Committee on Financial Services of the U.S. House of Representatives that fraudulent correspondence, including e-mails, referring to the Committee and making use of the Committee’s letterhead is in circulation. The communications...
The Office of the Comptroller of the Currency today announced its schedule of workshops for national community bank directors.
This year the OCC has added a workshop for community bank directors entitled "A New Director’s Challenge: Mastering the Basics." This two-day program, scheduled in Washington D.C.,...
Purpose and Scope
This document outlines the Office of Thrift Supervision’s (OTS’s) supervisory expectations for savings associations’ gift card programs. The purpose of this guidance is to ensure adequate account administration, marketing, and consumer disclosure practices for gift card...
Summary: The federal bank and thrift regulatory agencies are seeking comment on the attached proposed guidance describing current agency expectations for banking organizations that would adopt the Advanced Internal Ratings-Based Approach (IRB) for credit risk and the Advanced Measurement Approaches (AMA) for...
Comptroller of the Currency John C. Dugan told an audience of bank risk managers today that, because their goals are so closely aligned to those of the regulators, the regulations and guidance issued by the agencies can support them in meeting their firms’ objectives.
For example, he said, regulators can...
The Federal Deposit Insurance Corporation (FDIC) recognizes the serious impact of the recent severe storms and tornadoes in central Florida on the operations of financial institutions and will provide regulatory assistance to institutions subject to its supervision. These initiatives are being taken to provide...
E-mails fraudulently claiming to be from the FDIC or VeriSign, Inc. are attempting to deceive financial institutions in to installing unknown software on their computer networks.
The Federal Deposit Insurance Corporation (FDIC) has become aware of e-mails that appear to be sent from the FDIC or VeriSign, Inc. and...
A wireless local area network (WLAN) enables access to computing resources for devices that are not physically connected to a network. WLANs typically operate over a fairly limited range, such as an office building or building campus, and usually are implemented as extensions to existing wired local area networks to...
Intrusion detection is the process of monitoring the events occurring in a computer system or network and analyzing them for signs of possible incidents, which are violations or imminent threats of violation of computer security policies, acceptable use policies, or standard security practices. Intrusion prevention is...
Electronic mail (email) is perhaps the most popularly used system for exchanging business information over the Internet (or any other computer network). At the most basic level, the email process can be divided into two principal components: (1) mail servers, which are hosts that deliver, forward, and store email; and...
PURPOSE
This bulletin reminds national banks and their technology service providers of the upcoming change in the schedule for Daylight Savings Time. National banks may be exposed to a variety of risks if they do not prepare their systems to reflect this change.
BACKGROUND
Daylight Savings Time (DST) in...
Why GAO Did This Study
The Federal Deposit Insurance Reform Conforming Amendments Act of 2005 requires GAO to report on the effectiveness of Federal Deposit Insurance Corporation’s (FDIC) organizational structure and internal controls. GAO reviewed (1) mechanisms the board of directors uses to oversee the...
What GAO Recommends
With safeguards, it is appropriate for U.S. banking regulators to proceed with finalizing Basel II and begin the transition period. GAO recommends that they (1) clarify some aspects of the Notice of Proposed Rulemaking (NPR); (2) issue a new NPR if material differences from the current NPR, or a...
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