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October

15
2024
Industry News

Alleged Cisco data breach could affect Microsoft, Barclays, and SAP developer data

Notorious hacker “IntelBroker” is offering to sell a large amount of sensitive data from Cisco allegedly stolen from a June 2024 breach along with two fellow hackers the threat actor called “EnergyWeaponUser” and “zjj.” Cisco is reportedly investigating the breach claims after Intel Broker posted a sample of stolen data on BreachForums. “Cisco is aware of reports that an actor is alleging to have gained access to certain Cisco-related files,” a Cisco spokesperson told BleepingComputers. “We have launched an investigation to assess this claim, and our investigation is ongoing.”

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October

14
2024
Compliance

Citadel FCU is first credit union to settle DOJ redlining complaint

The Justice Department announced that Citadel Federal Credit Union has agreed to pay more than $6.5 million to resolve allegations that it engaged in a pattern or practice of redlining majority-Black and Hispanic neighborhoods in and around Philadelphia, Pennsylvania from at least 2017 through 2021 in violation of the Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA).

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October

14
2024
Industry News

Effective Dates Announced for Amendments to TCPA Rules

The Federal Communications Commission (FCC) has announced new effective dates for amendments to rules under the Telephone Consumer Protection Act (TCPA) aimed at strengthening consumer protections against robocalls and robotexts. These amendments, published on March 5, 2024, will take effect on April 11, 2025.

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October

14
2024
Trends

79% of Millennials and Gen Z Turn to Social Media for Financial Advice

Social media algorithms have emerged as influential players in the realm of advice, effectively acting as pseudo-advisers for generations eager for financial literacy. A PYMNTS Intelligence report, “The New Challenges Facing Finance: Algorithms, Finfluencers and the Quest for Reliability,” a collaboration with NCR Voyix, illustrates how digital transformation presents opportunities and challenges for both consumers and traditional financial institutions (FIs).

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October

11
2024
Industry News

OCC Issues Cease and Desist Order, Assesses $450 Million Civil Money Penalty, and Imposes Growth Restriction Upon TD Bank, N.A. for BSA/AML Deficiencies

The Office of the Comptroller of the Currency (OCC) today announced a cease and desist order and a $450 million civil money penalty against TD Bank, N.A. and TD Bank USA, N.A. (bank), for deficiencies in the bank’s Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance program. Today’s action also imposes a restriction on the growth of the bank and a measure designed to ensure that the bank invests sufficient resources to remediate its BSA/AML deficiencies in a timely manner.

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