Banks gird for battle against cyberattackers

It's a war game, Wall Street style.

Banks large and small are girding for an elaborate drill this week that will test how they would fare if hackers unleashed a powerful and coordinated attack against them.

The exercise is being called "Quantum Dawn 2," and if the name sounds like a video game, it's also meant to convey the seriousness of the threat.

Cyberattacks on the banking industry are growing more frequent and sophisticated and the list of assailants is ever-changing: crime bosses who want money, "hacktivists" who want to make political statements, foreign governments that want to spy on U.S. companies. A successful, widespread attack on the industry would shake confidence in the banking system, and the possibility has banks and regulators on edge.

Read more...Banks gird for battle against cyberattackers

Tax haven data leak names prominent figures, raises questions - The Economic Times

PARIS: It's a data leak involving tens of thousands of offshore bank accounts, naming dozens of prominent figures around the world. And new details are being released by the day _ raising the prospect that accounts based on promises of secrecy and tax shelter could someday offer neither.

Read more: Tax haven data leak names prominent figures, raises questions - The Economic Times

Japan central bank revamps policy to boost economy - latimes.com

Japan is taking aggressive action to lift consumer prices, encourage borrowing and help pull the world's third-largest economy out of a long slump.

Like the U.S. Federal Reserve, Japan's central bank plans to flood its financial system with more money — its most far-reaching step to date to get consumers and companies to borrow and spend.

The Bank of Japan's action will also drive down the value of the yen. A cheaper currency will make Japanese goods — from Toyota cars to Sony TVs — less costly for Americans and other foreigners. And it will make U.S. and other exports more expensive in Japan.

Read more: Japan central bank revamps policy to boost economy - latimes.com

Quartz: How to hide $8.3 billion

Today Matthew Taylor, a former Goldman Sachs vice-president who traded equity derivatives, pleaded guilty to concealing a massive trading position that lost the bank $118.4 million in late 2007. He was able to amass an $8.3 billion long position before anyone else noticed in what are called "e-mini futures," which bet that.

Read more.... http://qz.com/70868

Bank of America tops list of mortgage complaints by borrowers - Los Angeles Times

Bank of America Corp., which handles customer service on about 15% of U.S. home loans, has accounted for 30% of the mortgage complaints logged by the Consumer Financial Protection Bureau, according to a new database made public by the federal watchdog.

Read more...  http://articles.latimes.com/2013/mar/28/business/la-fi-mortgage-complaints-20130329

Lenders: What’s Holding Back Loans

Despite the improving economy, home loans even for well-qualified borrowers are still unnecessarily hard to get and take too long, real estate practitioners say. But lenders take a different view. In a roundtable with three of the country's largest lenders, home mortgage executives say they've ramped up capacity and are making loans quickly for qualified conventional borrowers and they expect to keep doing so even as they gear up for a host of new mortgage lending rules coming out of Washington in the next year. 

Read more....  http://speakingofrealestate.blogs.realtor.org/2013/03/13/lenders-whats-holding-back-loans/

Freddie Mac sues 15 banks over LIBOR | The Columbus Dispatch

WASHINGTON — Freddie Mac has sued 15 big international banks, including JPMorgan Chase, Bank of America and Citigroup, accusing them of rigging a key interest rate and causing huge losses for the government-controlled mortgage giant.

Read more: Freddie Mac sues 15 banks over LIBOR | The Columbus Dispatch

Freddie Mac sues 15 banks over LIBOR | The Columbus Dispatch

WASHINGTON — Freddie Mac has sued 15 big international banks, including JPMorgan Chase, Bank of America and Citigroup, accusing them of rigging a key interest rate and causing huge losses for the government-controlled mortgage giant.

Read more: Freddie Mac sues 15 banks over LIBOR | The Columbus Dispatch

Meredith Whitney: This Is the Most Bullish I've Been In My Career - MarketBeat - WSJ

Another one-time bear has turned bullish on U.S. stocks.

Meredith Whitney, the banking analyst who accurately predicted Citigroup's C -2.16% woes prior to the financial crisis, said U.S. stocks are a safe place for investors park their money, especially as the Cyprus bailout rekindles worries about Europe's debt crisis.  

Read more...  http://blogs.wsj.com/marketbeat/2013/03/18/meredith-whitney-this-is-the-most-bullish-ive-been-in-my-career/?mod=MarketsMain

Meredith Whitney: This Is the Most Bullish I've Been In My Career - MarketBeat - WSJ

Another one-time bear has turned bullish on U.S. stocks.

Meredith Whitney, the banking analyst who accurately predicted Citigroup's C -2.16% woes prior to the financial crisis, said U.S. stocks are a safe place for investors park their money, especially as the Cyprus bailout rekindles worries about Europe's debt crisis.  

Read more...  http://blogs.wsj.com/marketbeat/2013/03/18/meredith-whitney-this-is-the-most-bullish-ive-been-in-my-career/?mod=MarketsMain

Lenders will get help from taxpayers

WASHINGTON - Consumer advocates have complained that U.S. mortgage lenders are getting off easy in a deal to settle charges that they wrongfully foreclosed on many homeowners.

Now it turns out the deal is even sweeter for the lenders than it appears: Taxpayers will subsidize them for the money they're ponying up.

Read more: Lenders will get help from taxpayers

Lenders will get help from taxpayers

WASHINGTON - Consumer advocates have complained that U.S. mortgage lenders are getting off easy in a deal to settle charges that they wrongfully foreclosed on many homeowners.

Now it turns out the deal is even sweeter for the lenders than it appears: Taxpayers will subsidize them for the money they're ponying up.

Read more: Lenders will get help from taxpayers

Too big to fail means too big for jail - Business on NBCNews.com

There’s a reason top executives haven’t gone to jail for engineering the worst financial crisis since the Great Depression. Some bankers are just too big to convict.

The latest example came Tuesday with British global banking giant HSBC’s agreement to pay a record $1.9 billion – about six weeks’ worth of the bank’s profits - to settle money-laundering charges with U.S. prosecutors. The deal ends a three-year probe into accusations of a widespread, multi-year string of illegal transactions violating sanctions against Iran and Latin American drug lords.

Read more: Too big to fail means too big for jail - Business on NBCNews.com

Too big to fail means too big for jail - Business on NBCNews.com

There’s a reason top executives haven’t gone to jail for engineering the worst financial crisis since the Great Depression. Some bankers are just too big to convict.

The latest example came Tuesday with British global banking giant HSBC’s agreement to pay a record $1.9 billion – about six weeks’ worth of the bank’s profits - to settle money-laundering charges with U.S. prosecutors. The deal ends a three-year probe into accusations of a widespread, multi-year string of illegal transactions violating sanctions against Iran and Latin American drug lords.

Read more: Too big to fail means too big for jail - Business on NBCNews.com

Forget BofA. Check out the online bank BofI

Bank of Internet's CEO Gregory Garrabrants told an audience at an investing conference in San Diego last week that his bank, with roughly $2.4 billion in assets, can compete with its larger rivals because it's not weighed down.....Read more:  http://buzz.money.cnn.com/2012/11/01/bofi-bofa-banks/

Forget BofA. Check out the online bank BofI

Bank of Internet's CEO Gregory Garrabrants told an audience at an investing conference in San Diego last week that his bank, with roughly $2.4 billion in assets, can compete with its larger rivals because it's not weighed down.....Read more:  http://buzz.money.cnn.com/2012/11/01/bofi-bofa-banks/

Banks to waive fees for customers in storm-hit areas | Fox News

Banks have temporarily waived a variety of fees and late charges for residents of states hit hard by Superstorm Sandy. It's an effort to ease pressure on customers to make bill payments when many remain without power.  Read more:  http://www.foxnews.com/us/2012/10/31/banks-to-waive-fees-for-customers-in-storm-hit-areas/

Banks to waive fees for customers in storm-hit areas | Fox News

Banks have temporarily waived a variety of fees and late charges for residents of states hit hard by Superstorm Sandy. It's an effort to ease pressure on customers to make bill payments when many remain without power.  Read more:  http://www.foxnews.com/us/2012/10/31/banks-to-waive-fees-for-customers-in-storm-hit-areas/

Financial crisis haunts banks

NEW YORK - The hot trend in banking now: Betting which one will be next to get sued.  Read more:  http://m.cbsnews.com/fullstory.rbml?catid=57530629&feed_id=999&videofeed=999

Financial crisis haunts banks

NEW YORK - The hot trend in banking now: Betting which one will be next to get sued.  Read more:  http://m.cbsnews.com/fullstory.rbml?catid=57530629&feed_id=999&videofeed=999