PaymentsSource

PaymentsSource.com is becoming a top destination for news and insights geared towards professionals in the payments and financial services sectors. Dedicated solely to the payments field, PaymentsSource.com features a team of full-time editors who provide up-to-date and in-depth reporting on the fast-paced world of payments.

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Bad bots are taking over the web. Banks are their top target

3 days ago | americanbanker.com | Penny Crosman

Internet insecurity has reached a new milestone: More web traffic (51%) now comes from bots, small pieces of software that run automated tasks, rather than humans, according to a new report. More than a third (37%) comes from so-called bad bots — bots designed to perform harmful activities, such as scraping sensitive data, spamming and launching denial-of-service attacks — for which banks are a top target.
Judge blocks mass firing at CFPB

6 days ago | americanbanker.com | Kate Berry

A federal judge on Friday prohibited the Trump administration from carrying out a mass firing at the Consumer Financial Protection Bureau, saying the CFPB's leadership was "thumbing their noses at both this court and the Court of Appeals." At a hearing Friday morning, U.S. District Court Judge Amy Berman Jasckson orally blocked the CFPB's leadership from issuing any reductions-in-force, or RIFs. She halted the firings of 1,408 employees in a written order, and scheduled an evidentiary hearing...
FDIC revises bank resolution plan requirements

6 days ago | americanbanker.com | Ebrima Sanneh

The Federal Deposit Insurance Corp. on Friday narrowed the requirements big banks must follow when submitting emergency wind-down blueprints — known as resolution plans — in an attempt to streamline the process and better position the agency to swiftly sell a collapsing bank over a weekend.
Fed proposes averaging stress test results over 2 years

6 days ago | americanbanker.com | John Heltman

The Federal Reserve Board of Governors has proposed a rule to average its annual stress test results for the largest U.S. banks over two years to calculate their stress capital buffer, a move that the central bank said would make banks' capital requirements more consistent year-to-year.
How banks can manage magstripe cards' extinction

6 days ago | americanbanker.com | Cheryl Winokur Munk

EMV chip cards have grown exponentially and legacy magnetic stripe cards will soon be nearly gone. That creates a need for banks to prepare for a world without magstripe cards. Secure chips are used in more than 12 billion credit and debit cards today, accounting for 93% of in-store transactions globally, according to EMVCo, which facilitates the interoperability and acceptance of secure payment transactions.
CFPB faces contempt motion for latest firing notices

6 days ago | americanbanker.com | Kate Berry

A federal judge will hold a hearing Friday to determine if the leadership of the Consumer Financial Protection Bureau should be held in contempt for firing 90% of the bureau's staff and dismantling all divisions and offices that are necessary to fulfill the bureau's statutory functions. A lawyer for the National Treasury Employees Union on Thursday filed an emergency motion for an order to show cause with the U.S. Court of Appeals for the D.C. Circuit.
CFPB guts staff as White House tries to dismantle agency

1 week ago | americanbanker.com | Claire Williams |Kate Berry

WASHINGTON — The Trump administration began layoffs at the Consumer Financial Protection Bureau, with reduction in force notices sent to more than 1,400 employees just days after acting Director Russell Vought outlined ways to cut enforcement and supervision at the bureau. All offices at the agency were hit, led by enforcement, supervision, research, technology and fair lending, according to current and former employees who spoke on condition of anonymity and received the notices.
Huntington's outlook is sunny after results top expectations

1 week ago | americanbanker.com | John Reosti

Huntington Bancshares' first-quarter profits topped analysts' estimates, and Chairman and CEO Steve Steinour expects that momentum to carry over into the spring and early summer because lending momentum is continuing. "Our pipeline going into the second quarter, with high probability to close, is almost the same level as it was in the first quarter," Steinour said Thursday on a call with analysts.
Fed's Barr: Core providers need to step up cybersecurity

1 week ago | americanbanker.com | Kyle Campbell

A Federal Reserve governor called on core banking system providers to do more to safeguard community banks against emerging cyber threats. Fed Gov. Michael Barr said core providers have not invested sufficiently in systems to identify fraudulent activity to keep up with the rapid evolution of new and more sophisticated methods of attack. "It's not clear to me that we're making progress in relation to the risk.
Regions Financial tweaks 2025 outlook, sees US slowdown

1 week ago | americanbanker.com | Melinda Huspen

Regions Financial adjusted its 2025 outlook as the parent company of Regions Bank expects a slowdown in the U.S. economy but not a recession. Regions had initially expected revenue growth of about 3.3% this year. On Thursday, the company lowered that target to 2.3%. "With respect to 2025 our outlook for unemployment has increased, and there is an expectation for a pronounced slowdown in GDP growth.