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Tuesday, March 31, 2015

FFIEC : Increased Cyber Attacks Are Compromising Credentials

The Federal Financial Institutions Examination Council (FFIEC) on behalf of its members issued a statement to notify financial institutions of the growing trend of cyber attacks for the purpose of obtaining online credentials for theft, fraud, or business disruption. These attacks include the users’ credentials, such as passwords, user names and e-mail addresses, as well as other forms of identification. The FFIEC is urging financial institutions to address this threat by reviewing their risk management and controls over information technology networks.

The FFIEC also issued a joint statement to notify financial institutions of the threat of cyber attacks involving destructive malware and to recommend risk mitigation techniques.

Read more on compromised credentials and destructive malware.

Free ABIA Membership Now Available for All ABA Members

ABA and its insurance subsidiary, the American Bankers Insurance Association, have announced that all ABA members will now be able to enjoy free membership in ABIA. The change takes effect on Sept. 1.

“Everyone at your bank will have the opportunity to utilize valuable ABIA resources that can help your institution succeed in delivering insurance solutions to your customers,” said ABA Chairman John Ikard and ABIA Chairman Kirk Jensen in a letter to ABA members last week.

ABA members may now take advantage of ABIA’s resources for their bank-insurance staff, including educational opportunities, compliance services and networking events. Activate ABIA membership. For more information, contact ABIA’s Deanne Marino.

Monday, March 30, 2015

ABIA Hosts Best Practices Panel, "Affordable Care Act (ACA) Sheds New Light on Supplemental Health Coverage"

On Thursday, the American Bankers Insurance Association (ABIA) hosted a Best Practices Panel, "Affordable Care Act (ACA) Sheds New Light on Supplemental Health Coverage".  Kurt Knickrehm, Senior Vice President, Employee Benefits, Regions and Pierre Fallot, Senior Program Director, and Ralf Riehl, Director, of US Affinity, AIG discussed how consumer needs associated with the ever-increasing cost of health care are changing as the result of the ACA.  They reviewed how these factors create new decision points around personal healthcare management at the household level.  In the changing marketplace, consumers will need supplemental insurance and health care services in order to take control of their heath care and save time and money.

View the presentaton.

Download the recording.

Friday, March 27, 2015

This Week at the CFPB

A summary of this week's news about the CFPB from the ABIA and ABA Dodd-Frank Tracker:
The ABIA has a Task Force of members that work on issues related to the CFPB's regulation of insurance products. If you are an ABIA member and would like to learn more about ABIA's work with CFPB to educate them about the bank-insurance industry or join our CFPB Task Force, please contact us and visit our website.

Wednesday, March 25, 2015

Chairman Hensarling: Reg Relief is Top Priority

Community banks’ crushing regulatory burden is stifling economic growth, upending the rule of law and hindering upward mobility for lower income individuals, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) told the bankers attending ABA’s Government Relations Summit yesterday.

“Our committee has no more urgent priority than bringing regulatory relief to America’s community banks,” he said, noting the critical role banks play in helping finance their customers’ dreams.
Hensarling urged bankers to explain to lawmakers -- particularly Democrats who may be wavering on the need for regulatory relief for fear that it will undo the Dodd-Frank Act -- how red tape affects their customers’ ability to buy a car, pay for college or start a business.

“Don’t talk about yourself, talk about the customer you know … the one that is going to be denied the opportunity to get a small business loan or buy their first mobile home,” he said. “Remind them that not even Barney Frank believes Dodd-Frank is chiseled in stone.”

Hensarling noted that his panel will be considering 11 regulatory relief bills today that enjoyed bipartisan support in the last Congress (see related story below). The bills, he said, represent targeted, modest efforts to correct unintended consequences of regulations and should be supported.