The NCUA said Tuesday that it has chalked up a $165 million win against Wall Street, reaching a settlement with Bank of America and some of its subsidiaries over residential mortgage backed securities losses at failed corporate credit unions.
Bank of America did not admit fault as part of the settlement, the NCUA said in its announcement.
“As a result of the Bank of America settlement, NCUA has now successfully recovered more than a third of a billion dollars on behalf of credit unions,” said NCUA Board Chairman Debbie Matz. “These settlements and our ongoing lawsuits further NCUA’s goal of minimizing the losses of the corporate crisis and cutting future costs to credit unions.” Read More
Threat of the Week: ATM Fraud on the Rise
What’s old is new again, sighed John Buzzard, an executive with FICO’s Card Alert Service. The occasion was the release of a new FICO report that tracks card fraud. The big trend: fraud is up, said Buzzard, and old-fashioned skimming at bank and credit union ATMs is leading the way.
“Criminals are attacking financial institution-owned ATMs,” said Buzzard, referring to the use of skimmers affixed to ATMs to gather magnetic stripe data. Read More