Review these suggestions on keeping hackers out of your smart home, find the world's biggest collection of fossilized dinosaur droppings at the "Poozeum" in Arizona, and there's a frequent flyer status so elite not even members know how they qualified.
Here's what else you might want to read this week:
"'She Hooked Me': How an Online Scam Cost a Senior Citizen His Life's Savings"
This story is heartbreaking-but essential to share with others, because this type of scam is becoming more common. After a 75-year-old man fell victim to a pig-butchering scam in which he lost $715,000-his life savings-he provided details to the Wall Street Journal about his conversations with the scammer, money transfers, and the trading platform where his savings were stolen to help others avoid a similar fate.
"The CFPB Is Here to Stay. What's Next for Community Banks?"
The recent SCOTUS ruling affirming the constitutionality of the CFPB's funding structure means the bureau isn't going to go away. As a result, community banks need to prepare for stricter supervision, more enforcement, and a host of new rules, regulations, and guidance, experts say.
"Hybrid Work Is Here to Stay. Here's How Banks Can Make the Most of It."
Some 57% of financial services firms now operate on a hybrid basis, either temporarily or permanently, according to new research American Banker. Another 15% of companies in the sector have fully remote workforces, at least for now, the research found. The research highlights the downsides to this, with more than half saying it made it harder to manage and coach employees. And it's not doing wonders for interpersonal skills either. But are there ways banks can benefit? This article is here to help.
"US Treasury Seeks Public Comments on AI Use in Financial Services Sector"
AI remains something of a sleeper issue in banking next to crypto or stablecoins, which tends to get far more discussion. The Treasury Department is looking to change that, issuing a request for public comment on the opportunities and risks posed by AI to the financial services industry.
"When a Bank Rescinds a Job Offer Because It Canceled Your Credit Cards"
The New York Times dives into the "strange case" of Mansoor Shams, a Marine veteran who had his job offer at JPMorgan Chase abruptly revoked apparently because the bank had canceled his corporate credit card years before for murky reasons. What's going on? The paper attempts to find out.
"They Were Used to Five-Star Service at First Republic. Now They're Just Regular Customers."
Speaking of JPMorgan Chase, many of First Republic's former customers aren't happy with the treatment they've been receiving at their new bank (JPM). Their complaints include waiting on hold and a lack of free cookies. "Folks like me generally fly business class, stay in four- or five-star hotels, and are used to a level of service in every other aspect of our lives-except not with banking, now that First Republic is gone," groused tech exec Pieter Nel.
"Banking with Third-Party Apps"
This post for consumers by the FDIC garnered little to no media coverage, but is another sign of the growing concerns regulators have about nonbanks that claim to have relationships with banks. The consumer alert comes as many customers of Synapse report not being able to get their money back, apparently under the impression that they had deposit insurance. Kiah Haslett, the banking and fintech editor at Bank Director, has led several interesting discussions and produced the occasional meme about this on X (formerly Twitter).
"Supreme Court, Siding With the NRA, Wades Into the De-Banking Debate"
The NRA's victory over a New York official could make it more difficult for regulators to prevent banks and other financial institutions from doing business with companies in certain industries.
"Plummeting Bonuses Led to Decline in Bank CEO Pay Last Year"
Total compensation for large and midsize bank chiefs declined last year due to a median drop in annual bonuses of 30%, according to a new report from Compensation Advisory Partners.
"40 Under 40: 2024's Community Bank Leaders"
Meet some of community banking's most promising young leaders.
"Consumer Protection Agency Goes After 'Repeat Offenders'"
The CFPB finalized a rule to create a database for nonbanks that have repeatedly faced penalties for violating consumer laws. "Too often, financial firms treat penalties for illegal activity as the cost of doing business," CFPB Director Rohit Chopra remarked in a release accompanying the rule.
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Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
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