Weekly Coffee Break: Roundup of Industry News
Every week, we’ll share a roundup of industry news and links that have informed, entertained, and inspired us.
Here’s our weekly roundup of industry news:
Banks can learn from how Fintech Startups do Business Planning – For a long time, startups had to learn how big companies do business planning. Now the flow is reversing and we see management consulting organizations pitch methodologies to big companies that have come from the start up world.
Now that software is eating the world, big companies seek to understand how such tiny young companies can have such big impact so quickly.
As Tech Spending Spreads, Banks Need Better Coordination – Tech spending has become so essential that some banks have stopped thinking of an IT budget as a separate pot altogether.
“Here we think about the technology portion of everything we do, it’s baked into all our budgets,” said Frank Sorrentino, chief executive of ConnectOne Bank of Englewood Cliffs, N.J. “We don’t think of having a separate IT budget anymore; we think about the technology needs of all the different business units.”
Regulators increase cybersecurity standards at biggest banks – North American regulators have unveiled a new cybersecurity standard to bolster the ability of the country’s largest banks to withstand a major cyberattack, a move aimed at protecting the US financial system.
The plan, released jointly by the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency, would strengthen the way agencies oversee how large US banks and foreign banks operating in the US with $50 billion or more in assets manage and address threats to cybersecurity – according to the WSJ.
What you need to know about the Equal Credit Opportunity Act and how it can help you: Why it was passed and what it is – One of our key focuses at the CFPB is our work helping you “know before you owe,” whether that’s with your mortgage, your car loan, or the loans you’ll take out to cover college. As part of our work to empower consumers’ financial decision-making, we also want you to know about important consumer rights that protect you. One of these is the law that protects consumers from being discriminated against in the financial marketplace: the Equal Credit Opportunity Act (ECOA).