EU watchdog sets out software capital relief for banks

LONDON (Reuters) – The safety buffers of banks in the European Union would swell by billions of euros under proposed rules that allow lenders to include the value of software investments like cybersecurity in capital calculations.

Currently a bank must deduct the value of software from its capital buffer upfront, adding 36 basis points to its core ratio or mandatory measure of stability.

The European Banking Authority (EBA) said banks will be allowed to “amortise” or taper the value of software for capital purposes over three years.

That would boost capital by about 20.2 billion euros in 2020 across a sample of 64 banks, and by 20 billion euros in 2021, it said.

“The proposed approach is designed to be simple to implement and applicable to all institutions in a standardised manner, as is the case today with the deduction treatment,” the EBA said in a statement on Wednesday.

EU policymakers had already agreed to soften the rule to help banks keep lending to pandemic-hit businesses, and the European Commission is expected to rubberstamp the EBA’s proposals for introduction this year.

It marks a big win for banks who have long argued that current rules put them off updating cybersecurity systems and innovating in digital services for customers.

“The existing approach also distorts the global playing field, particularly when compared to the U.S., where banks can treat software investments as tangible assets that do not have to be deducted from a bank’s capital ratio,” the European Banking Federation said in a statement.

The EBA told EU lawmakers last year to avoid hasty changes, saying software was likely to be worthless when a bank goes bust as it could not be sold separately.

UK regulators have spoken against including the value of software investments in capital ratios, noting numerous high profile

‘Banks Never Ask That’ quiz helps customers outsmart scammers

Will a bank ever ask you to verify your birthday and social security number? No! A banking quiz seeks to help customers outsmart scammers.

Think you could spot a banking scam? Don’t be so sure.

Many people are falling for fake phone calls, texts, and emails that appear to come from their bank. Thousands of bank customers have lost millions of dollars to banking scams, so now the nation’s banks are rolling out a new tool to help you spot a scam.

Questions like “did you get good grades in school?” or “have a professional job?” are examples of tricks bank customers have fallen prey to.

“I got a phone call from my bank, and I knew it was my bank because I recognized their phone number,” victim Sarah Robb said.

However, it wasn’t really her bank. It was a scammer who drained Sarah’s checking account within minutes.

In recent months, Corinthia fell for a slick email claiming a problem with her account.

“It began with an email to me, and it said $499 was going to be withdrawn from my account,” Corinthia said.

But it was really a phishing scam and before Corinthia knew it, she was out $1,600.

The American Bankers Association wants to stop this growing fraud.

Next time you get onto your bank’s website or check their phone app, look for a little button that says, “would your bank really ask that?” It will take you to a quiz, and some of those questions just might stump you.

RELATED: IRS sending out letters: About one in three people will get a request for personal information

RELATED: Jury duty scammer pretended to be a deputy to lure family out of home, family says

The Banks Never Ask That website tests if you can outsmart online scammers.

For

StanChart Tech Boss Heeds Bank’s Post-Wuhan Stress Lessons: Q&A

Michael Gorriz

Courtesy of Standard Chartered

From sourcing 2,000 laptops for computer-less staff to boosting remote working capacity 20-fold, Michael Gorriz spent the year at the center of a global bank’s scramble to cope with an office-emptying pandemic.

Standard Chartered Plc’s chief information officer had a ringside seat for the start of the crisis. While his bank is headquartered in London, the German-born Gorriz works from Singapore — a five-hour flight to Wuhan, the Chinese epicenter of the coronavirus outbreak. StanChart’s branch in Wuhan was locked down, giving an early inkling of what life under Covid-19 might be like.

The pandemic drove thousands of older customers online for the first time, stress-testing technology for a company that’s bet heavily on digital banking. The Wuhan outbreak also gave Gorriz a unique perspective on enabling working from home at a time when the crisis still seemed remote in global banks’ western bases.

“My management team and I speculated this might not be the end, so we just kept on pushing,” said Gorriz, who spearheaded a drive to increase the number of remote login channels for employees from 5,000 at the start of the year to more than 100,000 six weeks after the first Chinese lockdown.

With the worst of the pandemic seemingly over in StanChart’s Asian markets, Gorriz, who has been in his role in 2015, is turning his attention to the lessons he learned as the chief technologist.

His comments have been edited and condensed.

How has banking changed?

The pandemic was a good proving point for digital capabilities, both our internal operations and also in our customer interactions. In institutional banking, where there was still a high willingness to see customers physically, obviously all the customers were concerned and scared about contracting the virus. They were

Aukey: Up to 46 percent off chargers or power banks for your home, home office, or car

One thing that I’ve noticed has changed with coronavirus is that people working from home need more charging capability than they once had. A bedside charger for your gadgets isn’t enough anymore.

Amazon Prime Day is coming, but Aukey is kicking off with the discounts early, offering as much as 46 percent off chargers and power banks.

Yes, you read that right, up to 46 percent off!

But you have to be fast, because there deals end midnight on October 12th!

Must read: iPhone battery bad after installing iOS 14? Apple offers some help

41% off AUKEY 8000mAh Wireless Charging Power Bank with 18W Power Delivery-PB-Y25

It’s a 8000mAh power bank and it’s a wireless charger all in one unit!

  • Convenient Wireless Charging: Charge your Qi-compatible phone or wireless charging case for earbuds at up to 5W
  • Future-Proof Power Source: A sleek, slimline power bank with 18W Power Delivery output, Quick Charge 3.0 output, and Adaptive Charging USB output to charge all your USB-C and USB-powered gear
  • 8000mAh Capacity: This travel-friendly portable battery will charge an iPhone XS 2.4 times, Samsung Galaxy S10 1.8 times, or Pixel 3 2 times. Powers your Nintendo Switch for an extra 5 hours of play
  • Low-Current Charging Mode: A special mode to charge low-current devices (below 60mA), such as Bluetooth headphones and fitness trackers

Use the code IXAXH7YE and click the coupon check box on the Amazon page to get the full 41 percent off


$17 at Amazon

36% off AUKEY 10000mAh Power Bank with 18W PD & Quick Charge 3.0-PB-Y36

A compact, yet powerful power bank that will keep you going all day!

  • Future-Proof Power Source: A compact and portable power bank with 18W Power Delivery 3.0 and Quick Charge 3.0 outputs charges all your USB-C and USB-powered gear
  • 10000mAh of Power: Fully charge your iPhone 11 Pro 2.6 times, iPad Air (2019) 0.9 times, or Samsung Galaxy Note10+ 1.8 times
  • Low-Current Charging Mode: A special mode to

First Ever Website Listing All FDIC- (And Non-FDIC) Insured Banks, by State and City

Press release content from Newswire. The AP news staff was not involved in its creation.

NEW YORK – October 3, 2020 – ( Newswire.com )

​Consumer Bank Report, LLC has released the first-ever public compendium of consumer banks in the United States, empowering consumers to discover the best banking options in their area.

Consumers have historically had a difficult time finding the differences between their local banks. With free access to Consumer Bank Report, this all changes. With access to over 10,000 unique brands, consumers now have the option to find a bank that best fits their unique situation.

Nancy Dulph, a 30-year-old mother in Orange, New Jersey, found her ideal bank using consumerbankreport.com, “I’ve always used Bank Of America, but due to their high fees for almost anything that can happen, I was forced to give up my bank account that I had since I was a child and find a new one!”

Consumers unhappy with their banking options is a growing trend in 2020. With ever-increasing checking and savings fees, and barriers to get approved for credit, the average American is finding themselves unsatisfied with their existing bank.

Consumer Bank Report looks to remedy this situation, empowering the average American to easily find a bank that works for them and their family, without going through the tedious process of walking into each bank and asking for that information in-person.

As the consumer banking and finance industry grows, the need for new lead channels and assets has increased dramatically. Consumer Bank Report, LLC and its sister companies are providing solutions to these problems, providing all types of lending companies new opportunities in the space.

// Alex Brola
Phone: 480.800.9253
Email: contact@standarddigitalco.com

Disclosure: Consumer Bank Report and Credit Glory were co-founded by Alex Brola.

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