In This Issue:
- Virginia General Assembly Concludes 2013 Session – Highlights and Considerations for Financial Institutions
- Cyber Fraud: Lawsuit by Local Community Bank Demonstrates Need for Vigilance
- CFPB Takes Enforcement Action Against Mortgage Insurers for Alleged Improper Payments to Mortgage Lenders
- CFPB Amends Regulation E To Eliminate ATM Notice Requirement
- Excerpt from Cyber Fraud: Lawsuit by Local Community Bank Demonstrates Need for Vigilance:
A recent lawsuit filed by Charlotte-based Park Sterling Bank against a corporate customer highlights the importance of financial institutions having “commercially reasonable” security procedures in place to avoid losses in connection with cyber-attacks on customer accounts. In the suit, Park Sterling seeks $336,000 from a law firm that was duped into giving its user name and password to fraudsters who were then able to hijack the firm’s account and transfer funds from the account through JPMorgan Chase to an account in Moscow. Park Sterling initially reimbursed the law firm for the loss, but is now suing to recover the funds.
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