Posted To: Pipeline Press
The European Central Bank has been collecting data on cyber-instances at 18 major banks as part of a pilot program that will be expanded to other lenders. The initiative is intended to create an early warning system for bank cyberattacks. A good thing. M&T Bank Corp , a large northeast U.S. regional bank, did not admit any wrongdoing but agreed to pay $64 million to settle civil charges it misled the government into insuring hundreds of risky mortgages, leading to substantial losses when the loans went into default. The U.S. Department of Justice tells us that the settlement resolves charges originally brought by an internal whistleblower that the company violated the federal False Claims Act. The case was brought in 2013 by Keisha Kelschenbach, who spent 16 years working for the bank as…(read more )