The US Department of Justice has announced that "eleven perpetrators allegedly involved in the hacking of nine major U.S. retailers and the theft and sale of more than 40 million credit and debit card numbers have been charged with numerous crimes, including conspiracy, computer intrusion, fraud and identity theft, Attorney General Michael B. Mukasey, U.S. Attorney for the District of Massachusetts Michael J. Sullivan, U.S. Attorney for the Southern District of California Karen P. Hewitt, U.S. Attorney for the Eastern District of New York Benton J. Campbell and U.S. Secret Service Director Mark Sullivan announced today. The scheme is believed to constitute the largest hacking and identity theft case ever prosecuted by the Department of Justice." READ MORE »

Fundtech and Firethorn Holdings have announced that the two companies will work together to add mobile connectivity to Fundtech's CASHplus cash management system. "As demand for mobile financial services grows, financial institutions have begun to realize the untapped opportunities to remain competitive and increase customer loyalty through mobile commerce." READ MORE »

The Federal Reserve's public comment site for its proposed credit card and overdraft fee regulation changes now lists 15,775 comments - along with a consolidated list of over 27,000 "form letters" that it has not individually posted to the site.

Among the most extensive comments received are those of Bank of America filed by executives Lance Weaver and Susan Faulkner in a 50+ page filing. They begin: "The proposal would substantially reinvent the business of credit card lending and deposit taking. ... This proposal will have a broad impact on the economy both at the retail level and in highly complex securitization markets, slowing growth and limiting access to financing."

Sen. Carl Levin, D-Mich., has announced that he has "urged the Federal Reserve to strengthen its proposed regulation aimed at unfair or deceptive credit card practices" - describing the credit card industry as “rife with unfair, deceptive, and predatory practices.” In a 13-page letter , Levin, chairman of the Senate Permanent Subcommittee on Investigations, detailed several abusive practices used by credit card issuers he believes need to be ended. READ MORE »

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