On the Web:
- The 10 Colleges That Received The Biggest Payouts From Credit Card Issuers Last Year - "...one credit card issuer, FIA Card Services, had 412 deals in place with schools and affiliated organizations (especially alumni associations) ..."
- Square's Dorsey returns 10% of his shares - Fortune (Miguel Helft) - "The highly unusual move will expand significantly the pool of shares available for employee compensation and acquisitions while minimizing dilution for shareholders."
- Can Bitcoin Be Money? - Critical Path Podcast (Horace Dediu) - "Horace and Moisés discuss the sudden decline of Bitcoin due to a crackdown in China, from the purpose of Bitcoin's existence to the nature and concept of a functional currency. What do we hire currency to do?"
- Target breach could cost hundreds of millions, probe starts - Reuters - "For big data breaches, the total cost typically amounts to about $17 per account, said Larry Ponemon, whose Ponemon Institute researches data breaches."
- Target Struck in the Cat-and-Mouse Game of Credit Theft - New York Times - “The U.S. is still the only market using these 1960s magnetic-stripe cards,” said Mr. Kocher.
- Target Faces Backlash After 20-Day Security Breach - Wall St. Journal - "The breach is one of the largest in recent history, and illustrates the challenges companies face fortifying their computer systems against cybercriminals."
- Cards Stolen in Target Breach Flood Underground Markets - Krebs on Security - "Credit and debit card accounts stolen in a recent data breach at retail giant Target have been flooding underground black markets in recent weeks..."
- How Bitcoin Became the Honey Badger of Money - Wired Enterprise - "The point, he says, is that — for people who see Bitcoin as a game-changing, frictionless payment system — it doesn’t really matter what the currency is trading at."
- Loophole Slowly Tightens on a Bank - New York Times (Floyd Norris) - "None of what the Zions Bancorporation did was illegal or kept secret from regulators. The strategies it used to minimize the capital it needed seemed to be clever but well within the rules."
- One day Amazon will accept Bitcoins. That's when central banks and governments get nervous - Telegraph - "Many people hope Bitcoins might one day supplant existing currencies. And that’s not all bad, because there is enormous potential for business and consumers to cut transaction costs imposed by banks."
- Bitcoin -- or something like it -- is here to stay - Washington Examiner (Veronique de Rugy) - "While dramatic currency fluctuations capture the popular imagination, Bitcoin's service as a decentralized payment system is what is truly exciting about it."
- Are you affected by the recent Target hack? - Federal Trade Commission - "In light of this announcement, the FTC has this advice..."
- An Easing of Rules on Charges by Amex - New York Times - "The changes clear the way for vendors of all types to institute essentially a two-tier pricing system — charging more at the register to shoppers who pay by credit than to those who use debit cards or cash."
On the Wires:
- Friedman Law Group Announces Class Action Settlement: American Express Deal Lets Merchants & Consumers Avoid Credit Card Swipe Fees - "Today’s settlement of long-running merchant class action lawsuits represents “some of the most consequential relief ever obtained in a private enforcement action under the U.S. antitrust laws,” the merchant plaintiffs said in a court filing supporting the settlement."
- Americans Get Their Financial Houses in Order for 2014 According to a New Wells Fargo Survey - “77 percent of Americans feel their financial situation is moderate to good – which is great news as we move ahead to 2014,” said Gary Korotzer, executive vice president with Wells Fargo’s Consumer Credit Solutions Group.
- FIS Launches Industry’s First Comprehensive e-learning Suite for New CFPB Rule Compliance - "FIS’ suite of 15 e-learning programs is the first to train a financial institution to fully comply with all new CFPB regulations and will be available automatically to FIS’ Regulatory University clients."
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