03/20/2014

ATMs Face April Windows XP Shutdown

ICBA NewsWatch Today 03/20/2014

SecuritySurvey: Majority Find Merchants Responsible for Data BreachesThe majority of Americans who know about the data security breaches at large retailers hold the merchants responsible, according to a new survey. The survey from data analytics company Feedzai found that 60 percent of respondents who knew about the breaches at retailers such as Target and Neiman Marcus hold the merchants responsible for preventing future breaches. The survey found that 13 percent of respondents said the responsibility for preventing future data breaches falls on banks, 13 percent said the government is most responsible, and 5 percent said it is the consumer’s responsibility. The survey also found 28 percent of respondents said they have stopped shopping at affected retailers and 40 percent said they are using cash for more of their purchases as a result of the breaches. ICBA has been meeting and communicating with policymakers and the national media on the impact of the recent retailer data breaches on community banks and the need for a stronger payments system. ICBA also continues offering data-security resources for community banks and their customers on the association’s online security breach toolkit. Monetary PolicyFed Hints at Interest Rate Increases, Continues Bond-Buying DrawdownThe Federal Open Market Committee continued drawing down its asset-purchase stimulus program and suggested it is exploring raising target interest rates from historic lows. In addition to again trimming its monthly pace of securities purchases by $10 billion, to $55 billion per month, the panel relaxed its commitment to maintaining record low interest rates, which it has kept between zero and 0.25 percent since December 2008. The FOMC said it will take into account a “wide range of information” to assess how long to maintain target interest rates at these levels. The panel said it anticipates that it likely will maintain the current target range for a “considerable time” after the asset-purchase program ends. Fed Chair Janet Yellen said at her first news conference as head of the agency that this likely means approximately six months, which suggests a rate increase as soon as the spring of 2015. The Federal Reserve also released updated economic projections with slightly lower maximum expected GDP growth for 2014-16 and lower projected unemployment in those years. In its policy statement, the FOMC said economic activity slowed during the winter months, in part reflecting adverse weather conditions. Read FOMC Statement. Read Fed Economic Projections. TechnologyATMs Face April Windows XP ShutdownStarting April 8, ATMs running on Windows XP software will no longer be eligible for Microsoft tech support. With Microsoft ending support for XP, ATMs that run on that operating system will no longer receive regular security patches and or be in compliance with industry standards. As Bloomberg Businessweek has reported, approximately 95 percent of the nation’s 420,000 ATMs run on the 12-year-old XP system. While advanced ATM fleets can do the update over their networks, older ATMs must be upgraded individually or replaced, the magazine reported. For ATMs using a stripped-down version of XP known as Windows XP Embedded, which is less susceptible to viruses, Microsoft support lasts until early 2016. Read More from Microsoft. ICBA NewsWatch Today is sponsored by FIS:When it comes to serving community banks, FIS is right in your neighborhood.  FIS understands that you’re more than a bank. You’re a vital resource to your community.  That’s why we offer a wide range of integrated solutions that can be tailored to the unique needs of your valued customers.  To stay competitive in an ever-changing banking landscape, you need to be more connected with your customers than ever before and  FIS is focused on connecting the best people, processes and technology to your business to help you succeed. For more information on FIS’ complete suite of technology solutions, visit www.fisglobal.com.Go LocalAdd Your Social Media Info to ICBA Community Bank LocatorCommunity banks can now include their social media information in ICBA’s Community Bank Locator. ICBA is encouraging community banks to add their social media outlets to the locator via their company profile. To update your branch or social media information, go to www.icba.biz and use your username and password or email ICBA with your information. Questions? Email info@icba.org or call 800-422-8439. The Community Bank Locator, which is available at www.banklocally.org, allows consumers and small-business owners to find their local community bank by simply typing in their ZIP code. The locator also is available via an app for Android, BlackBerry and iPhone devices. With marketing activities planned for next month’s Community Banking Month and the ICBA Washington Policy Summit, community bankers will want to ensure their Community Bank Locator profile is up to date. Update Your Profile. Financial LiteracyTomorrow is Deadline for NerdWallet Community Bank Award EntriesNerdWallet, a financial advice website, is seeking entrants for its first-ever Community Banking Local Project Award. NerdWallet is seeking submissions on community bank projects that highlight how community banks work with borrowers through good times and bad. To be considered for the award, entrants will need to prepare a short description of a local project funded in 2012 or 2013 that is $100,000 in total financing or larger. ICBA Senior Executive Vice President and Chief of Staff Terry Jorde will serve as the expert judge. The finalists and their financings will be recognized on NerdWallet’s award homepage and in a special feature on the website. The winning bank will be presented with an award, and NerdWallet will donate $1,500 to a charity of the winning bank’s choosing.            Entries, up to three per bank, must be submitted by tomorrow. Enter Today! Watch Video on the Contest. AdvocacyMeetings with Regulators Slated for Upcoming Washington Policy SummitCommunity bankers will be able to dialogue with their regulators at the upcoming ICBA Washington Policy Summit. Scheduled for April 29-May 2 in the nation’s capital, the summit will feature face-to-face meetings with regulators and members of Congress on important policy issues facing the community banking industry. Registration for the summit is free for community bankers and a spouse or guest. Visit ICBA’s Washington Policy Summit webpage to register today and make sure your voice is being heard in Washington. Learn More and Register. PollTake This Week’s Quick PollTake this week’s Quick Poll on the 2014 ICBA Washington Policy Summit, and view results from the previous poll on the impact of winter weather on job and economic growth. View the Archive.EducationICBA BSA/AML Institute Slated for MayWith the regulatory agencies committing to tougher and more inclusive BSA/AML examinations, it is as important as ever to ensure your BSA/AML program is appropriate for your institution’s risk exposure. ICBA’s BSA/AML Institute, scheduled for May 12-14 in Minneapolis, will cover the primary requirements of each segment of the regulation and provide guidance on best practice expectations in each area. Learn More and Register.Products and ServicesWebinar Features How to Earn CRA Credit By Combating Elder AbuseICBA and the Senior Housing Crime Prevention Foundation are hosting an upcoming webinar on the nationally acclaimed Senior Crimestoppers program to protect seniors from abuse, neglect and exploitation. Funding for this program comes exclusively from the banking industry and can serve as an easy way for community banks to earn valuable Communities Reinvestment Act credit. The webinar is slated for 11 a.m. (Eastern time) Wednesday, April 16. Register Today.AgricultureUSDA Hosting Symposium Next Week on Food SecurityThe USDA is hosting a symposium next week on prioritizing global food security and addressing global hunger. Scheduled for 2:30 p.m. (Eastern time) Tuesday, March 25, the symposium will be streamed live at www.usda.gov/live. Viewers can submit questions via Twitter to @USDA and @FeedtheFuture and via the #Borlaug100 hashtag.