"When you look at all the large banks in America, TD Bank is the most likely to deny a loan application from a Black person or Latino," she said.
Rachel Labush, a supervising attorney at Community Legal Services of Philadelphia, which called for a Community Benefits Agreement for the acquisition, said that in Philadelphia, TD was less likely to approve a residential mortgage for a high-income Black applicant than a low-income white applicant. Other groups asked that regulators approve the deal only on the condition of a Community Benefits Agreement that would give the bank additional obligations to local communities. "Until then, bank mergers, including this one, should be blocked." "The banking regulators, along with the Department of Justice, urgently need to rethink bank merger guidelines to ensure members are serving the needs of their communities," Tykeisa Nesbitt said on behalf of Americans for Financial Reform. Some groups at the hearing Thursday cited these issues, and asked regulators to block the deal until they work out new rules for large regional bank mergers. Previously, TD agreed to a $122 million settlement with the Consumer Financial Protection Bureau in 2021 stemming from illegal overdraft practices. Elizabeth Warren, D-Mass., has urged the Office of the Comptroller of the Currency to reject the deal, citing a report by Capitol Forum that TD used similar employee incentives as those that contributed to the fake-accounts scandal at Wells Fargo. Regulators are considering whether to impose additional requirements on larger bank deals in general, and TD Bank in particular has faced pushback in Washington over its past supervisory deficiencies.
#HORIZON BANK SOFTWARE#
In the case of First Horizon’s attack, it may have involved third-party software varying from a virtual private network or software libraries providing onetime passcodes.It's a tenuous time for a large, regional bank merger, however. Threat actors exploit vulnerable technology, often simultaneously with illegal credentials they may have acquired. While there is no further information on the used third-party software, specialists argue that the incident should serve as a warning for IT security teams that layered defenses are essential today. The financial services company also informed data regulators and law enforcement services and opened new banking accounts for the impacted clients.īased on its ongoing assessment of the incident to date, the Company does not believe that this event will have a material adverse effect on its business, results of operations, or financial condition. Using the credentials and exploiting a vulnerability in third-party security software, the unauthorized party gained unauthorized access to under 200 online customer bank accounts, had access to personal information in those accounts, and fraudulently obtained an aggregate of less than $1 million from some of those accounts.įirst Horizon, formerly known as First Tennessee Bank, declared that it had remediated the software vulnerability, reset the impacted customer passwords and all its affected clients were reimbursed for their stolen money. Threat actors obtained access to over 100 online clients’ bank accounts and managed to steal less than $1 million from the compromised accounts.īesides the employment of stolen customer credentials, the attack seemed to have relied also on the exploitation of a vulnerability within the financial services company. Last week, First Horizon Bank declared in a filing with the Securities and Exchange Commission (SEC) that the data breach, discovered in mid-April 2021, included a legitimate third party that gained login credentials from an unknown source and then tried to access customer accounts. The company provides financial services including banking, wealth management, insurance, and trading services. is the fourteenth oldest United States bank on the list of oldest banks in continuous operation. Its banking subsidiary, First Horizon (formerly First Tennessee), is the largest bank in Tennessee and the fourth largest regional banking company in the Southeast.įirst Horizon Corp.
Financial services organization First Horizon Corporation has revealed it has suffered a data breach that saw clients’ accounts accessed and funds stolen.įirst Horizon Corporation is a bank holding company based in Memphis, Tennessee.
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