Flagstar Bank has agreed to a $31.5 million settlement to resolve two class action lawsuits stemming from data breaches which impacted over 2 million consumers. The agreement, pending a Michigan federal judge’s approval, will create the fund for approximately 2,187,170 class members, according to case filings in October. The bank suffered two distinct cyberattacks in […]
Flagstar agrees to $31.5 million data breach settlement Read More »
Samuel Corum/Bloomberg What’s at stake: The CFPB uses outdated software and has no strategy for responding to cybersecurity risks, the report found. Supporting Data: The CFPB’s information security program experienced a rapid drop in effectiveness — from a level 4 in fiscal year 2024 to a level 2 rating in fiscal year 2025. Forward Look:
CFPB’s cybersecurity program ‘no longer effective:’ OIG says Read More »
The Federal Housing Administration, which insures a large number of loans in the U.S. market, will be instituting a new digital file format for distressed mortgages that will add several reporting elements related to taxes and insurance. The new electronic-data interchange file for default reporting also addresses data privacy by removing 24 elements that are
FHA updating default reporting with new tax, insurance data Read More »
TransUnion publicly disclosed on Thursday that a cyber incident last month impacted more than 4.4 million people in the U.S. The breach, discovered on July 30, stemmed from unauthorized access to a third-party application that occurred on July 28, TransUnion said in a filing with the Maine attorney general. The company said the unauthorized access
TransUnion data breach affects 4.4 million Read More »
Last month, Rhode Island enacted a new cybersecurity law significantly tightening cybersecurity requirements for nonbank financial institutions within the state, largely mirroring the framework established by the New York Department of Financial Services, or NYDFS. The law, effective immediately, applies to nonbank financial institutions licensed by the state’s Department of Business Regulation and signals a
Rhode Island writes its own cybersecurity rules for nonbanks Read More »
A Texas federal judge overseeing the data breach suit against Mr. Cooper refused to dismiss the case, as was previously requested by the mortgage servicer. In a recently published order, U.S. District Judge David Godbey, wrote that the court finds the plaintiffs have standing to bring some claims against Mr. Cooper, though others have been
Judge rules Mr. Cooper data breach borrowers have standing Read More »
Lenders sprinting to adopt artificial intelligence solutions could be opening the door to increasingly damaging cybersecurity incidents. Nearly all types of companies who suffered hacks involving their AI models or applications in the past year lacked proper access controls, according to IBM’s annual Cost of a Data Breach report. Although just 13% of the 600
How AI is changing the cost of a data breach Read More »
Data breaches are quietly plaguing more lenders as their impacted customers continue to seek recourse via class action lawsuits. Virginia-based McLean Mortgage is facing four federal complaints after it revealed that the personal identifiable information of 30,453 of its customers was compromised in an October incident. The company, which disclosed the results of an investigation
More lenders suffer data breaches, face consumer lawsuits Read More »
The real estate industry is facing a $173 million problem. That, according to the FBI, is how much consumers lost to real estate fraud in 2024. It’s a 19% increase from the previous year, and many analysts expect that number to keep rising in the coming years, spurred on in part by AI. AI is
How AI-powered scams are targeting real estate deals Read More »
Following U.S. airstrikes against Iranian nuclear and military infrastructure over the weekend, the United States faces an escalated cyber threat environment, with warnings issued for potential attacks against U.S. networks, including financial institutions. U.S. Defense Secretary Pete Hegseth and General Dan Caine, chairman of the Joint Chiefs of Staff, confirmed the attacks targeted Iran’s two
Banks face heightened cyber threat after U.S. bombs Iran Read More »