Industry takes military approach to tackling cybercrime

Bill to overhaul bank rules goes to president | Sloan: Wells Fargo will increase auto lending | Hedge funds make monthly gains for first time since January Created for {EMAIL} | [Web Version]( May 23, 2018 [SIGN UP]( ⋅ [FORWARD]( [] Risk Management and Insurance [] [Bill to overhaul bank rules goes to president]( Bipartisan legislation to ease Dodd-Frank Act rules for small banks has cleared the House in a 258-159 vote and is expected to receive President Donald Trump's signature this week. The bill raises the threshold to $250 billion from $50 billion for what is considered a systemically risky bank and eases capital rules for banks with under $10 billion in assets but does not weaken the Volcker rule. [Reuters]( (5/22), Bloomberg (tiered subscription model)]( (5/22), [The New York Times (tiered subscription model)]( (5/22), [The Wall Street Journal (tiered subscription model)]( (5/22) [LinkedIn]( [Twitter]( [Facebook]( [Google+]( [Email]( [] [Sloan: Wells Fargo will increase auto lending]( Wells Fargo will increase its auto lending after having pulled back in mid-2017, CEO Tim Sloan said. Company culture is "fundamentally fine," and the bank is focusing on improving processes and internal systems, he said. [Bloomberg (tiered subscription model)]( (5/21) [LinkedIn]( [Twitter]( [Facebook]( [Google+]( [Email]( [] [Hedge funds make monthly gains for first time since January]( Hedge funds recorded positive inflows in April with an overall 0.78% gain, according to figures from the Bloomberg Hedge Fund Database, reversing two consecutive months of decline. Strategies tracked by the database saw improvement, with CTA/Managed Futures-type funds performing best with a 2.05% rise, while the Cboe Volatility Index saw its biggest monthly fall since July 2016. [Bloomberg (tiered subscription model)]( (5/18) [LinkedIn]( [Twitter]( [Facebook]( [Google+]( [Email]( [] - [Quarles: Fed to invite comments on banks' living wills]( MLex (subscription required) (5/22) [] Cybersecurity [] [Industry takes military approach to tackling cybercrime]( Financial institutions are increasingly adopting military tactics and employing ex-military personnel as they ramp up practices for preventing cybercrime. Mastercard has set up a cybersecurity command center run by a former Delta Force officer, at least a dozen banks have opened similar hubs for gathering intelligence and "combat drills" that test responses to simulated cyberattacks are rapidly growing in popularity. [The New York Times (tiered subscription model)]( (5/20) [LinkedIn]( [Twitter]( [Facebook]( [Google+]( [Email]( [] Government Regulation [] [Trump signs resolution to repeal CFPB auto lending rule]( President Donald Trump signed a Congressional Review Act resolution that ends the Consumer Financial Protection Bureau's indirect auto lending guidance. The guidance was a "backdoor attempt at rulemaking without notice or comment" CBA President and CEO Richard Hunt said when the resolution passed the Senate. [American Banker online (free content)]( (5/21) [LinkedIn]( [Twitter]( [Facebook]( [Google+]( [Email]( [] - [Brainard: Changes to CRA rules could ease burden for banks]( Reuters (5/18) [] Innovation [] [BofA gives all mobile clients access to AI assistant]( Bank of America has made Erica, an assistant powered by artificial intelligence, available to all 25 million mobile customers. Erica helps with tasks including scheduling payments and searching for transactions and uses Zelle for money transfers. [ZDNet]( (5/18) [LinkedIn]( [Twitter]( [Facebook]( [Google+]( [Email]( [] News from Aon [] [Aon appoints Eric Andersen and Michael O'Connor as co-presidents of the firm]( Aon has announced that Eric Andersen, chief executive officer of Aon Benfield, and Michael O'Connor, chief executive officer of Aon Risk Solutions, have been appointed co-presidents of the firm, effective immediately. As co-presidents, O'Connor and Andersen will continue to report to Aon's chief executive officer, Greg Case, whose contract was recently extended by the board of directors until April 2023. Aon also announced it will create an integrated global Operating Committee, co-led by Andersen and O'Connor. This and other moves are designed to increase the rate of innovation across the firm and make it easier for colleagues to work together to bring the best of Aon to clients. [Read more](. [LinkedIn]( [Twitter]( [Facebook]( [Google+]( [Email]( [] [Beyond the cyber basics: Bug bounties and simulated attacks]( This month marks the one-year anniversary of the WannaCry ransomware attacks, which Wired called the "worst digital disaster to strike the internet in years." The cost of damages has been estimated in the billions of dollars. Yet, despite increasing breaches and regulations, many organizations still do not have the basic elements of cybersecurity in place. Is your firm ready to defend against cyberattacks? [Learn more](. [LinkedIn]( [Twitter]( [Facebook]( [Google+]( [Email]( Learn more about Aon Financial Institutions: [Aon Home Page]( | [Aon Financial Institutions]( [Thought Leadership]( | [Media Room]( [] [] The basis of insincerity is the idealized image we hold of ourselves and wish to impose on others. Anais Nin, writer [LinkedIn]( [Twitter]( [Facebook]( [Google+]( [Email]( About Aon Financial Institutions The Aon Financial Institutions Practice develops risk transfer and consulting solutions for a wide range of businesses including banks, insurance companies, asset managers and diversified investment and finance firms. Our experts draw on deep experience in developing products involving management and professional liability, property and casualty, cyber, operational and enterprise risk management, environmental liability, employee benefits, and transactional solutions. These solutions help clients build a tailored risk management program that empowers results for their organizations. Contact Aon Aon Financial Institutions Jacqueline Quintal | Managing Director Financial Institutions Practice Leader t. 212.441.2339 jacqueline.quintal@aon.com [www.aon.com]( [Linkedin]( [Twitter]( About Aon Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance. [Powered By SmartBrief]( Subscriber Tools: [Manage Subscriptions]( [Update Your Profile]( [Unsubscribe]( [Send Feedback]( [Archive]( [Search]( Contact Us: Editor - [Charles Tomlinson](mailto:aonfinancial@smartbrief.com) Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004 © 1999-2018 SmartBrief, Inc.® [Privacy policy]( | [Legal Information]( Â