Bank of America fined $250M over fake accounts, junk fees
Payments Dive
JULY 11, 2023
Regulators say Bank of America opened credit card accounts without customers’ consent and misled consumers with respect to rewards for card applications.
Payments Dive
JULY 11, 2023
Regulators say Bank of America opened credit card accounts without customers’ consent and misled consumers with respect to rewards for card applications.
BankInovation
JULY 11, 2023
The New York Federal Reserve along with financial institutions including Citibank, HSBC, Wells Fargo and Mastercard ran a 12-week pilot to test the feasibility of settling payments through a digital dollar on a distributed ledger system, finding that a digital dollar can make cross border payments available faster and around the clock.
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Payments Dive
JULY 11, 2023
Lawmakers passed a bill that limits the surcharge a merchant can impose on consumers to the cost of processing a credit card transaction.
TheGuardian
JULY 11, 2023
Exclusive: Disclosures about ex-minister Jonathan Djanogly turn spotlight on controversial mechanism used to buy shares Which UK MPs own shares in publicly listed companies? A Conservative MP and former minister is listed in shareholder registers as personally owning stakes in companies worth nearly £500,000, raising questions about the effectiveness of the controversial parliamentary “blind trust” system used to buy the shares.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
Payments Dive
JULY 11, 2023
Differences in the firm’s U.S. and European systems meant the neobank would use its own money to erroneously refund certain declined payments, the Financial Times reported.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
JULY 11, 2023
The new legislation creates a requirement that earned wage access providers operating in Missouri must register with the state.
CFPB Monitor
JULY 11, 2023
The Nevada Legislature recently passed Senate Bill 276 (“SB 276”), which permits employees of Collection Agencies to work from remote locations and exempts certain entities from qualifying as a “Collection Agency.” The provisions of SB 276 relevant to Collection Agencies will become effective on October 1, 2023. SB 276 amends Nev.
ATM Marketplace
JULY 11, 2023
Following high profile deadly shootings at ATMs, the industry is calling on Congress to act to protect access to cash.
CFPB Monitor
JULY 11, 2023
The Nevada Legislature recently passed Assembly Bill 332 (“AB 332”), which amends Nev. Rev. Stat. Title 55 relating to Banks and Related Organizations to add a new chapter regulating Private Education Lenders and Student Loan Servicers. The provisions of SB 322 will become effective on January 1, 2024. AB 332 exempts the following entities from its requirements: Banks; Savings and loan associations; Savings banks; Thrift companies; Credit unions; The Nevada System of Higher Education; The West
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Now is the time for lenders to prioritize their digital transformation initiatives in preparation for the lending rebound. Rising competition and ever-increasing customer demands for speed and efficiency are forcing financial institutions to embrace digital transformation. This shift can feel overwhelming—where do you begin? This infographic illustrates automation demands and shows you how loan document automation serves as an essential step to increase profits and provide the best lending exper
American Banker
JULY 11, 2023
At a hearing Tuesday, consumer advocates called for a ban on deferred interest credit cards, and CFPB Director Rohit Chopra echoed their concerns. The agency signaled that actions to combat unfair fees in the medical realm could be coming soon.
William Mills
JULY 11, 2023
Just a few short weeks ago, Victor Wenbanyama got his spot as the first pick in the 2023 NBA draft. As the celebrations are winding down and the 7’4” Frenchman is enjoying the last bits of his offseason before he makes the big move to San Antonio, he is most likely preparing for a new routine, new culture and a new place to call home for the next few years.
American Banker
JULY 11, 2023
JPMorgan Chase hired Silicon Valley Bank veteran John China to co-lead the business of banking venture capitalists and startups, part of the firm's growth strategy for the sector.
BankInovation
JULY 11, 2023
Bank of America is looking to AI and machine learning within its accounts-payable technology capabilities. The $3.
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In this report, you’ll find a comprehensive analysis of survey responses from executives at banks, credit unions, and insurance companies concerning their organization’s current and future use of automation. The report’s key insights include: Which types of automation are saving organizations the most time and money How to overcome the biggest barriers to automation implementation and adoption Why automation investments will continue to grow over the next few years How much you could save in 202
American Banker
JULY 11, 2023
Leigh Brady recently took over as chief executive of SECU, the second-largest credit union in the U.S. Don't look for any mergers under her leadership, Brady said, but she will focus on branch expansion and improving its use of technology.
The Paypers
JULY 11, 2023
Australia-based independent third-party solar and energy monitoring provider Solar Analytics has launched the Integrated+ monitoring system.
American Banker
JULY 11, 2023
The Consumer Financial Protection Bureau ordered Bank of America to repay $100 million to customers who were charged multiple penalty fees when their accounts did not have enough money to cover payments, as well as those who did not receive the credit card rewards they were promised. The bank was also fined for opening a small number of accounts without customers' authorization.
The Paypers
JULY 11, 2023
UnionPay International (UPI) and the National Bank of Cambodia have signed a Memorandum of Understanding (MOU) to promote QR code interoperability for cross-border mobile payments.
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Commercial lending is on the verge of a resurgence, but traditional processes are an obstacle. Explore the top 3 reasons for resistance to digital transformation and how overcoming them can pave the way for growth and efficiency. Discover why embracing automation and digital solutions is crucial for success in today's competitive landscape. Discover how GoDocs helps commercial lenders in the digital era with seamless integration and a borrower-focused approach.
American Banker
JULY 11, 2023
Guy Harris and Eric Hoffman joined the company's leadership team to help it manage an industrywide spike in suspect payments.
The Paypers
JULY 11, 2023
Denmark-based credit decisioning solution Monthio has partnered with Open Banking connectivity provider Enable Banking to facilitate loan approval procedures in Spain.
American Banker
JULY 11, 2023
Management, in exchange, has agreed to assist company lawyers in potentially lucrative actions against firms they blame for BlockFi's collapse including FTX and failed crypto hedge-fund Three Arrows Capital.
The Paypers
JULY 11, 2023
London-based financial superapp Revolut has reportedly lost USD 20 million due to criminals having exploited a loophole in the app’s payment system in the US.
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As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.
American Banker
JULY 11, 2023
Canada's banking regulator is proposing to make it more costly for lenders to accommodate mortgage borrowers who stretch out their loans in an effort to limit housing-market risks in the financial system.
The Paypers
JULY 11, 2023
SerVme, a reservation and guest CRM platform, has started a collaboration with Network International, a digital commerce solution provider headquartered in Dubai.
American Banker
JULY 11, 2023
The biggest of the big banks don't like the Federal Reserve's new vision for bank capital, but the changes will hurt their regional peers more. Once again, the advantage lies with the megabanks.
The Paypers
JULY 11, 2023
UAE-based banking group Emirates NBD has announced the launch of its upgraded WhatsApp banking service, to offer more accessibility and security to customers.
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Get ready for the wave of $1.2 trillion in commercial debt maturing in the next 24 months with GoDocs' ModDocs® platform. Traditional loan modifications are slow, expensive, and prone to errors, which put lenders at risk. But with ModDocs®, you can enjoy an innovative solution that eliminates attorney fees, allows on-the-fly loan modifications, and ensures compliance.
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