Payments Dive
OCTOBER 30, 2023
As more merchants accept digital payments for in-store purchases, consumers are moving away from using multiple, single-use payment apps, McKinsey Senior Partner Marie-Claude Nadeau said.
CFPB Monitor
OCTOBER 30, 2023
The Texas federal district court hearing the lawsuit challenging the validity of the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act (Rule) has issued an order that preliminarily enjoins the CFPB from implementing and enforcing the Rule on a nationwide basis against all entities covered by the Rule. On July 31, the court had denied the request of the plaintiffs in the lawsuit for nationwide preliminary relief and instead issued an order that granted preliminary relief only to
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Payments Dive
OCTOBER 30, 2023
The buy now, pay later company expects to begin being supervised by the federal watchdog in the “immediate future.
CFPB Monitor
OCTOBER 30, 2023
As we previously blogged , the Board of Governors of the Federal Reserve (the “Board”) held an open meeting on October 25, 2023 to discuss the debit card interchange fee cap. The debit card interchange fee cap was part of the so-called “Durbin Amendment” to the Dodd-Frank Act, which required the Board to promulgate a regulation applicable to banks having more than $10 billion in assets establishing maximum debit card interchange fees that are “reasonable and proportional to the actual cost” of p
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.
Jeff For Banks
OCTOBER 30, 2023
The 2022-23 Fed monetary tightening caused disruption to our depositor base. We either lost deposits to Treasuries, money market mutual funds, or disintermediated into higher cost deposits within our bank. In this video short, I suggest three ideas to improve your deposit strategy as follows: 1. Identify "dead money" in your depositor base and pro-actively deepen your relationship with them. 2.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Ublocal
OCTOBER 30, 2023
Cold weather and snow can damage not only the structure of your home but also wreak havoc on your utility bills. In order to avoid high energy costs and expensive repairs, homeowners should take steps to winterize their homes each year. Whether you are new to Vermont and New Hampshire, or a first time homeowner , you may wonder what is needed to winterize your home.
TheGuardian
OCTOBER 30, 2023
As cap is lifted on Tuesday, unions claim Rishi Sunak is following Liz Truss’s footsteps The Trades Union Congress has accused the Tory government of promoting a “greed is good” culture among bankers, who it said would be able to “cash in on unlimited bonuses” after a cap on payouts was lifted on Tuesday. The TUC said that while ministers had repeatedly called for pay restraint for most workers, they had been “silent over excess in the City”.
CFPB Monitor
OCTOBER 30, 2023
In a comment letter sent last week to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, a key financial industry trade group raised concerns that a recent edition of the CFPB’s Supervisory Highlights did not provide sufficient details about the facts or analysis behind the Bureau’s conclusions regarding certain exam findings. .
TheGuardian
OCTOBER 30, 2023
Bank to buyback $3bn in shares after quarterly profits double despite financial hit from China’s property crisis HSBC will hand more than $3bn (£2.5bn) to shareholders, after higher interest rates helped to more than double quarterly profits, despite taking a financial hit on China’s property crisis. The London-headquartered bank said it was launching the share buyback, and pay a dividend worth 10 cents a share, after what its chief executive, Noel Quinn, hailed as “three consecutive quarters of
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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
CFPB Monitor
OCTOBER 30, 2023
The New Jersey Attorney General (NJAG) and the Federal Trade Commission (FTC) recently announced settlements in concurrent actions against Sollers College, a for-profit college, its parent company, Sollers, Inc., and, in the case of the NJAG action , its owner, Siba Padhi (collectively, “Sollers”), resolving allegations that Sollers lured consumers to enroll by inflating its job placement rates and falsely representing that its relationships with prominent employers would create jobs for its gr
American Banker
OCTOBER 30, 2023
Amid intense regulatory scrutiny, market volatility and economic uncertainty, 10 bank M&A deals have been scrubbed so far this year after 13 were scuttled last year. Deal activity has risen slightly lately, but the new normal is hard to gauge.
The Paypers
OCTOBER 30, 2023
The Monetary Authority of Singapore (MAS) has planned to start collaborating on digital asset pilots with some European countries and Japan.
American Banker
OCTOBER 30, 2023
The product-comparison site, which rates and ranks credit cards, is debuting its own secured credit card that it believes will help users improve their credit scores and pursue better offers.
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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
TheGuardian
OCTOBER 30, 2023
A rush on withdrawals among the possible dangers as sector likely to see risks with ‘a different complexion’ in coming decade, assistant governor says Follow our Australia news live blog for latest updates Get our morning and afternoon news emails , free app or daily news podcast Australia’s banking industry faces emerging threats from potential rapid-fire bank runs to climate change and geopolitical tensions that are without historical precedents, a senior Reserve Bank official has warned.
American Banker
OCTOBER 30, 2023
In a pilot it rolled out this year, Nashville-based Vanderbilt Credit Union will lend graduates up to $160,000 if they have a job offer sheet in hand.
BankInovation
OCTOBER 30, 2023
LAS VEGAS — Financial institutions have used AI in varying capacities for decades, but recent enhancements to the technology have auto lenders looking to it for decisioning, automation, communication and consistency within their operations.
American Banker
OCTOBER 30, 2023
Neglect of the employees who personally interact with customers can undermine even the most carefully crafted business strategy.
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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.
BankInovation
OCTOBER 30, 2023
HSBC is managing expenses by investing in technology and increasing efficiency. London-based HSBC’s operating expenses increased by 1% year over year to $7.96 billion in the third quarter, driven by technological expenses and innovation banking costs.
American Banker
OCTOBER 30, 2023
In October's roundup of top banking news: Navy Federal's contract with the Department of Defense remains in limbo, check fraud takes a bite out of Regions Financial's third-quarter earnings, a Community Reinvestment Act rule gets finalized and more.
BankInovation
OCTOBER 30, 2023
In today’s fast-paced banking landscape, the buzz around artificial intelligence (AI) and automation is palpable. It’s no wonder, as PwC predicts that AI is set to elevate workplace productivity by a whopping 40%. Banking institutions are increasingly turning to virtual assistants as a means to harness AI and boost self-service across digital and phone channels.
American Banker
OCTOBER 30, 2023
By purchasing the merchant acquirer Atlantic-Pacific Processing Systems, the fintech Stax has rounded out its offerings in a way that echoes the structure of larger payment companies.
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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.
BankInovation
OCTOBER 30, 2023
KeyBank is using generative AI to streamline internal tasks before implementing the technology in its consumer-facing channels.
American Banker
OCTOBER 30, 2023
The top five banks and thrifts have combined total assets of nearly $13 trillion.
The Paypers
OCTOBER 30, 2023
UK-based payment provider Ryft has opened up its payment infrastructure to easyFood in order to help the latter bring new franchise partners quicker into its system.
American Banker
OCTOBER 30, 2023
President Joe Biden's executive order tackling artificial intelligence could reprioritize the Consumer Financial Protection Bureau's work in fair lending on artificial intelligence algorithms.
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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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