FedNow goes live for banks, credit unions
Payments Dive
JULY 20, 2023
The Fed’s long-awaited instant payments system is arriving right on time this month, giving consumers and businesses a new route for speedier transactions.
Payments Dive
JULY 20, 2023
The Fed’s long-awaited instant payments system is arriving right on time this month, giving consumers and businesses a new route for speedier transactions.
CFPB Monitor
JULY 20, 2023
The U.S. Supreme Court has scheduled oral argument on October 3, 2023 in Community Financial Services Association of America Ltd. v. CFPB. In the case, CFSA has asked the Supreme Court to affirm the Fifth Circuit panel’s decision which held that the CFPB’s funding mechanism violates the Appropriations Clause of the U.S.
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Payments Dive
JULY 20, 2023
The chain plans to offer the palm recognition and payment system at all of its more than 500 stores by the end of 2023, Amazon announced in a blog post on Thursday.
BankInovation
JULY 20, 2023
Capital One continued to modernize its technology infrastructure in the second quarter. “Our investments to build and leverage a modern technology infrastructure are expanding our opportunities and driving value creation over the long-term,” Chief Executive Richard Fairbank said in today’s earnings release.
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 20, 2023
The card company also disclosed during its latest earnings report that a pricing issue affected merchants and merchant acquirers, some of whom will get refunds.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
JULY 20, 2023
Clair CEO Nico Simko weighed in on whether EWA is a payday loan and how the company offers fee-free wage access.
TheGuardian
JULY 20, 2023
Ex-Ukip leader welcomes prospect of law to stop bank account closures due to customers’ political views UK politics live – latest updates Nigel Farage has praised a “swift” intervention by government ministers after reports that new laws could be drawn up to stop banks closing customers’ accounts because they disagree with their political views. The former Ukip leader said MPs were “beginning to realise that this system is coming for them as well” after his bank accounts were closed by Coutts, h
Payments Dive
JULY 20, 2023
The tech giant also launched the app in South Korea in March, and in four Latin American countries in May.
TheGuardian
JULY 20, 2023
Under Treasury proposals, lenders will have to explain why they shut accounts and give 90 days’ notice NatWest apologises to Farage over Coutts account closure Analysis: Farage affair is ‘a PR disaster’ for Coutts Following the furore over the closure of Nigel Farage’s accounts at the exclusive private bank Coutts, the government has introduced new rules intended to clamp down on “unfair bank account closures”.
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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
JULY 20, 2023
The Biden Administration has launched an initiative directed at combatting so-called “junk fees,” with the CFPB and FTC leading the Administration’s efforts. In Part II of this two-part episode, we first look at CFPB supervisory activity relating to auto servicing, mortgage servicing, payday and small dollar loans, and student loan servicing. .
TheGuardian
JULY 20, 2023
Private lender’s reputation is at risk after decision to cut ties with former Ukip leader and comments about him NatWest boss apologises to Nigel Farage over Coutts account closure row Explainer: What the new rules on bank account closures mean For 331 years Coutts’s reputation for guaranteeing the utmost discretion made it the bank of choice for the rich and famous – including King Charles and every member of the royal family since George IV.
American Banker
JULY 20, 2023
Both Senate Banking Committee Chairman Sherrod Brown, D-Ohio, and ranking member Tim Scott, R-S.C., said they would consider what reforms "if any" are necessary post Silicon Valley Bank failure.
BankUnderground
JULY 20, 2023
Tomas Key During the recovery from the Covid pandemic, the demand for workers rose to unprecedented levels in the UK. The number of jobs that firms were looking to fill increased to 1.3 million in the middle of 2022, 60% higher than the level in the past three months of 2019. The amount of job vacancies has fallen substantially over the past year, but remains at a high level.
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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 20, 2023
The Columbus, Georgia, bank is selling a $1.3 billion portfolio as part of a plan to pay off higher-cost funding. Though there are rising concerns about the office sector, Synovus said the loans it's offloading have pristine credit quality.
BankInovation
JULY 20, 2023
Truist Financial invested heavily in technology and related professional services in the second quarter of 2023 as rising expenses overshadowed income growth. Truist’s software expense rose 10.7% quarter over quarter to $237 million from $214 million, according to the bank’s earnings supplement. This hike was accompanied by a 12.
American Banker
JULY 20, 2023
The Small Business and Entrepreneurship Committee voted nearly unanimously to advance a bill that would halt a plan by the Small Business Administration to open up some of its loan programs to fintech companies.
BankInovation
JULY 20, 2023
IBM’s software revenue grew in the second quarter as clients leaned on hybrid cloud and AI platforms. The tech giant’s software revenue increased 7% year over year to $6.6 billion, according to IBM’s earnings supplements. The software revenue includes income from Red Hat, automation, data and AI and security.
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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 20, 2023
Executives of the regional bank say they are zeroing in on its most profitable business lines and moving away from one-off customer relationships that don't generate as much revenue.
TheGuardian
JULY 20, 2023
Is golf culture to blame? | Fish and chips in The Road to Wigan Pier | Derek Malcom’s Magnum Fart | Coutts question My psychotherapy colleagues and I are fed up with the grim Jonah Hill situation being put down to the inadequacies of therapy , so it was nice to see Daisy Jones speaking to qualified therapists and putting some distance between unqualified opinions being shared via TikTok and the profoundly delicate and valuable work of long-term psychotherapy ( Are Jonah Hill’s texts really ‘ther
American Banker
JULY 20, 2023
Discover Financial Services' stock tumbled after revealing a new FDIC consent order regarding consumer compliance. Separately, the financial institution also copped to misclassifying certain credit card accounts into its highest merchant-pricing tier beginning in 2007.
BankInovation
JULY 20, 2023
Fifth Third Bank ramped up its modernization efforts in the second quarter as it looks toward automating its core platform to drive down expenses.
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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 20, 2023
The Crypto-Asset National Security Enhancement and Enforcement Act would increase regulatory oversight of cryptocurrencies traded on public blockchains and guard against money laundering and sanctions evasion, particularly by holding the largest crypto investors accountable for compliance.
BankInovation
JULY 20, 2023
The Federal Reserve’s long awaited real-time payments network FedNow launched this morning nearly four years after the rail was first announced.
American Banker
JULY 20, 2023
FNB Corp. and Bank of America are experimenting with ways to meld the benefits of account-opening in a branch with the efficiency of online.
The Paypers
JULY 20, 2023
Global payments and financial platform Airwallex has partnered with US-based unified global spend platform Brex to advance its global market presence.
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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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