Fri.Mar 15, 2024

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CFPB warns of ‘dangers’ on standards for open banking

Payments Dive

“We know dangers exist when more powerful players weaponize industry standards,” Consumer Financial Protection Bureau Director Rohit Chopra said in advance of finalizing an open banking rule later this year.

Industry 404
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CFPB and plaintiffs fully brief motion for preliminary injunction in trade group lawsuit regarding final credit card late fee rule

CFPB Monitor

The Consumer Financial Protection Bureau (“CFPB”) filed an opposition brief (the “Opposition”) on Tuesday in response to a request by plaintiff trade groups to enjoin the CFPB’s final credit card late fee rule (the “Final Rule”) during the pendency of a lawsuit seeking to invalidate the Final Rule. In the Opposition, the CFPB argues that plaintiffs are unlikely to succeed on the merits, and that the Final Rule is consistent with the CARD Act’s mandate that late fees be “reasonable and proportion

Groups 78
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Fintech founder backs Google, Apple

Payments Dive

“It’s easy for giant app companies to pick fights with Apple and Google, but when billionaire companies fight about who gets richer, it’s usually the little guy that loses,” writes CashEx’s CEO.

Google 243
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Unravelling the Psychology of Money: Understanding Our Spending, Saving, and Investing Behaviours

BankBazaar

Ever wondered why you splurge on things you don’t need or why your impulse buys or saving strategies are shap ed the way they are? Dive into the world of psychology of money with us to find out more! In the labyrinth of personal finance, our decisions are often guided not just by numbers and logic, but by other factors, like tradition, information available to us and the avenues of risk we are willing to take.

US 78
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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

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.

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Fiserv searches for ‘tuck-in type’ deals

Payments Dive

Despite a focus on smaller acquisition options, the processor doesn’t feel confined to a particular price range, CFO Bob Hau suggested Thursday.

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Protecting an ATM's hardware, software by slowing down criminals

ATM Marketplace

How can operators delay or frustrate ATM attacks long enough to be effective?

ATM 112
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Why bank consolidation is down but not out

American Banker

Bank mergers and acquisitions have slowed in recent years amid recession fears and other economic uncertainties. But bank consolidation is a century-old trend that's expected to rev up again as early as this year due to higher costs, tougher regulation and fierce competition.

Trends 89
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Fintechs look to megabanks a year after SVB collapse

BankInovation

Fintechs are looking to legacy banks with strong portfolios to provide seamless onboarding and digital capabilities following the regional banking crisis last year.

Fintech 68
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Wilmington Trust's Doris Meister on a career in wealth management: The Climb

American Banker

Meister, chair and CEO of the M&T division, considers herself a "builder-fixer" and has sought out new challenges and opportunities throughout her more than 30 year-career.

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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

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

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Grasshopper CEO previews faster check clearance

BankInovation

Digital Grasshopper Bank will roll out an improved check-clearing process this year to streamline the time between depositing a check and gaining access to the funds.

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CellPoint Digital partners with La Compagnie

The Paypers

CellPoint Digital has partnered with La Compagnie , a France-based airline, to help the later optimise its payment processes, lower transaction costs, and provide flexible payment options.

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Podcast: An NFL-player-turned-banker helping today’s student athletes

ABA Community Banking

Athletes make a lot of big financial decisions at fairly young ages. Brandon Ghee, a community banker and former NFL cornerback, discusses how Cogent Bank's sports and entertainment vertical comes alongside to help with this transition. The post Podcast: An NFL-player-turned-banker helping today’s student athletes appeared first on ABA Banking Journal.

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APWHY? Public APIs, Automation, and The Strategy Banks Are Missing

BankInovation

We Were Promised Flying Cars In 2014, Gartner predicted over 75% of the Fortune 1000 would have public APIs by 2017. This number is way higher in 2024!

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The State of Automation in Financial Services 2024 Report

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

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CDFI Fund received $1.55B in funding requests in 2024

ABA Community Banking

A total of 948 organizations from across the U.S. requested a combined level of approximately $1.55 billion in awards from the CDFI Fund in fiscal year 2024, which is more than three times the amount of available. The post CDFI Fund received $1.55B in funding requests in 2024 appeared first on ABA Banking Journal.

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Digital Mobility with Mobile Driver’s Licenses

Tomorrow's Transactions

Most people reading this will already know what an mDL is (a Mobile Driver’s License of course). That’s because it isn’t a new idea; it has been in development for roughly eight years now. What is new this year however is the development of the existing mDL standard to include remote presentation, an add-on functionality… Continue reading Digital Mobility with Mobile Driver’s Licenses The post Digital Mobility with Mobile Driver’s Licenses first appeared on Consult Hyperion.

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Bill to ban TikTok could have mixed results for banks

American Banker

Proposed legislation to force Bytedance to sell its U.S. operations of TikTok raises national security concerns and potential retaliation from Beijing.

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GoCardless to acquire Nuapay

The Paypers

UK-based bank payment company GoCardless has announced its agreement to acquire Nuapay , with the transaction being subject to regulatory approvals.

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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

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.

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CFPB's latest overreach threatens to nationalize consumer finance

American Banker

The Consumer Financial Protection Bureau is preparing to pick winners and losers in the consumer lending market, stifling innovation and curtailing freedom of choice.

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Vipps MobilePay launches new version of the app

The Paypers

Norway-based Vipps MobilePay has announced the launch of a new version of the MobilePay app to its Danish users, aiming to provide cross-border payments in the Nordics.

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Goldman closes GreenSky sale, and Synovus sees an edge

American Banker

Goldman Sachs is unloading the home improvement lending platform GreenSky after a misadventure in consumer finance. However, the consortium buying GreenSky plans to invest heavily in its growth, and Synovus says it's eager to deepen its partnership with the online lender.

Lending 41
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Ibanly taps Sumsub's verification platform

The Paypers

Canada-based fintech specialising in cross-border payments Ibanly has chosen Sumsub for identity verification, AML screening, KYC, and KYB checks.

Fintech 45
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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

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.

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Are wearable payments coming back in style?

American Banker

Samsung and Curve are setting the groundwork for a return of smart rings and other devices that can turn top-of-wallet cards into a fashion accessory.

Samsung 45
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FDX announces increase in accounts using FDX API

The Paypers

North America-based Financial Data Exchange (FDX) has announced that 76 million consumer accounts are currently leveraging its FDX API for Open Finance data sharing.

America 41
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PNC promotes Michael Thomas; Huntington hires JPMorgan's Sarah Pohmer

American Banker

PNC announces a new head of corporate and institutional banking; Huntington hires JPMorgan exec to lead HR; former HSBC banker returns as the firm's new U.S. CEO; and more in the weekly banking news roundup.

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Worldline Italia to partner with Cassa Centrale Group

The Paypers

Payment service provider Worldline Italia has announced that Cassa Centrale Group is pursuing negotiations for a long-term collaboration in the acquiring landscape.

Groups 41
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Top 10 Benefits of Automating Loan Modifications for Commercial Lenders

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.