Payments Dive

SEPTEMBER 18, 2023

Alyssa Henry, CEO of Block’s merchant business Square, will leave the company just days after a service outage left merchant clients unable to process payments.

Payments 482

Payments Company 482

South State Correspondent

SEPTEMBER 18, 2023

The banking industry’s average efficiency ratio worsened for the first time since 2021. The industry’s efficiency ratio increased to 54.30% in Q2/23 from 52.98% in Q1/23. This development is very important to community banks, as their efficiency ratio also increased, but to 61.63%. The national banks have already indicated how they plan to reverse the efficiency ratio increase – through headcount reduction.

Management 195

Management How To Community Bank Community 195

Payments Dive

SEPTEMBER 18, 2023

The proposed digital dollar would create an electronic version of the U.S. currency, but it wouldn’t be the same as a central bank digital currency.

467

467

CFPB Monitor

SEPTEMBER 18, 2023

On September 14 th , the Federal District Court for the Eastern District of Kentucky granted the plaintiff’s motion to preliminarily enjoin the CFPB from implementing the Small Business Lending Rule (“Rule”) promulgated under section 1071 of the Consumer Financial Protection Act. As a reminder, the plaintiffs in the Kentucky lawsuit are the Kentucky Bankers Association and several Kentucky banks.

Kentucky 143

Kentucky Lending Company Data 143

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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.

US

Payments Dive

SEPTEMBER 18, 2023

FedNow is driving adoption of instant payments— here’s what financial institutions need to know.

Payments 432

Payments 432

Payments Dive

SEPTEMBER 18, 2023

Researchers with the Philadelphia Fed’s Consumer Finance Institute also discovered a typical BNPL user’s credit score was more than 50 points lower than a non-user's.

Philadelphia 243

Philadelphia Study 243

Jack Henry

SEPTEMBER 18, 2023

Community and regional banks and credit unions can learn about payments trends in 2023, FedNow, streamlining experiences, reducing fraud and risk, and the future of payments.

Strategy 97

Strategy Payments Regional Fraud 97

CFPB Monitor

SEPTEMBER 18, 2023

This Wednesday, September 20th at 10:00AM ET, the U.S. Senate Committee on Banking, Housing, and Urban Affairs is scheduled to hold a hearing on “Artificial Intelligence in Financial Services.” Currently scheduled to speak are: Ms. Melissa Koide, Director and CEO, FinRegLab, former Deputy Assistant Secretary for Consumer Policy, U.S. Department of the Treasury; Mr.

Policies 88

Policies 88

American Banker

SEPTEMBER 18, 2023

The Japanese technology conglomerate withdrew its application to the National Credit Union Administration on Sept. 5, marking its fourth failed attempt to establish a financial institution in the U.S.

National 93

National Technology 93

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Lending

CFPB Monitor

SEPTEMBER 18, 2023

In FTC v. Credit Bureau Center, LLC , the Seventh Circuit recently held that Section 19 of the Federal Trade Commission Act does not allow the FTC to deposit excess funds awarded as restitution under Section 19 in the U.S. Treasury as disgorgement. In the underlying action, the FTC alleged Credit Bureau Center, LLC (“CBC”) used “negative option features” on its websites which offered visitors a free credit report but automatically enrolled them in a $29.94 monthly membership subscription.

Report 78

Report 78

American Banker

SEPTEMBER 18, 2023

Banks have steadily winnowed their physical footprints since 2010, when digital services came to the fore. The pandemic — and social distancing — hastened the trend this decade. In 2009, there were nearly 100,000 branches in the U.S. Today, there are fewer than 80,000.

Trends 88

Trends Community Bank Community 88

CFPB Monitor

SEPTEMBER 18, 2023

As readers may recall, California previously attempted to enact a “Digital Financial Assets Law” with the introduction of AB 2269 in February 2022. In relevant part, AB 2269 proposed (1) a stringent licensing requirement for entities engaging in or holding themselves out as being able to engage in “digital financial business activity” with or on behalf of California residents and (2) substantial ongoing reporting and operational obligations, both of which California modeled after New York’s “Bit

California 78

California Operations Report Regulation 78

American Banker

SEPTEMBER 18, 2023

PayPal's new stablecoin offering should be setting off alarms at traditional banks, because it could seriously challenge their dominance in the payments space.

System 90

System Payments Industry Compliance 90

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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

Report

CFPB Monitor

SEPTEMBER 18, 2023

The CFPB recently posted on its website a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage provisions of Dodd-Frank. The adjustments reflect changes in the Consumer Price Index (CPI) in effect on June 1, 2023 and will take effect January 1, 2024.

Cards 78

Cards Regulation 78

American Banker

SEPTEMBER 18, 2023

Bankers largely support expanding government-backed farm loan programs, and in general support continued funding for crop insurance. But politics is making swift passage of a traditionally uncontroversial bill challenging.

Community Bank 78

Community Bank Policies Industry Community 78

CFPB Monitor

SEPTEMBER 18, 2023

We recently reported that a federal district court in Kentucky enjoined the CFPB from implementing the small business data collection and reporting rule, also referred to as the 1071 rule based on the Dodd-Frank section requiring the rule (the “Rule”). Unlike a similar injunction against the rule issued by a federal district court in Texas , the preliminary injunction issued by the Kentucky court is not limited to the members of the plaintiff trade associations and the plaintiff banks.

Kentucky 78

Kentucky Report Data Texas 78

American Banker

SEPTEMBER 18, 2023

Alyssa Henry will leave Square at the end of October after nine years at the helm, the Block unit said in a regulatory filing. Square founder Jack Dorsey will once again take the reins as chief executive.

Payments 77

Payments 77

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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.

Lending

BankInovation

SEPTEMBER 18, 2023

Silicon Valley Bank, a division of First Citizens Bank, named Martin Murrell the new head of global payments and Milton Santiago the new head of global digital solutions last month.

Innovation 66

Innovation Payments 66

The Paypers

SEPTEMBER 18, 2023

Taiwan’s Crypto Association has engaged with El Salvador for guidance in establishing stronger crypto regulations.

Regulation 81

Regulation 81

BankInovation

SEPTEMBER 18, 2023

Barclays, Citi and HSBC are all exploring AI, and representatives of the three banks are sharing how to identify where to invest in the tech. When should banks start implementing AI?

How To 66

How To 66

The Paypers

SEPTEMBER 18, 2023

Australian neobank Judo Bank has partnered with Netherlands-based firm Backbase to design new digital experiences for SME business banking and term deposit clients.

53

53

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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.

Lending

American Banker

SEPTEMBER 18, 2023

Treasury's Financial Crimes Enforcement Network said most small businesses will need to report information about their beneficial owners at the start of next year; certain financial and government entities are exempt because of their preexisting regulatory requirements.

Report 45

Report Policies Compliance Regulation 45

The Paypers

SEPTEMBER 18, 2023

Financial messaging system Swift has partnered with Wise aiming to expand cross-border payment options for financial institutions globally.

System 54

System Payments 54

American Banker

SEPTEMBER 18, 2023

Payments revenue growth is slowing from economic headwinds, lower-cost digital transactions and upstarts cutting into incumbents' profit margins, according to a Boston Consulting Group report. Here's what to expect.

Report 41

Report Boston Payments Cards 41

The Paypers

SEPTEMBER 18, 2023

US-based fintech Broadridge Financial Solutions has onboarded its first customers for Transaction Screening Service and for Swift ’s newly launched Securities View service.

Security 45

Security Fintech US 45

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