TheGuardian

DECEMBER 6, 2023

‘Careful monitoring’ needed because of rapid pace of artificial intelligence and machine learning Business live – latest updates The Bank of England has warned that rapid developments in artificial intelligence and machine learning could pose risks to the UK’s financial stability, triggering a fresh review into their use across the City. AI and machine learning have been used by financial firms for at least a decade, for example, to help detect fraud and money laundering.

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Policies Fraud Examples Technology 58

Payments Dive

DECEMBER 6, 2023

The card issuer’s premium designation isn’t compatible with all potential card issuing partners, Amex CEO Steve Squeri said Tuesday.

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Cards Apple Report 397

Perficient

DECEMBER 6, 2023

In recent years, the Consumer Financial Protection Bureau (CFPB) has significantly broadened its oversight, extending beyond major banks to address concerns in various industries, such as payday loan providers, credit reporting agencies, and most recently, the medical debt collection sector. The CFPB’s Dynamic Approach The CFPB’s modus operandi often involves proactively addressing potential issues through press releases ahead of engaging in enforcement actions.

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Industry Compliance Exercises Regulation 221

Payments Dive

DECEMBER 6, 2023

PayPal’s new CEO is making executive suite changes, creating a president of global markets post and tapping a payments industry veteran for the role.

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Industry Marketing Payments 221

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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CFPB Monitor

DECEMBER 6, 2023

The Consumer Financial Protection Bureau has sent a letter to the California Department of Financial Protection and Innovation (DFPI) commenting on the DFPI’s proposal that would require providers of “income-based advances” to register with or obtain a license from the DFPI and comply with the fee and interest rate limits of the California Financing Law (CFL).

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California Innovation 148

CFPB Monitor

DECEMBER 6, 2023

We previously reported and released a podcast episode on comments that we and Professor David Sherwyn of Cornell University submitted in opposition to the Petition for Rulemaking filed by a number of consumer advocacy groups urging the CFPB to prohibit pre-dispute consumer arbitration clauses and allow only post-dispute clauses. Among other things, we argued that the rule proposed by the Petitioners would be prohibited by the Congressional Review Act (CRA) because it is substantially the same

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Groups Report 97

American Banker

DECEMBER 6, 2023

MoneyLion and Pagaya, which were among the many payment companies that fought headwinds in the past two years, are using product and capital markets strategies to help them recover.

Marketing Strategies 83

Marketing Strategies Fintech Strategy Capital 83

CFPB Monitor

DECEMBER 6, 2023

According to media reports , CFPB Director Rohit Chopra expressed his concerns over the rise of generative artificial intelligence (AI) technology in his remarks at an Axios event in Washington, D.C. last week. Director Chopra indicated that AI could concentrate “enormous” power within the grasp of a few companies and their top executives.

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Washington Technology Report Company 78

American Banker

DECEMBER 6, 2023

The fireworks that traditionally accompany big bank CEOs' appearances in Congress were absent Wednesday, but instead executives pushed their opposition to the Basel III capital rules and its impact on the economy.

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Capital Policies Compliance Regulation 83

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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

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BankInovation

DECEMBER 6, 2023

Bank Automation News is pleased to announce that applications are now being accepted for the AI in Action Demo Challenge, which will take place at Bank Automation Summit U.S. 2024 on March 19 in Nashville, Tenn.

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Nashville Industry Technology Fintech 66

American Banker

DECEMBER 6, 2023

Canada's government has finalized arrangements with Visa and Mastercard to cap credit card interchange for small businesses; Klarna is expanding its work with the Dutch payment processor Adyen; and more.

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Cards Payments cryptocurrency 81

BankInovation

DECEMBER 6, 2023

Citibank is looking to reduce manual processing risk and costs by utilizing document processing company, Traydstream to automate document information processing and document creation.

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Industry Company 63

American Banker

DECEMBER 6, 2023

The megabank, which is in the midst of a massive restructuring, will probably book "a couple of hundred million dollars" of restructuring charges in the fourth quarter, according to its chief financial officer.

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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

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BankInovation

DECEMBER 6, 2023

Bank of America expects to spend $3.8 billion on technology development in 2024 as its overall spending increases due to investment in people, incentive compensation and technology. The $3.8 billion is part of the bank’s overall cost of running its technology platform, which totals around $12 billion, Chief Executive Brian Moynihan said Dec.

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America Technology Retail 63

American Banker

DECEMBER 6, 2023

The district judge upheld the state's regulations mandating that nonbanks disclose the annual percentage rate, finance charges and fees on financings of $500,000 or less.

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California Lending Regulation Policies 60

BankInovation

DECEMBER 6, 2023

Bank Automation News is pleased to announce that applications are now being accepted for the AI in Action Demo Challenge, which will take place at Bank Automation Summit U.S. 2024 on March 19 in Nashville, Tenn.

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Nashville US Industry Technology 54

The Paypers

DECEMBER 6, 2023

Netherlands-based Quantoz Payments has registered EURD as a community trademark and introduced EURD on the Algorand blockchain.

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Community Payments blockchain 64

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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.

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American Banker

DECEMBER 6, 2023

Equity, based in Wichita, Kansas, has agreed to buy the parent company of the Bank of Kirksville. The combined company would have $5.4 billion of assets and 74 branches, including 23 in Missouri.

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Missouri Wichita Kansas Company 48

The Paypers

DECEMBER 6, 2023

Estonia-based Veriff has launched its Identity Fraud Report 2024 on global identity fraud.

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Fraud Report 74

American Banker

DECEMBER 6, 2023

Frustrated by its inability to overcome loan-servicing mistakes that triggered three separate regulatory consent orders, Discover Financial Services elected to sell its student loan business. "When we looked at it, we have perennial issues in our ability to service that portfolio," a top executive said.

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Lending 41

The Paypers

DECEMBER 6, 2023

UK-based HSBC has introduced quantum protection for AI-enabled foreign exchange (FX) trading in collaboration with BT, Toshiba, and Amazon Web Services (AWS).

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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.

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American Banker

DECEMBER 6, 2023

Technology representatives from the six federal agencies testified in a House Financial Services fintech subcommittee hearing Tuesday.

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Regulation Fintech Technology Policies 45

The Paypers

DECEMBER 6, 2023

Norway-based card manufacturer IDEX Biometrics has partnered with Toppan Gravity to launch biometric cards with IDEX Pay fingerprint authentication.

Cards 48

Cards 48

American Banker

DECEMBER 6, 2023

The Ohio-based regional bank has laid out an ambitious expansion blueprint, including new health care asset-based lending, a Native American financial services unit and a push into commercial banking in North Carolina and South Carolina.

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South Carolina North Carolina Ohio Regional 36

The Paypers

DECEMBER 6, 2023

Trade Republic has obtained a full banking licence from the European Central Bank in order to further expand its capabilities around investing and saving services.

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Security 45

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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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