American Banker
DECEMBER 22, 2023
Banks, payment companies, mortgage lenders and insurance providers are racing to seize an advantage from generative artificial intelligence. Some have been especially aggressive in deciding which workflows — or entire jobs — can be handed off to AI.
Payments Dive
DECEMBER 22, 2023
The Electronic Payments Coalition is “fully funded” for the continuing fight over the proposed Credit Card Competition Act next year, said the organization’s executive chairman.
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Perficient
DECEMBER 22, 2023
This blog was co-authored by: Ashley Simmons In conversations with financial services executives, Perficient consultants consistently delve into the application and usage of artificial intelligence (AI) within the industry. A pivotal aspect of this conversation revolves around the regulatory perspective toward AI. To help shed light on this matter, Perficient’s Financial Services Risk and Regulatory Center of Excellence (CoE) researched the topic extensively and discovered that the Office of th
Abrigo
DECEMBER 22, 2023
The most-read lending & credit blogs in 2023 Probability of default, CECL model validation, and stress testing were among Abrigo's top blogs on ALM, CECL, and portfolio risk this year. You might also like this resource, Abrigo's "2022 Loan Review Benchmark Survey Results." download NOW Takeaway 1 The most popular blog posts on the Abrigo site reflect many of the priorities community banks and credit unions had in 2023.
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
DECEMBER 22, 2023
Flexibility ranked high on the payment processor’s list of employee retention pain points, so the company turned to staffers for guidance, said Chief Human Resources Officer Andréa Carter.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
DECEMBER 22, 2023
Versapay and Brim Financial, both based in Toronto, have already lured U.S. customers, and are seeking to expand their clientele south of the border.
Jack Henry
DECEMBER 22, 2023
Not long ago, banks and credit unions were flush with deposits – bringing lending functionality into the digital banking experience to help promote loan growth.
TheGuardian
DECEMBER 22, 2023
Decades after shared appreciation mortgage launch, case brought by law firm due to reach high court It was one of a list of “millennium products” lauded by the then prime minister, Tony Blair, as an example of “the very best of British innovation, creativity and design”. But, almost 25 years later, the shared appreciation mortgage (Sam) is effectively going on trial at the high court, accused of ruining lives and leaving some people owing 10 or 12 times the sum they originally borrowed.
CFPB Monitor
DECEMBER 22, 2023
As previously reported, the U.S. House of Representatives , by a vote of 221-202, voted under the Congressional Review Act to override the CFPB’s final Section 1071 small business lending rule (1071 Rule), and the U.S. Senate , by a vote of 53-44, voted to do the same. As was expected, on December 19, 2023 President Biden vetoed the legislation.
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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
TheGuardian
DECEMBER 22, 2023
The former chancellor is one of four partners at Robey Warshaw, which did not specify how much he would collect George Osborne will collect a share of a £28m payout for his work as partner at the City advisory firm Robey Warshaw. The former chancellor, who orchestrated the austerity drive after the financial crisis, is one of four partners at the Mayfair-based company which announced on Friday it would pay out a total of £27.98m to four men.
CFPB Monitor
DECEMBER 22, 2023
The Chairman of the House Financial Services Committee, Patrick McHenry (R-NC), sent a comment letter to CFPB Director Rohit Chopra in response to the CFPB’s notice of proposed rulemaking that would implement Section 1033 of the Dodd Frank Wall Street Reform Act and Consumer Financial Protection Act of 2010. The letter highlighted that statutes, regulations and guidance have not kept pace with technological advances but the proposed rule is making significant strides.
American Banker
DECEMBER 22, 2023
Banks large and small are selling some or all of their insurance subsidiaries, enticed by the high prices they're being offered. Here's a rundown of the deals that were struck in 2023.
CFPB Monitor
DECEMBER 22, 2023
District of Columbia Council Bill B 25-0609 , which would opt out of Section 27 of the Federal Deposit Insurance Act (“FDIA”) with respect to loans made in the District of Columbia, was introduced in the District of Columbia Council on November 30, 2023, and referred to the Council’s Committee on Business and Economic Development on December 5, 2023.
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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
BankInovation
DECEMBER 22, 2023
Digital bank bunq rolled out its generative-AI driven chatbot this week and expects the bot to automate most of its operations. Bunq launched the bot, Finn, on Dec. 20 and expects it to automate 90% of operations in 2024, a spokesperson from Amsterdam-based bunq told Bank Automation News.
CFPB Monitor
DECEMBER 22, 2023
As we await the CFPB’s proposed overdraft and nonsufficient funds (NSF) fee rule , the CFPB issued another report, Overdraft and Nonsufficient Fund Fees: Insights from the Making Ends Meet Survey and Consumer Credit Panel. It appears this report was issued to bolster those imminent rulemaking efforts, similar to the consent order with Atlantic Union Bank earlier this month.
American Banker
DECEMBER 22, 2023
Bank investor Kenneth Lehman and investment firm Castle Creek are providing the funds to the Virginia-based bank, whose fintech friendly strategy has gotten it in trouble with regulators. The bank's stock has sunk 70% this year.
The Paypers
DECEMBER 22, 2023
Singapore-based WHAMPOA Digital has partnered with South Korea-based gaming company Wemade to collaborate on a USD 100 million Web3 fund in the Middle East.
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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
DECEMBER 22, 2023
Of the 11 women on our list, only one – Citi's Jane Fraser – leads one of the U.S.'s 50 largest banks.
BankInovation
DECEMBER 22, 2023
United Mississippi Bank continues to use Jack Henry’s Hosted Network Solutions to enhance its IT infrastructure without adding employees. In 2017, United Mississippi Bank Executive Vice President and Chief Information Officer Christopher Maxwell was looking to improve IT operations, including the need for two full-time IT employees, he told Bank Automation News.
American Banker
DECEMBER 22, 2023
America First Credit Union wants to grow 7(a) lending, but its expansion prospects depend on hiring more experienced lenders. That's proved a common challenge for other institutions as the Small Business Administration program continues to grow in popularity.
The Paypers
DECEMBER 22, 2023
The first cross-border settlement for precious metals using the digital yuan CBDC, known as e-CNY, was completed on 20 December 2023.
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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
DECEMBER 22, 2023
The Canadian bank didn't admit liability in the settlement, which is set to go before a court for approval in February.
The Paypers
DECEMBER 22, 2023
India-based ecommerce, Flipkart 's biggest shareholder Walmart , has announced that it has infused about USD 600 million in a new fundraise for the startup.
American Banker
DECEMBER 22, 2023
Walmart adds BNPL to self-checkout via Affirm, Uber integrates with payment firms Brex and Ramp, Fulton Financial announces next president and more in the weekly banking news roundup.
The Paypers
DECEMBER 22, 2023
US-based alternative asset manager Blackstone has signed an agreement to acquire Japan-based Sony Payment Services from Sony Bank.
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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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