Wed.Jun 21, 2023

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Shopify taps Adyen in bid for bigger clients

Payments Dive

Canadian e-commerce company Shopify is upgrading its integration with Dutch fintech Adyen in an effort to serve larger merchants in North America, and on the international stage.

America 418
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Want to Get Gen Z’s Attention? Be Like TikTok

Gonzobanker

What’s the #1 search engine for Gen Z consumers? Mary Wisniewski invites Tony DeSanctis to chat about what works and doesn’t to influence and engage a Gen Z audience. Could financial institutions, not traditionally known for making emotional connections with customers, be doing a better job? Watch the video Social clips cited: [link] [link] [link] The post Want to Get Gen Z’s Attention?

Video 147
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Bitcoin ATM operator demands Texas sheriff return funds seized in ransomware scam

ATM Marketplace

The sheriff claims his office acted appropriately in seizing cash from the machine and returning it to the victim of a ransomware scam. BItcoin Depot claims legal procedure was not followed.

Bitcoin 105
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Housing affordability: In the pursuit of equity

ABA Community Banking

Affordable housing is an old problem in search of new solutions. As banks develop creative, sustainable programs to help close ever-widening wealth and homeownership gaps in underserved communities, they know there’s more to be done. The post Housing affordability: In the pursuit of equity appeared first on ABA Banking Journal.

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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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Court looks to FCRA in interpreting MLA statute of limitations

CFPB Monitor

In dismissing a class action last month alleging violations of the Military Lending Act (“MLA”), a federal court in Virginia held that MLA’s two-year statute of limitations is triggered by discovery of the facts underlying the violation, not by discovery that the statute had been violated. Finding the MLA’s text to be inconclusive on this issue, the court looked to case law interpreting a similar statute of limitations in the Fair Credit Reporting Act (“FCRA”) for guidance.

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CFPB files opposition to preliminary injunction motion in lawsuit challenging Section 1071 final rule

CFPB Monitor

The CFPB has filed its opposition to the motion seeking a preliminary injunction filed by the plaintiffs in the lawsuit challenging the validity of the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act (Rule). The plaintiffs in the amended complaint are the Texas Bankers Association (TBA), the American Bankers Association (ABA), and Rio Bank, McAllen, Texas.

Texas 78
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Are we totally wrong about which types of deposits are risky?

American Banker

Data from recent bank failures suggests that prevailing assumptions about which deposits are the most volatile could be dangerously flawed.

Data 98
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Biden Administration continues efforts to crackdown on “junk fees”

CFPB Monitor

During his remarks in a meeting with private sector companies on June 15, 2023, President Biden described junk fees as “these hidden charges that companies sneak into your bill to make you pay more and without you really knowing it initially.” President Biden was joined by representatives from Live Nation, SeatGeek, xBk, Airbnb, the Pablo Center at the Confluence, TickPick, DICE, and the Newport Festivals Foundation — companies that currently provide or have committed to providing all-in pricin

Meeting 78
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Santander US unveils three-year community benefits plan

American Banker

The bank's $4.6 billion commitment is smaller in size and shorter in duration than a previous plan. It also pledged $9 billion to sustainable finance initiatives over the next three years.

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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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CFPB files brief with Seventh Circuit in appeal from district court ruling In Townstone Mortgage that ECOA only applies to applicants

CFPB Monitor

The CFPB has filed its opening brief in its appeal to the U.S. Court of Appeals for the Seventh Circuit from the district court’s decision in the CFPB’s enforcement action against Townstone Mortgage (Townstone). In the case, the district court ruled that a redlining claim may not be brought under the Equal Credit Opportunity Act (ECOA) because the statute only applies to applicants.

Lending 78
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CFPB says consumers in the South face banking deserts, higher rates

American Banker

The Consumer Financial Protection Bureau issued two reports analyzing banking and consumer credit trends in the South, where many rural areas are considered "banking deserts.

Trends 78
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Adyen partners with Shopify

The Paypers

Netherlands-based fintech Adyen has announced its partnership with Shopify in order to offer improved payment features for global ecommerce enterprise merchants.

Fintech 69
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Does a federal court ruling threaten the future of decentralized finance?

American Banker

A judge ruled this month that a decentralized autonomous organization, or DAO, can be held liable for violating commodity exchange rules. That squashes the notion that the decentralized trading model is enforcement-proof.

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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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Deutsche Bank applies for Digital Asset license | ChatGPT plans app store for AI software | AWS is investing $100 million in generative A.I. center

Bussman Advisory

Join our community of 50,000+ subscribers and stay informed on the latest trends and news in the FinTech & AI world with the weekly newsletter provided by Bussmann Advisory. Gain insights into disruptive technologies, industry updates, and success stories from our portfolio companies. This week’s must-know stories: Deutsche Bank applies for Digital Asset license in Germany OpenAI ChatGPT plans app store for AI software AWS is investing $100 million in generative A.I. center in race to

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Embold Credit Union CEO: Tougher times are looming

American Banker

At the Milwaukie, Oregon, institution, total loans increased 16% in the first quarter from a year earlier. But President and CEO Aaron Goff predicted this would level off significantly for his credit union and the industry overall.

Oregon 74
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Grasshopper Bank automates document processing

BankInovation

Grasshopper Bank integrated digital business solutions provider Numerated into the bank’s platform to automate document processing and streamline underwriting in a deal announced last week.

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Powell: changes to capital rules won't be felt for 'some years'

American Banker

The chairman of the Federal Reserve told the House Financial Services Committee that no decisions have been made about regulatory changes, but whatever does come to pass will take time to implement.

Capital 68
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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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Transactions: Citizens selects embedded payments provider Wisetack

BankInovation

Citizens Financial Group selected embedded pay-over-time provider Wisetack Thursday for its new consumer financing platform, Citizens Pay. Citizens Pay will use Wisetack’s existing connections to merchants and software-as-a-service integration capabilities to offer customers the ability to finance home improvement purchases with low interest and individualized timetables, according to a news release.

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Latest global payments news

American Banker

This week in global news, Mastercard teams with SimpliFi in the Middle East, Venezuela and Russia collaborate on payments, Alipay backs Asian Games and more.

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See Customers Clearer with Hyper-Personalization at Scale

FICO

Home Blog Feed test See Customers Clearer with Hyper-Personalization at Scale Are you seeing the people behind the data? Providing superb customer experience means achieving hyper-personalization at hyperscale Thu, 02/09/2023 - 10:57 Pawel Pasik by FICO expand_less Back to top Wed, 06/21/2023 - 12:35 As the digital landscape becomes more competitive, companies must find ways to differentiate themselves and make meaningful connections with customers.

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Greater Nevada Credit Union promotes CXO to CEO

American Banker

Greater Nevada Credit Union in Carson City promoted Danny DeLaRosa to be its next president and CEO. He replaces Wally Murray, who retired in March.

Nevada 69
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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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Andrew Veal obituary

TheGuardian

My father, Andrew Veal, who has died aged 72, had careers in banking and prison rehabilitation, but his true passion was his voluntary work as a special constable in Suffolk (1978-2003). He achieved the rank of special inspector, became involved in the recruitment and retention of volunteers and also organised training days. Born in Sleaford, Lincolnshire, Andrew was the only son of Kitty (nee Burbidge) and Ray Veal, a shipping manager.

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Goldman says IPO bust looks like it's ready to boom once again

American Banker

The environment for initial public offerings in the U.S. has surged since last September, and it's set to keep rising.

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ComBank launches Flash FAM in Sri Lanka

The Paypers

The Commercial Bank of Ceylon has launched Flash FAM to offer teenagers of Sri Lanka the opportunity to begin their financial journey under their parents’ guidance.

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Fed's Bostic says bar to justify further rate hikes is higher

American Banker

In an online commentary published Wednesday, the Atlanta Fed president said he agreed with the view that "the bar to justify further rate hikes is higher than it was a few months ago.

Atlanta 36
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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.