Mon.Sep 11, 2023

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Stressing ‘community’ in community banking

ABA Community Banking

As CEO of First United Bank and Trust, ABA Treasurer Carissa Rodeheaver views personal relationships as the core business strength of the institution. The post Stressing ‘community’ in community banking appeared first on ABA Banking Journal.

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Affirm extends bridge to regulators

Payments Dive

“I think a fair amount of our competitors believe that they’ll either talk their way out of [regulatory attention] or hide,” Affirm CEO Max Levchin said.

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FDIC’s New Banker Engagement Site (BES): Improving CRA & Compliance Exam Communication

Perficient

This month, the Federal Deposit Insurance Corporation (FDIC) launches it new Banker Engagement Site (BES) through FDIC connect. Already reviewed by Perficient, BES provides a secure and efficient portal to exchange documents, information, and communications for consumer compliance and Community Reinvestment Act (CRA) examinations. Specifically, BES provides a financial institution’s authorized users the ability to communicate with FDIC examination staff and to respond to the information and docu

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Medical credit cards ‘exploit loopholes’ in healthcare debt protection, report finds

Payments Dive

The credit cards, which can promise patients deceptive no- or low-interest rates, are increasingly being offered in hospitals and physician offices, a PIRG report said.

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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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Community Bank Performance – 2Q Lessons

South State Correspondent

On September 7, 2023, the FDIC released its banking profile. This quarterly publication provides a comprehensive financial results summary for all FDIC-insured institutions (4,645 commercial banks and savings institutions insured by the FDIC). While banks under $10B in assets comprise 97.8% of all banks by number, those same banks comprise only 14% of all banking assets (total banking assets of approximately $26.57T as of Q2/23).

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A thoughtful approach to generative AI

Abrigo

Strategies for adopting AI at your financial institution Abrigo CTO Ravi Nemalikanti offers insights on how banks and credit unions can begin to utilize generative AI. You might also like this webinar, "Banking as a service: Objectives, opportunities, and obstacles." DOWNLOAD Takeaway 1 With generative AI technology improving by the day, the question is not if the banking industry will utilize it, but when.

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5 takeaways from Michael Barr’s views on CBDCs, stablecoins and more

Payments Dive

The Federal Reserve’s vice chair for supervision spoke about “responsible innovation” Friday at a Philadelphia Fed fintech conference.

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Ganesh Chaturthi: 5 Financial Lessons To Learn From Lord Ganesha

BankBazaar

Ganesh Chaturthi is around the corner and festivity and fervour is in the air. On this day Lord Ganesha is invoked to solve all financial troubles and bring in prosperity and wealth. Ganesha is believed to bring in prosperity, wealth, and growth in the life of devotees. This faith and festivity associated with Lord Ganesh give us lessons to improve our finances and live a better life.

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PayPal CEO stresses stablecoin potential

Payments Dive

The digital payments pioneer has set its expectations high for growth in stablecoins, as regulators circle the space.

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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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Closing the Gap with a Unified Digital Banking Platform

Jack Henry

I grew up in a small town before regional or national banks were common (or even allowed). Banking was synonymous with community, and walking through the doors of my local branch to deposit my paper route earnings meant conversations with tellers and managers that I’d known – quite literally – my entire life.

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How digital value unlocks new opportunities in fintech

Payments Dive

Digital value networks are innovating payments in a way that traditional processes struggle to support.

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Texas Federal District Court invalidates CFPB Exam Manual changes which opined that discrimination is a UDAAP violation

CFPB Monitor

As we predicted long ago, on Friday, September 8, 2023, the Federal District Court for the Eastern District of Texas vacated the changes made in March 2022 to the CFPB’s Exam Manual. On that date, the CFPB purported to use its authority to prohibit unfair, deceptive, or abusive acts or practices (UDAAPs) to target discriminatory conduct, even where fair lending laws may not apply.

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Margin challenged environment: The Chief Appraiser’s role

Realwired Appraisal Management Blog

How are your technology partners treating you in this margin challenged environment? Are they making your life easier or annoying you? Are you done? Strike 3? Time to change?

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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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For banks, cannabis rescheduling would change little

American Banker

The Department of Health and Human Services' recommendation to reclassify cannabis as a Schedule III substance has sparked renewed interest in cannabis banking reforms in Congress, but in itself will do little to make banking cannabis businesses easier.

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The bank branch isn’t dead — it’s evolving?

BankInovation

On the heels of a tumultuous spring that saw three of the four largest bank failures in U.S.

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Truist vows to cut costs by $750 million. Critics wonder: Is it enough?

American Banker

The North Carolina bank, which has been facing pressure to curb spending, rolled out a plan that includes job cuts, the consolidation of businesses and lower technology spending. Analysts wonder whether it will soothe investor frustration over Truist's sagging stock price.

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Crypto.com introduces Earn Plus

The Paypers

Crypto.com has introduced Earn Plus, a new Crypto Earn programme that allows users to utilise a simplified reward structure, higher allocation limits, and greater reward rates.

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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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Indiana bank joins list of those shedding branches

American Banker

Merchants Bancorp says it will sell a total of four branches to two buyers and focus more on its core residential mortgage lending business. Banks of all sizes have been pruning branch networks in recent years.

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What FI execs are saying about ChatGPT

BankInovation

Executives at financial institutions are looking into ChatGPT to unleash a new era of innovation, education and customer experience. While many FIs, like Fifth Third Bank are using ChatGPT to improve the efficiency of their chatbots, others, like DNB, are exploring generative AI to increase operational efficiency.

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Why Bank of America, TD Bank use virtual reality for onboarding

American Banker

Bank of America and TD Bank are finding that new employees and interns respond well to onboarding and training that takes place in the magical worlds of virtual reality.

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Bank of America launches B2C solution in Canada

BankInovation

Bank of America introduced its business-to-consumer payments solution in Canada as it continues to look for consistent digital solutions that clients can use across all its markets. Global Digital Disbursements, which launched on Aug.

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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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Citizens previews the launch of a nationwide private bank

American Banker

After taking incremental steps to bolster its wealth management business, the Rhode Island bank is preparing to roll out a broader strategy focused on high net-worth clients.

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Oracle falls after reporting slower growth in cloud sales

BankInovation

Oracle Corp. reported cloud sales growth that slowed in the quarter, dimming enthusiasm about the software maker’s expansion efforts in competitive market. The shares declined about 5% in extended trading. Cloud revenue, a growth bet that is closely watched by investors, jumped 30% to $4.6 billion. Of that, $1.

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CEOs of small credit unions weigh in on CUNA-NAFCU merger

American Banker

Amid concerns that the combination of the National Association of Federally-Insured Credit Unions and the Credit Union National Association could amplify the voices of only the biggest institutions, the heads of smaller ones see two clear advantages: cost and consistency.

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BMO eyes 600% ROI in 5 years for automated savings program

BankInovation

New York — Bank of Montreal’s automated savings program adoption is growing and the bank is on track for a 600% return on investment rate for the program over a five-year period, Daniel Caplan, director of digital money management and wealth services at BMO, said today at Finovate Fall 2023.

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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.