Things worth reading: 2nd June 2017
Chris Skinner
JUNE 2, 2017
The race to become Islamic banking’s fintech hub The super-rich are different: they pay less tax. The post Things worth reading: 2nd June 2017 appeared first on Chris Skinner's blog.
Community Banks Aim To Amplify Competitive Edge With FinTechs
PYMNTS
JANUARY 9, 2018
Community banks approved 49 percent of SMB loan applications in November, according to the latest data from the Biz2Credit Small Business Lending Index. Here, again, lies another opportunity for community banks to fill the void. We urge you to make such legislation a priority.”.
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Trending Sources
Here Is The Latest Thinking For Libor Fallback Language
South State Correspondent
OCTOBER 9, 2019
However, regulators, for various reasons, are driving a shift to an alternative reference rate. In 2017, ARRC (Alternative Reference Rate Committee) identified the alternative reference rate in the US as SOFR (Secured Overnight Financing Rate). Most community banks use LIBOR sparingly in their loan and deposit contracts.
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The ICBA 22/23 executive committee is all in
Independent Banker
MARCH 31, 2022
Executive committee members tell us what advocacy issues they’ll be focused on during their terms, while board members share their words of wisdom for up-and-coming community bankers: themselves. To sum it up, these leaders are all in and all heart for community banking. We are not Wall Street banks—we are community banks.
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SMB Underwriting Slowed As Demand Fell Off At The End Of 2017
PYMNTS
MAY 30, 2018
Small businesses (SMBs) seeking loans decreased at the end of 2017, and companies felt the sting of financial challenges more acutely. Financing of all sorts was on the downswing, and SMB owners began dipping into their own piggy banks before seeking a lending agreement. In the 10 years following the financial crisis, the U.S.
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GonzoBanker Awards 2017
Gonzobanker
DECEMBER 19, 2017
One word can summarize this action-packed banking year, GonzoBankers – tiring. Heavy-handed regulators. Seriously, sit back with a pocket flask of Pappy Van Winkle, smoke a cigar (or your combustible of choice if you live in Colorado, California, Washington, Oregon, Nevada, Main or Massachusetts) and enjoy the 2017 GonzoBanker Awards.
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New York Department of Financial Services settles enforcement action with community bank over auto dealer fair lending allegations
CFPB Monitor
OCTOBER 25, 2022
As alleged in the Consent Order, Rhinebeck allowed auto dealers discretion to mark up borrower’s interest rates above the “Buy Rate” determined by the bank’s underwriting, which is the minimum rate at which the bank would agree to buy an installment contract originated by the dealer.
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Facebook Faces Billions In Possible GDPR Fines
PYMNTS
OCTOBER 8, 2018
The impact of Europe’s General Data Protection Regulation ( GDPR ) continues to take shape roughly five months after taking effect, and Facebook could be on the hook for billions of dollars in fines tied to a data breach of about 50 million user accounts. Crypto Regulations. billion over the corresponding period.
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Why 2017 is the year for cloud-first in banking
NCR
APRIL 6, 2017
Cloud computing is hardly a new concept, but it’s one that the banking industry has always regarded with a degree of suspicion, especially when it comes to the use of public deployments. While many leading banks are investing in cloud, smaller community banks often lag behind. In some ways this is understandable.
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Are banks taking advantage of the CECL extension?
Independent Banker
OCTOBER 31, 2021
The CARES Act extended the CECL implementation deadline for many larger community banks until the end of the COVID-19 pandemic. Community bankers tell us that while the extension is welcome, they’re already down the road to implementation. ICBA tells FASB CECL isn’t feasible for community banks. By Stephanie Vozza.
15 Twitter accounts every bank executive should follow
Abrigo
MARCH 6, 2017
See a similar list for the accounting profession: 15 Twitter accounts every accountant should follow 5) @rajeshkan – Rajesh Kandaswamy, research director at Gartner Group, focuses on mobile banking, mobile and cloud payments, channel convergence, digital strategy, big data analytics and outsourcing. Learn more here.
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Fed Chairman Concerned Over Shrinking Bank Market
PYMNTS
FEBRUARY 19, 2019
Earlier this month, the Federal Reserve released new data that found the average merger review time for deals in the banking sector declined to 3.8 months in the first half of 2017. That may be good news for banks, but some policymakers are concerned that industry consolidation is reducing access to financial services in rural areas.
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Operation Choke Point 2.0
Jeff For Banks
AUGUST 14, 2022
This was an obvious attempt to bully banks into making it so risky to do business with disfavored industries that many banks, under fear of enhanced regulatory scrutiny, stopped doing business with them. OPC formally ended in 2017. But the bad taste lingered. Again, legal businesses that are politically out of favor.
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78 HMDA Headache
Independent Banker
DECEMBER 13, 2015
Community banks face yet another set of regulatory requirements with the recently revised Regulation C reporting rule implementing the Home Mortgage Disclosure Act. Nevertheless, the new rules will impose significant new reporting mandates on many community bank lenders in the coming years. The onslaught continues.
Deep Dive: Weighing The Federal Reserve’s Faster Payments Proposal
PYMNTS
FEBRUARY 4, 2019
Twenty-five of them were operational worldwide in 2017, and that number had swelled to 40 by September 2018, with 16 more expected to debut by 2020. The Federal Reserve’s Faster Payments Task Force established a goal in July 2017 that any consumer or business with a U.S. Community banks and credit unions also offered their backing.
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CRE Could Significantly Shape Bankers' Strategies in 2017
American Banker
DECEMBER 22, 2016
Regulators have warned about the dangers of high commercial real estate concentrations despite bankers' assertions that they are managing risk better than they did before the financial crisis. Still, CRE concerns could influence M&A and loan diversification in 2017.
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What #Banking Trend Will Have the Greatest Impact on Your Bank?
Jeff For Banks
APRIL 4, 2024
Shadow Banking refers to banking-like operations that take place outside of the mainstream banking industry. Shadow bank lending is similar to bank lending but is not subject to the same regulations, and compensating deposit balace requirements. Rents are lower, borrowing costs are higher.
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Why The ICBA Is Fighting Industrial Loan Charters For FinTechs
PYMNTS
OCTOBER 17, 2017
ILCs are used to form industrial loan companies, better known as industrial banks. An industrial bank is an FDIC-insured depository institution that is generally subject to the same banking laws and regulations as any other bank charter type, with the important exception of the Bank Holding Act of 1956.
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108 How New Entrepreneurs Usher Open Banking Into SMB FinServ
PYMNTS
JUNE 6, 2019
Bank branch closures have some analysts, and even the banks themselves, on high alert. bank branches in 2017, and some are concerned that, as the trend continues, small business (SMB) owners will not have access to the in-person services that a customer relationship manager (CRM) can provide. Researchers found a 2.2
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Education: By Popular Demand
Independent Banker
JULY 29, 2016
These in-depth and timely professional development programs are designed exclusively for community bankers and led by nationally recognized industry experts who know the issues community banks grapple with. Each certification course is designed to prepare bank professionals to handle essential tasks and responsibilities.
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CECL implementation: Survey shows where peers are as 2023 nears
Abrigo
NOVEMBER 9, 2022
The 2022 CECL implementation survey is the fourth such analysis since 2017 by Abrigo, which has worked with hundreds of financial institutions on CECL implementation. For community banks specifically, they’re already reserving for a lifetime of credit losses,” he said. CECL Regulation. Portfolio Risk & CECL.
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Banking's Top 5 Total Return to Shareholders: 2022 Edition
Jeff For Banks
DECEMBER 16, 2022
I also filtered for anomalies such as recent merger announcements as a seller, turnaround situations (losses suffered from 2017 forward), mutual-to-stock conversions, stock dividends/splits without price adjustments, and penny stocks. Prior to starting CCBX and for the year ended 2017, the Company had $806 million in total assets and $5.4
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Teflon Tim: You Can't Mess With Wells Fargo
Jeff For Banks
NOVEMBER 9, 2018
March 2017 - Failed the OCC's community lending test causing "significant harm to customers." February 2018 - Regulators limit WF growth due to "widespread consumer abuses and compliance breakdowns." Wells maintained its market share from June 2017 to June 2018 in both New Jersey and nationwide. Nationwide network?
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How Does ChatGPT Describe the Economy and Banking?
Jeff For Banks
FEBRUARY 4, 2023
Additionally, the implementation of new policies by the government, such as changes to taxes and regulations, could also influence economic outlook. However, as I mentioned, it will not do well in replacing discernment, context, and gray areas where community banks tend to operate. The tool is still new and evolving.
Military Lending Act
Independent Banker
DECEMBER 13, 2015
New Military Lending Act regulations kick in next fall. The rule defines a “creditor” as a business that is engaged in extending consumer credit and meets the criteria under Regulation Z with respect to extensions of consumer credit to covered borrowers. By Mary Thorson Wright. The effective date of the final rule was Oct.
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The Full Framework
Independent Banker
JULY 28, 2016
The demands of managing regulatory compliance are uncontested, and depending on the disposition of the participants inside and outside of the bank, compliance management exists with varying degrees of problems and adversity. Just how can your community bank do all of those things? What agency is our prudential federal regulator?
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First New Community Bank In Decades Headed To US Market
PYMNTS
JANUARY 31, 2019
is set to see its first new community bank in decades, as the Federal Deposit Insurance Corporation (FDIC) lent its approval for MOXY Bank to launch in Washington, D.C. With clearance to move forward with its plans, the community banking landscape will see its first new industry player in years.
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Expect Decision on Credit Union Lawsuit in Early 2017: Judge
American Banker
DECEMBER 16, 2016
A federal judge heard arguments from ICBA and NCUA on whether to dismiss the banking group's legal challenge to the credit union regulator's changes to the member business lending rule. A decision on the dismissal could come as early as January.
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Four bankers of failed thrift charged with helping client embezzle funds
American Banker
AUGUST 29, 2020
The Justice Department alleges that the bankers worked with “higher-ranking bank officials” at Washington Federal Bank for Savings in Chicago to falsify records and hide funds prior to the bank's December 2017 collapse.
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Veteran Bank Investor May Have Industry's Toughest Job in 2017
American Banker
JANUARY 3, 2017
Shivan Govindan, chairman of First NBC Bank in New Orleans, has taken on the task of salvaging a bank that is reeling from accounting issues and a substantial capital requirement from regulators.
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28 Wells Fargo Overhauling Risk Management Processes
PYMNTS
MARCH 26, 2018
Those that are retiring include Jim Richards, head of financial crimes risk management, Kevin Oden, head of operational risk and compliance, Keb Byers, enterprise risk head and Vic Albrecht, community banking risk group head. All are retiring in April, May or June.
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100 Guest Post: Financial Markets and Economic Update by Dorothy Jaworski
Jeff For Banks
NOVEMBER 1, 2017
Quarterly Financial Markets & Economic Update- October, 2017 I love this time of year. The overall forecast for GDP in 2017 is 2%. They are expected to raise the Fed Funds rate for a third time in 2017 by another 25 basis points in December, 2017. in September, 2017. What else is new?
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Guest Post: Financial Markets and Economic Update by Dorothy Jaworski
Jeff For Banks
JULY 8, 2017
I believe that we are in this era of weak growth, now eight years old, for the long haul unless changes are made to regulation and we stop adding debt at break-neck speed. The Fed has raised rates by 25 basis points twice so far in 2017 and has promised one more increase. million, at the end of May, 2017. The pool stands at 12.4
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Former First NBC executives charged with fraud tied to bank's failure
American Banker
JULY 14, 2020
Ashton Ryan, the New Orleans bank's CEO, and two other officers are accused of disguising the financial condition of certain borrowers before the bank's 2017 collapse.
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Faster Payments: Does The Fed Have A Hidden Agenda?
PYMNTS
MARCH 18, 2019
This new window – which will allow banks to submit requests for SDA until 4:45 p.m. EST – is understandably of great interest to all banks, but particularly to those in the Mountain and Pacific time zones. TCH is the association of the 25 largest banks in the U.S., This delay was initiated by the Fed. 13, 2018.
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201 Guest Post: FInancial Markets and Economic Update by Dorothy Jaworski
Jeff For Banks
AUGUST 12, 2018
As well as the economy has been doing from the momentum of tax cuts and reduced regulation, there are always looming issues. for the year ending June, 2017, and +4.2% Dorothy has been with Penn Community Bank and its predecessor since November, 2004. Consider the trade wars and tariffs. for the year ending June, 2018.
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Banking-As-A-Service Takes On The Underbanked SMB
PYMNTS
MARCH 9, 2020
million households were underbanked in 2017. At the same time, bank branch closures appear to be accelerating, with small towns across the country losing a combined 14 percent of their banks between 2012 and 2017. Regional Banks, Credit Unions Compete. The bad news, however, is that it still means 8.4 ”
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188 Ready for Reporting
Independent Banker
DECEMBER 28, 2015
Under this new low-volume threshold, only banks that originated at least 25 closed-end mortgage loans or 100 open-end lines of credit in each of the two preceding calendar years would be subject to the rule. And banks only have to report the types of transactions (closed- or open-end) for which they exceed the threshold.
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70 Banking's Top 5 in Total Return to Shareholders: 2017 Edition
Jeff For Banks
DECEMBER 12, 2017
Their non-performing loans (NPL)/total loans ratio peaked at 12.54% in 2010, and between 2009-12, the Bank charged off over 11% of its loan portfolio. That got regulator's attention in the form of a May 2011 Consent Order (CO). is the holding company for Parke Bank, a $1.1 But they didn't bury their head in the proverbial sand.
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Three Small US Banks Collapse Over Past Month
PYMNTS
NOVEMBER 18, 2019
recorded its fourth bank failure this year — the first collapse of financial institutions since 2017, according to data from the Federal Deposit Insurance Corp ( FDIC ). 1 when City National Bank of New Jersey closed its three branches with assets of about $120.6 Louisa Community Bank of Louisa, Kentucky also shuttered on Oct.
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2021 GonzoBanker Awards
Gonzobanker
DECEMBER 17, 2021
If that is not enough, the bank established MVB Edge Ventures and now has equity positions in Flexia Payments, Grand and Victor – all of which are embedding payments, banking, and risk management services in new ways. Since 2017, ROAE has grown from 7% to approximately 20% and ROAA has increased from.82% Has it worked?
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FinovateFall 2017 Live Blog – Day 2
William Mills
SEPTEMBER 12, 2017
William Mills Agency will be live blogging at FinovateFall 2017. Digital banking solutions for community banks and credit unions. PromonTech has a vision of a mortgage industry that is transparent, efficient and understandable for all: borrowers, lenders, regulators and investors. MalauzaiMonkeys. tpietrocola.
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Advocacy: Election Returns
Independent Banker
JULY 29, 2016
Around the Table—Wisconsin community bankers work with legislative staff members on Capitol Hill during ICBA’s Washington Policy Summit. Keeping community banking interests front and center. 812) and the Community Bank Access to Capital Act (H.R. Any community banker is welcome and encouraged to attend.
The Top 5 Trends in Fintech and Banking for 2022
Gonzobanker
JANUARY 4, 2022
In 2022, community banks and credit unions will have to revisit and overhaul their overdraft policies and strategies. According to Terence Roche, partner at consulting firm Cornerstone Advisors , community-based financial institutions could: “Lower their NSF fee to the $5 to $7 range and market it as a convenience fee.
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