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7 ways community banks can boost profitability

Independent Banker

Here’s what community bankers need to know when planning their budgets for the next year. These days, there’s a lot to contend with as a community bank, from changing consumer behaviors due to the pandemic to uncertainty surrounding the economy and inflation. Build a lending niche. By Cheryl Winokur Munk. Quick stat. Paul, Minn.,

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Community Banks Embrace Faster Payments’ Competitive Edge

PYMNTS

Community banks are pushing for a stronger role with their small business (SMB) customers. However, through an embrace of FinTech collaboration and industry consolidation, community banks appear poised to further dispel assumptions of a lack of digitization. A Consolidating Industry. Strengthening SMB Ties.

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5 payments trends you should know about

Independent Banker

Here’s how community banks can enhance their payments offerings. CB Insights revealed that Q3 2022 fintech investments in payments continue to dominate financial services, with early-stage deals reaching a record high even as overall funding begins to cool. Chris Doyle, Texas First Bank. Photo by Juan Moyano/Stocksy. Quick Stat.

Trends 140
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The ICBA 22/23 executive committee is all in

Independent Banker

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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Today In Digital-First Banking: Paya To Buy The Payment Group; Purdue Federal Credit Union Taps Payrailz For Payment Services

PYMNTS

TPG of Texas offers payment solutions to over 600 utility firms and governments. The announcement came after Paya’s decision to go public via a merger with special-purpose acquisition company (SPAC) FinTech Acquisition Corp. Fed Moves To Revamp Community Reinvestment Act. Paya has inked a deal to buy The Payment Group (TPG).

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Credit Unions’ Small Business Opportunity

PYMNTS

Credit unions (CUs) have a growing opportunity to capture and keep their member customers, but only if they’re able to elevate their offerings to the levels seen with large banks and FinTechs. There are other areas in which credit unions stand to effectively compete with banks and FinTechs in the small business finserv space as well.

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FinCEN announces $8 Million BSA Enforcement Action: The Resurrection of AML Penalties

Abrigo

Whether that is the case or not, the reprieve is now over. On December 16, 2021, FinCEN announced an $8 million civil money penalty against CommunityBank of Texas (CBOT) for willful Bank Secrecy Act (BSA) violations and failing to maintain an effective anti-money laundering (AML) program. CommunityBank of Texas' citations.

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