Abrigo

JUNE 14, 2021

Create an effective sanctions program Considering the current economic and political environment, it is crucial that financial institutions maintain a strong sanctions compliance program (SCP). Would you like others articles like this in your inbox? Takeaway 1 OFAC has issued new guidance on the essential components of a strong compliance program. Takeaway 2 Financial institutions must train front-line staff to identify behavioral red flags that could indicate elder financial abuse.

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Compliance Training Resources Policies 370

Accenture

JUNE 14, 2021

The Efma-Accenture Banking Innovation Awards have been a catalyst for innovation in banking since their inception in 2013. Since then, I look forward to them every year as the industry rewards and celebrates innovation. After a pause in 2020 due to COVID-19, this year’s ceremony brings even more anticipation. I have discussed Growth Markets and…. The post Setting the stage for the best banking innovations of 2021 appeared first on Accenture Banking Blog.

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CFPB Monitor

JUNE 14, 2021

In a recent guest post, Professor Mark Budnitz voiced support for Professor Jeff Sovern’s recent proposal that the CFPB issue a rule barring the use of pre-dispute arbitration agreements unless consumers opt in to them. He claims it is the “only fair method” for contracting with consumers because “consumers cannot know, pre-dispute, which forum is better.

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SWBC's LenderHub

JUNE 14, 2021

Last Week: Treasury yields were front and center last week as equities and corporate bonds quietly ground higher and tighter. All through last week, longer-dated Treasury notes and bonds rallied and the yield curve flattened 11 basis points despite large funding operations and the May CPI coming out higher than expected. The reasons for the rally sit squarely with the flow of funds.

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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

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Cisco

JUNE 14, 2021

Earlier this year Cisco completed its acquisition of imimobile, adding an enterprise-grade CPaaS platform to Cisco’s industry-leading collaboration and contact center solution portfolio. The Cisco Financial Services team welcomes imimobile’s Jay Patel – VP & CEO of imimobile as our guest blogger this week.

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CFPB Monitor

JUNE 14, 2021

Afterpay, a buy-now, pay-later company, is facing a putative class action lawsuit in a California federal district court. The complaint alleges that Afterpay misled customers in representing that its services allowed customers to “pay for purchases at a later date, with no interest, no fees, and no hassle” when “there are huge, undisclosed fees and interest associated with using the service.

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Banking Exchange

JUNE 14, 2021

BMO Harris Bank’s new premises will cater for mid-market businesses, while Citizens Bank purchases West Virginia branches Community Banking Feature3 Feature Management M&A.

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West Virginia Virginia Community Bank Community 78

CFPB Monitor

JUNE 14, 2021

Two leaders of the CFPB’s Fair Lending Office – Patrick Ficklin, Fair Lending Director, and Charles Nier, Senior Fair Lending Counsel – recently published an article advocating for broader use of special purpose credit programs (“SPCPs”) by creditors. The article, entitled “The Use of Special Purpose Credit Programs to Promote Racial and Economic Equity” and framed as an essay, can be found in the Poverty & Race Research Action Council’s (“PRRAC”) May 2021 edition of its series on new direc

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SWBC's LenderHub

JUNE 14, 2021

If you haven’t noticed, the era of in-person transactions is fading in the rearview mirror of a society that has recently weathered its first global pandemic. Today, thanks to the internet, smartphones, and other digital technology, commerce can occur anywhere at any time—usually with just a few clicks.

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Payments Technology 78

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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

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CFPB Monitor

JUNE 14, 2021

In connection with the release of its latest semi-annual regulatory agenda , the CFPB announced that it will assess the October 2015 significant amendments to Regulation C under the Home Mortgage Disclosure Act (HMDA), and that it will not pursue other HMDA rulemakings. The Dodd-Frank Act requires that the CFPB conduct an assessment of each significant rule or order it has adopted under federal consumer financial law and publish a report of each assessment no later than five years after the eff

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BankInovation

JUNE 14, 2021

Ian Dunn, general manager of portfolio analytics at nCino, will discuss automation and risk mitigation during a live webinar presented by Bank Automation News tomorrow at 11:30 a.m. ET. “Developing a sound strategy: The future of automation technology for risk mitigation and security” is the first installment of a new series of BAN webinars in […].

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CFPB Monitor

JUNE 14, 2021

On June 11, the American Bankers Association and the Consumer Bankers Association, represented by Ballard Spahr, filed an amicus brief in support of a petition for certiorari asking the Supreme Court to review the Ninth Circuit’s ruling in HRB Tax Group, Inc. v. Snarr that the Federal Arbitration Act (FAA) does not preempt California’s McGill rule. The amicus brief argues that review should be granted to preserve consumer-friendly procedures for resolving disputes and to ensure that courts unif

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BankInovation

JUNE 14, 2021

BMO Harris Bank selected FIS to modernize its banking platform with the aim of giving U.S. customers access to a range of mobile-first deposit and checking accounts. The multi-year rollout will transform $157 billion BMO Harris’s core banking systems to support the bank’s growth plans in the U.S., the company announced today. Atul Verna, chief […].

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Digital Banking System Mobile Company 80

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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.

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CFPB Monitor

JUNE 14, 2021

In March 2021, Illinois Governor Pritzker signed into law SB 1792 , which contains the Predatory Loan Prevention Act (the “Act”). The new law became effective immediately upon signing notwithstanding the authority it gives the Illinois Department of Financial and Professional Regulation (“IDFPR”) to adopt rules “consistent with [the] Act.”. The Act extends the 36% “all-in” Military Annual Percentage Rate (MAPR) finance charge cap of the federal Military Lending Act (MLA) to “any person or enti

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TheGuardian

JUNE 14, 2021

Announcement comes as study shows company bosses are more keen than their staff on return to the office Coronavirus – latest updates See all our coronavirus coverage Plans by City banks to bring thousands of workers back to the office are in disarray after Boris Johnson postponed a lifting of lockdown restrictions. Guidelines encouraging people to “continue to work from home if you can” in England were due to be dropped on 21 June, but that move will now be delayed by four weeks.

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BankInovation

JUNE 14, 2021

Removing bias from artificial intelligence (AI) models may seem as simple as removing demographic information from the data, but it may be more valuable instead to inform the model about the demographics, then weight them to offset bias. That’s one possibility studies have supported, Stephen Thomas tells Bank Automation News in this episode of “The […].

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How To Study Data 72

Banking Exchange

JUNE 14, 2021

Experts from banks, credit unions, Alacriti, and Celent will engage in the discussion Payments Feature3 Feature.

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Payments 78

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Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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American Banker

JUNE 14, 2021

Core systems Bitcoin Digital transformation - The Simplification of the Tech Stack Cryptocurrencies

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System Bitcoin cryptocurrency 101

Tomorrow's Transactions

JUNE 14, 2021

Earlier this year we were delighted to be part of the Consult Hyperion webinar on Request to Pay. A common thread in post-event conversations that followed was an interest in the parallel developments of the UK and European flavours of Request to Pay and how they might work together. With the launch of the European… Continue reading Request to Pay’s Grand Tour.

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System Cards Mobile Payments 74

BankInovation

JUNE 14, 2021

RockYou2021 made headlines last week for being the largest computer breach in history — but two leading security firms told Bank Automation News that it’s more hype than reality. The release was touted as the “largest password compilation of all time,” with a purported 8.4 billion entries. What was not mentioned in early news coverage […].

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Security 59

CB Insights

JUNE 14, 2021

Klarna , a fintech company, has raised $639M in its latest fundraising round that drew participation from SoftBank Group, Adit Ventures, WestCap Group, and Honeycomb Asset Management. HOW’S THE COMPANY PERFORMING? Sweden-based Klarna is a buy now, pay later (BNPL) financial service provider that allows users to shop and pay immediately or later.

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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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MerhantsBanks

JUNE 14, 2021

A Certified Treasury Professional (CTP), Nick Benz brings 17 years of Treasury Management experience with him to Merchants as well as his empathetic approach to working with local businesses. What drew you to Merchants Bank? What really drew me to Merchants is the structure – in an organization this size, you know your voice is […].

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FICO

JUNE 14, 2021

Our latest UK Credit Market Report on card trends for April 2021 shows the impact of the opening up of hospitality and retail on April 12. The figures include a 12 percent rise in card spend and more customers exceeding their card limit. Missed payments were still below historical trends, probably due to increased savings and government support, which continues to blur the picture of card users struggling with debt issues, making it more difficult for lenders to manage.

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BankDeals

JUNE 14, 2021

FirstBank (TN) is offering its rewards checking account, FirstRewards Checking, in Alabama, Tennessee, and portions of northern Georgia through an online application.

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FICO

JUNE 14, 2021

Invitations to buy even the smallest items on an installment plan seem to be everywhere online, and in-store, too: called “buy now, pay later” or BNPL loans, these offers let consumers buy what they want, now, and pay for it over time in four equal payments. BNPL: Even the smallest purchases can now be broken into bite-size chunks. . Led by a plethora of high-visibility providers including Klarna, Affirm, QuadPay, Afterpay and PayPal’s “Pay in 4” option, BNPL allows consumers to take 100% of m

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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.

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