Tue.Jul 06, 2021

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Federal Reserve Extends Paycheck Protection Program Liquidity Facility to July 30, 2021

Perficient

While many people are returning to the office after their July 4th festivities carrying on as usual, bankers can return knowing that the Federal Reserve Board has extended the Paycheck Protection Program Liquidity Facility until July 30th. The Paycheck Protection Program Liquidity Facility, or PPPLF, extends term credit to financial institutions making Paycheck Protection Program (PPP) loans, accepting the PPP loans as collateral.

Community 309
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Commoditization, Optimization or Transformation: What’s in Your Core Wallet?

Gonzobanker

Three winning core strategies to accommodate any financial institution’s budget, business case, and future vision. It has become crystal clear that digital transformation is now the largest technology initiative for regional and community financial institutions.

Strategy 158
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Market Commentary: Week of July 6, 2021

SWBC's LenderHub

Last Week: Equities continued to grind higher with the S&P 500 managing to set new all-time highs every day of the week. Impervious to bad news, such as the spread of the “Delta Variant,” further Fed speak on tapering, warnings of impending doom from market sages, and continued signs of inflation, the stocks party on. The rally in stocks has become broad and volatility is getting crushed.

Marketing 148
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Survey: Consumers Trust Banks More Than the Federal Government

BankDeals

73% of consumers say they trust their financial institutions, versus just 51% who feel the same about the government regarding banking and personal finance.

Survey 122
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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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CoinFlip partners with actor Neil Patrick Harris to deliver cryptocurrency education

ATM Marketplace

Neil Patrick Harris has jumped into the world of cryptocurrency ATMs through an advertising campaign called "So Flippin' Easy.

More Trending

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Qudos Bank wins Best Large Mutual Bank for second year running

Qudos Bank

The results of the 2021 Australia’s Best Banking Awards from financial comparison site mozo.com.au are out, and for the second year running, Qudos Bank has beaten their competitors to the prestigious title of Australia’s Best Large Mutual Bank.

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Deutsche Bank to slash Ireland jobs by half amid cost-cut drive

BankInovation

Deutsche Bank AG is moving more than half of all positions out of Ireland as the German bank seeks to cut costs.The lender is shifting almost 250 roles in Dublin “to other centers around the world,” it said in a statement on Tuesday. However, it will add 35 front office jobs to expand the corporate […].

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Industry groups challenge Nevada’s new medical debt collection law

CFPB Monitor

On June 25, a group of collection agencies, law firms, and industry associations filed a lawsuit against the Nevada State Commissioner requesting the Court declare invalid Nevada Senate Bill 248, which regulates medical debt collection. The new law took effect on July 1, 2021. Nevada enacted the new law last month. The complaint alleges that the bill is preempted by the Fair Debt Collection Practices Act, the Fair Credit Reporting Act, and Nevada Rev.

Nevada 78
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Today’s bank transformation: moving beyond the incremental

BankInovation

The need for greater operational efficiency is hardly a new topic in the banking world. However, the matter has taken on new urgency as technological change has presented the industry with unprecedented challenges and opportunities. Banks must increasingly contend with an accelerated customer shift to digital channels as financial institutions join forces with technology companies. […].

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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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FinCEN identifies AML/CFT “priorities” for financial institutions

CFPB Monitor

As required by the Anti-Money Laundering Act (“AML Act”), the Financial Crimes Enforcement Network (“FinCEN”) issued on June 30, 2021 the first government-wide list of priorities for anti-money laundering and countering the financing of terrorism (“AML/CFT”) (the “ Priorities ”). The Priorities purport to identify and describe the most significant AML/CFT threats facing the United States.

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Intelligent document process market ‘exploding’

BankInovation

When Citizens Bank wanted to import data from the financial statements of its commercial borrowers, it turned to intelligent document processing (IDP) to automate aspects of the process, which previously relied on manual keying. Intelligent document processing leverages artificial intelligence (AI) technologies to read and process documents. The $176 billion bank already used a leading […].

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CFPB Summer 2021 Supervisory Highlights looks at auto servicing, consumer reporting, debt collection, deposits, fair lending, mortgage origination and servicing, private student loans, payday lending, and student loan servicing

CFPB Monitor

The CFPB has released the Summer 2021 edition of its Supervisory Highlights. The report, which contains 48 pages of supervisory observations, discusses the Bureau’s examinations in the areas of auto servicing, consumer reporting, debt collection, deposits, fair lending, mortgage origination and servicing, private student loans, payday lending, and student loan servicing that were completed between January 1, 2020 and December 31, 2020 (which was the last full year of Kathleen Kraniger’s tenure

Lending 78
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Greensill given access to Covid loans without detailed checks, watchdog reveals

TheGuardian

Taxpayer facing potential £335m loss after audit office says government bank carried out limited due diligence on business support loans The collapsed finance firm Greensill Capital was given access to a government-backed loan scheme without being subjected to detailed checks, leaving UK taxpayers facing a £335m loss, Whitehall’s spending watchdog has found.

Capital 75
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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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Unemployment risk, liquidity traps and monetary policy

BankUnderground

Dario Bonciani and Joonseok Oh. The Global Financial Crisis in 2008 caused a significant and persistent increase in unemployment rates across major advanced economies. The worsening in labour market conditions increased uncertainty about job prospects, which potentially gave rise to precautionary savings , putting further downward pressure on real economic activity and prices.

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EFG Hermes launches online trading in Kenya

Bankelele

Kenya’s leading stockbroker, EFG Hermes has launched One, a new online platform that enables retail investors to trade shares on the Nairobi Securities Exchange (NSE). EFG Hermes One, the equities trading platform will be available to clients of the stockbroker. The One app has been very successful in other markets, notably in Vietnam and the […].

Online 74
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Future of Fintech 2021

CB Insights

Future of Fintech is back for an in-person and online experience helping you understand: New Technologies: from AI to APIs, the tech making financial services better for consumers/the tech institutions must consider to drive digitization efforts. New Threats: fresh offerings, strategies, and platforms by startups, big tech, and incumbents that will upend traditional business models.

Fintech 69
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How to Address Portfolio Risk Volatility Through Economic Uncertainty - Part 4

FICO

Properly managed, the debt collections process can be an effective customer service and anti-attrition tool. Financial impairment resulting from unanticipated events are often temporary. Such events cast many borrowers into uncomfortable territory, creating what may be a defining moment in the relationship between them and their lenders. Lenders who get it right may earn a loyal customer for life, while those who misfire risk cannibalizing valuable relationships that often span multiple products

How To 52
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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

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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Fly Now Pay Later and Cross River to provide alternative travel financing in US

The Paypers

UK-based fintech Fly Now Pay Later has partnered with Cross River Bank , a Banking-as-a-Service provider, to conduct business in the US.

US 64
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Wyndham Hotels experiments with new guest reward: Bitcoin

American Banker

Bitcoin 101
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RationalFX, TruNarrative to drive customer acquisition

The Paypers

Regtech platform TruNarrative has been selected by Rational Group, home of FX and payment companies RationalFX and Xendpay , to boost its customer onboarding and identity verification processes and deliver an improved customer experience.

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BMO Harris turns to fintech to create a smarter HSA

American Banker

Fintech 100
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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.

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Inpay launches recurring cross-border cash payments platform PostalCheque

The Paypers

Denmark-based Inpay launches PostalCheque, a new international postal money order product, helping financial institutions with recurring cross-border cash payments.

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Quitting while ahead: CF Bankshares exits consumer-direct mortgages

American Banker

Ohio 91
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Global standard setters challenge the crypto barbarians

The Banker

International standard setters are closing in on cryptoassets and their interventions are likely to intensify in the regulated sphere of the financial services industry, but that is not necessarily bad news for banks.

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Frollo adds new data holders to Open Banking platform

The Paypers

Frollo has announced that with the activation of its thirteenth data holder, it has achieved Open Banking coverage representing approximately 90% of Australia's banking customers, according to Mozo.

Data 39
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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.