Tue.Dec 21, 2021

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Light a Match

SWBC's LenderHub

“ When you can’t borrow another buck from the bank or buy another case of booze, you bust the joint out. You light a match.” – Henry Hill – Goodfellas. I have always wondered what the difference is between the mob “Bust Out” made famous in the movie “Goodfellas” and a Private Equity Leveraged Buy-out. In a mob bust out, your friendly organized crime gang becomes your business partner.

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Bitcoin ATMs dominate top 5 articles of 2021

ATM Marketplace

It's difficult to believe we are almost to the end of 2021, while many of us are still processing 2020. But through all these years, ATM Marketplace has continued to report on the banking and fintech industry. And for this year in particular, one topic rose above the rest to dominate the top most read articles: Bitcoin ATMs.

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Chase’s 2022 digital banking trends

BankInovation

This year, as individuals across all segments of our society continued to navigate the pandemic, we were forced to examine our day-to-day behaviors more closely. This included how we bank and achieve our own — highly personal — financial goals. According to a study Chase conducted last year, 54% of consumers said they used digital banking tools […].

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Our top 5 posts of 2021

BankUnderground

As another year draws to an end and the blog prepares for some downtime over the festive period, we wanted to take a look back at the blog in 2021. In response to the global Covid-19 pandemic, in 2020 we launched a Special series: Covid-19 Briefings. Contributions continued into this year and featured among our top-read posts. In addition, we published posts on a wide variety of topics including the impact of policy uncertainty on the global economy , the transmission of global funding shocks to

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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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BMO: Tech synergies to help recoup costs of $16B Bank of West buyout

BankInovation

Bank of Montreal (BMO) foresees no significant integration issues arising from its $16.3 billion acquisition of Bank of the West announced Monday since the banks’ core platforms and suppliers are strikingly similar. IT also plays a key role in synergies that BMO contends will help to recoup the cost of the deal, with 30% coming […].

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Credit unions seek regulator approval to hold crypto assets

BankInovation

Credit unions are looking for approval to hold digital assets like Bitcoin directly, after a federal regulator clarified they can provide cryptocurrency services to customers by partnering with third parties. The National Credit Union Administration (NCUA) said in a letter published last week that credit unions with federally insured deposits can team up with third-party […].

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CFPB looking for whistleblowers to report potential discrimination arising from the use of artificial intelligence

CFPB Monitor

In their June 2021 request for information regarding financial institutions’ use of artificial intelligence (AI), including machine learning, the CFPB and federal banking regulators flagged fair lending concerns as one of the risks arising from the growing use of AI by financial institutions. Last week, in an apparent effort to increase its scrutiny of machine learning models and those that use alternative data, the CFPB published a blog post titled “ CFPB Calls Tech Workers to Action ,” in whic

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US commercial banks’ revenue down 15.5% in Q3

Banking Exchange

Trading revenue declined by $1.3 billion, down 15.5% on the previous quarter Risk Management Feature Feature3 Commercial The Economy Financial Research Financial Trends.

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California DFPI announces consent order with auto title loan servicer that was subject of “true Lender” investigation

CFPB Monitor

Last week, the California Department of Financial Protection and Innovation (DFPI) announced that it had entered into a consent order with Wheels Financial Group, LLC d/b/a LoanMart, a California-based company that markets and services automobile title loans. LoanMart was the subject of an investigation launched in September 2020 in which the DFPI (then still named the Department of Business Oversight) was investigating whether LoanMart, through its partnership with a Utah bank, was evading the

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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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Capital One comes on top for customer satisfaction for second consecutive year

Banking Exchange

Virginia-based bank surpassed industry average score, but four US banks fall short Retail Banking Feature Feature3 Customers Community Banking.

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Delaware federal district court rules that because enforcement action filed by unconstitutionally structured CFPB was valid, it stopped running of statute of limitations

CFPB Monitor

The Delaware federal district court, in CFPB v. National Collegiate Master Student Loan Trust et al. , has rejected the Trusts’ argument that because the enforcement action was filed by an unconstitutionally structured CFPB, it was void when filed and could not stop the statute of limitations from running. The CFPB first filed the enforcement action in 2017, alleging that the Trusts engaged in unlawful debt collection practices.

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BMO to acquire Bank of the West for $16.3bn

Banking Exchange

BNP Paribas subsidiary will add $56 billion of loans and $89 billion in deposits to BMO Management Feature M&A Feature3 Community Banking.

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Cashfree Payments' 'Token Vault' to go live on 27 December

The Paypers

India-based payments company Cashfree Payments has announced that its tokenisation solution ‘Token Vault’ will go live on 27 December in partnership with Visa and Mastercard.

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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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Agencies: Community Bank Leverage Ratio Returns to 9% on Jan. 1

ABA Community Banking

With the expiration of coronavirus-related relief provided under the CARES Act, the community bank leverage ratio will revert to a minimum of 9% starting on Jan. 1, 2022, the banking agencies said today. The post Agencies: Community Bank Leverage Ratio Returns to 9% on Jan. 1 appeared first on ABA Banking Journal.

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Fintech Avant launches digital banking platform

The Paypers

Avant , a financial technology firm that aims to give middle-income consumers access to the credit they ‘deserve’, has announced the official launch of Avant Banking.

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Agencies Release 2020 CRA Data on Small Biz, Community Development Lending

ABA Community Banking

The federal banking agencies today released 2020 Community Reinvestment Act data on small business, small farm and community development lending. The post Agencies Release 2020 CRA Data on Small Biz, Community Development Lending appeared first on ABA Banking Journal.

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Gartner research: 20 per cent of big companies to use crypto by 2024

The Paypers

New research from technological research and consulting company Gartner has mentioned that 20% of big companies will use digital currencies as collateral or to make payments by 2024.

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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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LendUp shuttering operations after reaching settlement with CFPB

American Banker

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Visa acquired Currencycloud in a deal worth USD 963 mln

The Paypers

Global payments processor Visa has announced the acquisition of Currencycloud , a worldwide platform that allows fintechs and banks to offer innovative foreign exchange solutions for cross-border payments.

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Prepaid in Canada could follow U.S. model for expansion

American Banker

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Ellipse introduces EVC ALL-in-One for protection against CNP fraud and to reduce false declines

The Paypers

Fintech security company Ellipse has launched the EVC All-In-One, the first EMV module that transforms a basic payment card into an ecommerce EMV security product.

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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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Truist joins list of regional banks detailing climate risks

American Banker

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HSBC fined GBP 64 mln for AML failings

The Paypers

HSBC has been fined GBP 63.9 million by the UK's financial regulator for ‘unacceptable failings’ of its anti-money laundering systems, according to the BBC.

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Inclusion: What it Means and How to Implement

American Banker

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The Future of Banking When a ‘New Normal’ Has Yet to be Defined

The Financial Brand

With the future still undefined, financial institutions need to rethink business models and be prepared for a permanent hybrid work environment. The post The Future of Banking When a ‘New Normal’ Has Yet to be Defined appeared first on The Financial Brand - Banking Trends, Analysis & Insights.

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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.