Abrigo

DECEMBER 20, 2021

AML Penalties Are Back and Stronger Than Ever FinCEN is enforcing actions for BSA violations and failure to maintain effective AML programs. Would you like other articles like this in your inbox? Takeaway 1 Reprieve is over, FinCEN is announcing penalties and enforcing action for BSA violations. . Takeaway 2 A strong AML program is critical in guarding against money laundering and terrorist financing risks.

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SWBC's LenderHub

DECEMBER 20, 2021

I was 16 when the fifth Harry Potter book came out. My best friend and I had been total HP nerds since we were in fifth grade. Already conscious of being way too old for it, we decided to throw any hopes of being cool to the wind and go dressed in costume to the midnight book release.

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BankInovation

DECEMBER 20, 2021

Core and digital banking provider Temenos announced last week that it will expand its partnership with cloud computing service Microsoft Azure to shore up its digital software-as-a-service (SaaS) offering. The Geneva-based Temenos will work with the tech giant to enhance its flagship Temenos Banking Cloud product, easing cloud adoption for clients by reducing their time […].

Software 98

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SWBC's LenderHub

DECEMBER 20, 2021

Last Week. Last week was mostly about the Fed’s FOMC December meeting, until it was not! The week started with November PPI coming in red-hot. The narrative was set for a more hawkish Fed in 2022 as the realization set in that inflation was not transitory and stronger medicine was needed. On Wednesday, Chairman Powell did not disappoint as he announced that the Fed would go “Turbo-Taper” and double the amount of tapering on a monthly basis with the result being zero new purchases of Treasury not

Marketing 148

Marketing Meeting Capital 148

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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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BankInovation

DECEMBER 20, 2021

Western Alliance Bank transferred $1.1 million digital dollars to Coastal Community Bank in an inaugural demonstration last week of a new payment rail built on blockchain technology. More than 100 U.S. banks watched the real-time transfer between $50 billion Western Alliance Bank and $1.5 billion Coastal Community Bank Dec. 16. The Digital Interbank Network — […].

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blockchain Community Bank Community Payments 98

BankInovation

DECEMBER 20, 2021

Bank of Montreal agreed to buy BNP Paribas SA’s Bank of the West unit for $16.3 billion (C$21.1 billion), extending its presence in the U.S. and giving the French seller a windfall before its new strategic plan. BMO will fund the transaction, which should add 1.8 million customers upon closing next year, in cash and […].

Retail 98

Retail 98

Banking Exchange

DECEMBER 20, 2021

Guilty of longstanding failures to maintain and preserve communications documents, according to the regulator Compliance Duties Feature Feature3 Compliance Management Compliance/Regulatory Management.

Compliance 78

Compliance Regulation Management 78

BankInovation

DECEMBER 20, 2021

The Digital Interbank Network should be thought of as a real-time blockchain network with two layers, Tassat CEO Ron Totaro suggested. The network, which was demonstrated Dec. 16 in New York, offers banks a real-time rail for payments and transfers built on blockchain. The first layer is the blockchain itself, which runs on an open-source, […].

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blockchain New York Payments 96

CFPB Monitor

DECEMBER 20, 2021

On December 16, 2021, the Office of the Comptroller of the Currency (“OCC”) released draft principles for climate-related financial risk management for large banks. Feedback must be submitted by February 14, 2022. The OCC is looking for feedback on all aspects of the draft principles. Noting the emerging risks to banks and the financial system due to impending climate change, the OCC recognized both physical risks and transition risks to banks, particularly large banks (with over $100 billion

Risk Management 78

Risk Management Management Policies Operations 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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Banking Exchange

DECEMBER 20, 2021

Pressure to regulate the crypto market continues Compliance Feature3 Feature Duties Compliance Management Compliance/Regulatory Blockchain Bitcoin Cryptocurrency.

Compliance 78

Compliance Bitcoin cryptocurrency blockchain 78

TheGuardian

DECEMBER 20, 2021

Lender ‘failed to be open and cooperative’, says regulator the PRA The Bank of England has fined Standard Chartered £46.5m for repeatedly misreporting its liquidity position and for “failing to be open and cooperative” with the regulator. The Bank’s Prudential Regulation Authority (PRA) said Standard Chartered had made five errors in reporting an important liquidity metric between March 2018 and May 2019, which meant the watchdog did not have a reliable overview of the bank’s US dollar liquidity

Report 85

Report Regulation US 85

Banking Exchange

DECEMBER 20, 2021

Breaks 10-year trend as total assets grew to $468 trillion Community Banking The Economy Feature Financial Trends Financial Research Feature3 Retail Banking.

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Community Bank Trends Community Retail 78

CB Insights

DECEMBER 20, 2021

Gtmhub , a provider of objectives and key results (OKRs) software, has raised $120M in a Series C round that drew participation from CRV, Index Ventures, Insight Partners, Visionaries Club, and Singular. HOW’S THE COMPANY PERFORMING? Bulgaria-based Gtmhub enables managers to design and track OKRs. Its platform has reached over 500,000+ users across 75 countries.

Software 67

Software Seattle Marketing US 67

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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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The Paypers

DECEMBER 20, 2021

National Payments Corporation of India has started collaborating with companies such as bigbasket and Paytm to introduce a Tokenisation facility supported by the NTS.

Marketing 69

Marketing National Payments Company 69

ABA Community Banking

DECEMBER 20, 2021

Whether clients use them for charitable saving or spending, donor-advised funds are a growing part of banks’ wealth management product set. The post Making Charity Part of Your Portfolio appeared first on ABA Banking Journal.

Management 52

Management Community Bank Community 52

MerhantsBanks

DECEMBER 20, 2021

The final total for the 10 Days of Giving food drive through the end of the day on Friday, December 17 was 272,162 pounds of food. This is the second highest total in campaign history, after the 25th anniversary of the campaign that collected over 280,000 pounds. The 10 Days of Giving supports the food […].

Community 52

Community 52

FICO

DECEMBER 20, 2021

The past year was one of transition in the Washington, DC policy arena as a new President, Congress and group of banking agency heads took charge of the financial legislative and regulatory policy agenda. Now, nearly a year into this pendulum shift of political power, there is some greater clarity on what might lie ahead. It’s the time of year for predictions, and with the insights gained from 2021, I am ready to offer a few public policy forecasts for those in the financial services industry. 1

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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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The Paypers

DECEMBER 20, 2021

UK-based Barclays has received approval from Australia's prudential regulator to operate as a foreign bank in the country.

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Regulation Operations 69

TheGuardian

DECEMBER 20, 2021

Egregious oversight lapses at NatWest and Standard Chartered suggests boards are not earning their lavish pay Last week’s £264m penalty and criminal conviction for NatWest for money-laundering failures still takes the prize for the most spectacular collapse we’ve seen in years in a bank’s controls department. The saga, almost unbelievably, involved black bin bags, stuffed with as much as £700,000 , getting through the system.

Regulation 53

Regulation System Groups 53

BankDeals

DECEMBER 20, 2021

Superior Choice Credit Union (easy membership) recently added 35 bps to its 5-year Share Certificate, which has tiered APYs based on five deposit levels.

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ABA Community Banking

DECEMBER 20, 2021

n Dec. 10-11, 2021, a violent line of tornados moved across several states, including Kentucky, Tennessee, Arkansas, Illinois and part of Missouri, leaving a 250-mile path of devastation in their wake. The storms destroyed homes and businesses, killing more than 75 people. Western Kentucky took the brunt of the damage. All too often, rural and [.]. The post Kentucky Tornadoes: Ag Banks Provide More Than Financial Resources appeared first on ABA Banking Journal.

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Kentucky Resources Missouri Arkansas 59

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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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American Banker

DECEMBER 20, 2021

Fintech 101

Fintech Digital Banking 101

The Paypers

DECEMBER 20, 2021

The US Consumer Financial Protection Bureau (CFPB) has announced that it’s launching a probe against five companies offering Buy Now, Pay Later (BNPL) services.

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US Company 41

American Banker

DECEMBER 20, 2021

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Fintech Payments 97

The Paypers

DECEMBER 20, 2021

Poland-based retail chain Zabka has extended its partnership with Paysafe to provide its customers with a payment point for the company’s online cash solution.

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Retail Online Payments Company 41

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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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