Mon.Oct 25, 2021

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Celebrating BSA/AML Day

Abrigo

BSA/AML Day was created by Abrigo in 2017 to honor the hard work BSA/AML professionals do each and every day to protect our financial industry and country. It is often a thankless job that operates behind the scenes and under strict regulatory scrutiny. We want BSA/AML professionals to know how much we appreciate the work they do to fight financial crime and stop illicit funds from entering our financial system.

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Market Commentary: Week of October 25, 2021

SWBC's LenderHub

Last Week. It was a tale of two worlds last week. In the rates markets, more and more participants have begun to accept as fact that the inflationary pressures being experienced in all corners of the economy and most of the world aren’t going away anytime soon.

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Insiders

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FARGO

Banking Exchange

Wells Fargo’s new virtual assistant will launch in 2022 Retail Banking Feature Technology Financial Trends Lines of Business Branch Technology/ATMs Customers Outsourcing/Cloud Feature3.

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Why are UK banks making so much money and why are their taxes being cut?

TheGuardian

Bumper profits come as other sectors do not seem to be reaping the same benefits HSBC profits rise 74% as economy rebounds from Covid crisis UK banks have so far reported bumper profit rises in the third quarter, which they say reflects improving economic forecasts. Other sectors do not seem to be reaping the same benefits, particularly in light of the uncertainty linked to the Covid crisis.

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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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Bakkt shares triple on Mastercard, crypto service agreements

BankInovation

Bakkt Holdings Inc., the cryptocurrencies firm that spun off from Intercontinental Exchange earlier this year, tripled after it announced agreements with Mastercard Inc. and fintech firm Fiserv Inc. Gains in the stock accelerated after Bakkt said it has partnered with Fiserv, which offers financial services that allow businesses to move funds into and out of […].

More Trending

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Listen: How cross-border payments analysis busted a child-trafficking ring

BankInovation

Artificial intelligence (AI) is able to pick up on many patterns humans ignore — patterns can indicate crime in cross-border payments and keep law enforcement one step ahead of criminals. In this week’s episode of The Buzz, Yaron Hazan, vice president of regulatory affairs for cybercrime and big data analytics vendor ThetaRay, breaks down for […].

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NYDFS publishes notice of proposed regulation on consumer-like disclosures for commercial financing transactions

CFPB Monitor

On October 20, 2021, the New York Department of Financial Services published a notice in the New York State Register announcing that it has issued a proposed regulation to implement S 5470–B , which requires consumer-like disclosures for “commercial financing” transactions of $2.5 million or less. Comments on the proposal must be submitted by December 19, 2021.

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The Essential Modern Role Many Financial Institutions Are Missing

Jack Henry

Most community banks and credit unions aren’t strangers to the concept of open banking. For years, we’ve heard all about how facilitating partnerships with fintechs through APIs will open new doors for customization, efficiency, and competition. The pandemic drove this point home as more consumers turned to mobile and online banking for every service imaginable, from account opening to check deposits.

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CFPB orders six large technology platforms offering payment services to provide information

CFPB Monitor

CFPB Director Rohit Chopra has wasted no time in acting on comments he made at his confirmation hearing regarding the risks posed by the collection of data by large platforms. In just his first full week as CFPB Director, the CFPB sent orders to six technology platforms offering payment services directing them to provide information to the Bureau. The orders were issued as market monitoring orders under the Dodd-Frank Act, which directs the Bureau to monitor for risks to consumers in the offer

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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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OCC fines Trustmark National Bank $4m

Banking Exchange

The bank violated the Fair Housing Act during the period 2014 to 2016 Compliance Duties Compliance/Regulatory Feature3 Feature Fair Lending Human Rights Inclusion Diversity.

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CFPB releases Spanish translation of model validation notice

CFPB Monitor

Last week, the CFPB released a Spanish translation of the model-English language validation notice set forth in Appendix B of Regulation F. The final debt collection rule allows a debt collector to send a validation that is completely and accurately translated into any language if the debt collector either (1) sends an English-language version in the same communication, or (2) previously provided the consumer with an English-language version in a prior communication.

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Oil prices climb to fresh highs, UK petrol price hits record – business live

TheGuardian

Rolling coverage of the latest economic and financial news Tesco’s app and website are back up and running again this morning. It comes after its services were disrupted over the weekend by hackers , leaving thousands of shoppers unable to buy groceries online. Continue reading.

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CBA issues white paper advocating CFPB’s use of rulemaking and guidance in lieu of “regulation by enforcement”

CFPB Monitor

The Consumer Bankers Association has released a new white paper, “ The Case For Regulation Through Rulemaking & Guidance ,” that advocates for the CFPB to use rulemaking and informal written guidance in lieu of attempting to create new industry regulatory standards through enforcement. Attorneys from Ballard Spahr’s Consumer Financial Services Group assisted CBA in preparing the white paper.

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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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Wells Fargo Veteran Moves to Middle Market banking

Banking Exchange

Sutton Bank, Oak Ridge, Middlefield and the Digital Dollar Project also make appointments Management Feature Human Resources Feature3.

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Nigeria launches its CBDC eNaira

The Paypers

Nigeria has launched its central bank digital currency (CBDC), the eNaira, following an announcement by its president, according to trtworld.com.

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Financial Stability Oversight Council Publishes Climate Change Report

Banking Exchange

The ABA and OCC have responded Risk Management Feature Feature3 Carbon Neutral Net Zero Climate Crisis Carbon Emissions.

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HR And IT Employee Management Software Provider Rippling Raises $250M At A $6.5B Valuation

CB Insights

Rippling , an employee management software provider, has raised $250M in a Series C. The round drew participation from Sequoia Capital, Founders Fund, Threshold Ventures, and Global Growth Capital, among others. How’s the company performing? San Francisco-based Rippling helps businesses manage employee onboarding and data, including that related to payroll and benefits.

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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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Ethical AI: A Breakdown with Dr. Scott Zoldi

FICO

There are many data science topics that Dr. Scott Zoldi, FICO’s Chief Analytics Officer, is passionate about, but responsible, ethical artificial intelligence (AI) is surely near the top. Scott has blogged extensively and been in the news talking about Ethical AI, one of four critical components of Responsible AI , along with Explainable AI, Robust AI and Audtable AI.

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Pomelo, Creator Of A Fintech-As-A-Service Platform For Latin America, Raises $35M In Tiger Global-Led Series A

CB Insights

Pomelo , a fintech-as-a-service platform provider, has raised $35M in a Series A. The round drew participation from Tiger Global Management, Greyhound Capital, QED Investors, Index Ventures, and Insight Partners, among others. HOW’S THE COMPANY PERFORMING? Argentina-based Pomelo enables its clients to create virtual accounts and distribute credit and debit cards.

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AML in the Pandemic: Three Success Stories

FICO

In the global fight against money laundering, every bank shares the same top-line challenge and bottom-line reality; anti-money laundering (AML) operations are essential in combatting financial crime—and a costly compliance commitment. Yet each bank’s AML organization and technology environment is different, requiring solutions that can be customized to meet individual institutions’ needs.

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Veem, Q2 partner for AR/AP solutions

The Paypers

Online payments solution provider Veem has partnered with the Q2 Innovation Studio Marketplace to make its accounts receivables and payables (AR/AP) automation platform available to FIs on the Q2 digital banking platform, according to wcax.com.

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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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Banks urge White House to ditch IRS reporting plan

American Banker

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American Express and Goldman Sachs provide payment solution for corporations

The Paypers

US-based credit card network American Express and Goldman Sachs bank have announced a cloud-based solution to support multiple payment options and offer analytics for corporate clients.

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Small banks turn corner on loan growth

American Banker

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Razorpay launches TokenHQ multi-network

The Paypers

India-based payment service provider Razorpay has rolled out a multi-network Card-on-File (CoF) tokenisation solution ‘TokenHQ’, across Mastercard , Rupay , and Visa.

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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.