Wed.Feb 21, 2024

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Mastercard to be dinged by Discover deal

Payments Dive

While both Mastercard and Visa will be impacted by Discover Financial Services’ plan to be acquired by card issuer Capital One, the former is likely to bear the brunt of the blow.

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Revised Trigger Leads Bill Introduced in U.S. House of Representatives

CFPB Monitor

As previously reported , in 2023 bills were introduced in the U.S. House of Representatives (H.R. 4198) and the U.S. Senate (S. 3502) to amend the Fair Credit Reporting Act (FCRA) to curtail the practice of trigger leads with mortgage loans. While the goals of the bills are the same, the language of the bills differ.

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Capital One-Discover deal may spark antitrust concern

Payments Dive

While the $35 billion acquisition is expected to prompt antitrust concerns related to consumer card lending, regulators may see competition benefits in the card network arena.

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Plaintiffs file memorandum opposing FDIC’s motion to dismiss challenge to NSF fee guidance

CFPB Monitor

On February 14, 2024, the Minnesota Bankers Association and Lake Central Bank (the “Plaintiffs”) filed their memorandum in opposition to the Federal Deposit Insurance Corporation’s (FDIC) motion to dismiss their challenge to the FDIC’s supervisory guidance on NSF fees. In June 2023, the Plaintiffs filed a complaint seeking declaratory and injunctive relief under the Administrative Procedures Act (APA) against defendants FDIC and Chairman Martin J.

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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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Warren probes Zelle scam policy

Payments Dive

Three senators, including Elizabeth Warren, asked Zelle owner Early Warning Services to provide detailed information about its fraud reimbursement policy.

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Capital One's Fairbank, eyeing 'holy grail,' takes a calculated risk

American Banker

The credit card lender's blockbuster acquisition of Discover is not guaranteed to get across the finish line. But co-founder and CEO Richard Fairbank appears to see the rewards that would come from controlling a payments network as outweighing the potential downside.

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Mastering the Art of Lead Generation for Fintechs: Advanced Tactics and Tools

William Mills

In our previous blog , we explored the fundamental role that lead generation plays in the growth of fintech companies. As we continue the conversation, we’ll be diving deeper into some of the tactics and tools that empower fintechs to stay ahead in this highly competitive landscape.

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How Discover brings Capital One closer to merchants

American Banker

The combined company could streamline card payments in a manner similar to American Express' "three party network" — while also doing more with artificial intelligence and other technologies.

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Transactions: U.S. Bank, Pagaya join forces for AI-driven underwriting

BankInovation

U.S. Bank is using technology company Pagaya to leverage its AI-driven underwriting for personal loans to consumers. Pagaya’s AI-powered credit decisioning platform will conduct a secondary review for consumers who are usually locked out of the credit market, according to the bank’s Feb. 15 release. Pagaya provides U.S.

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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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Navy Federal names next chief executive

American Banker

The world's largest credit union said that Dietrich Kuhlmann, a retired rear admiral and currently the institution's chief operating officer, would succeed retiring CEO Mary McDuffie on March 1.

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HSBC to boost tech spend in 2024

BankInovation

HSBC plans to increase spending in 2024 as the bank invests in technology and its people. Costs are expected to grow to $31.2 billion, up 5% compared to 2023 due to higher technology spend and an increase in staff compensation, according to the bank’s fourth-quarter 2023 earnings release.

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Will the Capital One-Discover deal stall Durbin's interchange bill?

American Banker

Some analysts said that the Capital One-Discover deal would undercut the reasoning behind the Credit Card Competition Act — authored by Sen. Dick Dubrin, D-Ill. — which aims to spur competition for Visa and Mastercard.

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Boston Fed’s Allison Baller to speak at Bank Automation Summit U.S. 2024

BankInovation

Allison Baller, Federal Reserve Bank of Boston vice president and head of industry readiness for FedNow, will speak at Bank Automation Summit U.S. 2024. Baller will join the panel “Strategies for automating real-time payment processes” on Tuesday, March 19, at 3 p.m. CT.

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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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TerraPay hires former Visa exec, Revolut adds AI to battle fraud

American Banker

London-based global money-transfer firm TerraPay has hired Ruben Salazar Genovez, the longtime global head of Visa Direct, in a new role as the startup's president; U.K. challenger bank Revolut has added a tool that uses machine learning to flag payments for fraud; and more.

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Stressed or in distress? How best to measure corporate vulnerability

BankUnderground

Alice Crundwell and William Bennett Accurate measures of the number of firms at risk of failure are becoming increasingly important for policymakers, as corporate insolvencies are continuing to rise and interest rates are expected to remain higher than over much of the past decade. The share of vulnerable firms is often assessed by looking at debt-servicing ability via the interest coverage ratio (ICR) – companies’ earnings before tax and interest divided by their interest expense.

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Bank economists guardedly optimistic on business lending

American Banker

The American Bankers Association's latest credit conditions indices show that economists at major banks are feeling more confident about commercial lending in 2024 — but they stop far short of a ringing endorsement.

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What Great Looks Like

Realwired Appraisal Management Blog

What happens if a Chief Appraiser doesn’t run a world-class department? What’s the impact on your bank? What great looks like (WGLL – pronounced wiggle) for Chief Appraisers involves the intricate task of orchestrating appraisals efficiently while mitigating risks. Most Chief Appraisers want a well-run appraisal department but do they execute on that promise?

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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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20 banks and thrifts with the most deposits through September 2023

American Banker

The top five banks and thrifts have combined total deposits of more than $7 trillion as of September 30, 2023.

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Lloyds sets aside £450m for car loan fines and payouts

TheGuardian

Bank’s profits rise 57% but it says there is ‘significant uncertainty’ over liability amid FCA investigation Business live – latest updates Lloyds Banking Group has been forced to put aside £450m for potential fines and compensation for motor finance customers, after the UK regulator opened an investigation into whether consumers had been charged inflated prices for car loans.

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The CFPB's data access requirements should apply to auto loans

American Banker

In implementing Section 1033, the Consumer Financial Protection Bureau is leaving out auto loans, one of the largest sources of consumer debt.

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Repay announces a new technology integration for Sage Intacct

The Paypers

US-based provider of vertically-integrated payment solutions REPAY has announced am improve technology integration for Sage Intacct.

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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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OCC's Hsu proposes 'tripwire' approach to FSOC designations

American Banker

Acting Comptroller Michael Hsu Wednesday suggested the Financial Stability Oversight Council adopt a "tripwire approach" for systemic risk assessment, using systemic risk metrics to advance designations.

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BVNK receives European e-money institution licence

The Paypers

UK-based payments platform BVNK has gone live in Europe after receiving its local EMI licence, following the acquisition of System Pay Services in 2023.

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Strategies for Marketing IRAs Year-Round

Image Works Direct

While an Individual Retirement Account (IRA) is useful to accountholders no matter the time of year, all too often it is only on people’s mind at the end of the year or near tax season.

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Bud Financial partners with Fintech Galaxy

The Paypers

Bud Financial has announced its partnership with Fintech Galaxy in order to provide customers in the MENA region with Open Banking and AI-powered services.

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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.