Thu.Jun 30, 2022

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Becoming a “Bahama Mama” Crypto-Style: A Closer Look at The Digital Asset Landscape in The Bahamas

Perficient

Members of Perficient’s Digital Asset Team have advised followers in multiple online articles about the digital asset revolution and relevant regulations affecting the same in the United States. Some of these online articles can be found here: OCC Provides Roadmap for National Banks and Savings Associations To Conduct Crypto Activities – Perficient Blogs.

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From a payments CEO: 5 discriminatory behaviors that need to go

Payments Dive

“Until the industry addresses this blatant lack of advocacy for women in leadership, it will continue to foster a culture where women can’t thrive,” says Stax CEO Suneera Madhani.

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Loan Betas: A Key ALM Assumption for NIM as Rates Rise

Abrigo

What Are the Loan Betas in Your Plan for Rising Interest Rates? Loan betas, or how rates for new and repriced loans will act as interest rates rise, are critical ALM inputs for NIM forecasts. . You might also like this webinar, "Banking in a Rising Rate Environment: Myth Busters Panel." WATCH . Takeaway 1 In prior rising-rate environments, inaccurate loan betas have led to net interest margin gains falling short of ALM model projections.

Lending 195
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PayPal hit with Venmo fraud lawsuit

Payments Dive

Yet another lawsuit related to alleged fraud on a peer-to-peer payment app targets digital payments company PayPal.

Fraud 397
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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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Brad M. Bolton: Working through difficult times

Independent Banker

Photo by Chris Williams. Working through any difficulty or crisis at your community bank won’t be a walk in the park, but it may lead to an experience for which you’re truly grateful. As a community banker, you’re either going through a crisis or you’re preparing for one. Back in the late ’90s and early 2000s, our bank faced a significant challenge around loan quality.

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Rebeca Romero Rainey: Shifts in lending

Independent Banker

Photo by Chris Williams. Loan providers are multiplying, and we cannot underestimate the need for a frictionless loan, one that removes hoops for our customers and feels simple, efficient and effective. As we kick off this year’s lending issue, I want to pause for a moment to reflect on just how much lending has changed. Remember, not that long ago, when a loan card was handwritten on a one-page form?

Lending 141
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Know Your Rights! Credit Card Billing Rules from July 1st, 2022

BankBazaar

Here’s everything you need to know about Credit Card billing, effective from July 1st, 2022, as defined by the RBI’s guidelines around Credit and Debit Card issuance released in April. On April 21 st , 2022, India’s central bank, the Reserve Bank of India, released a new set of guidelines pertaining to the issuance of both Credit Cards and Debit Cards in India.

Cards 147
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CFPB issues advisory opinion on permissibility of “convenience fees” charged by debt collectors subject to the FDCPA

CFPB Monitor

The CFPB has issued an advisory opinion that addresses when the Fair Debt Collection Practices Act permits a debt collector to charge “pay-to-pay” or “convenience fees,” such as fees imposed for making a payment online or by phone. . FDCPA section 808(1) prohibits debt collectors from collecting “any amount (including any interest, fee, charge, or expense incidental to the principal obligation) unless such amount is expressly authorized by the agreement creating the debt or permitted by law.

Maryland 142
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Charles Potts: Fueling growth through innovation

Independent Banker

Image by Antonio Solano/iStock. By Charles Potts, ICBA. Demand for digital solutions continues to accelerate, making innovation an imperative for community banks looking to excel in today’s evolving market. That’s why ICBA makes innovation a priority and provides community banks with the information and tools necessary to grow and succeed in today’s competitive landscape.

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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 highlights risks associated with compliance staffing concerns, Russia sanctions, environmental crimes, cyber attacks and digital assets

CFPB Monitor

On June 23, 2022, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective (SRP) for spring 2022. In the SRP, the OCC opines on its current safety and soundness concerns for banks under its regulatory umbrella, focusing on Russia sanctions, climate-related risk, and rising inflation. Despite these challenges, the OCC believes that “[b]anks’ financial condition remains strong and positioned to deal with the economic headwinds.”.

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Lindsay LaNore: Getting more out of virtual learning

Independent Banker

Illustration by z_wei/iStock. By Lindsay LaNore, ICBA. When the pandemic started in early 2020, virtual learning received an unexpected boost. It not only provided a safe learning environment; it also proved convenient and economical and allowed for wider training options. It looks like online education is here to stay as a viable alternative to in-person classes, but many educators have noticed that remote learners don’t always focus in the same way they would during live events.

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Shipping Gen Z Borrowers and Vehicle Protection Products

SWBC's LenderHub

What’s shipping, you ask? As a financial services blogger and Millennial who’s desperately trying to keep up with the Youths on social media, I spend a fair amount of time on sites like Urban Dictionary trying to decode Gen Z jargon.

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9 ways to manage credit risk

Independent Banker

Illustration by erhui1979/iStock. Effects of the pandemic and other factors creating unpredictability have changed how community banks approach their credit and lending operations. These experts share nine tips and credit risk best practices to offer stability in an ever-changing market. By Judith Sears. Inflation and rising interest rates to combat inflation are defining the current business environment.

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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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‘Back in earnest’: Canary Wharf’s post-Covid comeback almost in full swing

TheGuardian

A ghost town during lockdowns, the London financial centre has seen a return of people visiting for work and play Lino Caboso has been serving jerk chicken and rum punch at Rudie’s Jerk Shack in Canary Wharf since it opened in March 2021, one of several pop-up food stalls in Reuters Plaza, around the corner from the tube station and a park. This time last year, it was pretty quiet.

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5 ways to shake up your lending strategy

Independent Banker

Photo by Fizkes/iStock. A new approach to loan protocols is just one way for community banks to grow in new and different directions. Assessing best practices, rates, marketing efforts and more can position loan producers for future success in unpredictable market conditions. By Cheryl Winokur Munk. Amid changing economic conditions and rising rates, it’s a good time for community banks to re-evaluate their loan strategy with an eye on adaptability.

Lending 103
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Finastra announces annual partner award winners

Bobsguide

At its annual partner day on 28 June, 2022, in Miami, Florida, Finastra announced the winners of its partner awards program. The partner awards recognize strategic collaborations with Finastra that are supporting growth and helping to transform and digitalize the financial services industry. Winners include: • Partner of the Year: Wipro Limited. Wipro has been instrumental in supporting a significant number of large deals with Finastra this year, from closing to implementation.

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At home with HOA banking

Independent Banker

Academy Bank COO Tom Kientz notes that the community bank was eager to expand its deposit and loan services. “One of the very quick things we turned to were HOAs,” he says. Photo by Jason Tracy. Looking for an avenue to increase its deposit base, Academy Bank tapped into a market it hadn’t explored before: homeowners associations. Today, the community bank has successful relationships with HOAs across the country.

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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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Welcome to the Guided Tour of Embedded Finance

Lars Markull

Wow, has been really over a year since my last blog post? This was way too long and that’s why I have worked in the past days not just on this blog post but on a series of blog posts. The topic? You have guessed correctly: Embedded Finance (EF). Every Friday for the coming weeks, I will post about a particular EF topic. It's what I refer to as The Guided Tour of Embedded Finance.

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Preventing Synthetic Identity Fraud

Independent Banker

What is synthetic identity fraud? A synthetic identity is made up of fabricated credentials where the implied identity is not associated with a real person. This identity is then used to apply for services. In recent years, the emergence of synthetic identity fraud has highlighted many gaps in legacy systems’ ability to keep up with tech-savvy fraudsters.

Fraud 91
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This week’s podcast episode: Innovative products: Understanding the regulatory and enforcement risks

CFPB Monitor

We discuss key regulatory issues for innovative products such as buy-now-pay later, longer term installment loans, delay pay, and card-based products (such as “virtual cards”). We look at the different ways these products can be structured and the impact of these differences on applicable legal requirements, such as disclosures and licensing. We also look at secondary market considerations, legal issues arising from the offering of products through non-bank/bank partnerships including enforce

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Most prominent crypto hedge fund just defaulted on a $670m loan | EU agrees on crypto landmark regulation | The war for tech talents is only beginning

Bussman Advisory

FinTech Ecosystem Insights by Bussmann Advisory is our weekly newsletter with over 40’000 subscribers across different social media channels, summarizing relevant news and reports related to ecosystems around disruptive technologies, highlighting key updates from the industry as well as our portfolio companies: One of the most prominent crypto hedge funds just defaulted on a $670 million loan EU agrees on landmark regulation to clean up crypto ‘Wild West’ Visualization: The war

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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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Inflation and Our Strategies to Protect Against It

TrustBank

Inflation! The word weighs heavily on investors and consumers alike as it erodes purchasing power and portfolio performance over time. Focus on inflation increased in the the month of June after the US Bureau of Labor Statistics reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 8.6% , before seasonal adjustment, over the last 12 months.

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BMO and Jefferies sign on to platform bringing AI auctions to stocks

BankInovation

A new trading platform operated by OneChronos Markets LLC will let institutional investors bid for equities in an automated auction, an effort to disrupt the ages-old system for buying and selling stocks. OneChronos started this month with Bank of Montreal, Jefferies Financial Group Inc. and more than a dozen other broker-dealers signed on. The New York-based firm’s […].

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Medical Collection Removals Have Little Impact on FICO Scores

FICO

Home. Blog. FICO. Medical Collection Removals Have Little Impact on FICO Scores. Based on FICO’s analysis, only 3% of FICO scorable consumers would be impacted by medical collection removals. Saxon Shirley. Thu, 05/12/2022 - 07:46. by Tommy Lee. expand_less Back To Top. Thu, 06/30/2022 - 15:00. More than 100 million people in America have health care debt , according to Kaiser Health News, which lead to the decision of medical collection removals.

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TD Bank doubles down on ‘complementary’ digital wealth management

BankInovation

TD Bank is aligning wealth management across physical and digital touchpoints as 2022 steams ahead. TD Bank, a Cherry Hill, N.J.-based subsidiary of $1.73 trillion TD Group, released its first roboadvisor solution in 2021, but views its digital tools as a “complement” to the in-person experience, Ken Thompson, TD Bank head of U.S. wealth shared […].

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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.