FedNow gives fee holiday in 2023
Payments Dive
NOVEMBER 7, 2022
Federal Reserve banks introducing the new instant payments system next year will jettison customer transfer and participation fees for the launch.
Mon.Nov 07, 2022
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Should You Be Marking Loans To Market?
South State Correspondent
NOVEMBER 7, 2022
Available-for-sale securities are reported at fair value, and any unrealized gains and losses are included in accumulated other comprehensive income (AOCI) in the equity section of the balance sheet. The AOCI is an accounting adjustment meant to reflect the economic value of assets and is the process of “marking loans to market.” That same adjustment can be applied to banks’ fixed-rate loans for economic value analysis to better understand value creation and allocation, prioritize
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Elder abuse: the crisis among veterans and ways to prevent elder fraud
Abrigo
NOVEMBER 7, 2022
Elder fraud prevention and education Learn strategies for recognizing and reporting elder fraud and exploitation. . Would you like other articles on BSA/AML training in your inbox? Takeaway 1 Elder abuse, exploitation, and fraud are rising in the veteran population and can devastate older Americans. Takeaway 2 Learn why veterans are a vulnerable population for this particular type of financial fraud.
Zenus Bank chooses Finxact for digital transformation
BankInovation
NOVEMBER 7, 2022
Zenus Bank has tapped cloud-native core banking solution Finxact to scale its digital transformation. The San Juan, Puerto Rico-based bank’s new platform is expected to launch in April 2023 with Finxact capabilities operating on the Microsoft Azure cloud, Pedro Martinez, Zenus Bank’s chief information officer, told Bank Automation News. “We needed to rely on modern […].
Digital Transformation: Accelerating ROI and Growth in Commercial Lending
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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
ABA Sets Out Five-Year Vision for Tackling Scammers
Banking Exchange
NOVEMBER 7, 2022
Report by Oliver Wyman details how banks can deal a ‘body blow’ to online fraud Risk Management Technology Feature3 Feature Cyberfraud/ID Theft Security Mobile Online Cards Digital.
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Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
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2022 and Regulatory Scrutiny of Overdraft Fees
Banking Exchange
NOVEMBER 7, 2022
Overdraft fees, nonsufficient funds (NSF) fees, and similar fees are under increased regulatory scrutiny Compliance Fee Income Overdraft Fees Customers Compliance Management Compliance/Regulatory Feature3 Feature.
7th Circuit Affirms District Courts’ Dismissal of NSF Class Action
CFPB Monitor
NOVEMBER 7, 2022
On October 25, the U.S. Court of Appeals for the Seventh Circuit affirmed a district court’s order dismissing a class action alleging that an Illinois internet-based credit union breached its account agreement when it charged non-sufficient funds (NSF) fees to its customers. Plaintiff alleged the account agreement required the credit union to use the ledger-balance to assess NSF fees and only assess one NSF fee per transaction.
Summary of Recent FDIC Guidance on Multiple Re-Presentment NSF Fees
Banking Exchange
NOVEMBER 7, 2022
A topic that has generated questions from a number of financial institutions Compliance Overdraft Fees Financial Research Bank Performance Feature Fee Income Feature3 Customers Compliance Management Compliance/Regulatory Consumer Compliance.
VA Issues Proposed Refinance Loan Rule
CFPB Monitor
NOVEMBER 7, 2022
The Department of Veterans Affairs (VA) recently issued a proposal to update its rules for interest rate reduction refinancing loans (often referred to as “IRRRLs”) to conform with VA loan refinance provisions in the Economic Growth, Regulatory Relief, and Consumer Protection Act, which was enacted in 2018, and the Protecting Affordable Mortgages for Veterans Act of 2019.
The State of Automation in Financial Services 2024 Report
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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
How Much Will Your Wedding Cost?
BankBazaar
NOVEMBER 7, 2022
Planning your wedding? Here’s something that will help you gauge how much your wedding will cost you. Read on to know more. Weddings are fun, especially if it isn’t yours! Because let’s face it, in our country weddings are tedious for the bride and groom due to the umpteen customs and practices. And it doesn’t end there. Weddings are expensive affairs too.
Appointments: Endeavor Bank Seeks New CFO
Banking Exchange
NOVEMBER 7, 2022
Plus: ICBA hires payments policy lead; Wells Fargo and Arvest Bank fill DEI roles Management Feature Human Resources CSuite Feature3.
Market Trend Report: Accounts payable automation software for payment leaders
CB Insights
NOVEMBER 7, 2022
What is accounts payable automation software? Accounts payable (AP) automation software companies automate the entire accounts payable process, from invoice to pay to reconciliation, with the aim of reducing manual processes and avoiding human errors. Accounting and finance departments use this technology to manage massive amounts of invoices from their suppliers or payment leaders.
The year ahead: reconfiguring business as usual
The Banker
NOVEMBER 7, 2022
The global economy is at an inflection point, as governments unwind their Covid-19 relief programmes, political tensions ratchet up and inflation hits double-digits in many countries. Is there a crisis in the making? James King reports.
Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance
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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.
Top global employment & payroll companies — and why customers chose them
CB Insights
NOVEMBER 7, 2022
We mined Yardstiq ’s interviews with software buyers to understand their views on global employment & payroll solutions. Download our scorecard to quickly compare the below vendors. To read the interview transcripts for each solution, reserve your Yardstiq subscription here. Deel. Oyster. Papaya Global. Remote. Velocity Global. Other platforms for distributed teams mentioned by buyers include: ADP Streamline.
Will AI save banks from the cyber hordes?
The Banker
NOVEMBER 7, 2022
AI is becoming increasingly critical for banks defending themselves against cyber attacks, a factor that is drawing interest from the regulatory community. By Justin Pugsley.
Register Now: Sneak Peek Into Close Automation SkyStem Web Demo
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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.
Risqué and Risky: Credit Union Advertises Itself as a ‘Side Bank’
The Financial Brand
NOVEMBER 7, 2022
This article Risqué and Risky: Credit Union Advertises Itself as a ‘Side Bank’ appeared first on The Financial Brand. SF Fire Credit Union's provocative new video ad targets younger generations, playing off shock value as a way to make an old brand stand out. This article Risqué and Risky: Credit Union Advertises Itself as a ‘Side Bank’ appeared first on The Financial Brand.
Robo-Advisor Betterment’s ‘Challenger Mindset’ Drives Growth
The Financial Brand
NOVEMBER 7, 2022
This article Robo-Advisor Betterment’s ‘Challenger Mindset’ Drives Growth appeared first on The Financial Brand. Betterment’s president says challenging and differentiating its own offerings led to growth in the consumer, advisor and employer markets. . This article Robo-Advisor Betterment’s ‘Challenger Mindset’ Drives Growth appeared first on The Financial Brand.
Top 10 Benefits of Automating Loan Modifications for Commercial Lenders
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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.
Fighting Scams and Authorized Push Payment Fraud in the US
FICO
NOVEMBER 7, 2022
Home. Blog. FICO. Fighting Scams and Authorized Push Payment Fraud in the US. US regulators seem poised to update the status quo for bank liability for authorized user/authorized push payment fraud, but just how big is the potential? FICO Admin. Tue, 07/02/2019 - 02:45. by TJ Horan. expand_less Back To Top. Mon, 11/07/2022 - 09:50. In multiple geographies around the world, there has been a strong focus on authorized push payment fraud.
Vonage to pay $100 million in refunds to consumers under FTC consent order settling junk fees and “dark patterns” allegations
CFPB Monitor
NOVEMBER 7, 2022
On November 3, 2022, the Federal Trade Commission (“FTC”) announced that it has entered into a consent order with internet phone service provider Vonage to settle allegations that it imposed “junk fees” on consumers and used “dark patterns” that prevented them from cancelling their service. Under the terms of the settlement, Vonage has agreed to pay $100 million in customer refunds, simplify its cancellation process, and enhance its disclosures.
2024 Lending Outlook: Innovations and Evolutions in the Financial Sector
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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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