Thu.Jun 08, 2023

article thumbnail

Fiserv poised for more M&A

Payments Dive

The payments processor is “highly engaged in” seeking targets to build up its merchant unit in the retail and services verticals, said CEO Frank Bisignano.

Retail 284
article thumbnail

Understanding climate-related disclosures of UK financial institutions

BankUnderground

Jonathan Acosta-Smith, Benjamin Guin, Mauricio Salgado-Moreno and Quynh-Anh Vo Over the past years, a growing consensus has acknowledged the need to construct a ‘ system [wherein] every financial decision takes climate change into account ‘ While such a system is still far from reality, market participants already produce and demand an increasing amount of climate-related information.

Policies 108
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Fed, FDIC, OCC update guidance on third-party risk management

Payments Dive

The guidance is aimed at helping banks address the operational, compliance and strategic risks of third-party tie-ups, such as those with fintech firms.

article thumbnail

Federal Agencies Propose Reconsideration of Value Guidance

CFPB Monitor

A group of federal agencies have proposed reconsideration of value (ROV) guidance for residential real estate valuations. The agencies are the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board (Board) and National Credit Union Administration (NCUA). Comments on the proposed guidance will be due 60 days after publication in the Federal Register.

FDIC 78
article thumbnail

How to Avoid Getting "Ghosted": Top 3 Secrets to Staying Relevant with Gen Z

Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert

In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant or getting "ghosted" if they fail to meet the evolving needs of Gen Z consumers. In this new webinar, Brian Muse-McKenney of Episode Six and Matt Simester of Payments Consultancy Limited will reveal key considerations banks should factor into their efforts to develop target products for the next generation of bank customers.

article thumbnail

Visa, Mastercard split on open banking

Payments Dive

The two big U.S. card companies have diverging views on prospects for open banking. Will it make a difference in their rivalry?

Cards 243

More Trending

article thumbnail

Capital One buys Velocity Black

Payments Dive

Acquiring the travel, entertainment and shopping concierge service may advance the bank’s interest in having customers use credit card points.

Capital 195
article thumbnail

Arbitration opt out provisions benefit consumers, Professor Sovern

CFPB Monitor

For the past decade, Professor Jeff Sovern has criticized companies for including opt out provisions in their consumer arbitration clauses, even though such provisions give consumers freedom of choice by allowing them to reject arbitration without affecting the other contractual terms. Most recently, he argues that opt out provisions are actually what the FTC calls a “dark pattern”—a practice that “tricks users into making choices they would not otherwise have made and that may cause harm.” .

Company 78
article thumbnail

Cannabis sellers are still using prohibited payment workarounds

American Banker

Cashless ATMs — which imitate a typical debit card transaction but code them as cash withdrawals — can lead to hefty fines. But many dispensaries still use the devices, partly due to the murky legal environment that surrounds the entire weed industry.

ATM 85
article thumbnail

New CFPB report highlights concerns with growing use of chatbots by financial institutions

CFPB Monitor

In a new “Issues spotlight” titled “ Chatbots in consumer finance ,” the CFPB discusses how chatbot technologies are being used by financial institutions and the limitations and risks of such technologies. The report, which is part of a concerted focus by the CFPB on the use of artificial intelligence and machine learning in consumer financial services, comes on the heels of the recent joint agency statement regarding enforcement efforts “to protect the public from bias in automated systems and

Report 78
article thumbnail

Navigating the Automation Landscape: Selecting Tools That Fit Your Business

Speaker: Gary Dmitriev

Our upcoming webinar aims to demystify the process of selecting and implementing automation tools for financial institutes. This session will provide your roadmap for vetting potential solutions, focusing on due diligence, vendor assessments, and aligning technology with strategic goals. We’ll also address the critical issue of innovation fatigue, offering tips on maintaining enthusiasm and momentum for new initiatives.

article thumbnail

HSBC temporarily withdraws mortgage deals for new borrowers

TheGuardian

Bank removes all its ‘new business’ residential and buy-to-let products after surge in demand HSBC has temporarily withdrawn mortgage deals for new borrowers due to a surge in demand ahead of expected rate rises. The bank said on Thursday it would remove all its “new business” residential and buy-to-let products, with deals becoming available again on Monday.

72
article thumbnail

Federal banking agencies issue final interagency guidance on risk management in third-party relationships

CFPB Monitor

The Federal Reserve, FDIC, and OCC have released final interagency guidance for their respective supervised banking organizations on managing risks associated with third-party relationships, including relationships with financial technology-focused entities such as bank/fintech sponsorship arrangements. The guidance is intended to provide principles for effective third-party risk management for all types of third-party relationships, regardless of how they may be structured. .

article thumbnail

At banks targeting the underserved, loans spiked after feds gave capital

American Banker

Financial institutions that received funding from the Emergency Capital Investment Program grew their loans by 35% between 2021 and 2022, according to new research. Now leaders at those institutions are turning their attention to the need for patient deposits.

Capital 74
article thumbnail

Pennsylvania appellate court finds no state court standing to bring FACTA claim based solely on statutory violation

CFPB Monitor

In its 2016 decision in Spokeo v. Robins , the U.S. Supreme Court held that a plaintiff alleging a Fair Credit Reporting Act violation does not have standing under Article III of the U.S. Constitution to sue for statutory damages in federal court unless the plaintiff can show that he or she suffered “concrete,” “real” harm as a result of the violation.

article thumbnail

Case Study: First Mid Bank Fast-Tracks New Market Entry in Commercial Lending

Discover First Mid Bank's Expansion Success with Our Case Study! Discover how First Mid Bank & Trust fast-tracked market expansion through advanced automation and compliance solutions. This case study reveals their journey from facing challenges in Texas' complex legal landscape to achieving rapid market entry with GoDocs' innovative commercial closing platform.

article thumbnail

After buying bank accused of redlining, Cadence gets top CRA score

American Banker

The FDIC gave Cadence Bank in Mississippi the highest possible rating on its most recent Community Reinvestment Act evaluation. Cadence was the product of a 2021 merger completed just months after the acquired bank settled a federal lending discrimination case.

article thumbnail

Morgan Stanley cuts ties with Crispin Odey after sexual assault allegations

TheGuardian

Broking relationship with hedge fund to be severed after news report details alleged incidents, which Odey denies The investment banking company Morgan Stanley is to cut its relationship with the multimillionaire hedge fund manager and Conservative donor Crispin Odey after allegations of sexual misconduct were made by multiple female employees. Morgan Stanley is cutting its prime broking relationship with his firm, Odey Asset Management (OAM), after the Financial Times on Thursday reported alleg

article thumbnail

Five issues to watch when Chopra goes to Congress

American Banker

Consumer Financial Protection Bureau Director Rohit Chopra faces tough questions next week testifying before the Senate Banking Committee and House Financial Services Committee.

article thumbnail

Barclay family make last-ditch bid to keep control of Telegraph newspapers

TheGuardian

Offer to write off some of the nearly £1bn owed by publisher submitted to lenders Lloyds Banking Group Analysis: how the Barclay empire lost its grip on the Daily Telegraph The former owners of the Daily and Sunday Telegraph have made an attempt to regain control of their media assets after they were put up for a sale in a bitter row with lenders. The Barclay family has submitted an offer to Lloyds Banking Group that would reportedly allow them to write off some of the nearly £1bn in debts owed

Groups 61
article thumbnail

Exploring the Liability Shift: A Comprehensive Guide to Fraud Loss Responsibility and Mitigation

Shifting liability for digital fraud losses represents a significant challenge for financial institutions and payment service providers. In response to the global surge in digital fraud, regulators are introducing policies that transfer the cost of fraud from defrauded customers to financial institutions. ThreatMark’s newly released white paper, "The Liability Shift: Understanding Fraud Losses Responsibility and Mitigation," provides an in-depth analysis of this shift, its implications, and stra

article thumbnail

Regulators outline policies for challenging property appraisals

American Banker

Federal bank regulators issued proposed guidelines for banks and other mortgage lenders to craft policies around reconsideration of value requests. The move is the latest aimed at rooting out bias in home appraisals.

article thumbnail

PSR confirms new APP fraud reimbursement requirements

The Paypers

UK-based Payment Systems Regulator (PSR) has confirmed new requirements for banks and payment companies to ensure reimbursement for victims of APP fraud.

Fraud 66
article thumbnail

Banks are using a cybersecurity tactic to crack down on check fraud

American Banker

Threat intelligence has become a viable option for banks looking to gain insights about fraudsters communicating on Telegram with other criminals.

Fraud 69
article thumbnail

Netherlands introduces nationwide contactless transport payment system

The Paypers

The Netherlands has partnered with payment-processing provider Mastercard and launched a contactless transit payments system across the nation.

System 67
article thumbnail

Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

article thumbnail

Earned wage access can keep workers on financial track

BankInovation

The completion of the intercontinental railroad in 1869 was a watershed moment in American history. It opened a new chapter in the country’s economic growth as the connection of the two coasts by rail made the transfer of resources in the West to markets in the East easier, faster and safer.

article thumbnail

Amazon Pay integrates Affirm to offer more flexible payment options

The Paypers

Amazon has announced that US merchants offering Amazon Pay can add Affirm ’s Adaptive Checkout as payment option.

article thumbnail

TD Bank unveils redesigned mobile app

BankInovation

TD Bank is redesigning its mobile banking app to create an easier and more connected user experience as mobile banking demand grows, Head of Canadian Personal Banking at TD Bank Michael Rhodes said at today’s Investor Day 2023 event.

Mobile 52
article thumbnail

The SEC's crackdown on Binance and Coinbase is misguided

American Banker

Regulators need to recognize the uniqueness and potential of cryptocurrency instead of seeking to fit crypto assets into an outdated regulatory framework.

article thumbnail

New York Lien Law Essentials: 5 Key Facts for Commercial Lenders

Dive into the complexities of New York lien laws with our comprehensive eBook, 'New York Lien Law Essentials: 5 Key Facts for Commercial Lenders.' In this detailed guide, we explore the critical formalities necessary for lenders navigating ground-up construction and fix-and-flip projects in the New York market. From documentation requirements to the implications of non-compliance, learn how to safeguard your lending position and prioritize legal adherence.