Thu.Jun 08, 2023

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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
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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
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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.

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This week’s podcast episode: The Consumer Financial Protection Bureau’s final Section 1071 rule on small business data collection: what you need to know, Part II, with special guest David Skanderson, Vice President, Charles River Associates

CFPB Monitor

At the end of March 2023, the CFPB issued its long-awaited final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and report certain data in connection with credit applications made by small businesses, including women- or minority-owned small businesses. .

Data 78
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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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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

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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
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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
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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.

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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. .

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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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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
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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.

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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
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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.

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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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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.

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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

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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.

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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

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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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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.

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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.

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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
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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
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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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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.

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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.

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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
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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.

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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.