Thu.Nov 30, 2023

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X picks up two more state money licenses

Payments Dive

South Dakota and Kansas are the first states to grant X money transmitter licenses since September, inching the social media platform closer to adding a payments feature.

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Here’s How Some Banks and Credit Unions Are Growing Deposits

Gonzobanker

To develop an effective, low-cost deposit growth strategy, take some tips from the high performers. Deposit retention and growth is strategic priority #1 in the banking industry today. But although financial institutions need a long-term strategy for a near-term challenge, playing the “rate game” is a race to the bottom. Finding growth has been a rough slog for banks and credit unions throughout 2023.

Strategy 158
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Amazon rolls out palm-based identity service for businesses

Payments Dive

The AI-powered biometric identification technology, already used as a payment tool at some merchants, intends to improve the accuracy and ease of use of physical and digital access controls, Amazon Web Services said.

Tools 195
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The New CRA: Understanding the final rule and its impact on large, intermediate, and small banks; Ballard Spahr to hold webinar on Dec. 6

CFPB Monitor

This is our third blog post on the final rule issued on October 24, 2023 by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency amending their regulations implementing the Community Reinvestment Act (“CRA”) (the “Final Rule”). .

Community 147
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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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Wise targets US banks for int’l gains

Payments Dive

The cross-border payments company aims to undercut U.S. banks with lower fees and faster transfers.

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Discover pursues sale of student loan business

Payments Dive

The card issuer said Wednesday it’s seeking to offload its $10.4 billion student loan portfolio.

Cards 221
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Alistair Darling was a rare exception: a politician who got things done

TheGuardian

As chancellor during the financial crisis he showed great wisdom and courage, and he played a huge part in keeping the UK intact in the Scottish referendum The news of Alistair Darling’s death on Thursday came as a terrible shock to us all. A statesman of unimpeachable integrity and a man driven by a deep sense of social justice, twice in his career he stepped up when his country needed him and demonstrated a level of wisdom, courage and calmness that is granted to only the most exceptional of p

National 136
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CBA issues second blog post countering CFPB information about CARD Act report

CFPB Monitor

The Consumer Bankers Association has issued the second blog post of its four-part “Facts Matter” blog series. In the second blog post, CBA “explains how the [CFPB’s] public statements can mislead market observers by painting an inaccurate picture of the credit card marketplace.” CBA identifies various ways in which the CFPB’s October 2023 report (Report) under the Credit Card Accountability Responsibility and Disclosure Act tells “a different, richer, story about credit card fees” than the sto

Cards 78
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How underrated chancellor Alistair Darling helped weather financial crisis

TheGuardian

Labour politician, who has died aged 70, faced toughest challenge of his career when economy crashed in 2008 Full report: Alistair Darling dies aged 70 Tributes paid to former chancellor – business live UK politics live – latest updates Alistair Darling spent three turmoil-filled years as Gordon Brown’s chancellor but the crunch came in October 2008 when he was summoned out of a meeting of EU finance ministers to take a call from Royal Bank of Scotland, then the UK’s biggest bank.

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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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CFPB settles claims against operator of training program arising out of income share agreements

CFPB Monitor

The CFPB recently announced the settlement of a bankruptcy court adversary proceeding filed jointly with the Attorneys General of 11 states against Prehired, LLC (Prehired) and two affiliated companies (Prehired Affiliates) for alleged violations of the Truth in Lending Act (TILA), the Fair Debt Collection Practices Act (FDCPA), and the Consumer Financial Protection Act (CFPA) in connection with a vocational training program operated by Prehired and related Income Share Agreements (ISAs) offered

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CIBC braces for more loan losses in U.S. office sector

American Banker

The Canadian bank reported a 70% decline in profits at its U.S. commercial banking and wealth management unit in the most recent quarter and boosted reserves amid distress in the commercial real estate market.

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RBC to acquire HSBC Canada for $10B

BankInovation

Royal Bank of Canada is set to close its CA$13.5 billion ($10 billion) all-cash acquisition of HSBC Canada in the first quarter of next year as the bank works through its integration plans.

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Discover, facing regulatory scrutiny, to exit student lending

American Banker

After nearly a decade of regulatory headaches, Discover Financial Services is looking to sell its private student loan business. Its stock jumped 4% after the news.

Lending 83
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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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Podcast: FedNow or RTP? Maybe both

BankInovation

Financial institutions may consider which payment rails to integrate — whether RTP or FedNow — but the right answer might be both.

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Citigroup layoffs, Truist expansion: Top banking news for November 2023

American Banker

In November's roundup of top banking news: Citigroup approaches newest wave of job cuts and managerial shifts, Truist Financial nearly doubles most-senior executive leadership team, JPMorgan Chase faces regulatory inquiries and more.

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Metro Bank to cut about 800 jobs and review opening hours

TheGuardian

Lender to ramp up cost-cutting plans after rescue deal and assess seven-days-a-week branch model Metro Bank plans to cut about 800 jobs by the end of March, and review its famous seven-days-a-week branch model, after ramping up cost-cutting plans in the wake of last month’s multimillion-pound rescue deal. The lender said plans to cut a fifth of its 4,000-strong workforce followed “further evaluation of the cost base”, which found it could save up to £50m a year, including by investing in automat

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OCC misstep, generative AI: Top tech news for November 2023

American Banker

Top tech news in November: The Office of the Comptroller of the Currency's appointee to the Office of Financial Technology comes into question, Mint's closure presents opportunities for banks, bank and fintech leaders look towards generative artificial intelligence for innovation and more.

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Finding “The One:” The Ultimate Guide to Selecting Financial Software

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

As finance and accounting practitioners, you are expected to complete daily operations as well as to manage next generation tools and resources to support a business that is growing in complexity. Having the right software can be critical in juggling and meeting those high expectations. The path to the right software, however, is paved with challenging decisions.

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Apple & Goldman Sachs set for breakup | JP Morgan is live on multi bank tokenized deposit platform | Commerzbank builds GenAI-powered virtual assistant

Bussman Advisory

This week’s must-know stories in the FinTech, AI and Digital Asset space: Apple and Goldman Sachs set for breakup JP Morgan is live on multi bank tokenized deposit platform Partior Commerzbank builds GenAI-powered virtual assistant Plus, 9 more exclusive stories to help you stay ahead of the curve! The latest edition of the FinTech Ecosystem Newsletter is here : Join our Community Join our community of 52,000+ subscribers and stay informed on the latest trends and news in the FinTech &

Apple 52
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Randolph-Brooks Federal Credit Union names next CEO

American Banker

Texas-based RBFCU, the tenth largest credit union in the nation, promoted Mark Sekula from CFO to CEO, replacing Christopher O'Connor, who will retire in March.

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eToro receives approval from ADGM to operate in the UAE

The Paypers

Trading and investing platform eToro has received approval for Financial Services Permission (FSP) from the regulatory authority of ADGM to operate in the UAE.

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Why brand strength matters to banks: Morgan Stanley CMO

American Banker

The bank is trying to reach women and investors from groups that wouldn't traditionally have done business with the white-shoe firm in years past, Alice Milligan said on a marketing panel.

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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.

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Nucleus Commercial Finance secures GBP 200 mln

The Paypers

Nucleus Commercial Finance (NCF) has announced up to GBP 200 million in new funding from NatWest to strengthen its SME loans business.

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Nandita Bakhshi, former Bank of the West CEO: The exit interview

American Banker

Bakhshi looks back on her nearly four-decade career and reflects on what has changed in the industry over the years.

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Nuvei launches card issuing

The Paypers

Nuvei , a Canada-based fintech, has launched its card issuing solution in 30 markets globally to offer their customers physical and virtual white-labelled cards.

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After City National reports a big loss, executives predict a turnaround

American Banker

Los Angeles-based City National Bank recorded a $247 million loss during a tumultuous final quarter of its fiscal year. But executives at the bank's Canadian parent company say they expect a return to profitability in the first quarter.

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Top 10 Benefits of Automating Closing Documents

In the fiercely competitive landscape of commercial lending, where FinTech's digital transformation initiatives take center stage, the complexities of loan documentation are constantly evolving. Today, automating closing documents stands as a crucial component in FinTech's top priorities, addressing challenges from compliance demands to managing fluctuating volumes during uncertain economic times.