FICO

JULY 15, 2021

A core pillar of promoting and sustaining widespread access to credit is ensuring high levels of financial literacy. Unfortunately, the U.S. lags behind many other countries in financial literacy, meaning millions of Americans lack the resources they need to chart a healthier financial future. But thanks to nonprofit organizations like Operation HOPE — which collaborates with financial institutions, corporations, municipal agencies, and community organizations to help low- and mid-income America

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BankInovation

JULY 15, 2021

When API security firm Salt Security wanted to see just how vulnerable financial institutions might be to common API attacks, it investigated a large U.S.-based financial institution’s online platform that provides API services to “thousands of partner banks and financial advisors.” The vulnerability report, released Wednesday, does not disclose the name of this institution for […].

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Tools Regulation Data Security 98

CFPB Monitor

JULY 15, 2021

The Federal Reserve, FDIC, and OCC have released proposed guidance for banking organizations on managing risks associated with third-party relationships, including relationships with financial technology-focused entities such as bank/fintech sponsorship arrangements. Comments on the proposal will be due no later than 60 days after the date it is published in the Federal Register.

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BankInovation

JULY 15, 2021

Federal Reserve Chair Jerome Powell said there are potential risks from stable coins and that they require regulation to ensure their safety. Powell told the House Financial Services Committee on Wednesday that stable coins are a lot like money market funds or bank deposits “but without the regulation.” “We have a tradition in this country […].

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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

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Jack Henry

JULY 15, 2021

While the cruise industry has seen better days, like many other sectors, it’s poised for a strong comeback based on pent-up demand and untapped travel budgets carried over from 2020. And as a former Coast Guard licensed riverboat pilot and 30+ year veteran of the financial services industry, I was recently pondering the similarities between financial technology and cruise ships.

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CFPB Monitor

JULY 15, 2021

The CFPB announced earlier this week that it has issued a consent order against GreenSky, LLC that finds GreenSky engaged in unfair acts and practices in connection with its origination and servicing activities related to its point-of-sale financing program. The consent order requires GreenSky to refund or cancel up to $9 million in point-of-sale loans and pay a $2.5 million civil penalty.

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BankInovation

JULY 15, 2021

The National Bank of Indianapolis is automating aspects of its wealth management division and mortgage process after a recent core migration that upgraded the $3 billion bank’s core for the first time since the late 1990s. “There's no way to avoid it: A core system conversion is painful,” bank President and CEO Mark Bruin told […].

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TheGuardian

JULY 15, 2021

It comes after banking app raised $800m from new investors Tiger Global Management and SoftBank The banking and payments app Revolut has become the most valuable British fintech firm on record after a fresh funding round pushed its valuation to $33bn. The company, founded by the former Lehman Brothers trader Nik Storonsky in 2015, announced on Thursday that it had raised $800m (£579m) from new investors Tiger Global Management and the major Japanese investment group SoftBank, which now hold a ne

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Banking Exchange

JULY 15, 2021

Royal Business Bank adds $78 million in deposits with branch purchase, while MVB offloads quartet of sites to Summit Management Feature M&A Feature3.

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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

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CB Insights

JULY 15, 2021

M1 Finance , a robo-advisory investment platform, has raised $150M in Series E that drew participation from SoftBank Group among other investors. HOW’S THE COMPANY PERFORMING? Illinois-based M1 Finance is a robo-advisory investment app. The company claims to have tripled its AUM since July 1, 2020 to a current value of over $4.5B. It has also doubled its user base during this period.

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Banking Exchange

JULY 15, 2021

UK regulator follows the Fed’s example after release of US bank stress test results Compliance Duties Feature Feature3 Compliance Management.

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CFPB Monitor

JULY 15, 2021

Tom Vartanian is a former federal banking regulator and law professor. In Part II of this two-part podcast, we discuss technology’s impact on the banking system, how a new cyberspace infrastructure can increase security, the current financial conditions that could spark the next financial crisis, cryptocurrency’s role in building new networks for the creation and delivery of financial services, and quantum computing’s impact on encryption.

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Banking Exchange

JULY 15, 2021

40% of US bank branches now provide access to a Bank On certified account Community Banking Feature3 Feature Duties People Diversity.

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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.

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TheGuardian

JULY 15, 2021

Regulator’s plan to become less London-centric also includes doubling of headcount in Edinburgh The UK’s financial regulator is planning to increase its presence outside the capital by opening offices in Cardiff, Belfast and Leeds, as it follows the Bank of England and the Treasury’s attempts to become less London-centric. The Financial Conduct Authority, which also expects to double its headcount in Edinburgh to 200 staff over the next two years, said the moves were meant to reflect the fact th

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ABA Community Banking

JULY 15, 2021

The American Bankers Association today announced that Washington state banker Brent Beardall will chair its American Bankers Council—the banker-driven peer group for midsize bank chief executives—for the 2021-22 membership year. The post WaFd’s Beardall Appointed Chairman of ABA’s American Bankers Council appeared first on ABA Banking Journal.

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FICO

JULY 15, 2021

The challenge for financial institutions of fighting fraud and tackling financial crime has never been greater. As the market for global payments and financial services grows, criminals develop new strategies and technologies to make illicit gains. Fraud experts need to be armed with the most up-to-date information about the latest industry trends and developments.

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ABA Community Banking

JULY 15, 2021

The Bank On movement for financial inclusion continues to accelerate. In July, the Cities for Financial Empowerment Fund—which developed the Bank On standards and which certifies deposit accounts that meet them—announced that more than 100 depository institutions now offer Bank On-certified accounts. The number has nearly doubled since October 2020, when, at ABA’s Annual Convention, ABA [.].

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Meeting Community Bank Digital Banking Community 52

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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.

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TheGuardian

JULY 15, 2021

How can this six-year-old fintech firm be worth £24bn, supposedly 70% of Lloyds’ stock market value? It is “great news”, said Rishi Sunak, performing his ra-ra routine for the UK’s fintech sector, that Revolut has raised another $800m (£566m) to fund expansion. And it is: more capital and bold investors is what the UK scene needs. If the new cash helps Revolut take its “financial superapp” to the world, good luck to it.

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Banking Exchange

JULY 15, 2021

26 deals announced in June marks the highest monthly total since 2019 Management Feature M&A Feature3.

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The Paypers

JULY 15, 2021

The Reserve Bank of India has barred Mastercard indefinitely from issuing new debit or credit cards to domestic customers.

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Cards 57

American Banker

JULY 15, 2021

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Compliance 98

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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.

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The Paypers

JULY 15, 2021

The US-based crypto exchange Coinbase has announced introducing Polygon (MATIC) in order to scale Ethereum transactions.

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US 57

American Banker

JULY 15, 2021

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Nashville Community Bank Community Strategy 81

The Paypers

JULY 15, 2021

Money transfer service Western Union has announced the launch of direct to account payout transfers from the United Arab Emirates to the world.

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American Banker

JULY 15, 2021

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Fintech 81

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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.

Lending