Thu.Feb 08, 2024

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PayPal cost-cutting likely to persist

Payments Dive

The digital payments pioneer’s expense reductions may take years to benefit the company’s bottom line as management resets the business strategy.

Strategy 221
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Ex-CEO of failed Kansas bank charged with embezzling $47 million

American Banker

Federal prosecutors allege that Shan Hanes, the former CEO of the now defunct Heartland Tri-State Bank, illegally took money from customers to fund cryptocurrency investments. He could face up to 30 years in prison if convicted.

Kansas 99
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CFPB open banking proposal will be crucial

Payments Dive

The agency’s open banking proposal is a step in the right direction, but details of the policy will shape how the market develops, a regulatory adviser writes in this op-ed.

Policies 170
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Credit unions should expect increased supervision from NCUA on overdraft/NSF fees, vendor risk, and fair lending

CFPB Monitor

On February 6, 2024, National Credit Union Administration (NCUA) Chairman Todd M. Harper spoke at a Brookings Institution event to outline his regulatory agenda and supervisory priorities for 2024. His prepared remarks addressed the 90 th Anniversary of the Federal Credit Union Act, credit union performance in third quarter of 2023, risks posed by third party service providers, liquidity management, and consumer financial protection.

Lending 78
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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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Aeropay partners with Cross River, UBank on sports gaming payouts

Payments Dive

Digital payments provider Aeropay has lined up bank partners in an effort to facilitate faster access to winnings.

Payments 221

More Trending

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In unusual move, law professor petitions bank regulators for rulemaking

American Banker

Jeremy Kress, a law professor at the University of Michigan, filed a petition for rulemaking to two bank regulators, asking them to adopt an unaffiliated director standard for larger banks to address conflicts of interest between banks and their holding companies.

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This week’s podcast episode: Recent developments affecting student loan origination and servicing

CFPB Monitor

With federal student loans approaching $1.7 trillion, private student loans approaching $129 billion, strident consumer group advocacy, and national elections on the horizon, student loan origination and servicing continues to be a focal point for federal and state regulators. In this episode, which repurposes a webinar, we first discuss recent developments at the Department of Education involving loan forgiveness, the framework for servicer accountability, preemption guidance, and new repaymen

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Bankwell Bank pilots generative AI in small-business lending

American Banker

It's early days in the Connecticut bank's testing of Cascading AI, but one clear benefit has emerged: The software can handle the many inquiries that come in on Friday nights, after loan officers have gone home.

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Mastering the Art of Lead Generation for Fintechs: Strategies for Unleashing Potential and Driving Growth

William Mills

In the ever-evolving landscape of financial technology (Fintech), where innovation and competition are the norm, the ability to generate high-quality leads is crucial. For Fintech companies looking to serve financial institutions, effective lead generation is not just a strategy, it's the lifeline for sustainable growth. In this two-part series, we'll explore the intricacies of lead generation tailored to the unique challenges and opportunities within the Fintech sector.

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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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Subprime lender, struggling with debts, gets reprieve from creditors

American Banker

The consumer lender CURO Group said that its agreement with bondholders gives it a 30-day grace period, and that negotiations on a broader restructuring are continuing. The company has lost money in recent years as it shifts away from traditional payday lending to larger installment loans.

Lending 81
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Check fraud to reach $24B in 2024

BankInovation

Industrywide, financial institutions are seeing an uptick in synthetic identities, scam activity and check fraud even as digital channel adoption grows. In fact, check fraud is expected to reach $24 billion in 2024, according to a Jan. 3 newsletter from Frank McKenna, chief strategist for AI-driven fraud detection platform Point Predictive.

Fraud 66
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Pagaya closes a USD 280m credit facility with Blackrock

The Paypers

AI-focused technology company Pagaya has closed a USD 280 million credit facility with BlackRock US Private Capital.

Capital 73
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P2P leader PayPal to redesign mobile app

BankInovation

PayPal will invest in a new app to launch in 2024 alongside a new strategy to drive engagement with better consumer experiences like AI-driven shopping. “Redesigning our app and creating improved, frictionless onboarding paths are tangible ways that we plan to drive higher penetration,” Chief Executive Alex Chriss said during PayPal’s fourth-quarter earnings call.

Mobile 64
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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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Chainlink to increase PYUSD adoption with secure price feeds

The Paypers

Web3 services platform Chainlink has announced it now supports a PYUSD (PayPal’s USD-backed stablecoin issued by Paxos) Price Feed on the Ethereum mainnet.

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Yellen expects bank 'stress' due to commercial real estate losses

American Banker

Treasury Secretary Janet Yellen didn't directly address the turmoil at New York Community Bank, and said that while some smaller institutions could be hit by a changing commercial real estate market, she doesn't anticipate these mortgages will become a systemic risk.

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Cross River partners with Aeropay

The Paypers

Embedded financial solutions provider Cross River has partnered with digital payments provider Aeropay to expand the latter’s current offerings.

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Who wins and loses with Visa's new dispute-management tool?

American Banker

Through a partnership with technology firm ServiceNow, the card network is offering ways to reduce banks' cost and complexity of resolving disputed transactions.

Tools 53
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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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IDEMIA Secure Transactions partners with Arab National Bank

The Paypers

IDEMIA Secure Transactions has partnered with the Arab National Bank to launch a card developed with Braille printing technology in the Kingdom of Saudi Arabia.

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CFPB resolves foreclosure scam case with $12M settlement

American Banker

The original lawsuit was one of several filed in 2014 in a coordinated effort among federal and state regulators aimed at fraudsters trying to cheat distressed mortgage borrowers.

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European Parliament adopts new instant money transfer rules

The Paypers

The European Parliament has adopted a new set of rules to ensure that transferred funds arrive immediately in bank accounts across the EU.

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Citizens Financial hires two former JPMorgan execs to lead private bank

American Banker

The Providence, Rhode Island, company has recruited a head of wealth management advisors and a head of private wealth managers as part of a new strategy to reel in high-net worth clients.

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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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Kraken secures VASP registration

The Paypers

US-based digital asset exchange Kraken has successfully secured a VASP registration from the Dutch Central Bank , aimed at its European development strategy.

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Goldman is facing CFTC probe over fees charged for futures trading

American Banker

The Commodity Futures Trading Commission privately authorized sending subpoenas to Goldman for information about fees charged for some futures block trades, according to people familiar with the matter.

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iDenfy partners with RaiseFX

The Paypers

Lithuania-based identity verification company iDenfy has partnered with RaiseFX to optimise security and the customer experience in online CFD trading.

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Citigroup weighs cutting 10% of wealth employees in London

American Banker

The company is considering whether to cut 51 roles across its wealth business in London as the division's new chief looks for ways to boost the returns generated by the unit, according to a memo to staff seen by Bloomberg

Company 36
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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.