Wed.May 19, 2021

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Federal Reserve and Other Banking Agencies Extend Comment Period for Artificial Intelligence

Perficient

Perficient highlighted in a blog more than a month ago that the five federal financial institution agencies – Board of Governors of the Federal Reserve System (The Fed). Consumer Financial Protection Bureau (CPFB). Federal Deposit Insurance Corporation (FDIC. National Credit Union Administration (NCUA). Office of the Comptroller of the Currency (OCC). were seeking public comment to understand the public’s views on the use of AI by financial institutions in their provision of services to cu

FDIC 365
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Pandemic Puts Branch-Based Bank Jobs at Risk

Banking Exchange

Wells Fargo analyst warns that 200,000 jobs could be lost as digitization and branch consolidation trends bite The Economy Technology Financial Trends Feature3 Feature Fintech.

Trends 147
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Improving Debt Collections – It’s More Than Just Technology…

Perficient

Our financial services practice is helping banks, credit unions, and other credit providers optimize their collections process by infusing to omni-channel technology, process improvements, and best practices. We’re helping them connect with more customers than ever before, and in new ways, to achieve higher contact rates. Through our work, we’ve found that other opportunities exist…beyond technology.

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FDIC Proposed Rule and Information Requests Target False Advertising, Use and Misuse of FDIC Name and Logo

CFPB Monitor

The Federal Deposit Insurance Corporation (FDIC) recently issued a notice of proposed rulemaking (NPR) and request for information (RFI) addressing “False Advertising, Misrepresentation of Insured Status and Misuse of the FDIC’s Name or Logo”. Under this NPR, the title of 12 CFR Part 328, currently “Advertisement of Membership” would be changed to “Advertisement of Membership, False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC’s Name or Logo.

FDIC 88
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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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Google puts tools rivaling Microsoft, Slack at center of I/O

BankInovation

Google unfurled an expansive range of consumer products and gee-whiz research at the kickoff of its marquee annual conference, with announcements spanning quantum computing, garrulous bots, automated photo animations and dermatology screenings. The technology giant bookended the presentation with tools made for workplaces, underscoring the company’s desire to position itself as a leader in the less […].

Google 98

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Jack Henry looks to digitalize specialty lending

BankInovation

With the recent rollout of its FactorSoft Web Portal in mid-April, Jack Henry Lending, the lending division of core technology provider Jack Henry & Associates, is looking to gain traction in a sector of secured finance where customers can be resistant to new technology. Factoring is a specialty finance model in which a lender advances […].

Lending 98
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FDIC Seeks Input on Digital Asset Regulation

Banking Exchange

Corporation is the latest regulator to respond to the rapidly growing fintech market Compliance Technology Feature3 Fintech Blockchain Feature Financial Trends Bitcoin Cryptocurrency Compliance Management Compliance/Regulatory.

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Plaintiff in lawsuit challenging CFPB’s rescission of ability-to-repay provisions of 2017 payday loan rule files opposition to CFPB and CFSA motions to dismiss; CFPB and CFSA file replies

CFPB Monitor

The National Association for Latino Community Asset Builders (NALCAB) has filed its combined opposition to the motions of the CFPB and the Consumer Financial Services Association (CFSA) to dismiss NALCAB’s lawsuit challenging the CFPB’s rescission of the “ability-to-repay” (ATR) or “mandatory underwriting provisions” in its 2017 final payday/auto title/high-rate installment loan rule (2017 Rule).

Texas 78
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Open banking must incorporate financial inclusion

Payments Source

Fintech 182
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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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ECCU Rewards Checking/Savings Accounts Remain Competitive

BankDeals

ECCU nationally available Free Kasasa Cash, Free Kasasa Cash Back, and Free Kasasa Saver have maintained their competitive APYs for the past year.

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Trade Groups Call for Action on Unbanked Communities

Banking Exchange

New report finds unbanked and underbanked challenges require a multifaceted approach Compliance Retail Banking People Feature3 Feature.

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New retail should combine the physical with digital

Payments Source

Retail 154
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Menopause study to uncover impact on senior women in the City

TheGuardian

Standard Chartered says menopause should be discussed as a workplace issue Major UK banks, insurers and asset managers are taking part in a landmark survey on menopause, amid fears that a lack of support may be hindering gender equality and blocking women from taking senior roles across the City. Standard Chartered, which has commissioned the women’s rights charity the Fawcett Society to survey more than 300,000 workers in the financial sector, said the menopause must be considered a “workplace

Study 75
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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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Equity Bank to Merge with American State Bank & Trust in $74.6M Deal

Banking Exchange

Plus: United Community Banks buys wealth manager; Ottawa Savings Bank to convert charter Community Banking Feature3 Feature Management M&A.

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TR34 Remote Key-Transfer Project Completed at Alabama Credit Union

ATM Marketplace

Redstone Federal Credit Union, working with Trusted Security Solutions, has implemented a remote key-loading PCI- compliant protocol, giving the credit union the ability to remote key load all of its ATMs

Alabama 54
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MoneyGram's agent network will enable crypto users to cash out

Payments Source

Bitcoin 87
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Susep to collect suggestions for Open Insurance manuals

The Paypers

Brazil-based Superintendency of Private Insurance (SUSEP) has planned to launch the Open Insurance manuals, continuing the process of implementing Open Insurance in Brazil.

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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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Mastercard maps out plans to return U.S. workers to offices

Payments Source

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CTX to launch regulated exchange powered by Nasdaq

The Paypers

Singapore-based Cyberdyne Tech Exchange (CTX) has announced it will launch a regulated digital exchange to be powered by Nasdaq technologies, for asset-backed tokens.

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Adyen takes on cash-centric Japan with local card processing

Payments Source

Cards 85
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Payway, PAAY partner to bring 3-D Secure to merchants

The Paypers

Payway , a US-based payment processing solution provider, has partnered with PAAY , a consumer authentication service provider, to bring 3-D Secure to merchants.

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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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Bitcoin's wild Wednesday weakens its case for payments

Payments Source

Bitcoin 82
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Which bank CEOs received big raises, pay cuts in 2020

American Banker

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Astorg and Bridgepoint acquire fintech Fenergo

The Paypers

Astorg and Bridgepoint have signed a definitive agreement to acquire Fenergo , a provider of Know-Your-Customer (KYC) and Client Lifecycle Management (CLM) software solutions.

Fintech 37
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Is MoneyLion building the first open U.S. bank?

American Banker

Fintech 87
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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.