CFPB Monitor

MAY 27, 2021

We take a close look at the CDIA code options available for direct and indirect consumer disputes, their relationship to FCRA compliance, CFPB scrutiny of code use in FCRA compliance exams of furnishers, and court decisions involving alleged improper coding of disputed accounts. We also share our thoughts on best practices for furnishers in coding disputed accounts.

Compliance 113

Compliance Report Groups Industry 113

BankInovation

MAY 27, 2021

Financial services platform Welcome Technologies announced Wednesday it is teaming up with direct deposit API firm Atomic to extend its financial services offering for immigrant customers, many of whom lack direct access to bank accounts. The partnership between Atomic and Welcome Tech will enable direct deposits for about 3 million account holders and 9 million […].

Technology 97

Technology Retail 97

CFPB Monitor

MAY 27, 2021

Last month, in a very troubling decision of first impression, a unanimous panel of the U.S. Court of Appeals for the Eleventh Circuit reversed the lower court’s dismissal of the plaintiff’s FDCPA claim, instead ruling that the plaintiff stated a claim where the plaintiff alleged that a debt collector’s transmittal of the plaintiff’s personal information to the vendor it used to generate and send collection letters “constituted a communication ‘in connection with the collection of any debt’ withi

Colorado 78

Colorado Data Management Industry 78

BankInovation

MAY 27, 2021

Bank of America has begun using its virtual assistant, Erica, to support employees in commercial banking and wealth investment, the head of Erica revealed to Bank Automation News on Wednesday. Erica was originally developed in June 2018 as an assistant powered by artificial intelligence (AI) for its Bank of America app, but the $2.2 trillion […].

America 97

America Management 97

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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

Lending

CFPB Monitor

MAY 27, 2021

In our webinar this past Tuesday, “The Consumerization of Small Business Lending: Significant Developments and Trends,” Ballard attorneys were joined by special guest Malini Mithal, Associate Director of the Federal Trade Commission’s Division of Financial Practices. Mark Furletti, Co-Chair of the firm’s Consumer Financial Services Group also participated in the webinar, together with John Socknat, a partner in the CFS Group, and Aileen Ng, an associate in the Group.

Lending 78

Lending Groups New York California 78

CFPB Monitor

MAY 27, 2021

The CFPB has filed its fifth status report with the California federal district court as required by the Stipulated Settlement Agreement (Agreement) in the lawsuit filed against the Bureau in May 2019 alleging wrongful delay in adopting regulations to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the ECOA to require financial institutions to collect and report certain data in connection with credit applications made by women- or minority-owned businesses and small businesses

Report 78

Report Leadership Conference Regulation 78

BankInovation

MAY 27, 2021

Prior to the pandemic, many bank customers were already utilizing online banking, downloading mobile apps, and opening new accounts digitally. These features had become more than a nice-to-have for financial institutions; they were essential offerings that customers expected from their bank.

Data 83

Data Mobile Online Customer Experience 83

CFPB Monitor

MAY 27, 2021

The CFPB recently issued a consent order against 3rd Generation, Inc., doing business as California Auto Finance (California Auto), regarding interest charged on consumers’ late payment of the fee charged for California Auto’s Loss Damage Waiver (LDW) product. The consent order requires California Auto to refund $168,162 to customers with paid-off accounts, issue $117,582 in credits to customers with active accounts (or refund the difference if the credit would exceed the customer’s balance), a

California 78

California Payments Company Retail 78

ATM Marketplace

MAY 27, 2021

When 2020 prompted lobbies across the country to close down, the drive-up lane became a lifeline for many financial institutions. This case study profiles three institutions and how they responded to the influx in demand. Pay close attention to BankNewport who leveraged ITM technology to their benefit.

Case Study 69

Case Study Study Technology 69

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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

Report

CFPB Monitor

MAY 27, 2021

In a recent blog post , the FTC explained the role of closing letters issued by the staff of its Bureau of Consumer Protection. The FTC indicates that it views the closing letters as a supplement to its enforcement activity. It states that the letters inform a company or individual that the FTC is closing its investigation into their conduct. However, the letters are not binding on the FTC.

Compliance 78

Compliance Company 78

CB Insights

MAY 27, 2021

Matera, a platform for residential property management, has raised $43M in a Series B, with participation from Mubadala Capital, Index Ventures, and Bpifrance, among others. How’s the company performing? France-based Matera is building a vertical SaaS for residential management to allow condominium co-owners to manage tasks and hire technicians without any third-party intermediaries.

Management 69

Management Capital Company 69

BankInovation

MAY 27, 2021

Temenos customers will now be able to select banking services a la carte without core overhauls and access third-party fintech solutions via a marketplace after the launch this week of Temenos Banking Cloud The new offering will give banks more flexibility in choosing which products they want to offer, said Ross Mallace, Temenos’ business line […].

Fintech 59

Fintech 59

ATM Marketplace

MAY 27, 2021

Use the power of innovative cash recycling with the new high-capacity LTA-380; a teller-friendly solution that delivers optimal efficiency, convenience and security. Elevate service levels and increase profitability at the same time.

Innovation 59

Innovation Security 59

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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.

Lending

FICO

MAY 27, 2021

It’s been more than a year since the pandemic began, and we still live in a world of uncertainty, ever-evolving consumer expectations, and a recovering economy. Consumer behaviors have changed a lot, and many companies are still looking to understand how to provide the best experience to their customers despite the various challenges posed by Covid-19.

Customer Experience 52

Customer Experience Guidelines Operations Analysis 52

ATM Marketplace

MAY 27, 2021

Use the power of innovative cash recycling with the new high-capacity LTA-450; a teller-friendly solution that delivers optimal efficiency, convenience and security. Elevate service levels and increase profitability at the same time.

Innovation 59

Innovation Security 59

FICO

MAY 27, 2021

FICO will present key insights gained from recent FICO® Resilience Index research and early lender adoption use cases across the consumer credit lifecycle at several key industry events starting later this month. FICO will also preview FICO® Resilience Index 2, the latest advance in FICO’s groundbreaking product, with more precise insight about a borrower’s resilience to future economic disruption and expanded use cases including bankcard account origination.

Analytics 52

Analytics Tools Lending National 52

ATM Marketplace

MAY 27, 2021

The MCR-100 is a cassette based TCR. Designed to be simple, compact, and cost effective. The MCR-100 is perfect to replace many existing TCRs without concern of physical branch modification. Replacement of aging TCR's will provide new cassette based technology with higher speeds and greater recycling capacity.

Technology 54

Technology 54

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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.

US

FICO

MAY 27, 2021

A Dozen Top Achievers in 2021. Earlier this year we provided a list of the winning companies in our 2021 FICO® Decisions Awards. However, we now can proudly announce publicly the incredible stories behind each project and the achievements that saw them recognized by our panel of eight industry judges. This year the 12 winners have demonstrated extraordinary innovation in very different industries and markets. .

Analytics 52

Analytics Fraud Management America 52

The Paypers

MAY 27, 2021

Commonwealth Bank of Australia (CBA) has announced it will allow customers to view account balances from other lenders through its app, in a push to improve digital banking relationships.

Digital Banking 58

Digital Banking 58

CB Insights

MAY 27, 2021

Resolve , which offers buy now, pay later (BNPL) billing for B2B payments, has raised $60M in a Series A, with participation from Initialized Capital, KSD Capital, and Haystack VC, among others. How’s the company performing? San Francisco-based Resolve is a BNPL B2B fintech company that offers billing and credit purchases solutions. It was spun out of Affirm in January 2019.

San Francisco 46

San Francisco Capital Fintech Data 46

The Paypers

MAY 27, 2021

The Open Banking Brasil Initial Structure has published the standards and specifications necessary to meet the requirements and obligations of the Brasil Open Banking Legislation as originally outlined by the Brasil Central Bank.

Security 53

Security Meeting 53

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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.

Compliance

CB Insights

MAY 27, 2021

Forter , a fraud-prevention platform for e-commerce, has raised $300M in a Series F with participation from Tiger Global Management, Bessemer Venture Partners, Sequoia Capital, and Scale Venture Partners, among others. HOW’S THE COMPANY PERFORMING? New York-based Forter’s real-time fraud prevention platform allows merchants and payment providers to reduce false declines and improve authorization rates.

Fraud 44

Fraud New York Capital Online 44

The Paypers

MAY 27, 2021

ECOMMPAY has revealed in a research that 37% UK-based businesses have lost revenue from cross-border card payments post-Brexit.

Payments 60

Payments Cards 60

ABA Community Banking

MAY 27, 2021

Ahead of the release of the president’s budget tomorrow, Treasury Secretary Janet Yellen told House appropriators that funding is needed for the Financial Crimes Enforcement Network to build its beneficial ownership database—something ABA has long advocated for. The post Yellen: Funding Needed for FinCEN’s Beneficial Ownership Database, CDFIs appeared first on ABA Banking Journal.

Community Bank 52

Community Bank Policies Community Compliance 52

Tomorrow's Transactions

MAY 27, 2021

In the new digital economy, digital identity is a key component to ensuring security, privacy, and convenience for people and businesses. Many times, when we speak about digital identity and the benefits /advantages it promises to users we think about faster and friendly user experiences, process digitalisation, real-time transactions, quick identity verification experiences via biometrics.

User Experience 39

User Experience Security Cards Fraud 39

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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