Thu.Jan 26, 2023

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Visa stands by crypto

Payments Dive

At the card giant’s annual meeting Tuesday, CEO Al Kelly showed no signs of backing off crypto. He also suggested Visa’s management team may change after he exits as CEO.

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Commercial banking top trends in 2023

Accenture

The world of commercial banking faces uncertainty today. As a result, it is difficult to make confident decisions about the medium-to-long term. However, Accenture believes commercial banks have an opportunity to reinvent themselves and reposition for the future. Unlike in the 2008 financial crisis, banks today are well-capitalized and better prepared to withstand economic shocks.… The post Commercial banking top trends in 2023 appeared first on Accenture Banking Blog.

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Warren calls for more regulation of crypto

Payments Dive

The Democratic senator called SEC Chair Gary Gensler “the right leader to get the job done,” but said regulators need to do more to bolster their scrutiny of the industry.

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Modernizing the Property Valuation Process: Part 2

SWBC's LenderHub

As we discussed in Part 1 of Modernizing the Property Valuation Process , the housing market has experienced dramatic changes that have presented many challenges for appraisers. Although the market has shifted, the challenges remain. While initiatives put in place by Practical Applications of Real Estate Appraisal (PAREA) and The Appraiser Diversity Initiative to provide alternative pathways for aspiring appraisers to join the industry and decrease the shortage of appraisers represent a good sta

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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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FIS sees another director resign

Payments Dive

A second director resigned this month from the mega payment processor’s board as it undertakes a comprehensive review of its operations.

More Trending

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DailyPay lands $260M in debt financing

Payments Dive

The early wage access provider has been raising capital to fund expansion in the U.S. and internationally.

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The Difference Between a Community Bank and a Big Bank

Jeff For Banks

I recently spoke to a community group, and subsequently a community bank all-staff meeting regarding the definition of a community bank. The FDIC has defined community banks in their December 2020 Community Banking Report that either exclude or include the following criteria: Seems complicated. Especially when a community bank could have no office with more than $8.24B in total deposits but could have no more than $1.65B in total assets.

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Bankers’ pay rises three times as fast as nurses’ since 2008 crash, TUC finds

TheGuardian

Government lifted cap on bankers’ bonuses in September, allowing them to ‘help themselves’ to unlimited payouts, TUC said Bankers’ pay has risen more than three times as fast as nurses’ pay since the 2008 financial crisis, according to an analysis by the TUC, which said low paid nurses are being forced to rely on handouts from food banks. The unions’ umbrella body said pay and bonuses for those working in the finance and the insurance sector had risen by an average of 6% a year in nominal terms

Analysis 100
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Location, location, location? How UK housing preferences shifted during the pandemic

BankUnderground

Martina Fazio and Gary Harper During recessions, and indeed pandemics, housing prices usually fall. Yet between March 2020 and December 2021 (‘the pandemic’), housing prices grew in the UK, reaching at the time their highest growth rate in a decade. During this pandemic, many more people could work from home, which potentially influenced their housing choices.

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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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NatWest to close another 23 branches in England and Wales

TheGuardian

High street banks have now announced 87 closures so far this year – see full list of NatWest closures below NatWest is to shut another 23 branches in England and Wales, adding to a raft of high street banking closures already announced this month. The sites will close in the first half of this year. The bank said the closures were due to more customers moving to mobile and online banking.

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Analyzing a16z’s fintech investment strategy: Where did the VC place its biggest bets in 2022?

CB Insights

The fintech industry took a hard hit in 2022 as investors scaled back their investments amid market turmoil. However, some top investors like Andreessen Horowitz (a16z) remained active in the space across various deal stages, valuations, geographies, and sub-industries. Fintech is central to a16z’s investment strategy. In recent years, the firm has not only shored up its presence in more familiar sectors like banking, but also reached deeper into newer territory like blockchain.

Strategy 101
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TSB staff and bosses to share £29.8m bonus pot after record profits

TheGuardian

Most employees will receive bonus worth almost 12% of pay for 2022, while CEO will be handed £782,000 TSB’s 5,700 staff and executives are to share a 10% bigger bonus pot this year, after rising interest rates pushed the bank’s annual profits to record highs. The high street lender confirmed the pool had risen to £29.8m, up from the £27m distributed a year earlier.

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Banking trade groups highlight CFPB SBREFA obligations for credit card penalty fees rulemaking

CFPB Monitor

In a letter to Director Chopra , five banking trade groups address the CFPB’s obligation to comply with the Small Business Regulatory Enforcement Fairness Act of 1996 (SBREFA) before proposing a rule on credit card late fees and late payments. The groups are the American Bankers Association, Credit Union National Association, Independent Community Bankers of America, National Association of Federally-Insured Credit Unions, and National Bankers Association.

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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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Prioritizing 8 technologies helping wealth managers and financial advisors maintain a competitive edge

CB Insights

With the rise of retail investment platforms, the investment landscape has changed dramatically in the last decade. These solutions allow individuals to bypass institutional investors and control their own portfolios, offering a cheaper, faster, and more hands-on experience. DOWNLOAD THE STATE OF FINTECH 2022 REPORT Get the latest data on global fintech investment trends, the unicorn club, sectors from banking to payments, and more.

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CFPB files opposition to CFSA cross-petition for certiorari; payment processor trade group files amicus brief in support of cross-petition

CFPB Monitor

The CFPB has filed its brief in opposition to the cross-petition for certiorari filed by Community Financial Services Association (CFSA). The CFPB’s certiorari petition seeks review of the Fifth Circuit panel decision in Community Financial Services Association of America Ltd. v. CFPB. In that decision, the panel held the CFPB’s funding mechanism violates the Appropriations Clause of the U.S.

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Inside look: PNC looks to client feedback for innovation, inspiration

BankInovation

Successful innovation in business requires much more than just a good idea. Strategic planning and having the proper teams and technology are also key, but what might be the most important element is listening to what the client wants.

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Third Circuit rejects TCPA claim in “junk fax” putative class action

CFPB Monitor

On January 19, 2023, the U.S. Court of Appeals for the Third Circuit unanimously affirmed a district court’s dismissal of a Telephone Consumer Protection Act claim arising from allegedly illegal faxes about a free educational seminar. Appellee Millennium Health LLC operated a laboratory providing drug testing and medication monitoring services to healthcare professionals, including Appellant Dr.

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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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How to bridge the banking and wealth management gap with modern technology

BankInovation

People across the country are paying closer attention to their finances as predictions for an upcoming recession persist. This economic uncertainty, coupled with lingering financial impacts from the pandemic and rising inflation, have made many uneasy about their financial fitness.

How To 52
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CFPB issues request for information on consumer credit card market

CFPB Monitor

The CFPB has issued a new request for information (RFI) to inform its biennial review of the credit card market mandated by the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act). Comments on the RFI must be received by April 24, 2023. The CFPB’s first CARD Act report was published in October 2013, its second report was published in December 2015, its third report was published in December 2017, its fourth report was published in August 2019, and its fifth report wa

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New Home Construction Loans Explained | What is a Construction Loan

Commercial Lending USA

A new home construction loan is a type of loan that is used to finance the construction of a new home. These loans typically have a shorter term than traditional mortgages and are typically interest-only during construction.

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This week’s podcast episode: How the U.S. Supreme Court will decide the threat to the CFPB’s funding and structure: Part II, with Adam J. White, a renowned expert on Separation of Powers and the Appropriations Clause and a close follower of the Supreme Court

CFPB Monitor

The eyes of the consumer finance world are now on the Supreme Court as it decides whether to grant the CFPB’s certiorari petition in Consumer Financial Services Association Ltd. v. CFPB. In the decision, a Fifth Circuit panel held the CFPB’s funding mechanism violates the Appropriations Clause of the U.S.

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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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IBM hybrid-cloud revenue grows in Q4

BankInovation

IBM’s hybrid-cloud efforts paid off in the fourth quarter of 2022 following a strategic prioritization of cloud and AI strategies in the prior quarter.

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KAYAK partners with Affirm to equip travellers with 'Book Now, Pay Over Time'

The Paypers

US-based online travel agency KAYAK has partnered with Affirm to give travellers more spending power and payment flexibility when booking through KAYAK.

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Webster CEO touts recent deal for deposit-gathering platform

American Banker

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ZoodPay, Mastercard to launch virtual instalment card

The Paypers

Digital lending platform for ecommerce ZoodPay has partnered Mastercard to launch a prepaid virtual instalment card in the Eastern Europe, Middle East, and Africa (EEMEA) region.

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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.