Mon.Jun 05, 2023

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CBDCs offer benefits, risks

Payments Dive

Central bank digital currencies, which are being tested around the world, could increase the efficiency of cross-border payments, but there are associated risks, according to a trade group report.

Groups 273
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Predicting Community Bank Cost of Funds

South State Correspondent

Community bank cost of funds is jumping up. As shown in the graph below, the net interest margin (NIM) for community banks declined 22bps in Q1’23. Most of that NIM erosion is the result of a sharply higher cost of funding earning assets (COF). The question is – what will happen to community bank’s cost of funds from here? The graph below shows community bank cost of funds compared to those banks over $25B.

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Amex beats back gift card scams

Payments Dive

The card company is “putting a lot of time and effort” into preventing customers from being victims of those scams, CEO Steve Squeri said.

Cards 243
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10 Reports every bank and credit union should run NOW

Abrigo

Banking reports to inform risk management and strategy These reports on capital, growth, and liquidity help financial institutions spot warning signs. They help manage and shape strategy in volatile economic and industry conditions. You might also like this webinar: "Identifying emerging CRE credit risk red flags" WATCH Takeaway 1 Financial institutions face increased scrutiny over their risk management following recent bank failures.

Report 195
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Live Demo: How to Achieve Reconciliation Zen

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i

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SEC charges Binance, CEO Zhao with 13 violations

Payments Dive

The regulator alleged high-value U.S. customers were secretly allowed to trade on Binance platforms after the company said otherwise, and that controls allowed customers’ funds to commingle.

More Trending

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Nevada passes EWA legislation

Payments Dive

Nevada this past weekend became one of the few states to pass legislation directed at policing the expanding earned wage access industry.

Nevada 221
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Navigating the Loan Landscape: A Guide to Small Business Financing

Ublocal

Working capital is the lifeblood of any business, but it can be challenging for small business owners and entrepreneurs to get conventional financing. SBA loans were created to fill that gap. Contrary to popular belief, SBA loans aren’t just for start-ups or businesses that get turned down for conventional loans. SBA loans offer a variety of benefits, such as more flexible lending terms, and they can be a gateway to obtaining conventional financing in the future.

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CFPB speaks to ECOA and small business lending rule coverage of franchise financing

CFPB Monitor

The CFPB has published a document on its website that “communicates the extent to which the Equal Credit Opportunity Act (ECOA) and its implementing Regulation B apply with respect to franchises seeking credit to finance their businesses.” The document also addresses the application of the CFPB’s Section 1071 rule on small business lending to franchise financing.

Lending 78
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Making cybersecurity a cornerstone of digital transformation

BankInovation

These days, financial institutions have a great deal more to manage than their customers’ money. They must also manage their customers’ personally identifiable information safely and in accordance with an increasing number of regulations — data that makes this sector attractive and therefore more susceptible to cybercriminal attention.

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New York Lien Law Essentials: 5 Key Facts for Commercial Lenders

Dive into the complexities of New York lien laws with our comprehensive eBook, 'New York Lien Law Essentials: 5 Key Facts for Commercial Lenders.' In this detailed guide, we explore the critical formalities necessary for lenders navigating ground-up construction and fix-and-flip projects in the New York market. From documentation requirements to the implications of non-compliance, learn how to safeguard your lending position and prioritize legal adherence.

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Federal Agencies Propose Automated Valuation Model Quality Control Rule

CFPB Monitor

Pursuant to section 1473(q) of the Dodd-Frank Act, a group of federal agencies have proposed a quality control rule for automated valuation models (AVMs). The agencies are the Comptroller of the Currency, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation, Federal Housing Finance Agency, Federal Reserve Board and National Credit Union Administration.

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Ripple begins work on a cross-border network for digital assets

American Banker

The blockchain company bets its experience with cross-border payments is transferable to stablecoins and central bank digital currencies.

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Only 16% of Americans favour the government issuing central bank digital currency

The Paypers

The possibility of adopting central bank digital currencies (CBDCs) is being explored by countries worldwide, including the US. However, according to the Cato Institute 2023 CBDC National Survey, a mere 16% of Americans support the adoption of a CBDC.

Survey 81
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Best Places to Work in Fintech 2023

American Banker

The 50 companies that made American Banker's annual list share insights into what makes their workplace culture enticing for potential new hires and current staff members.

Fintech 69
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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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Mortgages: UK lenders continue to raise rates and pull deals

TheGuardian

Record 19% of all loans taken out by first-time buyers in March were for 35 years or longer Business live – latest updates Mortgage market misery has stepped up for homebuyers as lenders continue to increase borrowing rates and pull deals , prompting record numbers to take out loans of more than 35 years in an attempt to make monthly payments more affordable.

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The race for top bank management talent is about to heat up

American Banker

If history is any guide, periods of disruption in the industry are followed by regulatory resets, which in turn force banks to compete for the talent needed to meet new compliance demands.

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PayPal’s 80% stock plunge hasn’t soured Wall Street

BankInovation

For the majority of PayPal Holdings Inc. analysts, the only way is up. Trouble is, the stock keeps going down. About two thirds of the more than 50 Wall Street firms covering the digital-payments company has a buy or equivalent rating on the shares, according to data compiled by Bloomberg.

Data 52
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Banks pare back retention pay for executives after pandemic-era spree

American Banker

During last year's proxy season, 14 large and midsize banks reported granting special awards in an effort to retain C-level executives. So far this year, just four banks have done so, reflecting a gloomier economic outlook, consultants say.

Report 69
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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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TD Bank uses 80% rule to evaluate platform upgrades

BankInovation

TD Bank’s small business ops look to speed of operations, reusability, ability to update and cost to upgrade when determining when it’s time to modernize.

System 52
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CFPB enforcement actions plummet under Chopra

American Banker

The Consumer Financial Protection Bureau issued only 20 enforcement actions in 2022, but some observers say the enforcement numbers belie the results that director Rohit Chopra is getting from other ways of holding companies accountable.

Company 67
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Wiseasy launches the T2 Android tablet

The Paypers

Singapore-based Wiseasy has launched the T2 EMV Android tablet to help merchants keep up with their business demands.

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Unionized employees of TruStage put strike on hold

American Banker

Workers at the former CUNA Mutual Group in Madison, Wisconsin, returned to work after securing tentative agreements on two of their five key demands.

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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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Enfuce partners with SEB Embedded

The Paypers

Card issuing and processing company Enfuce has partnered with Sweden-based BaaS disruptor SEB Embedded to launch card programmes for the latter’s customers.

Cards 41
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Don't ask us to come to the office more or we'll quit, finance workers say

American Banker

Roughly one in two people who work in finance would change jobs — or already have — if their managers required them to spend more time in the office, according to a new survey.

Survey 41
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Sumsub statistics show increased fraud rates in North America

The Paypers

Security and transaction monitoring solutions provider Sumsub has shared fraud data statics for North America which showcase an increase in forced verification and deepfakes.

America 36
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Central Bancshares to expand in Illinois with acquisition

American Banker

The parent of the $1.1 billion-asset CBI Bank & Trust said it would buy McLaughlin Holding and its SENB Bank unit.

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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.