Mon.Apr 26, 2021

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OCC Releases Community Reinvestment Act (CRA) Evaluations

Perficient

The Office of the Comptroller of the Currency (OCC) has released 15 Community Reinvestment Act (CRA) performance evaluations. These evaluations are based on on-site examinations by OCC-trained staff. On-site examinations are done every other year. Reviews, which can take weeks, assess an institution’s performance in helping to meet the credit needs of communities, including those of low or moderate income within its assessment area.

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Market Commentary: Week of April 26, 2021

SWBC's LenderHub

Last Week. It was quite a volatile week for stocks as the markets swung between euphoria and fear. Continued strong economic data and bullish first quarter corporate earnings provided the bid for equities and corporate bonds. However, the Biden White House’s proposal for a sharp increase in Long-Term Capital Gains tax and uneasiness about a sharp rise in COVID cases, hospitalizations, and deaths—particularly in India—stoked fears that global trade will be handicapped.

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How Financial Services Can Thrive After COVID-19

Banking Exchange

Brands across all industries need to be prepared for what comes next, especially when it comes to customer experience (CX) Retail Banking Risk Management Feature Financial Trends Lines of Business Feature3 Covid19.

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CFPB issues interim rule applicable to FDCPA debt collectors seeking to evict tenants for non-payment of rent

CFPB Monitor

The CFPB has issued an interim final rule that requires “debt collectors” as defined under the FDCPA who seek to evict tenants for non-payment of rent to provide written notice to tenants of their rights under the Centers for Disease Control and Prevention (CDC) Order that establishes an eviction moratorium. The interim rule also prohibits FDCPA debt collectors from misrepresenting tenants’ eligibility for protection from eviction under the moratorium.

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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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3 Ways to Improve Customer Loyalty Through a Secure Digital Banking Approach

Banking Exchange

The pandemic greatly accelerated the technology shift as customers were largely unable or not willing to visit branches in-person The Economy Technology Duties Security Tech Management Mobile Online Operational Risk Feature3 Feature.

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Citi Eyes Mortgage Tech in Push to Close Racial Wealth Gap

BankInovation

Citigroup Inc. said it will invest in digital mortgage offerings as part of its pledge to improve homeownership rates among communities of color. The push to digital comes as Citigroup said the rate of applications and originations it processed for Black and Hispanic consumers dropped last year, even as it increased for Asian homeowners. In […].

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One-Year Anniversary of Reg D Change - Impact to Savings Accounts

BankDeals

One year after the Fed announced the Reg D change, I thought it would be interesting to review the latest policies of a few popular banks and credit unions.

Policies 101
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5 ways process mining can build better bot strategy

BankInovation

Process mining isn’t necessary to bot automation — but it can help create a more efficient bot strategy. Process mining is the capture of insights in order to discover, monitor and improve real processes, rather than assumed processes, “by extracting knowledge from event logs readily available in today’s information systems,” according to global technology research […].

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Adapting Contact Centers to Meet Business Continuity

Banking Exchange

Within this adversity lies an opportunity for banks to revamp their call centers and retain customers Management Feature Human Resources The Economy Bank Performance Branch Technology/ATMs Outsourcing/Cloud Feature3.

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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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State AGS file summary judgment motion in lawsuit challenging FDIC “Madden-fix” rule

CFPB Monitor

The Attorney Generals of the six states and District of Columbia who filed a lawsuit against the FDIC to set aside its “ Madden -fix” rule have filed a motion for summary judgment in the case. The lawsuit is pending before the same California federal district court judge (Judge Jeffrey S. White) who is hearing the lawsuit filed by three state AGs to set aside the OCC’s similar Madden -fix rule.

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Banks buy up rival community lenders

Banking Exchange

Independent Bank Corp has announced its acquisition of Meridian Bancorp and Colony Bankcorp seals merger deal with SouthCrest Financial Group Community Banking Feature3 Feature Management M&A.

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Senate Banking Committee to hold April 28 hearing on “rent-a-bank,” Acting Comptroller of the Currency and State AGs send letters to lawmakers on OCC “true lender” rule

CFPB Monitor

On Wednesday, April 28, the Senate Banking Committee will hold a hearing, “ The Reemergence of Rent-a-Bank? ”. In addition to Brian Brooks, the former Acting Comptroller of the Currency, the scheduled witnesses are Josh Stein, North Carolina Attorney General, Lisa Stifler, Director of State Policy, Center for Responsible Lending, Dr. Frederick D. Haynes, III, Senior Pastor, Friendship-West Baptist Church, Dallas, Texas, and Dr.

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Digital growth must also extend to employee experience

Payments Source

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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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The bank of the future at the push of a button

Cisco

Online banking has almost become the standard, so that banks are using fewer and fewer employees on site. But many customers still want personal advice in the branch. Ratiodata Video Consult offers a practical solution here. Financial advice by video in the bank branch of the VR-Bankverein Bad Hersfeld-Rotenburg eG. “I’ve been a customer of the bank since 1954 when I earned my first money – that was twelve D-Marks and 32 pfennigs,” recalls a long-established citizen from

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Turkey’s cryptomania hits home with losses, arrests, manhunt

Payments Source

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Washington Long-Term Care Program – Did You Know We Have One?

TrustBank

The below is a discussion of the new Washington Long-Term Care Program. This law passed in 2019 and flew under most people’s radar throughout 2020 because, well, we had a few other things going on in 2020… a pandemic with massive business closures and unemployment, social unrest, a presidential campaign, more social unrest, etc. But let’s bring this back into focus and individuals can hopefully make some decisions based on their own personal situations.

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How mobile wallet use exploded from one year in lockdown

Payments Source

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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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Transamerica Insurance Review: Customize Policies With Multiple Riders

MyBankTracker

Transamerica is a financial services company that offers various financial products and services like insurance, retirement, investments, and benefits. The company’s primary product offerings focus on permanent life insurance with multiple options for “living benefits” riders. If you are considering Transamerica for your insurance needs and want to know more about the company’s coverage, pricing, and industry standing, here’s more information that might help.

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Complexity is the enemy of U.K.'s digital currency

Payments Source

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BLKB founds digital financial service provider

The Paypers

The Switzerland-based Basellandschaftliche Kantonalbank ( BLKB ) has completed the preparations for the launch of its digital financial services company ‘Radicant’, which plans to enter the market in 2022.

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JPMorgan is preparing to offer a bitcoin fund to wealthy clients

Payments Source

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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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Plasma.Finance releases new launchpad for crypto projects

The Paypers

Estonia-based Plasma.Finance has released details of SpacePort, its IDO launchpad for emerging crypto projects.

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No. 1 rule for central bank digital currencies: Do no harm

Payments Source

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How Could Digital Currency Work?

Tomorrow's Transactions

The Bank of England and the UK Treasury have announced a Central Bank Digital Currency (CBDC) Taskforce to coordinate the exploration of a potential British CBDC. But how could a digital Pound actually work? As it happens, this is something that Consult Hyperion knows rather a lot about. Apart from our work on the first… Continue reading How Could Digital Currency Work?

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HSBC counting on AI to give investors an edge

American Banker

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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.