Wed.May 18, 2022

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CFPB carves out new competition angle for oversight

Payments Dive

A former CFPB enforcement director told an audience of payments professionals this week that they'd best be prepared for the agency to expand its oversight by way of its markets authority.

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How bank CFOs and CMOs can partner to drive growth

Accenture

A version of this piece also appears on Think with Google. How strong is the connection between the CFO and CMO in banking’s C-suite? In this time of incredible change and evolving customer expectations, this partnership is critical for banks’ growth. The pandemic has been a beneficial tipping point for the banking industry as it…. The post How bank CFOs and CMOs can partner to drive growth appeared first on Accenture Banking Blog.

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FIS knocks Fiserv out of No. 2 merchant acquirer spot

Payments Dive

In a competitive field of merchant acquirers, FIS bested Fiserv last year as JPMorgan Chase held its lead, according to a ranking from The Nilson Report.

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Deposit Behavior In This Rate Cycle – Part III

South State Correspondent

In two recent articles, we reviewed the banking industry’s deposit behavior with regard to cost of funding earning assets (COF) ( HERE ), and we compared how community banks’ COF behaves relative to national banks in a rising interest rate cycle ( HERE ). We demonstrated that the average community bank’s COF is highly correlated to short-term interest rates (mid 90’s correlation coefficient), but every bank’s COF will vary based on how management can optimize depos

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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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Block bets on bitcoin

Payments Dive

“We are no longer just a payments company,” Block CEO Jack Dorsey said at the company’s investor day Wednesday.

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More Trending

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Lenders use alternative data to expand auto books

BankInovation

Auto lenders in the first quarter leveraged TransUnion’s alternative data and underwriting models to expand their lending pools as the market continues to navigate limited inventory and elevated vehicle prices. The alternative data sets allowed lenders to reach consumers they otherwise wouldn’t lend to in order to grow their portfolios, Satyan Merchant, senior vice president […].

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Workshop: Machine Learning Models for Interest Rates by Alexander Sokol

Bobsguide

Financial institutions, central banks, and fintech start-ups alike have been exploring the potential of machine learning in the past few years. However, these advances have until now remained largely in the academic arena. In this workshop, CompatibL’s Executive Chairman and Head of Quant Research, Alexander Sokol, will present a detailed overview of his award-winning models and their real-life applications and provide hands-on examples of how to create a machine learning model for interest rate

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UiPath updates: cloud-based robots and AI-model training for citizen developers

BankInovation

Cloud-based robots that can be launched without infrastructure provisioning and artificial intelligence (AI) model training are two new initiatives UiPath rolled out in its most recent update today. The ability to spin up robots in the cloud without having to manually provision the infrastructure was a main talking point as the updates were outlined in […].

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Podcast: Thwarting would-be bank robbers, Hoosier-style

ABA Community Banking

From Butch Cassidy to Bonnie and Clyde, bank robbers have always had a pop culture mystique. But bank robberies are no Hollywood storyline for bank employees and customers, whose safety and even lives are put at risk when a robber holds up a bank branch. In Indiana in the 1920s, bankers took the protection of their banks into their own hands. The post Podcast: Thwarting would-be bank robbers, Hoosier-style appeared first on ABA Banking Journal.

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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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Transactions: Temenos enables Google Cloud APIs at BforBank

BankInovation

Switzerland-based core provider Temenos will enable Google Cloud-native API access for French digital bank BforBank, the companies announced Tuesday. Temenos, a digital banking vendor that powers services for Lloyds Bank, Varo and Microsoft, has been the digital provider for BforBank since its founding in 2009, and originally underpinned back-office processes for BforBank.

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City watchdog to ensure banks provide access to cash across UK

TheGuardian

Regulator could fine banks failing to offer withdrawal and deposit facilities within ‘reasonable’ distance The City watchdog will be handed powers to ensure local communities across the UK have access to cash and could ultimately fine banks that fail to comply. Under the government’s pending financial services bill, the Financial Conduct Authority will be in charge of making sure the UK’s largest banking and building societies give consumers access to withdrawal and deposit facilities such as AT

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ALI members approve Restatement of the Law, Consumer Contracts

CFPB Monitor

As expected, the American Law Institute (“ALI”) approved the Restatement of the Law, Consumer Contracts yesterday at ALI’s 2022 Annual Meeting in Washington, DC. The Restatement sets forth a series of rules that are intended to represent the current black letter law for contracts between businesses and consumers and culminates an 11-year project by ALI on the subject. .

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Emergency Funds 101 – Hacks You Need to Know Now

BankBazaar

Building an emergency fund can provide a solid foundation for your long-term financial plan and also amass savings to fall back on! If you are looking for some help planning an emergency fund, here is a handy guide to get you started. Let’s start with the basics – what is an emergency fund? An emergency fund is savings set aside to pay for large, unforeseen expenses, like unexpected medical expenses, home improvement/repairs or unemployment too!

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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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OCC, FDIC, and Federal Reserve propose amendments to CRA regulations

CFPB Monitor

After moving alone in 2020 to reform its Community Reinvestment Act (CRA) regulation, the Office of the Comptroller of the Currency (OCC) has joined the Federal Deposit Insurance Corporation (FDIC) and Federal Reserve Board in issuing a joint notice of proposed rulemaking setting forth proposed amendments to their regulations implementing the CRA. The action follows the OCC’s rescission in December 2021 of its 2020 CRA final rule and replacement of that rule with one that is largely based on th

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Commonwealth Bank pauses in-app cryptocurrency trading after market turmoil

TheGuardian

Bank says it will pause rollout of app-based trading of assets like bitcoin and Ethereum pending further regulation Get our free news app ; get our morning email briefing Australia’s largest bank has paused the launch of cryptocurrency trading through its app amid turmoil and uncertainty in the market. Commonwealth Bank announced in November plans to allow its customers to buy and sell cryptocurrency through its app.

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Depository institutions beware: California appellate court holds bank liable for registered agent’s mistake in rejecting notice of levy

CFPB Monitor

A California Court of Appeal recently found a bank liable to a judgment creditor under California’s Enforcement of Judgments Law for the bank’s registered agent’s mistake in misreading, and subsequently rejecting, a notice of levy. Although the bank itself did not have knowledge of the mistake, the Court held the bank responsible through principles of agency, rendering the bank liable for amounts that the account holder drained from the account when the levy should have been in effect.

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FICO World 2022: Digital Transformation Success Stories

FICO

Winners take the stage. On our fourth and final day at FICO World 2022 last week, 24 of our customers took to the main stage to receive recognition as winners in our FICO Decisions Awards. Company representatives were recognized for their digital transformation success stories with engraved crystal trophies by FICO's executive vice president of software, Stephanie Covert and myself.

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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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Barclays upgrades agreement with Barrenjoey Capital Partners

The Paypers

UK-based banking group Barclays has announced that it increased its shareholding in Barrenjoey Capital Partners from 9.9% to 18.2% by way of subscribing for GBP 42 mln of new capital.

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Vernon Hill sues Republic First after ouster as chairman

American Banker

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US registers first criminal cryptocurrency sanctions case

The Paypers

The US Justice Department has launched its first criminal prosecution involving the alleged use of cryptocurrency to evade US economic sanctions, according to the Washington Post.

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Could stablecoin regulation re-risk the banking system?

American Banker

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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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InDebted to help with stressful traditional debt collecting in the UK

The Paypers

InDebted , a global fintech aiming to transform the consumer experience of debt, has revealed new research highlighting the impact of the UK’s existing broken debt collection model on consumers.

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5 states blazing new trails in financial services policy

American Banker

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German BaFin official calls for EU-wide DeFi regulation

The Paypers

Birgit Rodolphe, executive director at Germany’s Federal Financial Supervisory Authority (BaFin), has called for uniform regulation of the decentralised finance (DeFi) space throughout the European Union.

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How credit unions in California, Hawaii are rethinking branch models

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.