Tue.Nov 28, 2023

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Synchrony to sell pet insurance subsidiary for $750M gain

Payments Dive

As part of the sale, Synchrony will also acquire an equity interest in Independence Pet Holdings.

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FHFA Announces 2024 Conforming Mortgage Loan Limits

CFPB Monitor

The Federal Housing Finance Agency (FHFA) recently announced the conforming loan limits for residential mortgage loans acquired by Fannie Mae and Freddie Mac in 2024. Fannie Mae addresses the limits in Lender Letter 2023-09. As was expected based on the continuing increase in housing prices, the limits increased significantly. The standard loan limit for a one-unit home increased from $726,200 in 2023 to $766,550 for 2024.

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Chase credit card snafu trips up Black Friday shoppers

Payments Dive

The biggest bank in the U.S. erroneously declined some credit card users’ purchases on Black Friday, the busiest shopping day of the year.

Cards 243
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CPPA releases proposed automated decision-making rules

CFPB Monitor

On November 27, 2023, the California Privacy Protection Agency (CPPA) published proposed Automated Decision-Making Rules to be discussed by the CCPA board at its upcoming meeting on December 8, 2023. While the proposed rules are far from final—indeed, they are not even official draft rules—they signal that the CPPA is considering rules that would have significant impact on businesses subject to the California Consumer Privacy Act (CCPA).

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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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Cash recycling is about to shake up U.S. banking

ATM Marketplace

In the U.S., automated cash recycling is just now emerging as a compelling solution that provides substantial benefits to financial institutions.

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More Trending

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Describe the Future of Banking in Buzzwords

Jeff For Banks

I asked Google Bard, a large language model tool, the following: "Describe the future of banking in the United States in buzzwords." Here is what it came up with. ∞ Sure, here is a description of the future of banking in the United States in buzzwords: Hyperpersonalization : Banking services will be tailored to the individual needs and preferences of each customer, using data analytics and artificial intelligence.

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10 Budget Strategies for Chief Appraisers

Realwired Appraisal Management Blog

When your bank says “no new initiatives” does that mean all productivity ideation halts? Reframe “no new initiatives” into a “train in the off-season” mindset. Be a leader for your team. Limited resources can curb banks’ innovation and competitiveness. Your appraisal management technology partner is potentially key to bridging the gap.

Strategy 102
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Lloyds chief urges UK policymakers to keep their hands of banks’ profits

TheGuardian

CEO Charlie Nunn calls for measures such a windfall tax to be ruled out before next general election The chief executive of Lloyds Banking Group has fired a warning shot at UK policymakers, saying measures such as a windfall tax on banks should be ruled out before what is expected to be a hard-fought election year. With Labour largely silent on its plans for City regulation despite its current commanding lead in the polls, Charlie Nunn said City firms and investors alike were “looking for more c

Taxes 103
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Case Study: ATMs 4 Sale Poised for Growth Thanks to DPL's AI Powered Portfolio Management Solution

ATM Marketplace

Wanting to grow, ATMs 4 Sale turned to DPL, a leading global managed IoT connectivity provider whose portfolio management platform leverages the power of artificial intelligence (AI) to help operators do more with less.

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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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CFPB Approves Trial Disclosure Program Waiver Template Application for Construction-to-Permanent Loans

CFPB Monitor

The CFPB recently approved an application ( Application ) from the Independent Community Bankers Association (ICBA) for alternative disclosures under the Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rule for construction-to-permanent loans. The Application is for a Trial Disclosure Program Waiver Template (TDP Waiver Template).

Lending 78
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Mentorships, employee groups: Credit unions strive to attract talent

American Banker

Diverse employee resource groups and skill set development programs for identifying rising professionals are key methods for enticing — and retaining — the next generation of tech and business experts, said executives.

Groups 81
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SCOTUS to hear oral argument on January 17 in cases challenging Chevron deference

CFPB Monitor

The U.S. Supreme Court has scheduled oral argument for January 17, 2024 in the two cases in which the question presented is whether the Court should overrule its 1984 decision in Chevron, U.S.A., Inc. v. Nat. Res. Def. Council, Inc. That decision produced what became known as the “Chevron framework”–the two-step analysis that courts typically invoke when reviewing a federal agency’s interpretation of a statute.

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Scotiabank pulls back on headcount in fiscal Q4

BankInovation

Scotiabank reduced its headcount and branch footprint in its fiscal fourth quarter as part of its restructuring initiatives to pull back on costs. The Canadian bank’s headcount fell 2% year over year to 89,483 and total branches also fell 2% YoY to 2,379, according to the bank’s earnings supplement for the quarter ended Oct. 31.

Retail 69
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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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This week’s podcast episode: A close look at the Federal Trade Commission’s proposed rule to regulate “junk fees”

CFPB Monitor

In October 2023, the FTC issued a proposed “Rule on Unfair or Deceptive Fees” targeting so-called “junk fees.” Our special guest is Stacy Cammarano, Staff Attorney in the FTC’s Bureau of Consumer Protection, Division of Advertising Practices, and a lead attorney on the proposal. After reviewing how the FTC has previously used its enforcement authority to address “junk fees,” we discuss some of the key issues identified in comments received by the FTC on its October 2022 Advance Notice of Propo

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Collectors fume over CFPB plan to ban medical debt from credit reports

American Banker

Financial firms claim a proposal by the Consumer Financial Protection Bureau would restrict lending, raise borrowing costs and result in more denials of credit to consumers.

Report 68
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European fintech funding: Fintechs struggle with profitability

BankInovation

European fintech funding experienced a massive drop in funding and number of deals in the third quarter. In Q3, European fintechs raised $1.

Fintech 69
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Conforming loan limit boosted 5% by FHFA

American Banker

The hike was driven by modest home price gains this year, following a larger conforming loan limit boost in 2022 in reaction to then-double-digit home price growth.

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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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The Paypers launches the Open Finance Report 2023

The Paypers

The Paypers has released of the 7th edition of the Open Finance report, titled ‘ The Open Revolution: From Open Banking to Open Finance. The Road to Open Data Continues.

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Fed's Waller: Basel endgame proposal need operational capital tweaks

American Banker

The Federal Reserve governor was one of two dissenting votes on the proposed capital changes earlier this year, but he said he would be open to backing the package if operational capital changes were made.

Capital 67
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Visa, Standard Chartered partner for instalment payments in APAC

The Paypers

Visa and Standard Chartered have entered a regional partnership to expedite the delivery of instalment payment options to credit cardholders in APAC using Visa Instalment Solution.

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All jobs are temp jobs — even those that last a career

American Banker

The pressures and frustrations of daily work lose some of their ability to aggravate when you consider how much real choice you have in the matter.

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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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Mangopay partners with Bigcrafters powered by Estrella Galicia

The Paypers

Modular and flexible payment infrastructure provider for marketplaces and platforms Mangopay has partnered with Spain-based B2C delivery platform for artisan products Bigcrafters, powered by Estrella Galicia.

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Apple is preparing to exit Goldman credit card pact, WSJ says

American Banker

The tech company recently sent a proposal to the bank to exit their contract within approximately 12 to 15 months, the newspaper said.

Apple 69
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Worldline granted Payment Institution Authorisation by the FCA in the UK

The Paypers

Payment services provider Worldline has announced it was granted Payment Institution Authorisation by the Financial Conduct Authority (FCA) in the UK.

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Best Banks to Work For 2023 with $3B to $10B of assets

American Banker

Two dozen institutions fell into this midtier asset category for American Banker's Best Banks to Work For ranking this year.

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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.