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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Fall In Love With the Month-End Close

It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.

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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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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.

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FTC authorizes use of compulsory process in artificial intelligence investigations

CFPB Monitor

On November 21, the Federal Trade Commission (“FTC”) approved in a 3-0 vote a resolution authorizing the use of compulsory process in nonpublic investigations involving products and services that involve or claim to involve artificial intelligence (AI). Compulsory process is akin to a subpoena, and it allows the FTC to request the production of information, documents, or testimony relevant to an investigation. .

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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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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.

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5 Ways You Can Win Faster with Gen AI in Sales

Incorporating generative AI (gen AI) into your sales process can speed up your wins through improved efficiency, personalized customer interactions, and better informed decision- making. Gen AI is a game changer for busy salespeople and can reduce time-consuming tasks, such as customer research, note-taking, and writing emails, and provide insightful data analysis and recommendations.

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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).

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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 77
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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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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.

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The Role of Automation in Commercial Lending

Automation is changing the game for commercial lenders, offering a clear path to competitive advantage in 2025. Rising costs, outdated workflows, and manual data entry slow growth and impact borrower satisfaction. Automation addresses these challenges, reducing costs, speeding up loan cycles, improving accuracy, and elevating borrower experiences. With market uncertainty easing, now is the time to act—waiting until loan volumes rebound leaves lenders unprepared and struggling to compete.

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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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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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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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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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10 Ways to Leverage Buyer Signals and Drive Revenue

In today’s ultra-competitive markets, it’s no longer enough to wait for buyers to show obvious signs of interest. Instead, sales teams must be proactive, identifying and acting on nuanced buyer behaviors — often before prospects are fully ready to make a purchase. In this eBook from ZoomInfo & Sell Better, learn 10 actionable ways to use these buyer signals to transform your sales strategy and close deals faster.

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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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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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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.

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Entrust launches digital account opening solution

The Paypers

US-based security software provider Entrust has announced the launch of a new digital account opening solution that aims to improve the banking experience.

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Outsource With Confidence for RDC Program Success

Remote Deposit Capture (RDC) clients are more likely to use additional treasury services and maintain larger deposits. However, poor customer experiences—particularly if they delay deposits—can compel RDC clients to take their business elsewhere. This eBook makes the case for outsourcing RDC operations to a proven managed services partner. This approach helps Treasury Departments with limited resources provide excellent client experiences that result in higher retention and productivity rates.

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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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EPC goes live with its OCT Inst cross-currency payment scheme

The Paypers

The European Payments Council (EPC) has announced the launch of a new payment scheme designed for international instant credit transfers.

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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.

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Payment Components partners with Fimple

The Paypers

Payment software solutions provider Payment Components has announced its strategic partnership with Fimple in order to offer an improved experience for banks and FIs.

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Signal-Based Selling: How to Leverage 4 Key Buying Signals

As prospects define their problem, search for solutions, and even change jobs, they are generating high-value signals that the best go-to-market teams can leverage to close more deals. This is where signal-based selling comes into play. ZoomInfo CEO Henry Schuck recently broke down specific ways to put four key buying signals into action with the experts from 30 Minutes to President’s Club.