Mon.Nov 14, 2022

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Loan Refinancing – Is Now The Time To Talk To Borrowers?

South State Correspondent

reIt is counterintuitive that you might want to advise borrowers to do a loan refinancing at this stage of the interest rate cycle. The FOMC has raised short-term interest rates by 3.75% in the eight months between March and November. The market is now forecasting an additional 1.25% in hikes by early next year. Borrowers and lenders continue to be surprised by the speed of these increases.

Analysis 195
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Small Business Administration to expand 7(a) program to fintechs and alternative lenders

CFPB Monitor

The Biden Administration recently announced a slate of new public and private sector initiatives aimed at advancing racial equity by delivering “capital and resources to underserved small businesses and the community lenders who serve them.” Among these initiatives was a proposed rule change for the Small Business Administration (SBA) that would increase the number of nonbanks, including Fintechs, eligible to offer SBA 7(a) loans. .

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Should You Advice Borrowers to Refinance Their Loans?

South State Correspondent

The FOMC has raised short-term interest rates by 3.75% in the eight months between March and November. The market is now forecasting an additional 1.25% in hikes by early next year. Borrowers and lenders continue to be surprised by the speed of these increases. As short-term rates have gone up, so has the cost of credit for all borrowers, especially those who want to borrow for shorter terms (up to five years).

Analysis 195
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CFPB issues circular on investigation of consumer reporting disputes

CFPB Monitor

The CFPB has issued a circular (2022-07) to address “ shoddy investigation practices ” and “affirm that neither consumer reporting companies nor information furnishers can skirt dispute investigation requirements.” . The Fair Credit Reporting Act (FCRA) requires both consumer reporting agencies (CRAs) and furnishers of information to CRAs to conduct a reasonable investigation when properly notified of a dispute about information furnished in a consumer report.

Report 78
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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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Easy-access savings rates at highest UK level since 2009

TheGuardian

Bank of England interest rate rises mean higher costs for borrowers but better returns for savers The average easy-access savings rate has improved to its best level in more than a decade, according to Moneyfacts. Savers can now typically receive 1.16% in annual interest on an easy-access account on the market, the website said. Continue reading.

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Why did one of the world’s biggest cryptocurrency exchanges just collapse? | Molly White

TheGuardian

FTX was supposed to be the future – a safe, reliable and innovative way to trade digital currency. Instead it has unleashed a financial meltdown FTX seemed to be a shining example of a cryptocurrency exchange that was doing everything right. Run by Sam Bankman-Fried – a multibillionaire, believed by many to be a once-in-a-generation genius, who rubbed shoulders with congresspeople and called for “thoughtful regulatory leadership” – FTX and its sister companies were bringing crypto to the mainstr

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Earnings roundup: Big banks boost tech spend, focus on digital revamps

BankInovation

Technology spend at banks grew in the third quarter as mobile usership, tech partnerships and digital enhancements remained a priority for most of the larger financial institutions. The $1.6 trillion Goldman Sachs, for one, allocated $459 million for technology and communication in Q3, up 16% year over year. The $3.1 trillion Bank of America’s tech […].

Mobile 52
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Fintech fills a gap for divorced parents co-managing money

American Banker

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Coveo launches AI-based cloud platform for FIs

BankInovation

Canadian software-as-a-service (SaaS) provider Coveo recently launched a solution that answers business banking customers’ questions without the use of a call center. The artificial intelligence (AI)-powered Coveo Relevance Cloud for Financial Services platform uses predictive search to aggregate data sources for customers’ lending, revenue and expense forecasting inquiries, Michael Jepsen, vice president of sales […].

Lending 52
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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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Customers in Control: What Personalized Banking Means Now

The Financial Brand

This article Customers in Control: What Personalized Banking Means Now appeared first on The Financial Brand. Personalization is a perennial banking buzzword. But it’s time for traditional banks and credit unions to rethink what it means. This article Customers in Control: What Personalized Banking Means Now appeared first on The Financial Brand.

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Credit unions still don't want regulator to dictate succession planning

American Banker

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What Banks Can Learn from MetaBank’s Unusual Rebrand

The Financial Brand

This article What Banks Can Learn from MetaBank’s Unusual Rebrand appeared first on The Financial Brand. BaaS leader MetaBank recently rebranded itself as Pathward Financial following the sale of its name to Facebook's parent Meta Platforms. This article What Banks Can Learn from MetaBank’s Unusual Rebrand appeared first on The Financial Brand.

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For the Fed, less bad news is good news

American Banker

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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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How Chase Plans to Revolutionize Rent Payments with a Digital Solution

The Financial Brand

This article How Chase Plans to Revolutionize Rent Payments with a Digital Solution appeared first on The Financial Brand. The nation's biggest bank is about to disrupt rent payments (and fintechs) on a big scale with a modern payment system for property owners. This article How Chase Plans to Revolutionize Rent Payments with a Digital Solution appeared first on The Financial Brand.

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How a bad economy could be good for fraudsters

American Banker

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Tim Hortons offers scan-to-pay option

Payments Dive

Rewards members can pay for orders and earn or redeem rewards with a single scan if they link a credit card or Tim Card to the restaurant’s mobile app.

Cards 221
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WaFd sees earlier version of itself in merger partner Luther Burbank

American Banker

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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 lawsuit against All American Check Cashing ends in settlement

CFPB Monitor

The CFPB and All American Check Cashing have agreed to a settlement in the CFPB’s enforcement action filed against All American in 2016 for alleged violations of the CFPA’s UDAAP prohibition in connection with check cashing services and small dollar loans offered by All American. The settlement comes less than a month after a Fifth Circuit panel ruled in Community Financial Services Association v.

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White House taps Gruenberg for FDIC chair

American Banker

FDIC 69
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Children’s Day Special: Explain It To Me Like I’m Five

BankBazaar

This Children’s Day, we decided to do away with all the complicated finance jargon flying around and have come up with simpler and more fun ways to describe common financial terms to make finance easier for kids to understand. Let’s face it – financial terms are sometimes hard to understand. Even adults have a difficult time wrapping their heads around many financial concepts.

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Lenders face uncertain legal risks amid PPP fraud investigations

American Banker

Fraud 68
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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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Regulators, don't penalize local banks for their pandemic response

American Banker

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Key issues intact in Custodia-Fed lawsuit over master accounts

American Banker

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Klarna offers price comparison tool in bid to expand revenue

American Banker

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Chase in 'arms race' for small-business banking and payments in Canada

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.