Goldman in talks to transfer Apple card deal to Amex: reports
Payments Dive
JULY 5, 2023
The move, if true, would mark a 180-degree turn after Goldman and the tech giant extended their partnership until 2029 in October.
Payments Dive
JULY 5, 2023
The move, if true, would mark a 180-degree turn after Goldman and the tech giant extended their partnership until 2029 in October.
CFPB Monitor
JULY 5, 2023
The CFPB announced that on July 11, 2023 it will host a hearing on medical billing and collections, with a focus on medical payment products, such as medical credit cards and installment loans. In addition to Director Chopra, the hearing will include agency officials from the White House, the U.S. Department of Health and Human Services, and the U.S.
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Payments Dive
JULY 5, 2023
Fidelity National Information Services had planned to spin off the merchant processing business Worldpay, but multiple news reports suggest control may be sold instead.
CFPB Monitor
JULY 5, 2023
The CFPB recently issued its annual fair lending report covering its fair lending activity in 2022. In the report’s discussion of the CFPB’s risk-based approach for prioritizing fair lending supervisory and enforcement activity, the CFPB indicates that in 2022, much of its supervision efforts focused on mortgage origination and pricing, small business lending, policies and procedures regarding geographic and other exclusions in underwriting, and the use of automated systems and models. .
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Shifting liability for digital fraud losses represents a significant challenge for financial institutions and payment service providers. In response to the global surge in digital fraud, regulators are introducing policies that transfer the cost of fraud from defrauded customers to financial institutions. ThreatMark’s newly released white paper, "The Liability Shift: Understanding Fraud Losses Responsibility and Mitigation," provides an in-depth analysis of this shift, its implications, and stra
Payments Dive
JULY 5, 2023
Just 40% of consumers feel confident in the security and safety of their debit cards, J.D. Power said.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
BankInovation
JULY 5, 2023
Michigan State University Federal Credit Union developers are investigating how to use AI in its software coding. The $7.45 billion credit union has several teams, including managers, vice presidents and developers, exploring AI use cases through its innovation lab, The Lab, Ami Iceman-Haueter, chief research and digital experience officer at MSUFCU, told Bank Automation News.
BankUnderground
JULY 5, 2023
Ambrogio Cesa-Bianchi, Ed Hall, Marco Pinchetti and Julian Reynolds The remarkable stability of US inflation dynamics in the pre-Covid era had led many to think that the Phillips Curve had flattened. However, the sharp rise in inflation that followed the Covid-19 pandemic ignited a debate on whether the Phillips Curve had steepened and, in particular, whether its slope depends on some particular macroeconomic conditions.
CFPB Monitor
JULY 5, 2023
Community Financial Services Association of America (CFSA) has filed its brief with the U.S. Supreme Court in which it asks the Court to affirm the Fifth Circuit panel decision in CFSA v. CFPB. In that decision, the panel held the CFPB’s funding mechanism violates the Appropriations Clause of the U.S.
Jack Henry
JULY 5, 2023
In today's age, technology modernization provides a plethora of benefits to consumers, financial institutions, businesses, and yes, even fraudsters and cybercriminals.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i
CFPB Monitor
JULY 5, 2023
On June 30, 2023, the U.S. Supreme Court announced long-awaited opinions in two cases challenging the Biden Administration’s authority to proceed with its plan to forgive approximately $430 billion in federal student loans. Most significantly, in Biden v. Nebraska , the Court held that the state of Missouri had standing to challenge the federal action, and that the Biden Administration’s loan cancellation plan was not authorized under the Higher Education Relief Opportunities for Students Act o
American Banker
JULY 5, 2023
The Federal Reserve's instant-payments rail may cut into card issuers' credit and debit card volume over time, but it could also help smaller institutions expand their services.
CFPB Monitor
JULY 5, 2023
Nevada’s Governor recently approved amendments to Nevada laws that concern the ability of employees of Installment Loan Company licensees to work from remote locations and the collection of medical debt. The amendments become effective on October 1, 2023. Senate Bill 355 (“SB 355”) permits employees of Installment Loan Company licensees to work from remote locations. .
TheGuardian
JULY 5, 2023
This live blog is now closed, you can read more of our UK political coverage here Yesterday Sajid Javid, the Tory former health secretary, called for the creation of a royal commission to consider the future of the NHS. He argued that this would take the debate about the future of the service out of the realm of party politics, and, in an article in the Times , he said that in private politicians believed that the NHS was unsustainable in its current form.
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Dive into the complexities of New York lien laws with our comprehensive eBook, 'New York Lien Law Essentials: 5 Key Facts for Commercial Lenders.' In this detailed guide, we explore the critical formalities necessary for lenders navigating ground-up construction and fix-and-flip projects in the New York market. From documentation requirements to the implications of non-compliance, learn how to safeguard your lending position and prioritize legal adherence.
CFPB Monitor
JULY 5, 2023
Last week, the CFPB added a set of Frequently Asked Questions to the compliance resources on its website for its small business lending rule implementing Dodd-Frank Section 1071. The CFPB also published a slide deck for a webcast it held titled “Determining institutional coverage pursuant to the small business lending rule.” .
William Mills
JULY 5, 2023
In spite of what feels like a slowdown in funding, as of 2023 the fintech sector is valued at nearly $179 billion worldwide. For early-stage fintechs attempting to break into the marketplace, it's critical to ensure that companies are aware of who they are, whether their solutions can help, and if they are trustworthy. When it’s all said and done, a great solution means little if an organization has a track record of being unreliable.
CFPB Monitor
JULY 5, 2023
Last Friday, the U.S. Supreme Court granted the SEC’s petition for certiorari in Jarkesy v. Securities and Exchange Commission , a case in which the respondents are challenging the constitutionality of the SEC’s use of administrative law judges (ALJs). The outcome of the case could have significant implications for the use of ALJs by all federal agencies, including the CFPB, FTC, and federal banking agencies.
BankInovation
JULY 5, 2023
What if a bank’s compliance software could relay messaging in natural language? That’s the question anti-money laundering fintech Lucinity is hoping to answer with Luci, its new generative AI-powered co–pilot for financial institutions.
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Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.
CFPB Monitor
JULY 5, 2023
The Federal Financial Institutions Examination Council (FFIEC) recently announced the release of the 2022 Home Mortgage Disclosure Act (HMDA) data. The CFPB also released a summary of the data. The FFIEC advises that the Snapshot National Loan-Level Dataset that it released contains the national HMDA datasets as of May 1, 2023, and that key observations from the Snapshot include the following: • The number of reporting institutions increased by about 2.63% from 4,338 in 2021 to 4,460 in 202
BankInovation
JULY 5, 2023
Square has teamed up with American Express to launch business credit cards to its customers. The launch is in beta phase with an unknown number of Square’s merchants using the card.
CFPB Monitor
JULY 5, 2023
On June 29, 2023, Connecticut’s Governor signed into law Substitute Senate Bill No. 1033 which makes significant changes to the state’s Small Loan Act. The new law takes effect on October 1, 2023. The primary changes are as follows: New APR calculation (Section 1, subdivision (2), Revising 36a-555(2)). Under the current law, the APR is calculated under the provisions of the federal Truth-in-Lending Act and associated regulations. .
American Banker
JULY 5, 2023
The Home Loan banks are failing to serve huge numbers of Americans because of their reliance on outdated credit scoring models.
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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
CFPB Monitor
JULY 5, 2023
The internet is a powerful tool that has made many everyday activities like shopping, entertainment and seeking services more convenient, but that’s not the case for millions of users with disabilities who are being shut out by difficult-to-use, non-accessible websites. Just as physical spaces should be easy to navigate for all, the same goes for digital spaces on the World Wide Web.
Image Works Direct
JULY 5, 2023
Digital marketing is a powerful tool for businesses of any size to reach and engage potential customers and members. When used strategically, digital ads can be an effective way to increase brand awareness and drive account openings.
The Paypers
JULY 5, 2023
Personal finance app Fintonic has developed OpenInsights, its new division specialised in designing advanced Open Banking services and data analysis for companies and financial entities.
American Banker
JULY 5, 2023
As President Biden tries to revive a key campaign promise to provide widespread debt relief to student-loan borrowers after a Supreme Court setback, legal experts warn that he's likely to encounter a fresh wave of lawsuits challenging his authority to act without congressional approval.
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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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