Abrigo

MAY 28, 2015

By Brad Spence, Director of Sageworks Valuation Solution Most business owners aren’t as lucky as 91-year-old media tycoon Sumner Redstone, who famously declared he won’t discuss succession planning for his Viacom and CBS empires because he isn’t going to die. The fact is, millions of business owners are over age 50, and at some point, each will have to consider whether to sell, pass on or simply shut down their business.

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South State Correspondent

MAY 27, 2015

Banks have been using a “teaser,” or an artificially low, introductory interest rate on mortgage loans and credit card for years. While various banks have flirted with them for commercial loans over the last ten years, it is now becoming more common place.

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Cards 216

Celent Banking

MAY 22, 2015

This week’s NACHA vote in favor of mandatory rules changes enabling same-day ACH settlement is no surprise. Some of the press coverage suggests this represents some sort of significant achievement. Really? By March 2018 (when the network is currently expected to be able to fully support systemwide changes) I predict there will be industrywide consensus on the inadequacy of the measure.

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Matt Wilcox Pro

MAY 28, 2015

Adapted from my upcoming Credit Union Magazine article IT’S NO LONGER NEWS that payment relationships are a, if not the, wave of the financial services future.Experts have harped on the subject ad infinitum. People like me have harped on it, too. Part of the message seems to have gotten through loud and clear. Financial institution decision makers are [.

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Payments 65

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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

Lending

CFPB Monitor

MAY 27, 2015

Barbara S. Mishkin. A bipartisan group of 255 members of Congress have sent a letter to the CFPB seeking a grace period for enforcement of the TILA-RESPA Integrated Disclosure (TRID) rule which becomes effective on August 1, 2015. They ask for the grace period to apply to “those seeking to comply in good faith from August 1st through the end of 2015.” In March 2015, the CFPB received a similar request from a group of 17 trade associations and organizations.

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Abrigo

MAY 27, 2015

Some view banks’ credit policies as somewhat of a necessary evil; many comprise hundreds of difficult-to-decipher pages intended to establish numerous policies for evaluating and undertaking risk. These credit policies outline banks’ appetite for risk, establish banks’ credit culture , determine the extent of decision-making delegation and describe how loan portfolio risk is measured, monitored and reported.

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South State Correspondent

MAY 25, 2015

Bank of America (BofA) is currently running an offer that will pay new customers $500 to open an interest bearing checking account set up to receive two qualifying direct deposits of $2,000 or more within 90 days AND open a money market savings account with an initial $20,000 deposit. That $24,000 in deposits will net BofA approximately $397 of value according to the current forward curve, the account’s expected lifetime value, BofA’s average beta and net of interest expenses.

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Celent Banking

MAY 15, 2015

Over the last ten days I’ve spent time at two different conferences, Finovate and SAP’s SAPPHIRE NOW. Two very different conference models generated serendipity where I wouldn’t necessarily have expected it. Both shows were rife with partnership possibilities. SAP spoke continually of the partnership ecosystem, realizing that one of its values is bringing partners together, while at Finovate, the notion of small companies going direct to consumer by themselves was basically dead – they realize t

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Jack Henry

MAY 27, 2015

Author: Kevin Moland, KMoland@profitstars.com. May 19 th was a banner day for the payments industry. In case you missed it, a major payments entity announced its plan to speed up electronic transactions by allowing credits to flow through its ubiquitous network at unprecedented speeds. Over the last decade, new technologies and nimble payment startups had been driving major industry players in this direction.

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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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CFPB Monitor

MAY 27, 2015

Barbara S. Mishkin. Five leading financial services industry trade groups have sent a letter to the CFPB urging it to solicit public comments on the final results of its arbitration study before deciding whether to initiate a rulemaking proceeding pursuant to Section 1028(b) of the Dodd-Frank Act. The groups are the American Bankers Association, American Financial Services Association, Consumer Data Industry Association, Financial Services Roundtable, and U.S.

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Gonzobanker

MAY 20, 2015

Following some longstanding Federal Financial Institutions Examination Council guidance, examiners are making sure banks have technology plans and that these plans meet the regulations. As a result, banks are taking a hit from examiners at a rate that rivals door dings in an outlet mall parking lot. About 70% of banks I’ve worked with do not have a strategic technology plan that will pass muster in their next regulatory exam.

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Abrigo

MAY 22, 2015

The topic of affordable rental housing is likely to be an increasingly popular one in the coming years, given the number of baby boomers expected to downsize as they retire and the rising share of millennials choosing rentals over homeownership. Indeed, a number of recent reports have raised concerns that renters will increasingly find it difficult to afford rental units.

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South State Correspondent

MAY 25, 2015

Bank of America (BofA) is currently running an offer that will pay new customers $500 to open an interest bearing checking account set up to receive two qualifying direct deposits of $2,000 or more within 90 days AND open a money market savings account with an initial $20,000 deposit. That $24,000 in deposits will net BofA approximately $397 of value according to the current forward curve, the account’s expected lifetime value, BofA’s average beta and net of interest expenses.

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America Marketing 150

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Jeff For Banks

MAY 16, 2015

Today, Board reports closely resemble War and Peace. Why? The same reason regulators focus on the little things. to CYA! We don't want to be criticized that our Board was uninformed, so that little embarrassment about the audit exception that turned into employee fraud is on page 262 of your Board report. You mean you didn't see it? That's on you, fella.

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Jack Henry

MAY 20, 2015

Author: Lee Wetherington, lwetherington@jackhenry.com. Bankers often fancy themselves “numbers people”. Interest rates. Balance sheets. Performance metrics. Bankers will calculate a Return on Anything (ROA) and Everything (ROE). So, if there is a subset of our species who are rational, surely it’s bankers. Right? Wrong. Bankers are no more rational than the rest of us.

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Fraud Trends US Millennials 98

CFPB Monitor

MAY 26, 2015

Barbara S. Mishkin. Just in time for the holiday weekend, the CFPB released its Spring 2015 rulemaking agenda last Friday. The agenda sets the following timetables: Prepaid financial products. In November 2014, the CFPB issued a proposed rule for prepaid financial products, including general-purpose reloadable prepaid cards and certain digital and mobile wallets.

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Matt Wilcox Pro

MAY 13, 2015

ONE DAY IN 1995, McArthur Wheeler took it upon himself to rob two Pittsburg banks. When policed arrested him a few hours later, he was astonished to learn that they had identified him from surveillance videos. You see, he taken the precaution of painting his face with lemon juice. Doubtless the science behind Wheeler’s reasoning [.

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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.

Lending

Abrigo

MAY 20, 2015

That five-inch screen is ready to move to your wrist, and, perhaps surprisingly, that affects a lot more than just your wallet. It’s not just the technology industry that is constantly evolving – many other industries must also remain adaptable to the changing landscape of the American consumer. One such industry is banking. While many bank and credit unions are consistently updating their financial technology behind the scenes to ensure smooth back-end processes, tech upgrades for consumer-faci

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South State Correspondent

MAY 21, 2015

The 20’s and 30’s were known as the Golden Age Of Aviation and today is a particularly special day in aviation history as it marks the 88 th anniversary of Charles Lindbergh becoming the first person to fly across the Atlantic and the 83 rd anniversary of Amelia Earhart doing the same in the first female solo transatlantic crossing. In similar fashion, we are in the Golden Age Of Commercial Credit and today marks the day when commercial credit has never been better in the history of banking.

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Tefkin

MAY 6, 2015

While Insurance is a massive industry, for example net premiums for life and P&C insurance the US are estimated worth around $1,000,000,000,000 (yes that is twelve zeros) I believe it has just been barely affected by the massive software driven changes that other industries are experiencing. At core, the Insurance industry is impacted by the same underlying trends as the Banking Industry: Transparency.

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Jack Henry

MAY 13, 2015

Author: Jenny Roland-Vlach, JRoland-Vlach@jackhenry.com. If you find yourself in need of a stark reminder on how quickly time passes by, consider this: May marks one year since the FFIEC officially announced their focus on cybersecurity for financial institutions. Even though official guidance is still pending, the FFIEC has been using the past year to continue underscoring the importance of cybersecurity.

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Advertiser: Data Robot

The buzz around generative AI shows no sign of abating in the foreseeable future. Enterprise interest in the technology is high, and the market is expected to gain momentum as organizations move from prototypes to actual project deployments. Ultimately, the market will demand an extensive ecosystem, and tools will need to streamline data and model utilization and management across multiple environments.

Marketing

CFPB Monitor

MAY 26, 2015

Peter N. Cubita and Christopher J. Willis. In several blog posts and legal alerts , we have previously written about disparate impact and auto finance. Together with our colleague, Jonathan Selkowitz, we have recently written an article on “Auto Finance and Disparate Impact: Substantive Lessons Learned from Class Certification Decisions.”. The article, which was published in the May 1, 2015 edition of the Consumer Financial Services Law Report , discusses the substantive implications that clas

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Banking 2020

MAY 29, 2015

Below are interesting stories the Banking.com staff has been reading over the past week. Articles via Biz Journals, Business Standard, Nerd Wallet, and Delaware Online. Wells Fargo branching out even as others shutter locations: Despite many financial institutions favoring digital to physical banking , Wells Fargo continues to open branches around the country.

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Fraud Delaware Millennials America 44

Abrigo

MAY 19, 2015

A recent survey by Pepperdine University found that 64 percent of business owners intend to transfer their ownership interests within the next 10 years. For those considering selling their business, a valuation professional could be seen as friend or foe – either delivering the good news that their business is worth what they anticipated (or more), or possibly relaying a much-needed wake-up call.

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South State Correspondent

MAY 20, 2015

Larger banks are paying their lending staff higher compensation than smaller competitors are paying their teams. The difference in the same market, similar seniority and position can be as much as 100% when factoring salary, bonus, profit sharing and stock incentives. It can be difficult for a community bank to attract the lending talent it needs, but we point out that many community banks are succeeding by investing in their culture and building an environment that goes beyond traditional com

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