Sat.Jan 13, 2024 - Fri.Jan 19, 2024

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Banking Predictions 2024: Gray Skies Are Going to Clear Up (in 2025)

Gonzobanker

Having complained in a recent post on LinkedIn that a lot of the predictions I see are nonsense, you may think I’m crazy for posting my own set of predictions for 2024. You’re probably right. That said, here are my banking and fintech predictions for 2024: 1. A big(ger) bank will acquire a BaaS bank. A sneak peek into Cornerstone Advisors’ forthcoming What’s Going On In Banking study shows that the percentage of banks looking to get into the banking as a service (BaaS) space is down from previou

Fintech 88
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Bank Product Profitability and Productivity

South State Correspondent

In our last article ( HERE ), we highlighted the methodology around why banks should calculate and drive value through customer profitability and product profitability. We focused mainly on customer profitability and used risk-adjusted return on capital as a proxy for profitability. In this article, we wanted a different approach to arrive at the same conclusion but in a slightly different context.

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How have neobanks changed banking?

ATM Marketplace

Customers have the choice of using traditional banks, neobanks or both, but their choice is dependent on their needs and how well the bank can respond.

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AML human trafficking red flags and other ways banks can support victims

Abrigo

Human trafficking red flags, strategies, and support Human trafficking is more prevalent than most realize, and banks and credit unions can help prevent it. Know the red flags to watch for. You might like this upcoming webinar, " Unveiling human trafficking: Perspectives, realities, and strategies." LISTEN NOW Takeaway 1 Human trafficking is prevalent in the U.S. and worldwide.

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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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Payments M&A poised to rise this year

Payments Dive

Conditions could be ripe for more payments deals in 2024, as legacy players seek to add unique technologies and struggling startups find themselves in need of an exit plan.

Payments 221

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2024 Community Depository Institutions Advisory Council Members announced

ABA Community Banking

The Federal Reserve announced the members of the Community Depository Institutions Advisory Council for 2024, including the new council president and vice president. The post 2024 Community Depository Institutions Advisory Council Members announced appeared first on ABA Banking Journal.

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New York Governor’s 2024 consumer protection agenda targets “unfair and abusive” business practices and BNPL

CFPB Monitor

In remarks to the press and public on January 2, 2024, New York Governor Kathy Hochul announced “a sweeping consumer protection and affordability agenda”, including proposed actions to “strengthen consumer protections against unfair business practices” and “establish nation-leading regulations for the Buy Now Pay Later loan industry”. The Governor vowed to pursue “the first major expansion to New York consumer protection laws since 1980” to curb “predatory” business practices and “exploitative t

New York 156
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Risk of Derivatives – The Fall of an Index

South State Correspondent

There are many historical examples of some sophisticated and some less sophisticated entities imploding from the risk of derivatives. Barings Bank, Orange County (CA), Enron, Long-Term Capital Management, and other entities misused derivatives or didn’t understand the difference between hedging and speculating. Some bankers will soon hear about another example of banks using derivatives that, unfortunately, will lead to losses.

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CFPB issues two new FCRA advisory opinions on background screening reports and disclosure of credit files to consumers

CFPB Monitor

On January 11, 2024, the Consumer Financial Protection Bureau (CFPB) issued two new advisory opinions: Fair Credit Reporting; Background Screeni ng and Fair Credit Reporting; File Disclosure. The advisory opinions are part of the CFPB’s ongoing efforts to clean up what the CFPB describes in its press release as allegedly “sloppy” credit reporting practices and ensure credit report accuracy and transparency to consumers.

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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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FedNow draws some banks, as others lag

Payments Dive

The Federal Reserve is building up bank participation in FedNow, but some big financial institutions remain on the sidelines.

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Beyond the average: patterns in UK price data at the micro level

BankUnderground

Lennart Brandt, Natalie Burr and Krisztian Gado The Bank of England has a 2% annual inflation rate target in the ONS’ consumer prices in dex. But looking at its 700 item categories, we find that very few prices ever change by 2%. In fact, on a month-on-month basis, only about one fifth of prices change at all. Instead, we observe what economists call ‘sticky prices’: the price of an item will remain fixed for an extended amount of time and then adjust in one large step.

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5 rules for success in self-service

ATM Marketplace

A panel of experts shared core trends and rules for success for self-service automation at the Self-Service Innovation Summit in Miami, Florida.

Miami 126
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CFPB proposed rule would make certain overdraft program’s credit subject to Regulation Z disclosure requirements and could cap overdraft fees at $3

CFPB Monitor

In furtherance of the Biden Administration’s “junk fee” agenda, on January 17, 2024, the Consumer Financial Protection Bureau issued its proposed rule to amend Regulations E and Z to regulate overdraft services provided by “very large financial institutions” (an insured depository institution or an insured credit union that has total assets of more than $10 Billion and any affiliate thereof, as determined under 12 U.S.C.

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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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PayPal elicits skepticism from analysts

Payments Dive

Analysts have soured on PayPal’s prospects, at least for now, noting competition is encroaching on the payment pioneer’s turf as a new CEO tries to make gains.

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Investing 101: A Beginner’s Guide to Building Wealth

BankBazaar

Wanna know how to turn your pocket change into a fortune ? Investing is the way to go and this article is all you need to get started. Gone are the days of investing and saving money being the same thing. These days, investing is a different ball game altogether. Understanding its intricacies and diversity can be daunting for beginners. In this article, we will cover everything a beginner investor must know about investing in India, including the different types of investments, how to create an

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Everything You Need to Know About Google and Yahoo’s Email Requirements in 2024

William Mills

Remaining at the forefront of policy changes and requirements, specifically for emails, is a top priority for our marketing team. As a HubSpot partner for 10 years, our agency must stay up to date on these changes for ourselves, our clients and our partners. HubSpot released this article discussing Google and Yahoo’s latest requirements for email marketing beginning in February 2024.

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SCOTUS to hear oral argument on Feb. 27 in National Bank Act preemption case

CFPB Monitor

On February 27, 2024, the U.S. Supreme Court will hear oral argument in Cantero v. Bank of America, N.A. , a case involving the scope of preemption under the National Bank Act (NBA). The question before the Court is whether the NBA preempts a New York statute requiring banks to pay interest on mortgage escrow accounts. .

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Addressing Top Enterprise Challenges in Generative AI with DataRobot

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.

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Amex to sell fraud prevention firm Accertify

Payments Dive

The card issuer is selling the business, which offers online fraud monitoring services to merchants, to the joint venture investment firm Accel-KKR.

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8 Smart Strategies for Building a Strong Financial Foundation: The Power of Savings

BankBazaar

This blog navigates the complexities of smart savings, emphasising the power of compound interest, tax-efficient tactics, and the integration of technology to empower people to succeed in safeguarding their financial future. In today’s fast-paced and unpredictable world, financial stability is a goal that many aspire to achieve. One key element in building a strong financial foundation is the art of saving.

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What 2024 has in store for Reatil Banking

ATM Marketplace

In this whitepaper, Auriga will deep-dive into the top trends to consider over the next 12 months for the banking and fintech industries.

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FHFA Again Addresses Underutilization of Appraisal Time Adjustments

CFPB Monitor

The Federal Housing Finance Agency (FHFA) recently published another FHFA Insights blog post addressing the underutilization of appraisal time adjustments by appraisers that is a companion to an FHFA Insights blog post that we reported on previously. In the recent blog post, the FHFA presents the question “Is the racial disparity in underappraisal, or some portion of it, due to racial disparities in the practice of time adjustment?”.

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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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Credit card surcharge bills lurk in state legislatures

Payments Dive

The state legislation relating to credit card surcharges is poised to keep percolating in a pack of states this year, following new laws in some last year.

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A Beginner’s Guide For Those With No Credit History: Building Creditworthiness From Scratch

BankBazaar

While building a Credit Score from scratch can be challenging, it’s not impossible! Read on for actionable steps to help you establish a robust credit history. In today’s world, having a good Credit Score is crucial for financial stability. Whether you’re planning to apply for a loan or get a Credit Card, a strong credit history is your ticket to financial opportunities.

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Regulators say they have the tools to address AI risks

American Banker

Bank regulators Friday said the existing laws governing safety and soundness and fair lending are adequate to address risks posed by artificial intelligence, noting that while AI may be used to inform lending decisions, banks are ultimately responsible for compliance.

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CFPB proposed rule would makes certain overdraft program’s credit subject to Regulation Z disclosure requirements and could cap overdraft fees at $3

CFPB Monitor

In furtherance of the Biden Administration’s “junk fee” agenda, on January 17, 2024, the Consumer Financial Protection Bureau issued its proposed rule to amend Regulations E and Z to regulate overdraft services provided by “very large financial institutions” (an insured depository institution or an insured credit union that has total assets of more than $10 Billion and any affiliate thereof, as determined under 12 U.S.C.

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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.