Abrigo

DECEMBER 20, 2021

AML Penalties Are Back and Stronger Than Ever FinCEN is enforcing actions for BSA violations and failure to maintain effective AML programs. Would you like other articles like this in your inbox? Takeaway 1 Reprieve is over, FinCEN is announcing penalties and enforcing action for BSA violations. . Takeaway 2 A strong AML program is critical in guarding against money laundering and terrorist financing risks.

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CFPB Monitor

DECEMBER 23, 2021

The CFPB, FTC, DOJ, and Federal Reserve Board have filed a joint amicus brief in the U.S. Court of Appeals for the Seventh Circuit urging the court to reverse a district court ruling that an individual who had already received credit from the defendant and who was not currently applying to the defendant for credit was not an “applicant” for purposes of the ECOA’s adverse action notice requirement.

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SWBC's LenderHub

DECEMBER 20, 2021

I was 16 when the fifth Harry Potter book came out. My best friend and I had been total HP nerds since we were in fifth grade. Already conscious of being way too old for it, we decided to throw any hopes of being cool to the wind and go dressed in costume to the midnight book release.

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ATM Marketplace

DECEMBER 21, 2021

It's difficult to believe we are almost to the end of 2021, while many of us are still processing 2020. But through all these years, ATM Marketplace has continued to report on the banking and fintech industry. And for this year in particular, one topic rose above the rest to dominate the top most read articles: Bitcoin ATMs.

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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

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TheGuardian

DECEMBER 24, 2021

Ex-TSB chief has ‘unrivalled business experience and will bring an outsider’s eye to the NHS’ Ministers have chosen a senior banker as the new chair of NHS England, with a brief to push through changes in the way the service operates and cut spiralling waiting lists. Richard Meddings, a former chair of TSB Bank, will take over the role early in the new year.

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SWBC's LenderHub

DECEMBER 21, 2021

“ When you can’t borrow another buck from the bank or buy another case of booze, you bust the joint out. You light a match.” – Henry Hill – Goodfellas. I have always wondered what the difference is between the mob “Bust Out” made famous in the movie “Goodfellas” and a Private Equity Leveraged Buy-out. In a mob bust out, your friendly organized crime gang becomes your business partner.

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BankUnderground

DECEMBER 21, 2021

As another year draws to an end and the blog prepares for some downtime over the festive period, we wanted to take a look back at the blog in 2021. In response to the global Covid-19 pandemic, in 2020 we launched a Special series: Covid-19 Briefings. Contributions continued into this year and featured among our top-read posts. In addition, we published posts on a wide variety of topics including the impact of policy uncertainty on the global economy , the transmission of global funding shocks to

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TheGuardian

DECEMBER 18, 2021

Enforced takeovers during the crisis will mean a bumper year for the bankers who advise on billion-dollar deals Just as most of us are feeling the effects of soaring inflation, which the Office for National Statistics said last week had reached a 10-year high of 5.1% , wealthy bankers and traders are looking forward to receiving extraordinarily large new year bonuses.

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BankInovation

DECEMBER 22, 2021

Banks and fintechs implementing open application programming interface (API) builds should look first to security measures as early security and authentication checks prevent up to 80% of risk vectors in API frameworks, Jason Harmon, chief technology officer at API design and development company Stoplight, tells Bank Automation News in this episode of “The Buzz” podcast. […].

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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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SWBC's LenderHub

DECEMBER 20, 2021

Last Week. Last week was mostly about the Fed’s FOMC December meeting, until it was not! The week started with November PPI coming in red-hot. The narrative was set for a more hawkish Fed in 2022 as the realization set in that inflation was not transitory and stronger medicine was needed. On Wednesday, Chairman Powell did not disappoint as he announced that the Fed would go “Turbo-Taper” and double the amount of tapering on a monthly basis with the result being zero new purchases of Treasury not

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Jack Henry

DECEMBER 23, 2021

Layers of Protection Exist Everywhere. We don't realize how often we apply layers of protection in our daily lives. Some protections come naturally, like our skin and hair to protect our bodies from the environment. Some protections are taught to us. When we play sports, we wear layers of protection to reduce the risk of injury: helmets, gloves, chest pads, knee pads, mouth guards.

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CFPB Monitor

DECEMBER 23, 2021

The final version of the National Defense Authorization Act for Fiscal Year 2022 (NDAA) ( S. 1605 ) currently awaiting President Biden’s signature does not contain several proposed provisions that members of the consumer financial services industry had opposed. Specifically, the NDAA does not contain provisions that would have: Expanded coverage of the Military Lending Act’s 36% “all-in” rate cap to all consumers.

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BankInovation

DECEMBER 23, 2021

This month saw Citizens promote its long-time interim chief executive officer to the position permanently, while Bank of America Chicago named a new president. Bank Automation News takes a look at December’s movers and shakers. Gerald Shields named CEO of Citizens Citizens named Gerald Shields as its new chief executive officer, effective Jan. 1. He […].

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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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Banking Exchange

DECEMBER 22, 2021

Bloomberg reported that credit unions are seeking the ability to hold crypto-assets directly Technology Lines of Business Financial Trends Feature3 Feature Blockchain Bitcoin Cryptocurrency.

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TheGuardian

DECEMBER 20, 2021

Lender ‘failed to be open and cooperative’, says regulator the PRA The Bank of England has fined Standard Chartered £46.5m for repeatedly misreporting its liquidity position and for “failing to be open and cooperative” with the regulator. The Bank’s Prudential Regulation Authority (PRA) said Standard Chartered had made five errors in reporting an important liquidity metric between March 2018 and May 2019, which meant the watchdog did not have a reliable overview of the bank’s US dollar liquidity

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CFPB Monitor

DECEMBER 22, 2021

On Monday, the CFPB and DOJ announced that they sent joint letters to landlords/property management companies and mortgage servicers regarding the protections given to servicemembers by the Coronavirus Aid, Relief and Economic Security (CARES) Act and the Servicemembers Civil Relief Act (SCRA). Letter to landlords/property management companies. The letter only addresses SCRA protections for early lease terminations and evictions.

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BankInovation

DECEMBER 22, 2021

IT solutions provider CDW Corp. on Dec. 15 announced a partnership with Clearfind that will give its clients access to Clearfind's automated enterprise software evaluation and consolidation platform. The platform initially is being offered to CDW's banking, pharmaceutical and manufacturing clients, but ultimately will be targeted to "all industries with complex software management needs," according […].

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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.

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Banking Exchange

DECEMBER 21, 2021

The bank has dedicated $20 million to initiative which seeks to address systemic inequities in education and career outcomes Community Banking Diversity Inclusion Human Rights Small Business Feature Management Duties Feature3 Fair Lending.

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The Paypers

DECEMBER 22, 2021

Bulgaria-based fintech SEPA Cyber Technologies has announced it joined the Visa Ready programme to provide both fintechs and issuers full enablement stacks for digital issuance.

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CFPB Monitor

DECEMBER 21, 2021

In their June 2021 request for information regarding financial institutions’ use of artificial intelligence (AI), including machine learning, the CFPB and federal banking regulators flagged fair lending concerns as one of the risks arising from the growing use of AI by financial institutions. Last week, in an apparent effort to increase its scrutiny of machine learning models and those that use alternative data, the CFPB published a blog post titled “ CFPB Calls Tech Workers to Action ,” in whic

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BankInovation

DECEMBER 22, 2021

Aaron Wollner, chief marketing officer at Quontic Bank, will join Bank Automation Summit 2022 for a panel discussion on Iterating and Experimenting at Maximum Efficiency on Wednesday, March 2, at 3:30 p.m. ET at the JW Marriott in Charlotte, N.C. View the BAS agenda here. The panel will focus on building and maintaining an innovation […].

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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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Banking Exchange

DECEMBER 20, 2021

There is a growing focus on the importance of business agility The Economy Technology Financial Trends Lines of Business Feature Feature3 Tech Management Outsourcing/Cloud Mobile Online Digital.

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Trends Mobile Online Management 78

The Emmerich Group

DECEMBER 23, 2021

How do you increase your bank’s profits, and replace PPP revenue, when your desperate competitors are doing crazy things, and it has never looked harder to create profit within your bank? Well … Here’s the reality There are circumstances outside of your control that you can’t do anything about. But there are things within your. Continue Reading.

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CFPB Monitor

DECEMBER 21, 2021

Last week, the California Department of Financial Protection and Innovation (DFPI) announced that it had entered into a consent order with Wheels Financial Group, LLC d/b/a LoanMart, a California-based company that markets and services automobile title loans. LoanMart was the subject of an investigation launched in September 2020 in which the DFPI (then still named the Department of Business Oversight) was investigating whether LoanMart, through its partnership with a Utah bank, was evading the

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BankInovation

DECEMBER 21, 2021

This year, as individuals across all segments of our society continued to navigate the pandemic, we were forced to examine our day-to-day behaviors more closely. This included how we bank and achieve our own — highly personal — financial goals. According to a study Chase conducted last year, 54% of consumers said they used digital banking tools […].

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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.

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