Sat.Oct 21, 2023 - Fri.Oct 27, 2023

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Deposits, Digital, and Gen Z: What’s on the Mind of Bank and Credit Union Execs?

Jack Henry

To gather deposits & remain competitive, invest in digital enhancements. Click to read tips to combine deposit, digital, & payment strategies serving GenZ.

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Early Contract Renewals: Trick, Treat or Trap?

Gonzobanker

Trading terms for cost in contract negotiations can be a win-win for bankers – if they’re smart about it. In the spirit of Halloween, here’s a hypothetical question: You have a 5-year CD at a bank with two years left on its term. Your rate is below current rates. The bank offers you the option to renew for five years today at a rate higher than what you’re earning now but lower than the bank’s current new money rate.

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The Secrets of Good Loan Commitment Letters

South State Correspondent

Good commercial lenders use commitment letters and proposal letters to their advantage. A proposal letter (or letter of intent) expresses interest from the lender before credit approval is obtained. A commitment letter evidences the lender’s commitment to lend. It is only furnished after preliminary credit approval and typically contains the following language: lender commits to provide the loan on, and subject to, the terms and satisfaction of conditions set forth herein.

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This week’s podcast episode: The U.S. Supreme Court’s decision in Community Financial Services Association of America Ltd. v. Consumer Financial Protection Bureau: Who will win and what does it mean?  Part I

CFPB Monitor

On October 3, 2023, the U.S. Supreme Court heard oral argument in CFSA v. CFPB , a case with profound potential implications for the future of the CFPB. The Court will rule on whether the CFPB’s funding mechanism violates the U.S. Constitution’s Appropriations Clause and, if so, what the appropriate remedy should be. .

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Case Study: First Mid Bank Fast-Tracks New Market Entry in Commercial Lending

Discover First Mid Bank's Expansion Success with Our Case Study! Discover how First Mid Bank & Trust fast-tracked market expansion through advanced automation and compliance solutions. This case study reveals their journey from facing challenges in Texas' complex legal landscape to achieving rapid market entry with GoDocs' innovative commercial closing platform.

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The Guardian view on bankers’ bonuses: the sky’s the limit (again) | Editorial

TheGuardian

In the week that nearly 4 million Britons were reported to live in destitution, policymakers axed the cap on City pay. How’s that for a healthy society? Rejoice! At last the British establishment has identified a 100% cast-iron Brexit bonus. This week, financial watchdogs agreed there need be no more limits on the bonuses paid to City bankers. The Bank of England found that “a bonus cap is not routinely imposed in other leading international financial centres outside the EU”.

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The Future of Checks – Tales From The Crypt

South State Correspondent

Halloween is approaching, so we might as well talk about death. Checks are dying and about to die quicker, given the rise of instant payments. In the next two years, many banks will have strategic plans to phase checks out, given their cost and reduction in frequency. Checks are getting to the point where they are too costly to process for the bank, business, and household.

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Podcast: Neobanks fight fraud with rich data points

BankInovation

Neobanks can lean on data and rich client information to protect themselves from fraud attacks. Almost all neobank activity is accomplished through mobile devices, which makes digital institutions targets for fraudsters, Matt DeLauro, chief revenue officer at fraud prevention and anti-money laundering platform Seon, tells Bank Automation News on this episode of “The Buzz” podcast.

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Will banks sue over the Community Reinvestment Act rule?

American Banker

Banks and dissenting policymakers have raised the possibility of challenging regulators' Community Reinvestment Act overhaul in court, but it remains unclear whether they intend to walk the walk.

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How a new credit union service organization is promoting financial literacy

American Banker

The fintech Greenlight Financial has formed a CUSO to expand access to its family banking app and educational resources after strong interest from credit unions.

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Exploring the Liability Shift: A Comprehensive Guide to Fraud Loss Responsibility and Mitigation

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

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BIS advances oversight structure for broader faster payments ecosystem

Payments Dive

In the interest of faster, cheaper and more transparent cross-border payments, the Bank of International Settlements last week produced an interim report aimed at developing a governance structure for an interlinked faster payments system.

Payments 476
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Recap of Money 20/20 USA 2023 and 10 Banking Thoughts

South State Correspondent

Money 20/20 (M2020) is the only conference in the industry where it is both possible and expected to pull off two breakfasts, two lunches, three cocktail parties, and two dinners PER DAY. It’s a whirlwind of education, deal-making, eating, and hugging. In this article, we detail our thoughts and the trends we saw last week in Las Vegas from a banking perspective in hopes of giving you the flavor and insight from the conference without you having to walk 10 miles per day and listen to endle

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CFPB Issues Proposed Rule Offering Consumers Greater Access to and Control Over Their Financial Data

CFPB Monitor

On October 19, 2023, the Consumer Financial Protection Board (“CFPB”) released a proposed rule that, if enacted, would grant consumers greater access rights to the data their financial institutions hold. Under the proposed Personal Financial Data Rights Rule (the “Proposed Rule”), bank customers nationwide would have privacy rights similar to what is afforded under the dozen state privacy laws that have been enacted in recent years. .

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NatWest decision to close Nigel Farage’s bank accounts was lawful, says report

TheGuardian

Investigation for bank finds ‘serious failings’ in handling of Coutts move and treatment of ex-Ukip leader Business live – latest updates NatWest’s decision to close Nigel Farage’s bank accounts was lawful but there were “serious failings” in how it treated the former Ukip leader, an independent review commissioned by the bank has found. Lawyers hired by NatWest Group said the lender had acted “in accordance with the relevant bank policies and processes” when it decided to shut the accounts Fara

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Live Demo: How to Achieve Reconciliation Zen

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

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Visa faces remaining litigation exposure of up to $4B

Payments Dive

That’s the maximum amount of money the card network estimates may yet result from claims brought against it years ago by merchants who argue they were overcharged for card transaction processing.

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After Brief Rally, Treasury Yields Head Higher Again

South State Correspondent

After Brief Rally, Treasury Yields Head Higher Again Treasury yields are moving higher once again this morning as the Treasury’s expected announcement next week of increased auction sizes is starting to weigh on markets, and the lates PMI and new home sales offer little indication of a slowing fourth quarter economy. Presently, the 10yr is yielding 4.91%, down 20/32nds in price while the 2yr is yielding 5.09%, down 1/32nd in price.

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DOJ Settles Redlining Claims in Rhode Island

CFPB Monitor

The Department of Justice (DOJ) announced a settlement agreement with Washington Trust Company, of Westerly (WTC) to resolve claims that WTC redlined majority Black and Hispanic neighborhoods in Rhode Island. In its complaint against WTC, DOJ alleged that the following practices were used to discriminate against Black and Hispanic borrowers from 2016 to at least 2021: WTC located and maintained all of its Rhode Island branches and loan officers outside of majority-Black and Hispanic neighborhood

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2023 ATM and Self-service Software Trends Overview

ATM Marketplace

This one-hour webinar invites global ATM industry stakeholders to reflect on key 2023 trends with market experts. It is based on the 16th edition of the top-rated ATM & Self-service Software Trends Report (an annual guide created by ATM Marketplace and KAL ATM Software).

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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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Wex buys Payzer for $250M

Payments Dive

The purchase continues a spate of payments industry acquisitions this month, and will let the fleet management services company cross-sell more software.

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Inside Marketing: Celebrating the 75th ICU Day

William Mills

In a world seemingly dominated by commercial banks and other financial behemoths, credit unions stand as a unique and enduring pillar of financial stability and community empowerment. This year marks the 75 th anniversary of International Credit Union Day , recognizing the history of the credit union movement and reflecting on its achievements and the shared member experience.

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DOJ Redlining Consent Order With Ameris Bank

CFPB Monitor

Recently the U.S. Department of Justice (DOJ) entered into a proposed consent order with Ameris Bank to resolve allegations of redlining from 2016 through 2021 in majority Black and Hispanic areas in the Bank’s Jacksonville, Florida assessment area under both the Equal Credit Opportunity Act (ECOA) and Fair Housing Act. In conjunction with the announcement of the proposed consent order, Attorney General Merrick Garland provided an update on the DOJ’s Combating Redlining Initiative that was launc

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UK financial regulators scrap cap on bankers’ bonuses

TheGuardian

Bonus cap to end on 31 October, a move condemned by unions as an ‘insult to working people’ The UK’s financial regulators have formally scrapped the banker bonus cap, removing one of the key reforms introduced by the EU in the wake of the 2008 financial crisis. The Bank of England and Financial Conduct Authority (FCA) confirmed that the cap would disappear on 31 October, nearly a year after Liz Truss’s short-lived government first revealed plans to ditch the rules in a bid to attract more invest

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New York Lien Law Essentials: 5 Key Facts for Commercial Lenders

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.

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Crypto legislation would put US ‘back in the game,’ stakeholders say

Payments Dive

A pair of House bills would help the industry gain clarity, scale digital asset products and promote financial inclusion, cryptocurrency stakeholders said Sunday on a panel at Money20/20.

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Bridging the Financing Gap | Bridge Lending Guide

Commercial Lending USA

Bridge lending is a crucial financial instrument that helps in the execution of real estate deals and business projects. It functions as a transitional financial bridge, closing the gap between an immediate need for money and the more permanent financing that may be forthcoming.

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Appraisal Subcommittee to Host Public Hearing on Appraisal Bias

CFPB Monitor

The Federal Financial Institutions Examination Council’s Appraisal Subcommittee (ASC) is scheduled to host a public hearing on Wednesday, November 1, 2023. The upcoming hearing on appraisal bias will focus on how residential appraisals are developed and reviewed, the process for reconsiderations of value, and processes for conducting appraisals in rural areas.

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Gen Z panel shares 5 rules for success

ATM Marketplace

What does Gen Z actually want from banks and businesses? A panel of Gen Zers discussed what they look for.

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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.