Sat.Jan 27, 2024 - Fri.Feb 02, 2024

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Helping bank employees remain 'coachable' is a key management skill

American Banker

Organizations that emphasize not just coaching but the importance of remaining coachable, tend to develop more talented and engaged teams.

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The Transactional to Transformational Model for Community Banks

The Emmerich Group

The days of transactional banking are over. Yes, there was a day when the customers would walk into our lobbies. Yes, there was a day where they came looking for us. Yes, I remember those days, too. Those days are long gone And it was a rapid turn. Yes, the amount of traffic coming into Continue Reading The post The Transactional to Transformational Model for Community Banks appeared first on Emmerich Financial.

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5 Trends for the New Year and New Revelations

Jack Henry

As we kick off the new year, it’s always a great time to reflect on the past and look forward to the future. Strategizing is important for all organizations as many industries are reinvented by technology and reimagined by changing consumer needs. Amid banking trends, fintech trends, and other emerging factors, the financial services sector is no stranger to change.

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Acquire or Be Acquired 2024: A Race to Perform … and Earn the Right to Transform 

Gonzobanker

Turn up “Whole Lotta Love” and let the pure adrenalin rush of Jimmy Page’s intro accompany this year’s Acquire or Be Acquired recap … In the ever-evolving world of banking, Bank Director’s Acquire or Be Acquired Conference remains a constant. Early this week, the conference was the epicenter of discussions, where 2,000 attendees descended upon Arizona to strategize and set the tone for our great industry’s future.

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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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The Problem with Floating and Adjustable Rate Loans

South State Correspondent

A typical current strategy for community banks when originating commercial real estate loans is to offer floating-rate loans or shorter-term adjustable structures. Borrowers are waiting for the Fed to lower short-term interest rates, hopefully translating into a refinancing opportunity for the borrower at a lower loan rate. Unfortunately, this strategy has all the underpinnings of a credit problem case study, and we do not have to search for a hypothetical example.

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Labour’s pro-business lullaby sends movers and shakers into a blissful sleep | John Crace

TheGuardian

Toxic Tories have run themselves out as Starmer brings out the big hitters for a day at the Oval It was the hottest gig in town. Within hours of the event being announced all the £1,000 a head tickets had gone. Thank God for those uncapped bonuses. Anyone who was anyone in the business world was here. Executives from Goldman Sachs, Google, Mastercard, HSBC and countless more besides.

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How Did Banks Fare During Fed Tightening?

Jeff For Banks

Now that the debate is turning from Fed tightening to when the Fed will start dropping rates, we took a look at how financial institutions fared during the tightening cycle, using the quarter ended December 31, 2021 as the base period. The Fed began tightening at its March 17, 2022 meeting with a 25 basis points increase in the Fed Funds Rate and ended July 26, 2023.

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Bank buys raise questions about the ‘credit union difference’

ABA Community Banking

Credit unions are swallowing up tax-paying banks at an alarming rate, using the tax break lawmakers granted them to serve people of modest means. Following a record 16 credit union bank buys announced in 2022, credit unions’ share of total bank purchases hit an all-time high last year. The post Bank buys raise questions about the ‘credit union difference’ appeared first on ABA Banking Journal.

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Podcast: AI, RPA, fraud detection, data sharing enhancements in 2024

BankInovation

Technology and innovations advanced in leaps and bounds in 2023, including enhancements to AI, the introduction of generative AI and investment in data analytics.

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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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Aldi debuts Grabango checkout tech at Chicago-area store

Payments Dive

The retailer is working with artificial intelligence startup Grabango to offer the service for the first time in the U.S. at a location in the Chicago suburb of Aurora, Illinois.

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Resolution Plan Submission Period Extended by Key Financial Agencies

Perficient

In discussions with financial services executives, Perficient consultants consistently explore the extension of the submission deadline for resolution plans among certain large financial institutions with assets exceeding $250 billion. Moving forward, these institutions will need to submit their resolution plans by March 31, 2025. Our Expertise Perficient launched its Risk and Regulatory CoE in October 2023 to proactively address compliance issues.

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Navigating Loan Defaults: Understanding Your Rights and Options

BankBazaar

While navigating a loan default can be challenging, understanding your rights and available options empowers you to make informed decisions. Here’s everything you need to know if you find yourself in this predicament. Repaying a loan and managing EMIs can sometimes become a challenging endeavour, potentially leading to concerns about defaulting. While defaulting is not an ideal situation, it’s important to recognise that it doesn’t mark the end of the road, nor does it brand you as a

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“True Lender Act” Bill Proposed in Maryland

CFPB Monitor

Maryland has joined the ranks of states considering legislation that would codify elements of “true lender” theory in an effort to impose federally preempted state licensing requirements and rate caps on loans to Maryland residents. House Bill 254 (HB 254), introduced on January 10, 2024 in the Maryland House of Delegates, would add Subtitle 15 – the “True Lender Act” – to Title 12 (Credit Regulations) of the Maryland Commercial Law.

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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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Lawmakers clash on CFPB digital payment rule

Payments Dive

Democratic Senators said the proposed rule would curb “rampant” fraud, while Republican congress members said it would introduce “regulatory uncertainty.

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Driving Innovation: Inside Perficient’s Risk and Regulatory Center of Excellence

Perficient

Our success at Perficient emanates from the dedication of our team. We take immense pride in recognizing that our committed individuals propel innovation and drive change within our industry. Every voice within our organization holds significance, none more so than Carolyn Lee , a Project Manager (PM) in our Financial Services business unit and a leader in Perficient’s Risk and Regulatory Center of Excellence (CoE).

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How AI delivers improved kiosk, ATM operations

ATM Marketplace

With AI, ATM operators can identify ahead of time potential device faults and either make the fixes remotely or schedule maintenance. It can also detect potential attacks, either physical or software.

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DOJ Settles with Patriot Bank for Redlining in Memphis

CFPB Monitor

The Department of Justice (DOJ) announced that Patriot Bank (Patriot or Bank) has agreed to pay $1.9 million to resolve allegations that the Bank engaged in a pattern or practice of redlining majority-Black and Hispanic neighborhoods in Memphis, Tennessee from 2015 to at least 2020, in violation of the Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA).

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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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FTC, FloatMe reach $3M settlement

Payments Dive

The cash advance provider “lured consumers in with false promises of free money advances,” and then made it difficult for them to cancel, FTC Director Samuel Levine said in a press release.

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Next level AI: Quantum AI

BankInovation

Graphics processing units on today’s computers can only hold so much capacity — and financial institutions are looking to quantum computing to process ever-growing data sets and turbocharge AI.

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6 Banking customer experience strategies for 2024

ATM Marketplace

Customer experience is a critical part of every business, as it builds customer loyalty and improves the overall brand image and equity. When looking at the retail bank customer experience, there are multiple considerations to keep in mind in 2024.

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Labour has no intention of reinstating cap on bankers’ bonuses, says Reeves

TheGuardian

Shadow chancellor says party aims to be champion of a thriving financial sector if it wins election Business live – latest updates Labour will not reinstate a cap on bankers’ bonuses if it wins the next election, the shadow chancellor has said. Rachel Reeves said she had “no intention” of bringing back the cap, saying she wanted to be the “champion of a thriving financial services industry”.

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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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Mastercard, TCH to enhance RTP network

Payments Dive

The extended partnership between the two companies “focuses on co-development of new real-time payments capabilities,” a spokesperson for The Clearing House said.

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Ballard Spahr to hold Feb. 20 webinar on TCPA developments impacting consent and lead generation

CFPB Monitor

New FCC rules under the Telephone Consumer Protection Act will mean big changes for businesses, particularly comparison shopping websites, lead generators, and other companies that regularly contact consumers via phone or text message. On February 20, 2024, from 1:00 p.m. to 2:00 p.m. ET, Ballard Spahr will hold a webinar in which members of the firm’s Telephone Consumer Protection Act Industry Group will discuss: The so-called “lead generator loophole” and the FCC’s efforts to close it.

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Eliminate Invoice Processing Issues with Document AI

Jack Henry

Manual – it's a word that business owners and factors are attempting to erase not only from their businesses but also their lips! Manual efforts create human errors that cost time and money. For years, much of the financing industry has relied on manual methods, but as technology advances, so must the industry.

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Bank agrees payout over mortgages that ‘ruined lives’

TheGuardian

Out-of-court settlement reached with law firm acting for customers who have been left owing big sums One of Britain’s biggest high street banks has agreed a payout to settle a case involving “unfair” mortgages – giving hope to thousands of people who have been left owing huge sums. On the eve of a trial set to last six weeks, Bank of Scotland – part of Lloyds Banking Group – and a law firm representing 160 current and former customers reached an out-of-court settlement that means the bank will n

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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.