Sat.May 04, 2024 - Fri.May 10, 2024

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What Banks Can Learn from the Republic Bank Failure

South State Correspondent

On April 26, 2024, Republic First Bank (DBA Republic Bank) was seized by state regulators and the long running bank drama came to an end. With the assistance of the FDIC, Fulton Financial acquired certain assets, debt and deposits of Republic Bank. This first bank failure in 2024 is reported to cost the Deposit Insurance Fund $667mm. A slew of articles have been published explaining the reason for this bank’s failure.

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What is the ROI of a Banking Conference?

Jeff For Banks

Are conferences more than a vacation? Last week I attended two back-to-back banking conferences and it was apparent that attendance was down. This is the likely reaction to banks' profit challenges resulting from net interest margin pressures that are due to slowly repricing loans accompanied by ever faster repricing deposits. Let's tighten our belts to offset revenue decline.

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CFPB fines Chime $3.25M

BankInovation

Chime Financial was fined $3.25 million by the Consumer Financial Protection Bureau today as the digital bank has failed to give timely consumer refunds. According to Chime’s refund policy, the company is required to issue consumer refunds within 14 days.

Policies 111
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Merchants urged to file claims for $5.5B payment card settlement

Payments Dive

Requests for a slice of the Visa-Mastercard settlement are due by a May 31 deadline. Lawyers are racing to alert eligible businesses.

Cards 418
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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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3 Tips to Maximize Your Commercial Lending Potential

Jack Henry

In myyears at Jack Henry™, my lending team has helped hundreds of financial institutions across the United States achieve their strategic goals by focusing on the future of commercial lending.

Lending 88

More Trending

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Grasshopper Bank begins rollout of SBA lending strategy

BankInovation

Small businesses demand efficient access to capital and Grasshopper Bank is meeting the needs of its small business clients through its latest digital lending solutions.

Lending 113
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Jack Henry, Visa see escalating FedNow volume

Payments Dive

While the Federal Reserve won’t specify payments volume on the new instant system, executives from certified service providers Visa and Jack Henry said they’re seeing an increase.

System 417
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Vibrant Credit Union in Illinois explores a blockchain-based future

American Banker

The $1.1 billion-asset Vibrant is working with the San Francisco-based distributed ledger development firm Metallicus through its Metal Blockchain Banking Innovation Program to examine use cases.

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Press Release: BankBazaar Marks Third Year of Growth; Hits Rs. 215 Crore Revenue

BankBazaar

BankBazaar.com, India’s leading fintech co-branded Credit Card platform and online platform for free Credit Score, marks its third consecutive year of fast and sustainable growth, with an unaudited operating revenue of Rs.215 Crore in FY24. This growth trajectory is driven by the company’s new and existing strategic partnerships for co-branded Credit Cards with leading commercial banks.

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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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5 Ways Commercial Loans Can Boost Your Business

Commercial Lending USA

Commercial Lending USA is an excellent place to get commercial loans because almost half of all small businesses need them to start up or grow.

Lending 98
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How to reduce risk and save cash with Pull-ACH

Payments Dive

Finance leaders are in a unique position to reduce costs and increase revenue by evolving payment processes.

How To 397
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Banks left in limbo as regulators mull path forward for Basel

American Banker

Federal Reserve Chair Jerome Powell said there have been "no decisions" on the controversial capital reform plan, but banks and others who have criticized the proposal are eager for an indication about what's next.

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Staying Ahead of the Curve: Six PR Trends We’re Keeping an Eye On

William Mills

The PR industry is constantly evolving to keep up with new technologies, media platforms, and consumer preferences. As PR pros, staying ahead of the latest trends and practices is key to crafting successful campaigns. Here’s a look at six trends we’re tracking this year.

Trends 83
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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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Visa announces generative AI-powered fraud solution

The Paypers

Visa has launched Visa Account Attack Intelligence (VAAI) to combat card testing attacks, reducing fraud and operational losses in real-time for US issuers.

Fraud 93
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Mastercard joint venture starts operations in China

Payments Dive

The collaboration with a Chinese entity began Wednesday, with processing of cards issued by banks in the country following years of preparations.

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Proposed credit card fee rules will benefit retailers, not consumers

American Banker

Big national retailers will capture all the financial benefits from proposed reductions in swipe fees, while consumers will be left with fewer benefits programs and less secure transactions.

Retail 96
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No refund after I was sold a stolen £3,300 bike on eBay

TheGuardian

I phoned the police and the bike was seized, but eBay and my bank won’t help over reimbursement I bought a used electric cargo bike on eBay for £3,300 but, when it arrived, I discovered a cut in the frame. I put the frame number into the national BikeRegister database , which confirmed it had been stolen. The seller did not reply when I contacted them, so I phoned the police and the bike was seized.

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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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Banks positioned for M&A wave following Q1

BankInovation

Financial institutions that think about efficiency and growth when considering tech spend can respond quickly to merger and acquisition opportunities, Danny Baker, vice president of market strategy at technology provider Fiserv, told Bank Automation News. “Successful banks, when they think about their technology investment, they don’t think about efficiency from a penny-pinching [perspective],” he said.

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CFPB, DOT take aim at airline rewards

Payments Dive

The two agencies raised concerns that airlines and card companies could arbitrarily devalue points accrued in their joint rewards programs, amounting to a bait-and-switch for customers.

Cards 243
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House set to vote on nullifying SEC crypto custody guidance for banks

American Banker

The full House is scheduled to vote Wednesday on a Congressional Review Act resolution that would overturn a staff accounting bulletin from the Securities and Exchange Commission. Banks argue that the guidance would effectively cut them out of the crypto custody business.

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ATM features: 5 to include

ATM Marketplace

Want your ATM to succeed? Consider adding these five essential features.

ATM 101
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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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City of London watchdog is making a fair point on ‘naming and shaming’

TheGuardian

Disclosure of the identities of firms under investigation by FCA could be in the public interest The City’s lobbying battalion in full cry is something to behold. Witness the furious response from the banking and finance industry to a proposal from the Financial Conduct Authority (FCA) to name firms under investigations occasionally – specifically when it thinks the public interest would be served.

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Fed, TCH joust over interoperability

Payments Dive

When it comes to bridging the FedNow and RTP networks, officials at the Federal Reserve and The Clearing House have slightly different priorities.

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Fintechs pitch banks with solutions to help consumers deal with debt

American Banker

Consumer debt aggregators such as Method, Payitoff, Spinwheel and Tally are partnering with financial institutions to embed solutions that aggregate account information and devise ways to optimize repayment — including with low-interest offers from the bank itself.

Fintech 82
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Upstart automates 90% of unsecured loans in Q1

BankInovation

Online lender Upstart automated 90% of its unsecured loans in the first quarter of 2024 as automation remained at the forefront of efforts to streamline its loan application process. Upstart originated $1.

Online 64
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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

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