South State Correspondent

NOVEMBER 24, 2015

We have laughed about it for years at banking conferences, but rates at one bank, have in fact, gone negative. While earning interest on deposits has been a long held precept in banking, the Alternative Bank Schweiz (ABS), a community bank in Switzerland, is the first bank in history that has moved an entire product line to negative rates. As of this week, retail customers get charged 12.5 basis points for short-term deposits and 75 basis points on deposits above 100k Swiss Francs ($98,202).

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Abrigo

NOVEMBER 24, 2015

Add FDIC Chairman Martin J. Gruenberg to the list of regulators and industry officials warning about growing credit risks in the U.S. In prepared remarks for the release of the FDIC’s third-quarter version of the Quarterly Banking Profile , Gruenberg said growing interest-rate risk and credit risk warrant “timely attention” by banks and will “continue to be a focus of supervisory attention.

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Independent Banker

NOVEMBER 25, 2015

Kaarin Long stops by a local manufacturer while getting to know customers as Investors Community Bank’s cash management relationship manager. Photo by Mike Roemer. Kaarin Long. Cash Management Relationship Manager. for the $745 Million-Asset. Investors Community Bank in Manitowoc, Wis. IB: Where is Manitowoc? Long: Manitowoc is conveniently located along the shores of Lake Michigan, and we’re centrally situated between Green Bay and Sheboygan.

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Finer Points

NOVEMBER 23, 2015

While many Americans are gearing up for the holiday season, ICBA and community bankers are gearing up for a bustling couple of weeks in Washington. Three top-priority industry initiatives are coming to a head in roughly as many weeks: blocking a backdoor tax hike on Federal Reserve members, modifying a dangerous rewrite of accounting standards, […].

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Washington Taxes Community Industry 100

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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South State Correspondent

NOVEMBER 23, 2015

As we look ahead for 2016, we are noticing that there are some key trends emerging in financial services that banks can take advantage of. As the economy strengthens, the confirming of status is emerging as a key motivator and can be used by banks to drive behavior. We first reported on this trend when we discussed turning your bank into a night club ( HERE ) and today we talk about the application of exclusivity at the customer level.

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Trends Report 174

Gonzobanker

NOVEMBER 24, 2015

“Son, if you really want something in this life, you have to work for it. Now quiet! They’re about to announce the lottery numbers.” -Homer Simpson. To the newer employees in the banking industry – today’s tome is for you! At GonzoBanker, we are always excited to see new faces and new talent in the industry. What’s more, we consider it both a privilege and a duty to help you wade through many of the complexities of our industry and put the wind at your back in your journey to success

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Independent Banker

NOVEMBER 25, 2015

“We are trying to stretch ourselves and go beyond what other banks are doing.” — Alex Jimenez, Rockland Trust Co. Photo by Ken Richardson. Alex Jimenez explores new products and payments full time. By Karen Epper Hoffman. Even with technology’s increasing influence on retail banking, it’s not typical for a community bank to have one of its most senior and trusted executives concentrate primarily on leading consumer product and payments innovation.

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Jack Henry

NOVEMBER 25, 2015

Author: Marissa Quebbeman, MQuebbeman@jackhenry.com. Holiday gift wish-lists, check. List of cyber-Monday deals, check. Malware installed while surfing the web to find the best deals…huh? The holiday shopping season usually carries elevated risk – whether shopping at a mall or online. This year, Internet users face sophisticated cyber threats that have been active and evolving for the past year.

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CFPB Monitor

NOVEMBER 24, 2015

Alan S. Kaplinsky. For the fourth year in a row, CFPB Monitor has made the American Bar Association’s Blawg 100 list, the ABA’s annual list of the best blogs about lawyers and the law. CFPB Monitor continues to be the only blog focused on the CFPB and one of only two blogs focused on consumer financial services in the ABA’s top 100. We are honored to have once again received so many recommendations from our readers and thank you for helping CFPB Monitor make the 2015 list.

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Groups Report 85

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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

Lending

SWBC's LenderHub

NOVEMBER 25, 2015

It’s no secret that social media has made its way into millions of Americans’ everyday lives. And, now it’s also making a huge impact in the world of business. In fact, according to ThinkAdvisor , 90% of affluent consumers use social media, and 44% of these users engage with financial institutions specifically. These numbers have great potential to grow and offer new opportunities for financial institutions to improve their bottom line.

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Independent Banker

NOVEMBER 24, 2015

By Jack Hartings, Chairman of ICBA. As community bankers, supporting local small business is second nature for generations and will continue to work for generations to come. Even though we as community bankers support small businesses every day of the year, the holidays provide us with a unique opportunity to put small businesses and our communities front and center.

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Community Bank Community social media Ohio 70

Banking 2020

NOVEMBER 26, 2015

Completely seamless payments are no longer just a dream, as the emergence of the Internet of Things makes it possible to integrate a payment function into everyday objects. Take the latest service from Samsung, the Korean electronics giant, that is unleashing its rival to Apple Pay for its smartphone handsets. But Samsung Pay won’t just be for handheld devices – a version will also be available on its range of smart TVs.

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CFPB Monitor

NOVEMBER 24, 2015

Barbara S. Mishkin. The CFPB has issued its November 2015 complaint report, the fifth in its new series of monthly complaint reports. The new report highlights bank account or service complaints and complaints from consumers in Connecticut and the Hartford metro area. General findings include the following: As of November 1, 2015, the CFPB handled approximately 749,000 complaints nationally, including approximately 23,300 complaints in October 2015.

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Connecticut Report Idaho Nebraska 69

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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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Matt Wilcox Pro

NOVEMBER 26, 2015

Not everyone has access to a toddler consultant In the 1970s, banks tended to limit marketing themthar newfangled ATMs to people around 30 years old and younger, aka Boomers. The reasoning was that interfacing with not just a machine but a computer (!) would intimidate if not terrify anyone much older than that. They weren’t [.

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Independent Banker

NOVEMBER 24, 2015

Current best practices in fighting wire fraud. By Cheryl Winokur Munk. With wire fraud on the rise, community banks have to step up precautions to protect themselves and their customers. Wire fraud incidents nearly doubled to 27 percent in 2014, from 14 percent a year earlier, according to the 2015 AFP Payments Fraud and Control Survey. What’s more, 20 percent of the companies that suffered financial losses from payment fraud said their biggest losses stemmed from wire transfer fraud, up from 9

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Community Bank Fraud Atlanta Community 70

ZootBlog

NOVEMBER 23, 2015

There are more types of financial fraud to manage than ever before—debit and credit card, check, online banking, electronic, ACH—the list goes on. Fraudsters never give up. They keep old-fashioned, small-scale scams in play while looking for additional ways to penetrate financial institutions. An example is cross-channel or multi-faceted fraud, where information is gained in one channel and used to commit fraud in another, making it even more challenging to combat.

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CFPB Monitor

NOVEMBER 24, 2015

Mark J. Furletti. The CFPB has issued a compliance bulletin ( Bulletin 2015-06 ) concerning the Electronic Fund Transfer Act (EFTA) and Regulation E requirements for obtaining a consumer’s authorization for preauthorized electronic fund transfers (EFT) and the CFPB’s compliance expectations. The bulletin was accompanied by the CFPB’s publication of sample letters a consumer can use in connection with preauthorized EFTs, including to revoke his or her authorization.

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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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SWBC's LenderHub

NOVEMBER 23, 2015

Wednesday afternoon’s reaction to the release of the Federal Open Market Committee (FOMC) was quite interesting. For equities and the currency markets, the Fed had finally done what the market has been begging them to do for over a year. They provided clarity. The Fed essentially stated that they will raise the funds rate by 25 basis points at the FOMC meeting on Dec. 16, and then in 2016, raise rates in a very gradual manner.

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Independent Banker

NOVEMBER 24, 2015

Deciding which mobile features and functions to offer. By Katie Kuehner-Hebert. Certain mobile functions and features are essential to the success of a community bank’s mobile banking offerings. But which ones? Newfangled mobile capabilities could help community banks stand apart from their competitors. Other functions may sound spiffy but might not generate enough value or use to justify their additional cost, at least for now.

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Jeff For Banks

NOVEMBER 21, 2015

To get into the holiday spirit, I recently read a short story by William John Locke titled The Story of Three Wise Men. A story of three academics drawn to a country cabin where they delivered a baby to a dying woman. In the book, the author wrote the wise men "had grown old in unhappy and profitless wisdom". In other words, their experiments and theories benefited nobody, as they were all recluses.

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CFPB Monitor

NOVEMBER 24, 2015

Barbara S. Mishkin. The CFPB has issued a new “ snapshot of servicemember complaints.” The report states that as of November 2015, the CFPB had received about 2,500 complaints from servicemembers, veterans and their dependents about high-cost consumer credit. These complaints were submitted under two complaint categories: the “payday loan” category or under the “debt collection” category with “payday loan” indicated as the sub-product.

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Banking 2020

NOVEMBER 22, 2015

The death of cash – stark reality or merely an urban myth? It depends a huge amount on where in the world you are talking about. Cash is still dominant in most developing markets, and even in places like the US, paper money still accounts for most consumer payments by volume. Turn to Sweden, however, and it’s a very different story. Here the country has set its sights on becoming the world’s first truly ‘cashless’ society, and new research suggests that this is more than just a pipe dream.

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Study ATM Mobile System 51

Independent Banker

NOVEMBER 24, 2015

Previewing an easier-to-use format of the FFIEC’s IT security assessment. By Ellen Ryan. Good news: The FFIEC Cybersecurity Assessment Tool is still voluntary. Bad news: In its original form, it’s awkward to use—and may become part of those dreaded IT security exams. Better news: In October, the Financial Services Sector Coordinating Council completed a user-friendlier Excel version, called the FSSCC Automated Cybersecurity Assessment Tool, which the Federal Financial Institutions Examination Co

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Tools Community Community Bank Security 70

ABA Community Banking

NOVEMBER 25, 2015

But it shouldn’t be. Fintech players discuss regulation. Compliance people should talk about innovation Management Lines of Business Technology Compliance Blogs UNconventional Wisdom Compliance Management.

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Innovation Compliance Regulation Fintech 46

CFPB Monitor

NOVEMBER 24, 2015

Barbara S. Mishkin. The CFPB has issued its eighth Semi-Annual Report to the President and Congress covering the period from April 1, 2015 through September 30, 2015. The 190-page report recycles information from previously-issued CFPB reports and reviews ongoing and past developments, which we have covered in previous blog posts. By way of aggregate statistics, the report indicates that in the six-month period it covers, CFPB supervisory actions resulted in financial institutions providing more

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