South State Correspondent
OCTOBER 7, 2015
Fresh off the 2015 ABA Marketing and Retail conference in Denver, we have a very long Evernote page of ideas, inspirations, thoughts and tactics. While we will highlight a few of the many banks from the conference that are making a difference in the coming weeks, today we wanted to do a quick recap of some of the trends and overarching lessons in case you were not able to make it.
Finer Points
OCTOBER 6, 2015
In an era of seemingly perpetual political gridlock, it’s important to pause on occasion to consider why we community bankers put so much effort into political advocacy. From our continuous and relentless regulatory relief efforts to our persistent support for fair and equitable oversight of credit unions and the Farm Credit System, community bankers certainly […].
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Accenture
OCTOBER 7, 2015
Change is non-negotiable for retail banks to thrive in the digital banking era. But meaningful change cannot happen without leaders who are willing to change too. This is especially true for the agile bank—a disruptive retail bank that is customer. Read more.
Abrigo
OCTOBER 6, 2015
As the fall ramps up, many accounting firms will see a steady stream of new faces in their halls. Recent college graduates have already or soon will find their new homes in cubicles, wide-eyed and eager to learn the ins and outs from their firm’s senior staff. While a company mentor may school them on watercooler speak or the do’s and don’ts of assimilating to office culture, many rookie team members will also need a hand to learn the intricacies of their day-to-day work.
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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
South State Correspondent
OCTOBER 6, 2015
There was a time when the average community bank customer was the same age as the adult general population. Over time, due to the urbanization of America, immigration and lack of targeted marketing, this has changed. Now, the average community bank customer is more than 5 years older than the general population and increasing in age at a faster rate.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Jeff For Banks
OCTOBER 3, 2015
Glenn Moyer, the former Secretary of the Pennsylvania Department of Banking and Securities (pictured), spoke at a banking industry event this past week. His subject: How to love your regulator. Glenn is a senior advisor to my firm and I suggested the topic. He rolled with it. Regulator relations is a pressure point in our industry. Some of the more common complaints include regulatory guidance that seems to change with the breeze, and community banks being treated like “too big to fail” (TBTF).
Abrigo
OCTOBER 5, 2015
For banks and credit unions, a popular tool to monitor credit risk is a standardized risk rating system, which can serve several purposes. These systems often determine credit approval processes, covenants placed on the borrower and how loans should be priced. They can also form the basis for broader risk management practices – for instance, setting the reserve, stress testing the loan portfolio , setting risk appetites and strategic planning.
South State Correspondent
OCTOBER 8, 2015
The Google to Alphabet name change got us thinking about the value of a bank name. Can changing your bank name change the value of your bank? On one hand, changing your name hurts your brand value in the short run as now you have to re-educate your customers. There is also the practical cost of changing your logo, marketing collateral, signage, stationary and other items.
CFPB Monitor
OCTOBER 8, 2015
Richard J. Andreano, Jr. The residential mortgage settlement service industry has been asking the CFPB for guidance on the legality of marketing service agreements (MSAs) under RESPA. When questioned on the issue last week at a House Financial Services Committee hearing , Director Cordray indicated that the CFPB would issue guidance. One week later the CFPB has now issued non-binding guidance in the form of Bulletin 2015-05.
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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
Matt Wilcox Pro
OCTOBER 7, 2015
(A marketing lesson from a bowl of chili) You may have heard me from time to time harp on the importance of never mistaking a brand’s trappings for the brand itself. This is not to say that brand trappings don’t matter. They do. To illustrate, I have invited a bowl of chili to join us. A [.
Jack Henry
OCTOBER 9, 2015
Author: Pat True, RTrue@profitstars.com.
South State Correspondent
OCTOBER 5, 2015
There are a material amount of banks out there that still offer negotiable order of withdrawal (“NOW”) accounts. Our question is why? Why not also offer a Christmas Passbook Account while you are at it? The NOW account predates the Dodd-Frank Act and while there was little need to carry it before, there is now no cogent argument that can be made for carrying it present day.
CFPB Monitor
OCTOBER 5, 2015
Brian J. Slagle. A new Joint Statement issued by the Consumer Financial Protection Bureau, Department of Education, and Department of the Treasury presents a framework to standardize student loan servicing practices across the various federal and private borrowing programs. The agencies expect the new principles will guide rulemaking for better servicing practices and, ultimately, reduce student loan defaults.
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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.
SWBC's LenderHub
OCTOBER 8, 2015
Financial institutions and borrowers, alike, have breathed a collective sigh of relief over the last half decade as the U.S. economy has improved from the dark days of the Great Recession. Delinquencies are not what they once were thanks to an improved economy, job growth, and increased credit availability; however, America, and in turn, lenders, are not completely immune from delinquency issues.
Banking 2020
OCTOBER 7, 2015
The EMV (Europay, MasterCard, Visa) shift went into effect on October 1, 2015 and a majority of large retailers and merchants have upgraded POS terminals to accept EMV chip cards. Despite this new mandate, many consumers are still waiting for new EMV cards. Whether you have gotten your card or not, here are some tips from Carolyn Balfany , Group Head for U.S.
ABA Community Banking
OCTOBER 6, 2015
SNL Report: Does independence really require bigger pockets? CSuite Community Banking Feature Feature3.
CFPB Monitor
OCTOBER 9, 2015
Jeremy C. Sairsingh. Earlier this week the Supreme Court heard oral arguments in the case of Hawkins v. Community Bank of Raymore. We have issued an E-alert discussing this important case, which we expect will resolve whether a spouse-guarantor is an “applicant” under the ECOA. Notably, the CFPB joined in an amicus brief filed by the United States in support of Regulation B’s definition of “applicant,” which includes guarantors.
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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.
SWBC's LenderHub
OCTOBER 5, 2015
Can you imagine sitting in your home, watching The Weather Channel, buckling down for a major hurricane, and then suddenly the hurricane just disappears from the screen? What on Earth would you do? It’s not like it suddenly changed course—I’m talking about the whole storm system just disappearing from the screen! I’d be pretty scared and confused if I saw that, wouldn’t you be, too?
Banking 2020
OCTOBER 8, 2015
There are a couple basic rules when it comes to dealing with customers: don’t get mad, be proactive, and treat everybody with respect. But what about customers who vastly differ in age? When a millennial business owner comes to your bank with their potential business, do you treat him differently than if he were a Baby Boomer? Maybe you should be. Here are the major differences between Millennial business owners and Baby Boomer business owner, and what they’re looking for in a bank: Millennial B
ABA Community Banking
OCTOBER 9, 2015
(Memo to crooks: Open season on old victims begins in month 13.) Payments Risk Management Blogs Beyond the Bank Cyberfraud/ID Theft.
CFPB Monitor
OCTOBER 7, 2015
Kim Phan. The Office of the Inspector General (OIG) has released the “ 2015 list of major management challenges ” faced by the CFPB that the OIG believes will hamper the CFPB’s ability to accomplish the CFPB’s strategic objectives. Like the 2014 list , one of the challenges identified by the OIG is the need to ensure that the CFPB has an effective information security program.
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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.
Bankelele
OCTOBER 8, 2015
A guest post by @queenofsheeba7. I’ve absolutely and utterly been in love with Djibouti since I was a kid. Granted, it was the name the intrigued me; ever since I was 8 years old. Even as I received the stamp on my passport, I muffled a giggle to myself about the name – nope I still haven’t grown up! Djibouti is a forgotten gem of the Horn, somehow you just never know what you’re going to get when you’re in Djibouti…that’s part of the charm.
Banking 2020
OCTOBER 9, 2015
Cases of card not present (CNP) fraud are continuing to rise across all corners of the globe, as EMV forces criminals away from traditional fraud channels. The latest evidence for this trend comes from Australia. According to figures from the Australian Payments Clearing Association (APCA), the country saw credit and debit card fraud increase by more than a quarter (26 per cent) between 2013 and 2014.
ABA Community Banking
OCTOBER 6, 2015
Colorado banks’ quandaries illustrate challenges others may face as pro-marijuana laws spread like, well, weeds Compliance Blogs Common Sense Compliance BSA/AML Feature Feature3.
CFPB Monitor
OCTOBER 7, 2015
Alan S. Kaplinsky and Mark J. Levin. Today, the CFPB announced at a field hearing in Denver, Colorado that it is considering proposing rules that would prohibit consumer financial services companies from using class action waivers in consumer arbitration clauses. The CFPB has published an outline of its proposals in preparation for convening a Small Business Review Panel to gather feedback from small industry stakeholders.
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