South State Correspondent

MAY 9, 2023

Last week ( HERE ), we looked at how deposit account tiering is used, some of the objectives that banks might employ, and the effectiveness of tiering in total. As discussed last week, many banks tier without objective, without data, and without supportive marketing, thus rendering the methodology worthless and possibly hurtful. We challenged several commonly held assumptions and presented data that would indicate that tiering accounts just by account balance may not be all that it is cracked up

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ATM Marketplace

MAY 9, 2023

Walgreens has deployed more than 1,300 ATMs that not only accept cash but also provide cryptocurrency purchasing/selling and mobile send/receive cash capabilities.

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ATM cryptocurrency Mobile 126

South State Correspondent

MAY 9, 2023

In the wake of regional bank failures, one potential answer to equity shorting and bank runs is having the FDIC increase deposit insurance. The regulators are considering three options: raising the limit above $250k, raising the cap for only certain accounts (such as banks’ business accounts), or eliminating the cap entirely. Increasing insurance coverage on bank deposits will have unintended consequences and results contrary to what those in the banking industry want and what the U.S. e

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Payments Dive

MAY 9, 2023

A group of lawmakers asked the CEOs of large credit card issuers to explain their late fee practices.

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Cards Groups 243

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American Banker

MAY 8, 2023

Payments 100

Payments 100

CFPB Monitor

MAY 10, 2023

The CFPB has filed its brief with the U.S. Supreme Court seeking reversal of the Fifth Circuit panel decision in Community Financial Services Association of America Ltd. v. CFPB. In that decision, the panel held the CFPB’s funding mechanism violates the Appropriations Clause of the U.S. Constitution and, as a remedy for the constitutional violation, vacated the CFPB’s payday lending rule (Payday Rule).

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Payments Dive

MAY 11, 2023

This is the second convenience store chain to install the palm-scanning technology, which is also being used in sports arenas and Amazon’s own brick-and-mortar retail locations.

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Retail Technology 370

ATM Marketplace

MAY 12, 2023

One of the biggest challenges for any business is how do to understand its customers and how to act on that knowledge. The keynote address for the Bank Customer Experience Summit, held from Sept. 12 to 13 in Charlotte, North Carolina, will address this question.

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Customer Experience North Carolina Charlotte How To 114

TheGuardian

MAY 7, 2023

Exclusive: HSBC and NatWest staffers seconded to shadow business secretary Jonathan Reynolds’s team Labour has been criticised for giving global banks access to parliament after taking an HSBC staffer into its shadow business team, despite the financial giant coming under fire over its links with China. One senior policy manager from HSBC has been seconded to the team of Jonathan Reynolds, the shadow business secretary, and has been given a parliamentary pass since February.

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Policies Management Groups 111

Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert

In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant or getting "ghosted" if they fail to meet the evolving needs of Gen Z consumers. In this new webinar, Brian Muse-McKenney of Episode Six and Matt Simester of Payments Consultancy Limited will reveal key considerations banks should factor into their efforts to develop target products for the next generation of bank customers.

Fintech

CFPB Monitor

MAY 12, 2023

The Consumer Financial Protection Bureau (“CFPB”) received more than 225 public comments to its credit card late fee proposal (the “Proposed Rule”). As we have discussed , the Proposed Rule would make significant changes to the current rules for credit card late fees, including substantially reducing the safe harbor late fee amounts that card issuers can charge and eliminating annual inflation adjustments.

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Cards 78

Payments Dive

MAY 8, 2023

The medical credit card industry has expanded in recent years as healthcare providers promoted the cards to patients, the agency said in a report.

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Cards Marketing Industry Report 397

SWBC's LenderHub

MAY 11, 2023

In Fannie Mae’s March Selling Guide Announcement , the government-sponsored enterprise introduced updated guidance to lenders and mortgage industry professionals aimed at modernizing the valuation process. According to the announcement, “Valuation modernization helps lenders, appraisers, and risk investors manage collateral risk more effectively, while also benefiting consumers via greater appraisal accuracy, lower costs, and increased speed of loan decisions.

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Industry Management Lending 78

BankBazaar

MAY 9, 2023

Meet Tanveer, a travel enthusiast who loves to explore new places and cultures. He has also been instrumental in helping the company explore new avenues with his contribution to shaping the web content and social media teams at BankBazaar. He pleasantly recalls when he was first approached by the recruitment manager, for the role of a content writer.

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social media US Meeting Management 78

Speaker: Gary Dmitriev

Our upcoming webinar aims to demystify the process of selecting and implementing automation tools for financial institutes. This session will provide your roadmap for vetting potential solutions, focusing on due diligence, vendor assessments, and aligning technology with strategic goals. We’ll also address the critical issue of innovation fatigue, offering tips on maintaining enthusiasm and momentum for new initiatives.

Innovation

CFPB Monitor

MAY 11, 2023

The CFPB has issued a circular that addresses the reopening of closed deposit accounts (Circular 2023-02). Specifically, the circular warns that it can constitute an unfair act or practice for a financial institution to unilaterally reopen closed accounts to process debits or deposits. By way of background, the CFPB describes a scenario in which, after a consumer has completed all of the steps required by the financial institution to close a deposit account and the financial institution has clo

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Payments Dive

MAY 10, 2023

The card-issuing fintech plans to dismiss about 150 employees in an effort to become profitable. It aims to reduce annual costs by as much as $45 million.

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Fintech Cards 345

Commercial Lending USA

MAY 8, 2023

Need funding for your business with no revenue? Learn about the best options for no revenue business loans and how to qualify on our blog.

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How To Lending 97

TheGuardian

MAY 6, 2023

Higher rates slow the renewable energy transition and shield oil and gas producers from competition by low-carbon producers In late 2021, consumer price inflation surged in many countries. Prices shot up again following Russia’s invasion of Ukraine in February 2022. In response, central banks drastically tightened monetary policy – raising interest rates from near zero to around 5% or more.

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Massachusetts Boston Policies Technology 78

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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

Fraud

CFPB Monitor

MAY 11, 2023

The Consumer Financial Protection Bureau (“CFPB”) recently issued advisory guidance on the enforcement of time-barred mortgage loans. A time-barred mortgage loan is one where the statute of limitations has expired. The statute of limitations for mortgage loans are typically created by state law, and vary by jurisdiction. In some cases, they create an affirmative defense for the consumer that prohibits a debt collector from suing to collect the debt. .

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Payments Dive

MAY 11, 2023

The payroll provider is angling to disrupt the earned wage access companies that have been making it easier for employers to offer workers on-demand pay.

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Company 312

The Paypers

MAY 11, 2023

US-based financial service company Rapid Finance has integrated with Mambu ’s cloud-based lending platform to offer Lending-as-a-Servive to financial institutions in the US.

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Lending US Company 68

TheGuardian

MAY 8, 2023

Skipton building society aims product at renters who cannot save enough for a deposit A leading lender plans to launch a 100% mortgage aimed at would-be first-time buyers who cannot save for a deposit, the first since the 2008 financial crisis. Standard home loans where the borrower does not have to put down a deposit used to be fairly commonplace but the last was axed in the wake of the financial crisis.

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CFPB Monitor

MAY 10, 2023

Auriemma Roundtables, a leading provider of business intelligence solutions to the consumer finance industry, together with First National Bank of Omaha and a group of several other premier consumer financial services firms, has filed a comment (the “Auriemma Roundtables Comment”) on the credit card penalty fees proposal (the “Proposed Rule”) issued by the Consumer Financial Protection Bureau (CFPB). .

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Omaha Cards National Groups 78

Payments Dive

MAY 12, 2023

From a new U.S. headquarters in Miami, the British cross-border payments company is pitching services to U.S. businesses and consumers.

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Miami US Marketing Payments 273

The Paypers

MAY 12, 2023

Mastercard has partnered with Maldives Transport and Contracting Company (MTCC) and Bank of Maldives (BML) to launch an open loop transit payment and digital ticketing system.

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Payments System Company 68

TheGuardian

MAY 9, 2023

Much depends on the housing market and there’s no agreement on how that’s faring right now With hindsight, one of Britain’s biggest building societies could definitely have picked a better day to launch a first-of-its-kind 100% mortgage. On Tuesday morning, just as the press release was being sent out and Skipton building society boss Stuart Haire was preparing for his BBC Radio 4 Today programme interview, the Halifax reported that average UK house prices fell in April, by 0.3% month on month,

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Course Online Marketing Report 66

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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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