Sat.May 06, 2023 - Fri.May 12, 2023

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Using Machine Learning For Deposit Tiering

South State Correspondent

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

Data 195
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Walgreens brings crypto-enabled ATMs to stores

ATM Marketplace

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.

ATM 127
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Should Congress Increase FDIC Insurance Limits?

South State Correspondent

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

FDIC 195
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Senators call out banks on card late fees

Payments Dive

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

Cards 243
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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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What are bankers telling clients about real-time payment risks?

American Banker

Payments 100

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CFPB defends constitutionality of its funding in SCOTUS brief

CFPB Monitor

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).

America 130
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Convenience chain adds Amazon palm pay

Payments Dive

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.

Retail 370
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Bank Customer Experience Summit keynote to address how to gather actionable customer data

ATM Marketplace

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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Labour criticised for giving global banks access to parliament

TheGuardian

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.

Policies 111
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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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SBA: CFPB credit card late fee proposed rule may hurt small entities

CFPB Monitor

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.

Cards 78
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Synchrony, Wells Fargo, Bread Financial lead medical credit card market: CFPB

Payments Dive

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

Cards 397
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A Lender’s Guide to Navigating the Appraisal Modernization Path

SWBC's LenderHub

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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Life@BB: Tanveer Masood

BankBazaar

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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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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Arbitration “Fair Act” reintroduced in Congress

CFPB Monitor

Recently, 37 Senators (36 Democrats, one Independent) and 84 members of the House of Representatives (all Democrats), led by Senator Richard Blumenthal of Connecticut and Congressman Hank Johnson of Georgia, reintroduced the Forced Arbitration Injustice Repeal Act (the “Fair Act”) which would amend the Federal Arbitration Act to prohibit the use of pre-dispute arbitration clauses and class action waivers in consumer, employment, civil rights and antitrust cases. .

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Marqeta to cut workforce by 15%

Payments Dive

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.

Fintech 345
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No Revenue Business Loans: The Best Options For You

Commercial Lending USA

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.

How To 93
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Central banks raising interest rates makes it harder to fight the climate crisis | Thomas Ferguson and Servaas Storm

TheGuardian

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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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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CFPB issues circular on reopening closed deposit accounts

CFPB Monitor

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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Everee takes on EWA providers

Payments Dive

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.

Company 312
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Rapid Finance partners with Mambu to provide Lending-as-a-Service

The Paypers

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.

Lending 68
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UK mortgage lender to offer first 100% loans since 2008 crisis

TheGuardian

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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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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CFPB takes aim at sniping zombie mortgage loans

CFPB Monitor

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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Paysend charges into US market

Payments Dive

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

Miami 273
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Mastercard enables digital payments on Maldives' public transport network

The Paypers

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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US banking crisis: Warren Buffett says bosses should face ‘punishment’

TheGuardian

Billionaire investor believes ‘CEO and directors should suffer’ when banks they run get into trouble Larry Elliott: can Biden escape fallout from US banking crisis? The billionaire investor Warren Buffett has said executives who led the US banking system into crisis should face “punishment”, as the American economy grapples with the worst series of bank failures since the 2008 financial crash.

US 76
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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.