Sat.Oct 28, 2023 - Fri.Nov 03, 2023

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3 Ideas for Your Deposit Strategy

Jeff For Banks

The 2022-23 Fed monetary tightening caused disruption to our depositor base. We either lost deposits to Treasuries, money market mutual funds, or disintermediated into higher cost deposits within our bank. In this video short, I suggest three ideas to improve your deposit strategy as follows: 1. Identify "dead money" in your depositor base and pro-actively deepen your relationship with them. 2.

Strategy 103
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The Top 5 Major Advances in the Future of Banking, Financial Services, and Insurance (BFSI) Industry

Perficient

Intelligent automation and generative AI can unlock tremendous value for financial services leaders who want to optimize experiences and reduce costs. Perficient was honored to participate in the inaugural Banking, Financial Services, and Insurance (BFSI) event hosted by Kofax. With more than 50 financial services and insurance professionals in attendance, this event showcased the industry’s unwavering commitment to practical innovation.

Industry 251
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Don’t Make These Mistakes When Issuing a Loan Proposal Letter

South State Correspondent

Last week, we discussed how and why commercial lenders use a bank loan proposal letter (aka commitment letters) to their advantage ( HERE ). We argued that a proper strategy and a well-crafted loan proposal letter could help lenders close loans quicker, eliminate more competitors, secure better pricing, and obtain the desired credit structure. In this article, we discuss the top four mistakes that we see in commitment/proposal letters.

Strategy 195
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Payments players react to debit cap cut

Payments Dive

The CEOs of Mastercard and Global Payments chimed in with opposing views of the Federal Reserve Board’s proposal to lower the cap on debit interchange.

Payments 459
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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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How credit unions are lowering the risk of lending to new college grads

American Banker

In a pilot it rolled out this year, Nashville-based Vanderbilt Credit Union will lend graduates up to $160,000 if they have a job offer sheet in hand.

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This week’s podcast episode: The U.S. Supreme Court’s decision in Community Financial Services Association of America Ltd. v. Consumer Financial Protection Bureau: Who will win and what does it mean?  Part II

CFPB Monitor

On October 3, 2023, the U.S. Supreme Court held oral argument in CFSA v. CFPB , a case with profound potential implications for the future of the CFPB. The Court will rule on whether the CFPB’s funding mechanism violates the U.S. Constitution’s Appropriations Clause and, if so, what the appropriate remedy should be. .

America 78
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AI, black boxes and bias: The impact of the White House's executive order

American Banker

The president directed government agencies to frame new rules on protecting privacy and security, preventing intellectual property theft, reducing bias and more in banks' use of AI models.

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Consumers expect to use fewer digital wallets: report

Payments Dive

As more merchants accept digital payments for in-store purchases, consumers are moving away from using multiple, single-use payment apps, McKinsey Senior Partner Marie-Claude Nadeau said.

Report 434
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Non-bank financial institutions must report data security breaches: FTC

Payments Dive

The amendment to the FTC’s Safeguards Rule would require non-banking financial institutions to report when they discover information impacting at least 500 people has been accessed without authorization.

Report 221
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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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EU future-proofs its payments and Open Banking ecosystem with PSD

Accenture

PSD2 helped drive electronic payment and data-sharing volumes while enhancing security. So why is the EU proposing to enhance it with the new Payment Services Directive 3 (PSD3) and Payment Services Regulations (PSR) package, and what does this entail? 1) Gaps in the regulatory application of PSD2. The new framework will create a consistent regulatory environment… The post EU future-proofs its payments and Open Banking ecosystem with PSD appeared first on Accenture Banking Blog.

Payments 410
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Perficient Included in Forrester’s Application Modernization And Migration Services Landscape

Perficient

In today’s world, enterprises must put an emphasis on their cloud transformation, or they’ll be left behind. To have success, organizations must adopt cloud in concert with business vision to deliver digital initiatives and strategic goals. One of the leading drivers of digital transformation is application modernization and migration, but unfortunately, not everyone has the internal resources to champion these efforts on their own.

Report 221
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The Four Pillars of Smarter Bank Leadership

Gonzobanker

Financial institutions standing in 2030 will have completed a significant and gut-wrenching transformation of their leadership talent. Every year, digitization further rattles the relevancy of the traditional hierarchical banking organization. In the throes of managing balance sheets and loan portfolios and at the same time executing daily “run the bank” operations, bankers are faced with the need to continuously develop new customer experiences and scale enterprise capabilities.

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Block to shrink workforce

Payments Dive

The company plans to cut about 8% of its workforce over the next year as Jack Dorsey steps up his efforts to improve efficiency and revive profits.

Company 534
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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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Texas federal district court issues preliminary injunction enjoining CFPB from implementing and enforcing small business lending rule on nationwide basis against all covered entities

CFPB Monitor

The Texas federal district court hearing the lawsuit challenging the validity of the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act (Rule) has issued an order that preliminarily enjoins the CFPB from implementing and enforcing the Rule on a nationwide basis against all entities covered by the Rule. On July 31, the court had denied the request of the plaintiffs in the lawsuit for nationwide preliminary relief and instead issued an order that granted preliminary relief only to

Texas 146
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Benefits of a Multilingual Digital Banking System

Jack Henry

The benefits of a multilingual digital banking system go far beyond expanding a Financial Institution’s customer base. Click to learn more.

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What's new in branch design?

ATM Marketplace

Digital banking is important, but branches also have a role to play. A panel at the Bank Customer Experience Summit in Charlotte, North Carolina took a look at what's new in branch design.

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PayPal discloses SEC, CFPB probes

Payments Dive

The digital payments company said it’s cooperating with a Securities and Exchange Commission probe of its stablecoin, and a Consumer Financial Protection Bureau inquiry related to bank transfers.

Security 435
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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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Federal Reserve Considering Lowering Debit Card Interchange Fee Caps

CFPB Monitor

As we previously blogged , the Board of Governors of the Federal Reserve (the “Board”) held an open meeting on October 25, 2023 to discuss the debit card interchange fee cap. The debit card interchange fee cap was part of the so-called “Durbin Amendment” to the Dodd-Frank Act, which required the Board to promulgate a regulation applicable to banks having more than $10 billion in assets establishing maximum debit card interchange fees that are “reasonable and proportional to the actual cost” of p

Cards 117
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Podcast: Building trust by bringing the bank into the workplace

ABA Community Banking

"When we're able to take banking the them, at a place where they already have trust with their employer, that's a bridge," says Jennifer Huffman of Atlantic Union Bank's workplace banking product. "From there we're able to grow that relationship." The post Podcast: Building trust by bringing the bank into the workplace appeared first on ABA Banking Journal.

Resources 105
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Schwarzenegger’s Wisdom: Elevating Appraisers

Realwired Appraisal Management Blog

If you know your potential exceeds your current results, take pause. Be Useful: Seven Tools for Life by Arnold Schwarzenegger provides a roadmap to improve our personal and professional lives. “Be hungry for success, hungry to make your mark, hungry to be seen and to be heard and to have an effect.

Tools 105
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Treasury Prime creates instant payment rail

Payments Dive

The new payment rail allows fintech clients to move money between banks in milliseconds, the software company’s CEO said in an interview.

Payments 437
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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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Banks pumped more than $150bn in to companies running ‘carbon bomb’ projects in 2022

TheGuardian

Exclusive: Projects that risk 1.5C heating target operated by companies receiving financing from European, Chinese and US banks Banks pumped more than $150bn last year into companies whose giant “carbon bomb” projects could destroy the last chance of stopping the planet heating to dangerous levels, the Guardian can reveal. The carbon bombs – 425 extraction projects that can each pump more than one gigaton of carbon dioxide into the atmosphere – cumulatively hold enough coal, oil and gas to burn

Company 111
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California Court Denies DFPI’s Motion for Preliminary Injunction Against OppFi

CFPB Monitor

On November 30, 2023 at 12:30 PM, ET, Ballard Spahr will hold a webinar entitled “Recent Important Developments in Federal Preemption for National and State Banks: What They Mean for Bank and Nonbank Consumer Financial Services Providers” during which this case will be dissected. In a lengthy (65-page) order , the California Superior Court in Los Angeles has issued an extremely important decision upholding the legitimacy of bank-model online lending by denying a motion for preliminary injunction

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Bracing for the Chill: How to Winterize Your Home in Vermont & New Hampshire

Ublocal

Cold weather and snow can damage not only the structure of your home but also wreak havoc on your utility bills. In order to avoid high energy costs and expensive repairs, homeowners should take steps to winterize their homes each year. Whether you are new to Vermont and New Hampshire, or a first time homeowner , you may wonder what is needed to winterize your home.

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PayPal’s new CEO promises improvements

Payments Dive

Alex Chriss, who took the top post in September, tapped a new chief financial officer Wednesday and pledged to better focus the digital payment company's strategy.

Strategy 389
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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