February, 2024

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Card networks to implement gun code in California: report

Payments Dive

Visa, Mastercard and American Express are moving forward with use of a new gun merchant category code for credit card purchases in California, according to CBS News.

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ABA issues white paper on agency guidance and sends letters to regulators commenting on recently-issued guidance

CFPB Monitor

The American Bankers Association (ABA) has issued a new white paper , “Effective Agency Guidance: Examining Bank Regulators’ Guidance Practices,” that is intended to help agencies issue guidance that complies with legal requirements while providing useful advice and information to regulated entities. The ABA also sent letters to the FDIC and CFPB in which the white paper serves as the foundation for comments on recently-issued guidance that the ABA believes would benefit from public input.

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What's the future hold for IADs?

ATM Marketplace

Independent ATM operators have taken hits on multiple fronts the past years. With falling cash withdrawals, customer resistance to fees and acquisitions, there are many pressures on IADs. What does the future hold for these operators?

ATM 127
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Analyst Insights: Two Banks that Deliver to Shareholders

Jeff For Banks

Be curious. That's how I approach Twitter ("X"). Yes, there are some dumpster fire opinions. But then again, there are some real valuable insights that I and we can learn from. And this most recent string by bank analyst Perry Weinstein is one of them that I thought should not be lost to a tweet stream. Perry's perspective is clearly focused on shareholder value and may be viewed as shareholder primacy, a sometimes derogatory term because pursuing shareholder value could be done at the expense o

Columbus 113
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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 Bank of America is doing for customers after data breach

BankInovation

Bank of America is working to control the fallout following an October data breach at third-party vendor Infosys McCamish Solutions. The bank is offering the more than 57,000 affected clients a free, two-year membership to IdentityWorks, an identity protection product from Experian, according to an Infosys McCamish Solutions filing with the state of Maine.

America 106

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Aldi debuts Grabango checkout tech at Chicago-area store

Payments Dive

The retailer is working with artificial intelligence startup Grabango to offer the service for the first time in the U.S. at a location in the Chicago suburb of Aurora, Illinois.

Chicago 468
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CFPB seeks approval for new auto finance data collection

CFPB Monitor

The CFPB recently published a notice in the Federal Register indicating that it is seeking approval from the Office of Management and Budget (OMB) for the collection of additional auto finance data pursuant to its authority under the Dodd-Frank Act. In February 2023, the CFPB announced that it had issued market monitoring orders to nine large auto lenders requesting information about their auto lending portfolios. .

Data 103
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3 predictions for the ATM Industry in 2024

ATM Marketplace

The ATM industry is constantly evolving to meet the changing needs of consumers. Going into this new year, several key trends are expected to shape the future of ATMs.

ATM 139
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How Did Banks Fare During Fed Tightening?

Jeff For Banks

Now that the debate is turning from Fed tightening to when the Fed will start dropping rates, we took a look at how financial institutions fared during the tightening cycle, using the quarter ended December 31, 2021 as the base period. The Fed began tightening at its March 17, 2022 meeting with a 25 basis points increase in the Fed Funds Rate and ended July 26, 2023.

Security 113
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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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Musicians walk out after London orchestra leaves them unpaid for months

TheGuardian

Emergency backup is called to enable London Chamber Orchestra event at Cadogan Hall to go ahead after protest over payment delays When the conductor Christopher Warren-Green picked up his baton to begin a concert in London’s Cadogan Hall last Wednesday, it was not clear what would happen. The earlier rehearsal with the London Chamber Orchestra (LCO) had not gone well.

Payments 111
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Discovering Financial Growth: Making Smart Investments with Union Bank

Ublocal

Welcome to Union Bank’s exciting journey into the world of investments! We’re delighted to bring our Northern Vermont and New Hampshire communities a simple, yet powerful way to grow your money. Through our UB2Go digital banking platform , we’re introducing an easy-to-use digital investment app. You can start investing with as little as $10, joining the ranks of savvy investors right from your phone or computer.

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Mastercard to be dinged by Discover deal

Payments Dive

While both Mastercard and Visa will be impacted by Discover Financial Services’ plan to be acquired by card issuer Capital One, the former is likely to bear the brunt of the blow.

Capital 390
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Assisted Living Loans: Tailored Financing for Senior Care

Commercial Lending USA

The cost of assisted living can vary greatly depending on various factors, including location, type of care required, facilities supplied, and the individual facility.

Lending 87
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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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The gold revolution comes to ATMs

ATM Marketplace

Gold has long remained a stable asset and today that asset is coming to ATMs.

ATM 174
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What Capital One would get from buying Discover

American Banker

Capital One Financial's proposed acquisition of Discover Financial Services would create a credit card behemoth with its own payments network. The deal is likely to draw tough regulatory scrutiny, though analysts say there are many compelling strategic reasons for the combination.

Capital 97
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Virgin Money faces investor backlash over CEO David Duffy’s £2.6m pay deal

TheGuardian

Investment adviser raises ‘accountability’ concerns regarding reward 37 times higher than average employee’s Virgin Money bosses could be at risk of an embarrassing investor backlash, after an influential adviser hit out at a £2.6m package for its chief executive, David Duffy, saying it was “not appropriate” compared with the bank’s average employee.

Groups 106
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Forecasting UK inflation in the presence of large global shocks

BankUnderground

Dario Bonciani and Johannes Fischer The UK economy has been hit by significant terms-of-trade shocks, most notably the rise in energy prices following the Russian invasion of Ukraine. These shocks have created substantial and persistent inflationary pressure in many countries. Such upheavals bring increased uncertainty about the future, making macroeconomic forecasting more challenging.

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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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Capital One to acquire Discover in $35.3B deal

Payments Dive

The transaction would give a big boost to a bank well-known for its credit card component, yet lend regulatory gravitas and investment dollars to a struggling card network.

Capital 386
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Inside Marketing: How Credit Unions Can Win Young Hearts and Wallets

William Mills

Credit unions are excellent financial partners for members. In addition to being not-for-profit financial cooperatives, many credit unions offer competitive services and higher interest rates on savings accounts. Moreover, they pride themselves on knowing the members within their community and offering personalized services that meet their unique needs.

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How to successfully deploy an ATM/self-service solution

ATM Marketplace

How do you engineer your ATM and self-service equipment for the unexpected? And just what does it take to prepare, not only for bad weather or natural disaster, but for stolen pickup trucks hooking up to your ATMs and ripping it out of a wall to steal the cash? Read more to find out how.

ATM 124
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Ex-CEO of failed Kansas bank charged with embezzling $47 million

American Banker

Federal prosecutors allege that Shan Hanes, the former CEO of the now defunct Heartland Tri-State Bank, illegally took money from customers to fund cryptocurrency investments. He could face up to 30 years in prison if convicted.

Kansas 99
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Need Curated Pre-foreclosure Lists to Generate New Real Estate Leads? Trellis Has the Data!

Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.

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Elizabeth Warren urges regulators to block Capital One’s takeover of Discover

TheGuardian

Senator says $35bn deal merging two of the largest US credit card firms would ‘threaten financial stability’ and reduce competition Senator Elizabeth Warren has urged regulators to block Capital One’s $35bn takeover of Discover Financial, arguing that combining two of the US’s largest credit card companies would harm consumers and challenge financial stability.

Capital 101
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Mortgage affordability for borrowers who re-fixed in 2023

BankUnderground

Daniel Norris, Elio Cucullo and Vasilis Jacovides When borrowers enter a fixed-rate mortgage, lenders test whether they could continue to afford their mortgage if interest rates were to increase by the time it comes to re-fix. This ‘stressing’ is designed to create additional resilience for borrowers and the financial system. Over the last two years, mortgage rates have increased by over four percentage points, raising the cost of repayments for those re-fixing.

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Where will embedded payments flourish in 2024?

Payments Dive

There are three areas where embedded finance is a good fit, and they are characterized by high volume and frequent payments, writes one industry executive.

Payments 448
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Envestnet data and analytics revenue falls 7% YoY

BankInovation

Envestnet data and analytics revenue fell during its fiscal fourth quarter amid rumblings in December of a Yodlee sale. The wealthtech giant’s data and analytics revenue fell 7% year over year to $38.6 million during the quarter, according to its earnings presentation.

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How to Stay Competitive in the Evolving State of Martech

Marketing technology is essential for B2B marketers to stay competitive in a rapidly changing digital landscape — and with 53% of marketers experiencing legacy technology issues and limitations, they’re researching innovations to expand and refine their technology stacks. To help practitioners keep up with the rapidly evolving martech landscape, this special report will discuss: How practitioners are integrating technologies and systems to encourage information-sharing between departments and pr