Payments Dive
JANUARY 4, 2024
Fintech trade groups asked the Consumer Financial Protection Bureau to extend the comment period on a proposal formalizing its oversight of big tech companies’ digital wallets.
Perficient
JANUARY 4, 2024
As we step into 2024, the transformative impact of Artificial Intelligence (AI) and generative AI on enterprise-level organizations has reshaped the business landscape in profound ways. The continual evolution of these technologies has empowered businesses to leverage advanced algorithms, predictive modeling, and generative capabilities, driving unprecedented innovation and efficiency.
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Payments Dive
JANUARY 4, 2024
BNPL usage hit an all-time high during the season, with Cyber Monday as the largest day on record for the payment method, according to Adobe.
CFPB Monitor
JANUARY 4, 2024
Revenue Based Finance Coalition (RBFC), a trade group whose members include non-banks that provide sales-based financing to businesses, filed a lawsuit last week against the CFPB in a Florida federal district court challenging the CFPB’s final small business lending rule implementing Section 1071 of Dodd-Frank. The core argument made by RBFC is that because sales-based financing does not constitute “credit” within the meaning of the Equal Credit Opportunity Act (ECOA) and Regulation B, the CFPB
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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.
Payments Dive
JANUARY 4, 2024
The federal agency plans to weigh in on EWA services, it said in commenting on a California proposal to register and oversee the providers of such services.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
BankBazaar
JANUARY 4, 2024
Introducing the formidable Financial Avengers, the stalwart defenders of your wallet against the insidious threats of the financial realm! Led by the astute Captain Cautious, this elite team includes Iron Accountant, the meticulous number-cruncher; Hawkeye Hustle, with an eagle eye for detecting fraudulent schemes; Black Widow Watchdog, ever vigilant against identity theft; Thor Tallyhammer, wielding the power of budgetary control; and Hulk Haggler, the relentless negotiator.
CFPB Monitor
JANUARY 4, 2024
The CFPB recently announced that the platform for the submission of Home Mortgage Disclosure Act (HMDA) data collected in 2023 is now available for the submission of the data. The platform may be accessed here. HMDA data for 2023 must be submitted on or before March 1, 2024. A beta testing version of the platform also is available and may be accessed here.
BankInovation
JANUARY 4, 2024
Santander Bank is exploring AI to enhance its operational efficiency, allowing its employees to focus on value-added tasks. The Madrid-based bank is implementing AI in its operations and exploring multiple use cases of gen AI, a spokesperson told Bank Automation News. The $1.
CFPB Monitor
JANUARY 4, 2024
In December 2023, the Federal Trade Commission announced its Combatting Auto Retail Scams Rule , otherwise known as the “CARS Rule,” which sets new requirements on the sale, financing, and leasing of new and used vehicles by motor vehicle dealers. The final rule prohibits certain misrepresentations in the financing process, sets disclosure requirements on dealers’ advertising and sales communications, mandates that dealers obtain consumers’ express, informed consent for charges, and prohibits t
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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.
BankInovation
JANUARY 4, 2024
Eight in 10 credit union execs are looking to AI to enhance their underwriting capabilities. According to credit underwriting software provider Zest AI Chief Executive Mike de Vere, deploying AI can make for: Faster and more accurate decisioning; Increased community reach; and Smarter lending decisions.
CFPB Monitor
JANUARY 4, 2024
The CFPB recently filed two amicus briefs, one in a First Circuit case involving the Fair Debt Collection Practices Act (FDCPA) and the other, which was filed jointly with the Federal Trade Commission, in a Fourth Circuit case involving the Fair Credit Reporting Act (FCRA). FDCPA. The FDCPA case is Carrasquillo v.
American Banker
JANUARY 4, 2024
One of the smallest banks in the country hasn't consistently made a profit since 2007 and has been the subject of enforcement actions. The FDIC's public rebuke against it indicates a last-ditch effort to figure out a less messy solution than receivership.
CFPB Monitor
JANUARY 4, 2024
Our special guest is Andrea Boyack, Professor, University of Missouri School of Law. We first discuss the principles that underlie our current system of consumer contracts and the system’s role in promoting transactional efficiency and other objectives. Prof. Boyack then provides her views on why the application of traditional contract law to the modern consumer contract context is not in the best interests of consumers and offers a different approach to consumer contracts in which a consumers
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
The Paypers
JANUARY 4, 2024
US-based Kindcard has announced that it signed a letter of intent with paytech banking platform Acepay , with a potential acquisition of OpenTransact.
American Banker
JANUARY 4, 2024
In the wake of the disgraced financier's downfall, executives at JPMorgan Chase, Barclays and Deutsche Bank have continued to draw the ire of federal regulators and weather millions of dollars in fines and settlement costs.
The Paypers
JANUARY 4, 2024
HSBC has announced its plan to launch Zing, an international payments application, with its official debut being held initially for customers in the UK.
American Banker
JANUARY 4, 2024
Users of large language models and generative artificial intelligence need to be aware of the content and data those models are trained on, and be wary of potential infringement of copyright law.
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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
The Paypers
JANUARY 4, 2024
The European Central Bank (ECB) has announced that it intends to conduct a stress test on the cyber resilience of 109 supervised banks in 2024.
American Banker
JANUARY 4, 2024
In comment letters to the Consumer Financial Protection Bureau concerning its proposed rule to allow consumers to share their banking data with third-party providers, banks worry about implementation costs while fintechs fear the rule will stymie innovation.
The Paypers
JANUARY 4, 2024
Thailand-based Velo has announced its collaboration with PTL Holdings (PTLH), intending to merge its digital finance abilities with the latter’s industrial capacity.
American Banker
JANUARY 4, 2024
Federal Reserve officials point to overnight reverse repurchase agreement activity as an indication of excess liquidity, which the central bank is working to reduce. But some analysts say that excess liquidity may be drying up faster than expected, with important implications for banks.
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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
The Paypers
JANUARY 4, 2024
The European Central Bank (ECB) has announced the publishing of its report on the rulebook draft for digital euro payments.
American Banker
JANUARY 4, 2024
Banks have a simple choice: Either invest in fraud controls to prepare for FedNow, or expect draconian supervisory measures that will increase friction and confuse customers.
The Paypers
JANUARY 4, 2024
Fidelity has set its Bitcoin ETF fee at 0.39 percent, ahead of expected SEC approvals, in order to gain an early advantage and attract investors.
American Banker
JANUARY 4, 2024
Rep. Blaine Luetkemeyer, R-Mo., was seen as a frontrunner to replace outgoing Rep. Patrick McHenry as the top Republican on the House Financial Services Committee before his announced retirement from Congress Thursday afternoon.
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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.
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