TheGuardian

DECEMBER 6, 2023

‘Careful monitoring’ needed because of rapid pace of artificial intelligence and machine learning Business live – latest updates The Bank of England has warned that rapid developments in artificial intelligence and machine learning could pose risks to the UK’s financial stability, triggering a fresh review into their use across the City. AI and machine learning have been used by financial firms for at least a decade, for example, to help detect fraud and money laundering.

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Policies Fraud Examples Technology 68

Payments Dive

DECEMBER 6, 2023

The card issuer’s premium designation isn’t compatible with all potential card issuing partners, Amex CEO Steve Squeri said Tuesday.

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Cards Apple Report 397

Perficient

DECEMBER 6, 2023

In recent years, the Consumer Financial Protection Bureau (CFPB) has significantly broadened its oversight, extending beyond major banks to address concerns in various industries, such as payday loan providers, credit reporting agencies, and most recently, the medical debt collection sector. The CFPB’s Dynamic Approach The CFPB’s modus operandi often involves proactively addressing potential issues through press releases ahead of engaging in enforcement actions.

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Industry Compliance Exercises Regulation 221

Payments Dive

DECEMBER 6, 2023

PayPal’s new CEO is making executive suite changes, creating a president of global markets post and tapping a payments industry veteran for the role.

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Industry Marketing Payments 221

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Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.

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CFPB Monitor

DECEMBER 6, 2023

The Consumer Financial Protection Bureau has sent a letter to the California Department of Financial Protection and Innovation (DFPI) commenting on the DFPI’s proposal that would require providers of “income-based advances” to register with or obtain a license from the DFPI and comply with the fee and interest rate limits of the California Financing Law (CFL).

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California Innovation 148

CFPB Monitor

DECEMBER 6, 2023

We previously reported and released a podcast episode on comments that we and Professor David Sherwyn of Cornell University submitted in opposition to the Petition for Rulemaking filed by a number of consumer advocacy groups urging the CFPB to prohibit pre-dispute consumer arbitration clauses and allow only post-dispute clauses. Among other things, we argued that the rule proposed by the Petitioners would be prohibited by the Congressional Review Act (CRA) because it is substantially the same

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Groups Report 97

BankInovation

DECEMBER 6, 2023

Bank Automation News is pleased to announce that applications are now being accepted for the AI in Action Demo Challenge, which will take place at Bank Automation Summit U.S. 2024 on March 19 in Nashville, Tenn.

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Nashville Industry Technology Fintech 74

CFPB Monitor

DECEMBER 6, 2023

According to media reports , CFPB Director Rohit Chopra expressed his concerns over the rise of generative artificial intelligence (AI) technology in his remarks at an Axios event in Washington, D.C. last week. Director Chopra indicated that AI could concentrate “enormous” power within the grasp of a few companies and their top executives.

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Washington Technology Report Company 78

BankInovation

DECEMBER 6, 2023

Citibank is looking to reduce manual processing risk and costs by utilizing document processing company, Traydstream to automate document information processing and document creation.

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Industry Company 72

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Treasury teams at community banks face an ongoing challenge of delivering frictionless customer experiences as they support treasury products – especially RDC. This infographic focuses on the efficiencies community banks gain when partnering with a proven managed services provider. You’ll see the advantages you can gain when a managed services partner leverages online tools, skilled customer and technical support personnel, and fulfillment and logistics capabilities to streamline RDC fulfillment

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American Banker

DECEMBER 6, 2023

The fireworks that traditionally accompany big bank CEOs' appearances in Congress were absent Wednesday, but instead executives pushed their opposition to the Basel III capital rules and its impact on the economy.

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Capital Policies Compliance Regulation 83

BankInovation

DECEMBER 6, 2023

Bank of America expects to spend $3.8 billion on technology development in 2024 as its overall spending increases due to investment in people, incentive compensation and technology. The $3.8 billion is part of the bank’s overall cost of running its technology platform, which totals around $12 billion, Chief Executive Brian Moynihan said Dec.

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America Technology Retail 72

American Banker

DECEMBER 6, 2023

Canada's government has finalized arrangements with Visa and Mastercard to cap credit card interchange for small businesses; Klarna is expanding its work with the Dutch payment processor Adyen; and more.

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Cards Payments cryptocurrency 81

BankInovation

DECEMBER 6, 2023

Bank Automation News is pleased to announce that applications are now being accepted for the AI in Action Demo Challenge, which will take place at Bank Automation Summit U.S. 2024 on March 19 in Nashville, Tenn.

Nashville 57

Nashville US Industry Technology 57

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Amid market uncertainty, banks and credit unions are faced with critical decisions about the future of their commercial lending. With fluctuating interest rates and rising competition from non-bank lenders, it's critical to allocate your 2025 budget strategically to optimize lending operations. Our Budget Playbook for Commercial Lenders delivers key strategies to help you navigate these challenges, ensuring your institution is well-positioned for the coming year.

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American Banker

DECEMBER 6, 2023

A report by the Roosevelt Institute argues that risks posed by imitation banks, online shadow banks mimicking traditional institutions can only be fully mitigated by an act of Congress.

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Report Online Policies Compliance 87

The Paypers

DECEMBER 6, 2023

Netherlands-based Quantoz Payments has registered EURD as a community trademark and introduced EURD on the Algorand blockchain.

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Community Payments blockchain 64

American Banker

DECEMBER 6, 2023

The megabank, which is in the midst of a massive restructuring, will probably book "a couple of hundred million dollars" of restructuring charges in the fourth quarter, according to its chief financial officer.

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The Paypers

DECEMBER 6, 2023

Estonia-based Veriff has launched its Identity Fraud Report 2024 on global identity fraud.

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Fraud Report 74

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With automation, you’ll reduce errors and save valuable time, allowing you to focus on what really matters: strategic analysis and insightful decision-making. Picture accurate financial reports ready at your fingertips, giving you the confidence to tackle business challenges head-on. Embracing automation not only boosts productivity but also elevates your role from number cruncher to closing rockstar.

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American Banker

DECEMBER 6, 2023

The district judge upheld the state's regulations mandating that nonbanks disclose the annual percentage rate, finance charges and fees on financings of $500,000 or less.

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California Lending Regulation Policies 60

The Paypers

DECEMBER 6, 2023

UK-based HSBC has introduced quantum protection for AI-enabled foreign exchange (FX) trading in collaboration with BT, Toshiba, and Amazon Web Services (AWS).

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American Banker

DECEMBER 6, 2023

Equity, based in Wichita, Kansas, has agreed to buy the parent company of the Bank of Kirksville. The combined company would have $5.4 billion of assets and 74 branches, including 23 in Missouri.

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Missouri Wichita Kansas Company 48

The Paypers

DECEMBER 6, 2023

Norway-based card manufacturer IDEX Biometrics has partnered with Toppan Gravity to launch biometric cards with IDEX Pay fingerprint authentication.

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Cards 48

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Download the latest edition of GoDocs' "The Lender's Guide to Automating the Complex Loan." This comprehensive guide offers financial institutions valuable insights into document automation for complex commercial loans. It unpacks the intricacies of complex loans and showcases how an automation platform like GoDocs — the leading commercial loan closing platform — delivers impressive benefits and ROI to any FI.

Lending

American Banker

DECEMBER 6, 2023

Frustrated by its inability to overcome loan-servicing mistakes that triggered three separate regulatory consent orders, Discover Financial Services elected to sell its student loan business. "When we looked at it, we have perennial issues in our ability to service that portfolio," a top executive said.

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Lending 41

The Paypers

DECEMBER 6, 2023

Trade Republic has obtained a full banking licence from the European Central Bank in order to further expand its capabilities around investing and saving services.

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Security 45

American Banker

DECEMBER 6, 2023

Technology representatives from the six federal agencies testified in a House Financial Services fintech subcommittee hearing Tuesday.

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Regulation Fintech Technology Policies 45

The Paypers

DECEMBER 6, 2023

Australia-based Experian has announced its partnership with NeuroID in order to optimise the manner in which customers combat fraud rings and AI-enabled fraud.

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Fraud 41

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Change is difficult, whether in our private or work life. However, without change, growth and learning are difficult not to mention keeping up with the market and staying competitive. We have all worked for or ourselves are the bosses that prefer to keep the status quo. We will discuss how to address the "change challenge" to enable you to be a changemaker and a graceful recipient of change.

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