Mon.Oct 28, 2024

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AI Regulations for Financial Services: CFPB

Perficient

Artificial intelligence (AI) is poised to affect every aspect of the world economy and play a significant role in the global financial system, leading financial regulators around the world to take various steps to address the impact of AI on their areas of responsibility. The economic risks of AI to the financial systems include everything from the potential for consumer and institutional fraud to algorithmic discrimination and AI-enabled cybersecurity risks.

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Pay-by-bank to be used for bills, Plaid CEO predicts

Payments Dive

Plaid CEO Zach Perret expects consumers to use pay-by-bank services for mortgage and utility payments, but is skeptical they will be used to pay at restaurants or for groceries anytime soon, he said.

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Lloyds ‘assessing’ impact of landmark court ruling on car loans

TheGuardian

Lender holds about £15bn in loans through Black Horse and could have to pay compensation for mis-selling Business live – latest updates Lloyds Banking Group has said it is assessing the potential impact of a landmark court ruling over car finance mis-selling on Friday, which may lead to lenders paying out billions of pounds in compensation to borrowers.

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Chopra defends CFPB open banking rule in face of lawsuit

Payments Dive

Consumer Financial Protection Bureau Director Rohit Chopra called out bank litigants that sued over the rule, saying he didn’t think they’d even read it.

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Back to Basics with Reconciliations

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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The next president needs to overhaul bank regulation for the modern era

American Banker

The next administration should bring in new, tech-savvy leaders at bank regulatory agencies and give them the ability to rethink oversight in a way that reflects the technological innovations transforming the banking industry.

More Trending

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ABA’s Thurlow: Bank innovation needed to reach younger customers

ABA Community Banking

As young people increasingly turn to unregulated, nonbank technology providers for their banking needs, innovation in the banking industry is not just an option — it is an imperative, outgoing ABA Chair Julieann Thurlow said. The post ABA’s Thurlow: Bank innovation needed to reach younger customers appeared first on ABA Banking Journal.

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Hope Bancorp tight-lipped on its acquisition of Territorial in Hawaii

American Banker

The Honolulu-based seller, which plans a Nov. 6 shareholder vote on the deal, posted a third-quarter loss and reiterated its commitment to the Hope agreement. But an offer with a higher price from an investor group is also on the table.

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Slice merges with North East Small Finance Bank

The Paypers

India-based fintech unicorn Slice has announced the completion of its merger with North East Small Finance Bank , with the former entering the region’s banking sector.

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Are we there yet? Mobile wallet shift hindered by plastic

American Banker

Payment professionals expect physical cards to stick around for the foreseeable future, even as mobile wallets gain traction.

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How a Managed Services Partner Can Reduce the Friction in Your RDC Program

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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FTX settles lawsuit with Bybit and Mirana

The Paypers

Bankrupt cryptocurrency exchange FTX has reached a settlement to withdraw its lawsuit against Bybit, its executives, and the investment firm Mirana.

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'Time to fight back:' Jamie Dimon hammers away on regulation

American Banker

The longtime JPMorgan Chase CEO discussed the Basel III endgame capital rules, interchange fees and open banking during a fireside chat at the American Bankers Association's annual conference.

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Bitstamp gains EU licence to offer regulated crypto derivatives

The Paypers

Bitstamp , a cryptocurrency exchange established in 2011, has received a MiFID Multilateral Trading Facility (MTF) licence.

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Tenney calls for hearing on inequities between credit unions and banks

American Banker

At an American Bankers Association convention Monday, Rep. Claudia Tenney highlighted the need for transparency in the regulatory disparities between banks and credit unions.

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Budget Playbook for Commercial Lenders — Bank and Credit Union Edition

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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Mastercard expands installments, unlocking flexible payment options

The Paypers

Mastercard has expanded its US Installments program to offer consumers increased flexibility in payment choices through its Mastercard Installment Payment Services.

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Citigroup moves some staff out of Lebanon as fighting escalates

American Banker

The only major U.S. lender with a significant presence in Lebanon, Citigroup has moved a handful of its staff there to Turkey, according to a person familiar with the matter.

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Open Insurance partners with CUPRA Australia

The Paypers

Embedded Insurance solutions provider Open Insurance has partnered with CUPRA Australia to provide a fully integrated car insurance experience for the latter’s clients.

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How James Gorman transformed Morgan Stanley after the financial crisis

American Banker

Gorman is stepping down as the bank's chairman at the end of the year. Here's a look at how he rebuilt Morgan Stanley with a focus on wealth management.

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It Takes Two to Tango

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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Erste Group implements Neterium's transaction screening system

The Paypers

Erste Group has partnered with Neterium to implement the latter’s transaction screening solution across the former’s services in Central and Eastern Europe.

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FHFA announces updates to appraisal, repurchase rules

American Banker

Positive feedback from participants in existing programs led to the decision to expand them in order to assist more lenders.

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Filigran secures USD 35 million in Series B funding round

The Paypers

Europe-based cybertech Filigran has announced that it secured USD 35 million in a Series B funding round, with the company planning to further expand its footprint.

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Fifth Third's Melissa Stevens on leadership, technology, and why regional banks are important

American Banker

The Most Powerful Women to Watch honoree talks about what it means to lead, what's changed since she started on Wall Street, and why customers choose regional banks, in conversation with American Banker Editor-in-Chief Chana Schoenberger.

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The 2024 Lenders Guide to Automating the Complex Loan

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.

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Lloyds' mobile banking app integrated with Link Pay feature

The Paypers

UK-based Lloyds has announced that its customers can now request money from friends and family leveraging the new Link pay capability in the mobile banking app.

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Klarna valuation raised by Chrysalis as fintech preps for IPO

American Banker

Shareholder Chrysalis Investments increased the value of its stake to £120.6 million.

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FV Bank unveils new Visa Debit and Corporate Expense Card offerings

The Paypers

FV Bank , in collaboration with Visa , has launched new debit and corporate expense cards for US and international customers to offer financial flexibility.

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How Will Banks Ensure Cash Availability in the Wake of Natural Disasters?

The Financial Brand

This article How Will Banks Ensure Cash Availability in the Wake of Natural Disasters? appeared first on The Financial Brand. Banks are focusing on maintaining access to cash during crises, refining their business continuity plans, and diversifying cash reserves to ensure liquidity in disaster-hit areas. This article How Will Banks Ensure Cash Availability in the Wake of Natural Disasters?

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Confronting the Change Challenge

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.