Mon.Sep 25, 2023

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FDIC Moves to Dismiss Lawsuit Challenging NSF Fee Guidance

CFPB Monitor

The FDIC has filed motion to dismiss the lawsuit filed in July 2023 in a Minnesota federal district against the FDIC and its Chairman seeking to invalidate the FDIC’s supervisory guidance on charging multiple non-sufficient funds (NSF) fees for the same unpaid item. See out prior blog here. Last August, the FDIC-issued Financial Institutions Letter 40-2022: Supervisory Guidance on Multiple Re-Presentment NSF Fees (“FIL 40”).

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Congressional committee passes bill to thwart CBDC

Payments Dive

The House Financial Services Committee advanced a bill last week that would block the creation of a central bank digital currency.

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Bank Impact of “Higher For Longer” Interest Rate Environment

South State Correspondent

On September 20, 2023, the Federal Open Market Committee (FOMC) left its benchmark rate unchanged, but it would be a mistake to conclude that the committee did not send a strong message about the projected path of future interest rates. The FOMC revised its view on future projected interest rates – rates will be “higher for longer” or perhaps higher for the foreseeable future.

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PCI security is costing you more than you think

Payments Dive

PCI compliance has many hidden costs as companies work to bring systems into compliance and maintain compliance throughout the year.

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Fall In Love With the Month-End Close

It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.

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Payment technology has a major role to play in reducing hunger

American Banker

During Hunger Action Month, firms in the payments and fintech space should consider the many ways they can leverage their products to improve Americans' access to healthy foods.

More Trending

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MidWestOne to exit Florida by selling branches to credit union

American Banker

The Iowa-based bank says its two branches in Naples and Fort Myers were too small a presence to be competitive, so it decided to sell them to DFCU Financial.

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Mastercard fires back at Durbin in letter

Payments Dive

The CCCA would “remove consumer choice, erode security, eliminate rewards, and dramatically prevent small businesses from investing in their future,” Mastercard said in a letter.

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How banks can cross the 'uncanny valley' as AI becomes more human

American Banker

Banks need to — and can — take steps to manage the phenomenon, first defined by a Japanese academic in the 1970s, where artificial intelligence looks, feels or sounds human and gives customers a creepy feeling, experts say.

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Internet Congestion Destroys Customer Experience and Employee Engagement

ATM Marketplace

When daily mobile orders suddenly decline for no apparent reason, when lines grow because the POS and the Kiosk transaction slow down dramatically, and/or when employees express frustration about doing simple things like clocking in or trying to complete video training, the likely culprit is congestion in the store network.

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5 Ways You Can Win Faster with Gen AI in Sales

Incorporating generative AI (gen AI) into your sales process can speed up your wins through improved efficiency, personalized customer interactions, and better informed decision- making. Gen AI is a game changer for busy salespeople and can reduce time-consuming tasks, such as customer research, note-taking, and writing emails, and provide insightful data analysis and recommendations.

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How a Georgia credit union is combating loan fraud

American Banker

Georgia United Credit Union is collaborating with the income-verification fintech Argyle to combat submissions of false documents and other crimes.

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Court Rules in Favor of HUD in Disparate Impact Rule Case

CFPB Monitor

Court Rules in Favor of HUD in Disparate Impact Rule Case More than ten years after the filing of the initial complaint challenging the 2013 disparate impact rule (Rule) adopted by the U.S. Department of Housing and Urban Development (HUD) under the Fair Housing Act (Act), the federal district court in Washington, DC granted HUD’s motion for summary judgment.

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Survey: Nearly three-fourths of investors say bank stocks undervalued

American Banker

A Piper Sandler poll found that 91% of respondents believe that either a mild or severe recession is already reflected in banks' shares. The survey also unveiled that market participants remain concerned mostly about credit quality and aftershocks from surging interest rates.

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Neem introduces embedded payments infrastructure Pakistan

The Paypers

Pakistan-based fintech Neem has launched an embedded payments infrastructure to meet the needs of digital businesses in Pakistan and streamline digital transactions.

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The Role of Automation in Commercial Lending

Automation is changing the game for commercial lenders, offering a clear path to competitive advantage in 2025. Rising costs, outdated workflows, and manual data entry slow growth and impact borrower satisfaction. Automation addresses these challenges, reducing costs, speeding up loan cycles, improving accuracy, and elevating borrower experiences. With market uncertainty easing, now is the time to act—waiting until loan volumes rebound leaves lenders unprepared and struggling to compete.

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Federal Home Loan banks 'failed to meet existing expectations': OIG report

American Banker

Each of the 11 Federal Home Loan banks will be sent a supervisory letter and an advisory bulletin on bank credit risk from their regulator the Federal Housing Finance Agency, according to a report from the FHFA's Office of Inspector General.

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Veridas joins the Security Industry Association (SIA)

The Paypers

Spain-based digital identity and biometrics company Veridas has become a member of the Security Industry Association (SIA) to drive collaboration within security industry.

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Making the American dream happen for herself and her community

American Banker

Grace Law, a Hong Kong native, seized an opportunity to work in a Chase branch in New York City more than 30 years ago. Today, she seeks ways to ensure her community — immigrants who are frequently overlooked by banks — has access to financial services.

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BigCommerce launches B2B Edition Invoice Portal

The Paypers

BigCommerce has launched its B2B Edition Invoice Portal to modernise the invoice payment process for B2B suppliers, manufacturers, distributors, and wholesalers.

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10 Ways to Leverage Buyer Signals and Drive Revenue

In today’s ultra-competitive markets, it’s no longer enough to wait for buyers to show obvious signs of interest. Instead, sales teams must be proactive, identifying and acting on nuanced buyer behaviors — often before prospects are fully ready to make a purchase. In this eBook from ZoomInfo & Sell Better, learn 10 actionable ways to use these buyer signals to transform your sales strategy and close deals faster.

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Coinbase role in crypto firm Celsius's bankruptcy plan questioned by SEC

American Banker

The Securities and Exchange Commission — which charged Coinbase this year with operating as an unregistered securities exchange, broker and clearing house — says Coinbase Global's proposed involvement in Celsius Network's plan to emerge from bankruptcy raises many of the same concerns as those in the agency's lawsuit.

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The Paypers launches the Payment Methods Report 2023

The Paypers

The Paypers has launched the 8th edition of the Payment Methods Report , the go-to source for the latest trends in payment preferences.

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The Future of Value: Rethinking Banking in an Era Beyond Money

The Financial Brand

This article The Future of Value: Rethinking Banking in an Era Beyond Money appeared first on The Financial Brand. As banking becomes embedded in digital ecosystems, financial institutions must evolve from monetary exchange to enabling value transfer models. This article The Future of Value: Rethinking Banking in an Era Beyond Money appeared first on The Financial Brand.

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Shift4 partners with Give Lively

The Paypers

US-based integrated payment processing solutions company Shift4 has partnered with Give Lively in order to offer fundraising services to nonprofit organisations.

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Outsource With Confidence for RDC Program Success

Remote Deposit Capture (RDC) clients are more likely to use additional treasury services and maintain larger deposits. However, poor customer experiences—particularly if they delay deposits—can compel RDC clients to take their business elsewhere. This eBook makes the case for outsourcing RDC operations to a proven managed services partner. This approach helps Treasury Departments with limited resources provide excellent client experiences that result in higher retention and productivity rates.

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Cities win class-action status on VRDO charges against banks

American Banker

With class certification now in hand, the cities that brought the lawsuit have two weeks to outline how other municipalities will be provided notice of the chance to join.

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Allied Bank Synapsify and Fasset collaborate on Web 3.0 initiative

The Paypers

Pakistan-based Allied Bank has partnered with R&D company Synapsify Systems and UAE-based Web3 fintech Fasset to augment digital banking with metaverse and Web 3.0 initiatives.

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Goldman CEO dismisses calls to end ties to fossil-fuel firms

American Banker

Goldman Sachs Group Chief Executive Officer David Solomon defended the need to support traditional energy companies, batting away demands from climate activists to abandon their clients in that sector.

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PhonePe launches Indus Appstore

The Paypers

PhonePe has launched the Indus AppStore developer platform, with zero platform fee and no commission on in-app purchases for Android to challenge Google in India.

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Signal-Based Selling: How to Leverage 4 Key Buying Signals

As prospects define their problem, search for solutions, and even change jobs, they are generating high-value signals that the best go-to-market teams can leverage to close more deals. This is where signal-based selling comes into play. ZoomInfo CEO Henry Schuck recently broke down specific ways to put four key buying signals into action with the experts from 30 Minutes to President’s Club.