Sat.Oct 26, 2024 - Fri.Nov 01, 2024

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AI Regulations for Financial Services: FinCEN

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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How To Use “Strategic Product Communication” In Banking

South State Correspondent

A survey from the CFA Institute caught our attention on why wealth management clients leave. 47% of the respondents said they left because of the poor portfolio performance. That makes sense. But, do you know what the second highest reason for leaving your wealth manager was? Communication. 43% of the respondents left because of the lack of communication.

How To 195
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What Bank CEOs Should Tell Their Boards About Third-Party Vendor Risk

Gonzobanker

Vendor management is risky business. Smart leaders use performance scorecards to keep the board informed. The FDIC issued a consent order against Discover Bank last year for lacking oversight into third-party risk management and a compliance vendor management program. The time is past for all financial institution leaders to heed this message, take a hard look at their vendors and highlight concerns to their boards of directors.

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How open banking will shape the future of payments

Payments Dive

The Consumer Financial Protection Bureau released its final open banking rule this month, leading the payments and financial services industries to begin preparing for a new era in data-sharing.

Payments 472
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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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Asbury challenges industry to ‘caring, courage, commitment’

ABA Community Banking

In his opening remarks as ABA chair, John Asbury spoke to the core values of Atlantic Union Bank—“caring, courageous, committed”—and used them to frame his goals for the year ahead. The post Asbury challenges industry to ‘caring, courage, commitment’ appeared first on ABA Banking Journal.

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AML program productivity: Boost the impact of AML investigations

Abrigo

Increasing efficiency of compliant AML investigations To boost AML program productivity and keep pace with evolving compliance demands, financial institutions should focus on strategic operational improvements paired with the smart use of technology. Key topics covered in this post: The challenges of enhancing AML program productivity 8 Ways for financial institutions to increase the efficiency of case investigators Operational improvements & technology can increase throughput Compliance

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Is the FTC targeting chargeback service providers?

Payments Dive

“For better or for worse, applying pressure to payments organizations to ferret out bad-merchant actors seems to be an effective way for the FTC to make private industry police the merchant marketplace,” writes an industry lawyer.

Industry 363
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Understand This Key Insight Into Bank Efficiency and Profitability

South State Correspondent

In our previous article ( here ) we analyzed the data on community bank M&A and performance, and we concluded that there is no relationship between community bank size and profitability, as measured by return on equity (ROE). While superficially it makes sense that bigger is better, size itself does not lead to better bank performance. Combining two banks may lead to some elimination of overhead, but this gain in efficiency and scale is often overstated.

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AI Regulations for Financial Services: US Treasury Department

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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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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Sweden and Norway rethink cashless society plans over Russia security fears

TheGuardian

Rise in hybrid warfare and cyber-attacks blamed on pro-Russia groups prompt Nordic neighbours to backpedal Sweden and Norway are backpedalling on plans for cashless societies over fears that fully digital payment systems would leave them vulnerable to Russian security threats, and concern for those unable to use them. A combination of good high-speed internet coverage, high digital literacy rates, large rural populations and fast-growing fintech industries had put the Nordic neighbours on a fast

Security 111
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MoneyGram cites cash-to-digital conversion opportunity

Payments Dive

A MoneyGram executive speaking at the Money 20/20 conference cooed about the trillion-dollar opportunity to lure cash users to digital options, but didn’t mention the company’s recent systemwide outage.

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Understanding payment glitches vs bugs

ATM Marketplace

The best way to prevent bugs, defects, or glitches and protect your company, your customers, and your shareholders is by rigorously testing everything.

Payments 105
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FDIC Extends Timeline to Comply with New Digital Signage Requirements

Perficient

The Federal Deposit Insurance Corporation (“FDIC”) recently announced that it is providing financial institutions additional time to get new process and systems in place by extending the compliance date for the new FDIC signage and advertising rule (Part 328, subpart A) from January 1, 2025, to May 1, 2025. The final rule established a new black and navy-blue FDIC official digital sign shown below.

FDIC 221
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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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5 Halloween Tips to Keep the Spectre of Debt Away

BankBazaar

Halloween may be a festival of all things eerie, but nothing can be more spine-chilling than the spectre of debt. Find out how to keep this particular phantom at bay with these 5 tips from the crypt. It’s that time of the year when all manner of creepy crawlies rise up from their slumber to haunt unsuspecting victims in their sleep. No, it isn’t election time yet; it’s Halloween.

Cards 78
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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.

Payments 307
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Bank of America is the latest bank to face AML scrutiny

American Banker

The megabank disclosed that regulators are looking at its anti-money laundering and sanctions compliance. Wells Fargo was recently hit with an enforcement action over similar matters.

America 97
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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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Is Your Current Card Platform Holding You Back?

Have you ever felt the pain and loss of a client suddenly going silent, leaving you questioning everything? Ghosting can cause heartbreak; in business, it drains resources, and emotionally, it shatters your confidence. A modern credit card program can give you the tools to deliver the digital-first experiences your customer’s demand. Our eBook, “5 Signs Your Credit Card Offering Needs an Upgrade,” will help you identify key indicators that your current card platform may be holding you back and w

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City watchdog warns Crispin Odey it will punish him for his ‘lack of integrity’

TheGuardian

FCA says financier showed reckless disregard for rules over inquiry into alleged sexual misconduct The financial regulator has warned the former hedge fund manager Crispin Odey that it is planning to take action against him for failing to act with integrity, and deliberately frustrating a disciplinary process into sexual harassment allegations in order to protect his own interests.

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AI increases fraud risk, fintechs say

Payments Dive

Financial firms monitor for fraud by looking for unusual activity, but an artificial intelligence model can be trained to transact like a real person.

Fraud 259
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We need both supply and demand strategies to address fair housing

American Banker

Systemic racial inequality has long been a drag on the U.S. economy, and nowhere is that more apparent than in the housing market. There are smart strategies that would even the playing field.

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5 Highlights of Jack Henry Connect 2024 | FinTalk

Jack Henry

This year’s Jack Henry Connect was a remarkable event that captured the spirit of community banking while embracing the continuously shifting world of technology.

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Top 3 Banking Secrets to Stay Relevant with Gen Z Consumers

Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert

In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant (or getting "ghosted") if they fail to meet the evolving needs of Gen Z consumers. Credit cards with flexible payment options, especially for young adults with little-to-no credit history, are a particularly important and valuable solution for this generation.

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Santander to cut more than 1,400 jobs in UK amid increasing automation

TheGuardian

News of redundancies comes as UK division delays publication of results after car finance court ruling Santander is cutting more than 1,400 jobs across its UK business this year as part of its efforts to reduce costs. The Spanish bank’s chief executive officer, Hector Grisi, confirmed the cuts as its UK division delayed publication of its latest financial results to consider the impact of an influential court ruling linked to commission on car finance.

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5 payments predictions from research firm Forrester

Payments Dive

Cash use worldwide will drop significantly next year, despite its U.S. persistence, the research firm Forrester predicts. Meanwhile, business-to-business acquisitions in the payments realm will pick up.

Payments 221
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Citadel redlining case shows credit unions should be under CRA

American Banker

Leaving credit unions exempt from the Community Reinvestment Act preserves a gaping hole in regulations designed to make sure that financial services firms make loans available in underserved communities across the country.

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4th Session - Residential & Commercial Construction Loans

Commercial Lending USA

Looking for commercial loans in the USA? Commercial Lending USA specializes in arranging commercial mortgages for businesses and commercial purposes nationwide. Get the funding you need today!

Lending 76
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Breaking New Ground: Managing Innovation Fatigue With Effective Automation

Speaker: Gary Dmitriev

Our upcoming webinar aims to demystify the process of selecting and implementing automation tools for financial institutes. This session will provide your roadmap for vetting potential solutions, focusing on due diligence, vendor assessments, and aligning technology with strategic goals. We’ll also address the critical issue of innovation fatigue, offering tips on maintaining enthusiasm and momentum for new initiatives.