Jeff For Banks
MAY 21, 2023
I recently spoke at a banking conference where I challenged bankers to end the practice of relying on sleepy depositors that don't demand top rate. You know, the practice of allowing bankers to raise deposit rates only if the customer calls and complains. When I challenged bankers that they can't claim to be trusted advisors to their customers if they engage in this practice, I got push back.
South State Correspondent
MAY 22, 2023
We have used the term “second-order thinking” in our writings, and some bankers were curious about what exactly we mean. The term came to popularity in banking after Howard Marks wrote his seminal work on investments – The Most Important Thing. The “most important thing,” as described in the book, is the ability to drill down in order to get to the heart of an issue.
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Gonzobanker
MAY 23, 2023
Bank leaders are working overtime to defend their performance and relevancy. The historic deposit runs on several niched regional banks have woken up bankers and their investors, regulators and policymakers to the threats that liquidity flows place on the entire industry. Taking a step back and looking into reported financial data for Q1 2023, a few key insights appear: The banking industry lost a remarkable $1.1 trillion or 5.5% of total deposits from March 31, 2022, to March 31, 2023 – obvious
Abrigo
MAY 24, 2023
The SAFE Banking Act could bridge the state and federal cannabis banking gap Read more for the legislation's history and how it benefits financial institutions looking to profitably bank CRBs. You might also like this whitepaper, "Cannabis and financial institutions: Providing services to cannabis-related businesses." Download now Takeaway 1 Under current federal law, banks and credit unions face federal prosecution and penalties if they provide services to legal marijuana-related businesses.
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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.
CFPB Monitor
MAY 24, 2023
A fintech peer-to-peer lender has entered into separate consent orders with California, Washington D.C., and Connecticut relating to its practice of requesting tips and donations in connection with the loans offered through its platform. The fintech’s platform offers opportunities for members to act as borrowers or lenders and facilitates loans between its members.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
MAY 22, 2023
The two central banks tested digital ledger technology for payments across multiple currencies in less than 30 seconds.
Perficient
MAY 25, 2023
Promethium Ember Capital, (“PEC”), a wholly owned subsidiary of Promethium, has become the first digital asset custody provider to come under federal regulation. PEC was approved as a special purpose broker-dealer (“SPBD”) for digital asset securities. The approval allows Promethium to custody digital asset securities on behalf of both retail and institutional clients.
South State Correspondent
MAY 23, 2023
Lending is getting riskier. Due to higher rates, inflation, and a slowing economy, the three essential credit metrics – probabilities of default (POD), POD rate of change, and POD volatility- have all materially increased from 2022. In this article, we look at what is happening at the state level, look at 30 common industries where credit risk is rising, and 30 industries where credit risk is the lowest.
BankUnderground
MAY 25, 2023
Aidan Saggers, Lukas Alemu and Irina Mnohoghitnei Decentralised Finance (DeFi) may seem a tempting option for those seeking financial gain, autonomy, and self-governance… But how safe is a world in which ‘ code is law ’? Closer inspection reveals an ecosystem experiencing several hacks, attacks, and fraud. Estimates show at least US$6.5 billion has been stolen since DeFi’s inception, and one particular DeFi feature is often at the centre of this theft – flash loans.
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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
Payments Dive
MAY 23, 2023
Credit cards were the most used payment method last year in the U.S., but cash demand remains stable, a Fed report showed.
ATM Marketplace
MAY 24, 2023
The 2023 ATM & Self-Service Software Trends Report aims to give key insights into the industry by surveying financial institutions and other companies on how they are utilizing self-service software. The survey for this report is open until May 31.
Commercial Lending USA
MAY 22, 2023
Mortgage lenders that do not require tax returns are a great option for self-employed individuals or those with non-traditional income sources. These lenders typically use bank statements and other financial documents to verify income instead of tax returns.
CFPB Monitor
MAY 25, 2023
As the financial services industry continues to monitor the proceedings in Community Financial Services Association of America v. Consumer Financial Protection Bureau , an industry group composed of the Mortgage Bankers Association (MBA), National Association of Home Builders (NAHB), and National Association of REALTORS® (NAR) has filed a brief as amici curiae cautioning the Supreme Court against a ruling that could call into question all of the CFPB’s regulations.
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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.
Payments Dive
MAY 24, 2023
“It is unclear why critics want to place EWA in the credit silo and call for heavy-handed regulations to restrict access to EWA products,” argues the CEO of the Innovative Payments Association.
ATM Marketplace
MAY 25, 2023
The Bank Customer Experience Summit, held in Charlotte from Sept. 12 to 13, will honor innovators in the space of financial customer experience during an awards ceremony. You may nominate a technology provider or financial institution for an award, as long as it's submitted by the deadline of June 2.
Jeff For Banks
MAY 24, 2023
Rafael Peralta was born April 7, 1979 in Mexico City. He graduated from San Diego's Morse High School in 1997. But he had to wait to receive his green card before he could enlist. In 2000, he received it, and on that very day he enlisted in the U.S. Marine Corps as a rifleman. He would later become a U.S. citizen while serving. In 2001, Peralta was deployed overseas when his father died in a workplace accident.
CFPB Monitor
MAY 23, 2023
Report Offers Weak Insight on Causation but Lists Steps that Treasury Can and Should Take The Department of Treasury (“DOT”) recently released its first ever strategy report (the “Strategy”) on the topic of de-risking, taking the form of a 54-page document that combines a summary of the problem of de-risking with an overview of recommended steps to solve it.
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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
Payments Dive
MAY 23, 2023
The move is part of PayPal’s plan to lean on Venmo to lure more users.
ATM Marketplace
MAY 23, 2023
Banking automation is here to stay. However, banks also have to deal with questions of how automation can impact their brand image and the customer experience. They also have to find the balance between delivering cutting edge technology while still keeping the personal touch.
CB Insights
MAY 23, 2023
Embedded insurance — the integration of insurance into a digital product on a third-party platform or marketplace — is becoming more popular as a way to boost revenues and improve customer experiences. For consumers, these products can provide faster, more convenient, and more accessible insurance options. For insurers, embedded insurance can enable more product personalization (e.g. using payroll provider data for pay-as-you-go workers comp), improve underwriting accuracy (e.g. usin
CFPB Monitor
MAY 23, 2023
On May 17, 2023, the U.S. Department of Education (ED) released a Notice of Proposed Rulemaking intended to increase transparency regarding the costs and financial outcomes of postsecondary programs. The centerpiece of the proposed regulations is a Gainful Employment (“GE”) Rule, which would terminate access to federal financial aid for career training programs that fail to meet federal benchmarks.
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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.
Payments Dive
MAY 24, 2023
The Block business is seeking older, higher-income users as it pursues diversified growth, CEO Jack Dorsey said.
William Mills
MAY 23, 2023
Public relations programs will always vary based on a fintech’s unique goals and market position. But, whether it’s a startup or a more established company, with one competitor or hundreds, organizations’ public relations programs should focus on a three-pronged approach: building brand awareness, educating key audiences and establishing credibility.
The Paypers
MAY 22, 2023
The Bank of England has told the Treasury that it is planning to reject Revolut 's application for a banking licence, after a two-year campaign by Britain's most valuable fintech company.
CFPB Monitor
MAY 22, 2023
On April 24, the Governor of Kansas signed into law Kansas Senate Bill 44 , which enacts the Financial Institutions Information Security Act (the “Act”). The Act requires credit services organizations, mortgage companies, supervised lenders, money transmitters, trust companies, and technology-enabled fiduciary financial institutions to comply with the requirements of the GLBA’s Safeguards Rule, as in effect on July 1, 2023.
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Community banks seek ways to leverage their technology infrastructure to drive productivity and growth. However, the sheer volume of technology devices, capital constraints, and lack of skilled resources stand in the way. This Strategy Brief explores how a managed device services partner can help bridge this resource gap. Managed device services partners empower community banks to take charge of mission-critical device management activities with: Logistics and installation services to support se
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