A new survey by fintech company Delta Data found that almost 60% of banks are using heavily manual processes in their approach to asset transfers within their trust and wealth management groups.
With the COVID-19 pandemic driving more consumers to online and mobile banking, banks have to meet rising customer expectations and bridge online and in-person options, the American Bankers Association and Accenture said today in a new report on the state of digital lending.
Testifying before a House Financial Services subcommittee today, bank CEO Jim Reuter said that a controversial proposal by the Biden administration requiring banks to report information to the IRS on gross inflows and outflows on customer accounts, “is yet another regulatory burden that would only lead to further consolidation in the industry.”
The future of banking is bright, provided the policy environment continues to support growth, bank CEO Jim Reuter said in prepared testimony submitted ahead of a House Financial Services subcommittee hearing today.
As part of its ongoing efforts to counter the growing threat of ransomware, the Treasury Department’s Office of Foreign Assets Control today released an updated advisory on potential sanctions risks for facilitating ransomware payments.
As the COVID-19 pandemic has continued the push for more technology in banking, one of the people working to help banks digitize has been ABA SVP and senior counsel for contracts and technology Tom Greco, who was recently profiled in an article for Vanguard Law Magazine.
In a letter to the Basel Committee on Banking Supervision today, the American Bankers Association said that the global financial system will benefit from the transparency of supervised financial institutions’ involvement in the cryptoasset market, rather than risking driving the market outside the banking system.
The Federal Reserve today published a paper highlighting how community banks can partner effectively with fintech companies.
Banks of all sizes are hearing from many customers that they want exposure to the fast-growing but volatile cryptocurrency market. Vast Bank recently became the first nationally chartered, FDIC-insured bank to offer crypto banking.
The federal banking agencies today released a guide to help community banks asses risks when considering partnerships with fintech companies.