The flurry of activity in banking-as-a-service is almost entirely restricted to community banks partnering with fintechs and other nonbanks to underpin their financial offerings. "Legally, it's challenging," said Greg Mesack of trade group America's Credit Unions. The biggest hurdle for credit unions to overcome is the field of membership requirement, which dictates which subsets of the population can be a member of the credit union, based on their location, employer, association membership, or other factors. But North Bay Credit Union took the plunge in January 2023, having learned how to manage complex compliance needs with its cannabis banking business.
American Banker
Online Audio and Video Media
New York, New York 189,118 followers
In-depth analysis, perspective and commentary on key issues affecting the banking industry.
About us
American Banker, an Arizent brand, is the banking industry's most powerful information resource providing analysis, insight and perspective on the business of banking. American Banker covers the people, trends, regulations and technologies driving the industry, helping readers keep pace with changes and opportunities in the marketplace. Executives and industry influencers also engage via American Banker's online and live conferences and seminars.
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http://www.americanbanker.com
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Updates
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New research from #AmericanBanker explores the humanized customer experience in banking #customerexperience #AI #financialwellness #competitiveadvantage https://bit.ly/47augj3
Accounting for the needs of the customer as a whole drives loyalty and satisfaction
americanbanker.com
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Net interest income has been a particularly important area of impact, as seen in Comerica Bank’s second-quarter earnings report. The Dallas-based bank’s share prices fell last month in response to its 2024 net interest income guidance that dropped 14%, which according to Citigroup analyst Ben Gerlinger was more severe than previous projections. Truist Financial was another institution that saw a dip in net interest income, recording a $77 million or 2.1% decrease year-over-year “primarily as a result of higher funding costs and lower earning assets,” according to the bank's press release. #bankingnews #earnings
Earnings recap: Citigroup's OCC plan, First Guaranty layoffs
americanbanker.com
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Citizens saw the biggest growth in their mortgage-backed securities this year with a 22.4% increase. Read here to learn more about the performance and growth of the top 20 banks and thrifts. https://bit.ly/3X7VbHH #banking
20 banks and thrifts with the largest portfolios of mortgage backed securities
americanbanker.com
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The average salary for the 20 bank executives with the highest total compensation in 2023 was more than $21 million. Read more about the executives and their compensation here. https://bit.ly/3Tb3ktv #banking #salaries
20 highest-paid bank executives
americanbanker.com
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REV Federal Credit Union in suburban Charleston, South Carolina, plans to acquire First Neighborhood Bank in West Virginia. It marks the 15th deal this year involving a credit union buying a bank, closing in on 2022’s record of 16 deals. https://lnkd.in/gq3RvjgB
Credit union-bank mergers approach all-time high
americanbanker.com
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Recent Supreme Court decisions make it likely that supervisory decisions based on assessments of banks’ safety and soundness will face court challenges, writes Todd Phillips, of Georgia State University, in American Banker’s BankThink.https://bit.ly/3Mvv8F8
Regulators' safety and soundness judgments face questions
americanbanker.com
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Check fraud against Chase goes viral on TikTok; OCC's Hsu makes case for targeted, agile bank supervision; a small credit union pays a big-league price to name an NFL stadium; and more in today's newsletter.
Chase and the viral check-fraud video; Hsu calls for new supervisory approach; stadium names
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In this webinar, learn how to accelerate auto loan funding with artificial intelligence. https://bit.ly/4cMJH21
Accelerate auto loan funding with smart automation
americanbanker.com
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In August's roundup of top banking news: The impact of National Public Data's breach on banks, USAA agrees to $64 million settlement in overcharging case and more. #bankingnews #lawsuit
Data breach, USAA lawsuit: Top banking news August 2024
americanbanker.com