Bank economists expect credit conditions to weaken through 2023
The American Bankers Association’s Economic Advisory Committee said access to loans is likely to further soften, while defaults and credit losses could increase in the second half of the year.
Don’t classify earned wage access programs as consumer loans
California regulators are suggesting that programs that allow workers fee-free access to their earnings between pay periods should be treated as loan products. That’s wrong and short-sighted.
‘It’s worth all the hype’: SouthState Bank deploys ChatGPT-like tech
Answers that used to take employees 15 minutes to find, they can now obtain in seconds using Microsoft’s Bard generative AI.
There’s no magic number for late fees — or is there?
Banks and credit unions have come out against the Consumer Financial Protection Bureau’s proposal to cut credit card late fees to $8, saying that figure is too low to cover costs. Finding a more suitable number might save the bureau a lot of trouble.
New Hampshire, birthplace of U.S. credit unions, sees membership drop
The state where the first U.S. credit union opened in 1909 reported fewer members in the first quarter compared to a year earlier, due in part to the competitive threat from banks.
Truist taps David Smith to lead mortgage lending
Smith joined the bank in January after serving as president of Keller Home Financial Services and heading Citi’s U.S. mortgage business.
Payments startup picks up Wirecard’s pieces to enter Asia Pacific
NomuPay has acquired parts of the disgraced processor that could help it overcome the barriers of entry to the lucrative market.
The unintended consequences of banning ChatGPT at work
Though generative AI has limitations and risks, there is a cost to ignoring it, according to Ryan Favro, a managing principal at Capco.
Is the NCUA really about to loosen credit union membership rules again?
Further changes to field of membership rules will result in credit unions so big that they lose focus on the communities they were chartered to serve.
Banks should be very cautious when considering working with crypto firms
CEOs have to determine if this is really a viable business in a viable sector and whether these deposits can be safely used to support the fundamental mission of providing credit to the community.