The Consumer Financial Protection Bureau settled a $1.1 million enforcement action on Monday with Xerox Business Services, alleging that its software misreported borrower information to credit reporting agencies.
People’s lives online—both at home and at work—are rapidly changing their expectations for their banking relationships. For financial services institutions, such as banks and credit unions, this means updating systems, processes and strategy to interact digitally with consumers in a way that’s convenient, intuitive, fast and personalized. This kind of consumer experience is more essential than ever given growing evidence that they are switching to financial institutions that allow them to interact digitally at the branch and on the go. Read the brief to get best practices and expert advice from SEFCU, one of the 50 largest credit unions in the U.S, on how they went from their first electronic signature to fully digital workflows using DocuSign.
Jefferson Financial in Louisiana struck a deal to bring in $12 million in secondary capital, which is believed to be the biggest haul to date for a credit union. It could also embolden other credit unions to pursue similar fundraising efforts.