Bank technology

Now perhaps more than ever, banks and their proxies need to show tact when communicating with past-due borrowers.

The pandemic has propelled digital banking to the forefront faster than expected and in ways that will have a lasting impact for credit unions.

The agency’s advance notice of proposed rulemaking, which would require banks to evolve with technology, shows foresight that policymakers too often lack.

The acting comptroller of the currency signaled that his agency is planning to resume on-site supervision despite health risks tied to the pandemic. But some bankers and former examiners urged caution, saying remote monitoring has its advantages.

After three months of supervising national banks remotely, examiners will soon resume visiting them in person and working in regional offices, says acting Comptroller of the Currency Brian Brooks.

The acting head of the agency says it cannot continue relying on web-based exams put in place during the coronavirus and will start sending staff into banks.

The industry was already on a path toward increased digital services, but the global pandemic is showing why CUs need to speed up that process.

The Small Business Administration’s loan processing platform went down Monday for as long as four hours, temporarily halting the ability of lenders to process loans for small business owners seeking relief from the impact of the coronavirus.

Leveraging AI and machine learning can help credit unions focus on doing what they do best: forging connections with members.

Member business loans have been on a roller coaster over the last year and as the pandemic impacts the economy, executives will need to closely monitor these portfolios to catch any problematic credits.