Executive Vice PresidentIndependent Community Bankers of America
Despite some criticisms of the strategy, community banks should continue to pair up with fintech companies that can help them expand their digital offerings.
Fair Financial, a digital banking platform developed by a Twin Cities nonprofit in partnership with a local bank, launched a pilot program this week. By 2020, it plans to serve 5,000 customers across the country.
The central bank's rule-writing workload is expected to remain busy for the foreseeable future, thanks in large part to enactment of the recent regulatory relief bill.
The Federal Savings Bank has been under a spotlight since it was revealed that it provided $16 million in mortgages to onetime Trump campaign manager Paul Manafort.
Millennium Bank in Tennessee has quickened approval times on loan applications by using software that frees lenders from repetitive, manual tasks. The result: Loan balances have increased by more than 50% in less than two years.
A New Hampshire bank CEO argues that the reform bill awaiting a vote in the Senate will free up community banks to focus more on their customers and less on compliance.
The results suggest that even as financial institutions implement more sophisticated fraud-mitigation techniques, they have not been keeping pace with criminals.
