Tom Rice

Imagine the nightmare: ACH payments are suddenly disrupted and all your data files are wiped clean in an instant by a wiperware cyberattack. How would your institution respond? Earlier this year, ACH payments across multiple banks and credit unions were attacked by a fictional hacking group called Purple Rain using a cyberattack called wiperware in a tabletop exercise put on by the Global Resilience Federation to assess the ability of banks, credit unions, core processors and other participating firms to respond to the fictional but, according to the federation, plausible wiperware attack scenario. Our upcoming July 10th #PCBBBID article, guest written by Bill Nelson, Chairman of Global Resilience Federation – a non-profit hub for the exchange of cyber, supply chain and other threat intelligence, and the company behind this tabletop exercise – details the surprising results from the exercise and offers tips on how to help your institution plan for recovery from such a wiperware attack. Subscribe to get a copy sent directly to your inbox, or visit https://www.pcbb.com/bid on July 10th to read this Banking Insights and Discussion article! #CyberSecurity #FinancialServices #DataProtection #ResiliencePlanning

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We are on a mission to get SBA loan approvals down to 2 days. Right now, that average is 30-90 days. As a result, small businesses are losing out. Many are taking 40%+ loans from online private hard money lenders, just because banks are operating on manual processes and outdated technology. Bankwell is working to close the gap and empowering small businesses to get that Fintech experience directly from the bank. That way, you can spend 4X less on interest rates without having to compromise on loan delivery time. Faster turnaround, for a reduced cost. Your business deserves the chance to invest in itself.

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I don't make the posts, I just report upon them ... oh, and I work with an awesome team at DaLand LLC to build solutions to position #localbank and #creditunion leaders to be prepared to offer actual savings products to members and customers reading such posts: #bitcoin #banking #savings #inflation #currency #money #btc #dollar

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The number of community FIs continues to shrink as megabanks and big regionals continue to expand their footprints into smaller markets. If you're a #communitybank or #creditunion looking to differentiate and compete against the big players and your peers, while also boosting primacy and organic growth, maybe it's time to find out more about BaZing. #banks #banking #noninterestincome #creditunions #communitybanking

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We've been helping #communitybanks and #creditunions of all sizes create the kind of checking accounts that deliver the kind of experience that customers/members want from modern community FIs. In GNO Federal Credit Union's case, they were looking to differentiate their brand in a very competitive market. We helped deliver that with BaZing and have helped boost their primacy as well as deliver organic growth and drive noninterest income. Here's the story in their words. #banks #banking #communitybanking https://lnkd.in/dXfNnzUq

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📢 Regulatory Reminder for Banks Entering the Virtual Asset Space The Federal Reserve’s recent action against Customers Bancorp highlights the heightened regulatory expectations for banks partnering with Virtual Asset Providers (VAPs). For banks considering onboarding VAPs, robust AML controls and comprehensive risk management frameworks are critical. This case underscores the need for proactive oversight to mitigate financial crime risks in the rapidly evolving digital asset ecosystem. Ensure your institution is prepared to meet regulatory standards before entering this space. #AML #CryptoCompliance #VAP #RiskManagement #BSA #Fintech #BankingCompliance

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Is your #banking or #creditunion marketing department aware of what people are reading on #X? If "savings account" rates don't outpace inflation numbers, are they savings accounts; or, are they storage accounts to allow patrons to participate in programmatic impoverishment? Does continuing to call them "savings accounts" foster #financialliteracy; or would teaching them about new money tech be more in line with the #financialcooperative mission? The team at DaLand LLC can help formulate strategies for storing, processing, and preserving money in all forms, including #Bitcoin, to keep your #localbanking institution plugged into the future of #money.

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A great article by Chris Nichols on how instant payments impact deposit performance. I like this quote, which really seems a statement of the obvious, “Unsurprisingly, the less payment friction introduced, the more money will flow in and out of the account.” https://lnkd.in/e-XG_DaN. #Banks #BankMarketing #Payments

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Credit Union branch growth. The sub header brings up a good point, how will the spate of bank/branch acquisitions impact this growth? In Q1 into Q2 we saw a lot of announcements. I've actually seen quite a few in my local area. However, the overall growth has slowed. Is this because of a slowdown in overall growth, or a tough building environment during supply chain issues in the pandemic, or digital offerings being used to expand instead of traditional branches? "Credit unions expanded their branch footprint from December to March, but it was the smallest quarterly gain in more than a year." "NCUA data showed credit unions had 21,928 branches and other locations as of March 31, 146 more locations than a year earlier and 17 more since Dec. 31." "Credit unions lost 449 branches from December 2019 to December 2020 during the height of the COVID-19 pandemic, and since then have gained 362 branches." #creditunions #branches #growth #lending #deposits https://lnkd.in/gV2ixbud

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The latest data from NCUA paints a challenging picture for credit unions, but staying informed is the first step toward tackling these issues head-on. Check out our News & Resources page for an in-depth look at the trends and what’s next for the industry. #CreditUnionData #FinancialServices #TyfoneInsights

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For those of us waiting for the release of 1033, it appears we have some insight over what will be included. While the Consumer Financial Protection Bureau (CFPB) plans to release its final open banking rule today, details were provided in advance to American Banker. Here's a summary: The CFPB is releasing its final open banking rule, expanding its scope to include payment apps and other financial products. The rule, named after Section 1033 of Dodd-Frank, requires banks to safely share financial data on various accounts and products, including Apple Pay, Google Pay, PayPal, Zelle, and Venmo. It aims to increase competition, enhance consumer choice, and establish strong data security and privacy standards. Key aspects of the rule include prohibiting data harvesting, allowing some secondary uses of consumer-authorized data, and extending the compliance period for large banks to April 1, 2026. The CFPB emphasizes that consumers have the right to know what data is collected, where it's stored, with whom it's shared, and to revoke access at any time. The rule is expected to encourage the adoption of secure APIs and potentially reshape how consumers use their personal financial data. My thoughts: This final open banking rule will likely significantly impact banks by requiring them to safely share a broader range of financial data, including payment app information, with third parties. While this may increase competition and consumer choice, it also presents challenges for banks in terms of data security, potential liability for third-party breaches, and the need to implement costly oversight measures for Fintech companies accessing consumer data. If banks are to stay ahead of the curve, banks should focus on partnering with those Fintechs that have robust API infrastructures while enhancing their data security measures. Additionally, banks could consider partnering with Fintech companies to create innovative products and services that leverage open banking capabilities, potentially turning this regulatory challenge into a competitive advantage. #banking #1033 #CFPB #bankingindustry #payments #creditunions #fintech #financialistitutions

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The The Wall Street Journal recently ran a great article about the increasing aversion from merchants to cash payments and the rise of “reverse atms” and providers like PayNearMe to address the desire to push cash from registers and bill payment. This trend uncorks a whole lot of policy debate given that cash usage is negatively correlated with income and a bastion of the underbanked. Here’s my take: I do NOT want a cashless society but in a free market I think it’s okay for merchants to design their payment preferences and charge commercially reasonable fees for the friction cash presents in operations. It’s a slippery slope to the privacy of cash going away so I would like to see a “Maginot Line” from that perspective. Tony DeSanctis , Ron Shevlin , Anne Arvia and Brandi Gregory - what do you think makes sense here? #payments #cashlesssociety #smarterbank

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Need we say more? 🙌 You can have a peaceful night's rest knowing RiskScout has the tools to streamline BSA compliance tasks and reduce costs all while unlocking new revenue streams for community banks and credit unions. Get started today. >> https://vist.ly/3cbjc #RiskScout #Compliance #FinancialCrime #BSA #AML #Banking

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To all #CDFI #CreditUnions Worried About Losing Certification: The CDFI Fund's revised CDFI Certification Application WILL NOT result in the loss of your certification, if you contact us now. CU Strategic Planning was at the forefront of advocacy to ensure the revision had the flexibility for credit unions to maintain CDFI Certification. Since then, CU Strategic Planning has been actively working with over 100 credit unions to ensure their recertification success. This includes creating advisory boards, community development mission statements, providing product design insights and defensible justification of product attributes. Most powerfully, with the depth of that expert consulting (not available through a technology company alone), we took a giant leap forward by merging two leading organizations to create a profound alliance with Callahan & Associates, Inc. the national leader in data analytics for credit unions. CU Strategic Planning is now a Callahan & Associates company leveraging the power of the most trusted data system in the movement. As THE credit union CDFI certification experts, we are and have been for the last 16 years working to ensure every credit union serving people of modest means can attain and retain its CDFI Certification. If you believe you are in jeopardy of losing your certification, come to the experts. No one has certified more credit unions as CDFIs than CU Strategic Planning. Learn more: https://lnkd.in/gbvdeYpe Schedule a call: https://lnkd.in/gr_FemEV

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What really matters for customers/members of any banking relationship, particularly #communitybanks and #creditunions, is that they feel like their FI has their backs. And the most important way to do that is for community FIs to provide products that show they understand their customers' and members' needs. That's the whole point of BaZing. It gives community FIs a great modern value-driven checking product that adds shopping discounts, cell phone protection, and much more to customers' and members' accounts for a low monthly subscription. And it's a lot more palatable than service fees. The best thing about BaZing (and BaZingBiz) is, any FI can get it up and running in as little as three months.

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Community banks and credit unions are gaining momentum in the credit card issuing space. To maximize the value of their new cardholders, these smaller FIs need a solid early month on book strategy. Download our tip sheet for essential EMOB truths and consequences for community issuers ➡️

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For all the talk about "future of regional banking" and all advantage now with the national too big to fail banks, folks may want to glimpse at recently released 1st quarter data from the FDIC. The regional banking group had better profitability and efficiency ratio with a better revenue profile. The national banks only outperformed on credit quality and non-interest expense levels. Sound bites are fun, but numbers matter. #smarterbank #banking #tbtf #gonzobanker

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