Penny Crosman

Slowly, the US is migrating to ISO 20022. In March 2025, it'll happen all at once. My latest article looks at what financial institutions, especially smaller ones, should do ahead of the Fedwire ISO migration: https://lnkd.in/eGNcQjvN

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Last year’s banking industry disruption may be one reason regulators resurrected questions on compensation and how risk and reward is balanced--particularly for senior executives. Here's what bank leaders should consider as they move forward. #rcj #riskandcompliance Deloitte Financial Advisory

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How can financial institutions begin to operationalize a new way for buyers and sellers of financial assets to exchange value? The challenges are complex and numerous, but not insurmountable.  #tokenization #digitalassets Tim Davis Rob Massey Wendy Henry Brian Hansen Deloitte

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During our latest Press Release Masterclass, "Optimizing Financial Services Releases," our experts covered: ✅Current trends ✅Best-in-class examples ✅Tips to boost release engagement Watch the 30-minute recording now! 💼 #PR #FinancialServices

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Chainlink, Fidelity Inte­rnational, and Sygnum have united to introduce on-chain Ne­t Asset Value (NAV) data for a substantial $6.9 billion money marke­t fund. https://lnkd.in/d-NY8h7C #Chainlink #netassetvalue

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How can banks develop deposit strategies that incorporate a 'higher for longer' mindset? Read the latest from Laura Alix, with perspectives from Neil Stanley of The CorePoint, Christopher Marinac of Janney Montgomery Scott LLC and Brandon Koeser of RSM US LLP.

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In this exclusive, we speak to CEO Mike Haley, head of fraud prevention service Cifas, on the firm’s vision for a winning future in fighting fraud. Find out more by clicking the link below. #Fraud #Fintech #DataSharing

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VantageScore®is launching a new credit scoring model that combines traditional credit data with bank account information to help thin-file consumers gain access to financial products and services. Consumers opt to add the bank account data to get a second chance at qualifying for credit. Announced Wednesday, VantageScore 4plus pulls in standard credit file information such as payment history and outstanding debt. If the consumer opts in, the model analyzes bank account data to create an adjusted score. This new iteration retains the scoring scale of the firm's previous model of VantageScore 4.0. Other companies that provide models that analyze bank account data or cash flow data alongside other forms of credit data include FICO (specifically its UltraFICO model), Nova Credit, TomoCredit and Prism. "The main credit scores that you'll see today use data from a credit file to create those scores. … Credit file data is very predictive, but it doesn't necessarily give you full visibility into everything that will necessarily give you an understanding of somebody's credit worthiness," said Rikard Bandebo, executive vice president and chief product officer for VantageScore. Read more in my latest for American Banker below! #creditscore #fintech

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In case you missed it... I had the pleasure of sitting down with UBS Asset Management's global head of trading Lynn Challenger to talk all things T+1. Have a watch of the full interview below!

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#AI #BSA #AML #FinCEN #Rulemaking #AMLA #AML_Act #regulatory_and_exam_environment The U.S. Treasury Department today released a request for information (RFI) on the uses, opportunities and risks associated with artificial intelligence (AI) in the financial services sector. Notably, the RFI addresses potential uses for AI and machine learning in the AML space and discusses a related future FinCEN rulemaking pursuant to Section 6209 of the AML Act of 2020, aimed at AML innovation. The RFI adds that FinCEN is "taking several steps to create the necessary regulatory and examination environment to support AML/CFT-related innovation that can enhance the effectiveness and efficiency of the Bank Secrecy Act (BSA) regime." Regulatory Intelligence tomorrow will publish a detailed examination of the RFI and the BSA/AML implications. Paul Godlewski Rabihah Butler

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With Compliance Week's Third-Party Risk Management & Oversight Summit next month in Atlanta, I talked with Rodney C., SVP and head of TPRM at Valley Bank, to preview the event and break down his panel discussion from our national conference in Washington, D.C., last month. Campbell said building a TPRM strategy is the first step in confronting risk. This can be accomplished by realizing impact and activity. He was joined on the panel by Asha J. Palmer, SVP of global compliance solutions at Skillsoft, who advised risk professionals to tie TPRM strategies to business objectives. For those attending the summit, I'll see you in Atlanta! Check out my story at the link below. #TPRM #risk #compliance #financialservices #banking #finance #strategy #businessobjectives #CWNational2024

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One aspect I found interesting in this article is a chart American Banker used from internal research. The chart indicated that 60% of bank executives responding to an Arizent survey believe same-day and instant settlement of payments would help attract new customers. That was in second place to "improves customer experience" at 74%. I just have a hard time believing consumers would REALLY care about this other than paying a bill online at the last possible minute. But in that scenario, would the consumer even be aware the payment was instant? I was at a conference last year and someone from the Fed spoke on a panel and said the first FedNow real-time payment happened at a credit union. The member was sending a P2P transfer and was asked if the person wanted to send it instantly, to which of course they replied yes. Not sure if that's the case (giving customers/members the option) for other FedNow banks, but I'm curious how you market RTP as a "gamechanger" when is comes to a bank's services. Bill pay comes to mind. P2P as well. But is that enough to draw in new customers?

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With some banks reporting a modest worsening in credit quality metrics, how can directors examine the loan process for problem spots? Learn more in this exclusive article for boards participating in Bank Director's Bank Services Program, from Paul Davis.

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Here's my latest for Chicago Booth Review, about how regulators managed the shock to the banking system caused by the current rate-hike cycle. As I wrote, "The onset of interest-rate hikes in early 2022 served as a natural laboratory for assessing how bank examiners managed a credit shock." I've been very fortunate to have a front-row seat to some of the most timely, smart research on these topics (#inflation, #banking, #macro.) #regulation #finreg #banks

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FinTech Magazine caught up with Saphyre Co-founders Gabino Roche Jr and Stephen Roche, to discuss how US operational settlement must adapt to new T+1 regulations. More below. #Tplus1 #Trading #Fintech

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Ogie Sheehy: a hard-and-fast truth for #creditunions today: Third-party #riskmanagement is no longer a cherry-on-top task; it’s an imperative. https://lnkd.in/gDv_eyqi #governance #risk #compliance ViClarity - US

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This is a terrific essay by Brian Klaas that puts the work data analysts do in perspective. Ask yourself: Are you trying to solve a puzzle, or a mystery? https://lnkd.in/eGrkcHM7 #data #journalism #DataAnalytics #BigData

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🎙️ #FidelityConnects podcast: Factors in focus — Q3 2024 trends to watch with Bobby Barnes 🎧 In this episode of #FidelityConnects, the head of Quant Index Solutions, Bobby Barnes, gives us his insights on upcoming market trends and important narratives to look out for in the investing sector. Bobby discusses: • The economy from a macro level, and how current consumer trends and predictable CPI data has led to an increase in interest rates. • The impact of increasing unemployment and how discretionary spending has changed since COVID-19. • Key drivers, such as how the U.S market’s focus on high tech and services has factored into bullish earning expectations. To learn more, listen wherever you get your podcasts: https://ow.ly/UxgP30sEMs3 #FidelityCanada #Q3Trends #Investing

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