With the FedNow Service approaching the anniversary of its July 2023 launch, it's appropriate to reflect on how far we've come and what comes next with respect to instant payments and the FedNow Service, specifically.
At ICBA LIVE this year, I had the pleasure of participating in a panel with Kimberly Kirk, Executive Vice President, Chief Operations Officer at Queensborough National Bank & Trust Co., a $2 billion-asset institution based in Louisville, Ga.; and Todd Michaud, CEO of HuLoop Automation, to discuss artificial intelligence.
As ICBA Bancard transitions to ICBA Payments, reflecting on our past will help to fuel our future success. While our name has changed, the goal of serving community banks has remained a constant since ICBA’s payments subsidiary’s inception in 1985.
Federal financial services regulators issued a final rule to implement quality control standards for automated valuation models, or AVMs, which mortgage lenders use to value real estate collateral.
The FDIC approved a final rule to require resolutions plans for banks with at least $100 billion in assets and “informational filings” for banks over $50 billion.
Federal banking regulators issued a proposed rule that would amend Bank Secrecy Act requirements for anti-money-laundering and countering-the-financing-of-terrorism programs.
ICBA-advocated legislation directing the Federal Reserve to stop and study its proposed changes to Regulation II before finalizing the rule was introduced in the Senate.
ICBA CRA Solutions/USI Alliance, an ICBA subsidiary, today announced the election of Robert Fisher, chairman and president of Tioga State Bank in Spencer, N.Y. as chairman of the USI Alliance board of directors.
Only 20% of community banks feel fully prepared for the succession of their CEO and other executives to the next generation, according to a recent article in Independent Banker magazine.
Federal Reserve Governor Michelle Bowman said regulators need to understand emerging technologies such as artificial intelligence, blockchain, and tokenization, including how they may be used in the financial system and who has the ultimate responsibility over them.
The Conference of State Bank Supervisors said the FDIC’s proposed bank merger policy would create more challenges than benefits for the banking industry, especially for community banks.
In recognition of World Elder Abuse Awareness Day, the Financial Crimes Enforcement Network reminded financial institutions to remain vigilant in identifying and reporting suspicious activity related to elder financial exploitation. FinCEN offers resources to help stakeholders.
