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The Eyes Have It
Monday, February 20, 2017 (768 reads)

Many years ago, in the days of catchy bank slogans, Chemical Bank’s was, “When Your Needs Are Financial, Your Reaction Is Chemical.” With an “eye” to the future, that slogan is once again relevant.
However, the “chemical” is now biometric technology, referring to the collection and use of biological data and behavioral characteristics. These next-generation identification controls are being used to combat fraud and make transactions more secure.

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Fintech Needs Regulation
Monday, February 20, 2017 (824 reads)

Say the word regulation to someone in financial services and the cringe factor is immediate – it brings to mind reams of rules, including Dodd-Frank. Indeed, Donald Trump has proposed gutting much of the Dodd-Frank Act, but bringing back Glass-Steagall.
Regulatory oversight of fintech startups is tightening, according to a report from PwC. The report noted that 86 percent of financial services CEOs are worried about the impact of being too heavily regulated

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Wallkill Valley Federal Savings and Loan Expands to Help Underserved Communities
Monday, February 20, 2017 (754 reads)

When a local community bank has got a good thing going, it’s only neighborly to share it with the surrounding communities – especially those that don’t have a bank of their own.
Wallkill Federal Savings and Loan has added three new branches in the past five years in Hudson Valley near to its original branch in Wallkill, raising its assets to $193 million.

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Banks Struggle With CFPB Requirements
Monday, February 20, 2017 (787 reads)

As one of the most heavily regulated industries in America, it’s natural that bankers and regulators might not always have the happiest of relationships, but a new Aite Group report aims to shed some light on how banks’ relationship with the new cop on the beat may be a little more fraught than others.
Senior Analyst Shirley Inscoe’s paper, “CFPB: Impact on Financial Institution Fraud Departments,” highlights a few key areas of difference between the CFPB and other banking regulators. Bankers she interviewed for the report told her that CFPB examiners seemed to spend as much time working offsite as they did onsite, that the bureau required much more data than other regulators and that the examination process was generally less transparent and communicative than those of other regulators.
Inscoe wants to be clear that she’s not bashing the CFPB in her report.

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