BankNews April 2015

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Controversy Builds Over Proposal to Honor Woman With Ten Dollar Bill

By Toni Lapp

June 24 – The time has come to feature an American woman on U.S. currency, said Treasury Secretary Jack Lew in announcing a proposal to redesign a new $10 bill for 2020 to celebrate the 100th anniversary of the right of women to vote. Continue reading “Controversy Builds Over Proposal to Honor Woman With Ten Dollar Bill” »

EMV: The 35 Billion Dollar “Money Pit” for Retail

June 5 – The date October 1, 2015 looms as a deadline for U.S. retailers to conform to the new EMV card payment mandate being pushed by the credit card brands; if retailers are not compliant by that date, then liability for fraudulent card transactions shifts from the banks to the retailers. According to new research from IHL Group, most retailers will never recoup the expense that EMV imposes, and the study says there is a much better approach to protecting retailers and consumers.

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Diverging Relief Bills Unveiled

By Bill Poquette

On succeeding Tuesdays last month, Republicans and Democrats launched dueling proposals embodying regulatory relief for community banks.

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ICBA Statement on Draft Senate Bill to Ease Excessive Regulations on Community Banks and Consumers

May 18 – Independent Community Bankers of America (ICBA) President and CEO Camden R. Fine has released the following statement following Senate Banking Committee Chairman Richard Shelby’s (R-Ala.) release of draft legislation to reduce the negative impact of excessive regulations on community banks and the customers and communities they serve.

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EMVCo Reports 3.4 Billion EMV Chip Payment Cards in Global Circulation

May 8 – Official figures for Q4 2014 released by the global technical body EMVCo show that significant advances are being made globally in the adoption of EMV® chip technology. By the end of last year, the number of EMV payment cards in circulation rose by 1 billion, up 43%, to 3.4 billion, from 2.37 billion in Q4 2013.

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Mobile Visits, Bill Payments Up at Biller Websites, Yet Most Lack Mobile Bill Pay Strategy

March 30 – According to research commissioned by Fiserv, Inc., a leading global provider of financial services technology solutions, there has been substantial growth in mobile bill pay offerings and usage over the past year. Almost one in five visits to a biller’s website come from a mobile device – a 55 percent increase over 2013. Of those visits, bill payment is the number one consumer activity. Despite the growing use of the mobile channel, only 16 percent of billers have implemented a mobile bill pay and presentment (MBPP) strategy.

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Billions Stolen from 12.7 Million Identity Fraud Victims in 2014

March 27 – The 2015 Identity Fraud Study by Javelin Strategy & Research reveals that 2014 was a mixed year in the fight against identity fraud, with some advances and some setbacks. The study found that fraudsters stole $16 billion from 12.7 million U.S. consumers last year.

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Federal Reserve Reports Nearly 100 Billion Dollars in Annual Earnings

March 20 – The Federal Reserve System has released the 2014 combined annual financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks, Maiden Lane LLC, and the Board of Governors. These financial statements are audited annually by an independent auditing firm and, consistent with prior years, received unmodified audit opinions for 2014. Continue reading “Federal Reserve Reports Nearly 100 Billion Dollars in Annual Earnings” »

$8 Billion Annual Savings Opportunity for U.S. Healthcare With Adoption of Electronic Business Transactions

March 18 – U.S. healthcare could save $8 billion annually by transitioning six routine business transactions from manual to electronic, according to the newly published 2014 CAQH Index. The CAQH Index tracks progress from manual (e.g., via phone, fax or mail) to industry standardized (HIPAA) electronic administrative transactions between health plans and healthcare providers. This annual report, the second from CAQH, details adoption rates and potential savings.

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Assets Reach $1 Billion at First Internet Bank

March 13 – First Internet Bank of Indiana, a premier provider of online banking services nationwide, has exceeded $1 billion in assets.

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