A number of major themes will dominate the banking regulatory landscape for 2020, according to industry watchers. Those themes range from emerging technology to social governance issues, though what is not clear yet from a regulatory standpoint is exactly how the economy-altering impact of the coronavirus will upend the banking industry. “Resilience; environmental, social...
Continue readingSmall town banks beating national chains? Yes, it happens, and here’s how
National and even global banks dot the landscape of almost every city and town in America, but that does not mean local banks are down for the count. Local and small regional bank chains can and do beat the behemoth banks, but it does not happen by accident. Local banks that win know where...
Continue readingBanking trends for 2020: More blockchain, voice engagement, and social media money accounts
Technology and competition are two forces reshaping the banking industry. Customers are demanding tech-first innovations and improved customer experiences, while competition from unexpected quarters continues to shake up the field. Here are trends you should know about for 2020 and beyond: Expansion of 5G wireless connectivity: The first 5G systems were deployed in 2019,...
Continue readingOpportunities and challenges facing the banking industry in 2020
Like almost every other industry in North America, the banking sector is undergoing massive transformation, with shifts in technology, consumer preferences, government regulations, and competition from startups. Innovation can help solve some of these problems, but legacy institutions which are slow to respond to changes may find themselves with a difficult transition. Here are...
Continue readingBanks’ response to coronavirus: Curtailing travel, asking for eased regulations
Banks in the United States are working to respond to the coronavirus, with that response divided into two efforts: one to protect the banks themselves, and one to support the economy and financial markets. American banks are developing plans to address potential developments, maintain business continuity, and keep customers and employees informed. Banks are...
Continue readingThe interest rate cut: What it means for lenders and savers
On March 3, the Federal Reserve voted unanimously to cut the primary credit rate by 0.5%, setting the new benchmark interest rate between 1% and 1.25%. It was, as CNN noted, the first emergency rate cut since the financial crisis. The move was, CNN added, “a bold attempt to give the US economy a...
Continue readingBEAT has been updated – Here is what you need to know
The Treasury Department and the Internal Revenue Service updated the base erosion and anti-avoidance tax (BEAT) at the end of 2019, with the modified regulations aimed at resolving several areas of uncertainty in a manner favorable to taxpayers. What is the BEAT? BEAT is a new tax created by the Tax Cuts and Jobs...
Continue readingPrepare To Delete Data in Light Of California Consumer Privacy Protection
Taking inspiration from the European Union’s General Data Protection Regulation (GDPR) and motivated by the spate of recent data breaches, the California Consumer Privacy Act will provide Californians with the toughest consumer privacy protections in the country. While good for them, anyone doing business which deals with personal consumer information—even if they are not...
Continue readingPrepare For Increased Scrutiny Re: Real Estate Corruption
Real estate is a popular way to hide money, as recent events like the Panama Papers showed. While investing in real estate is usually legitimate, criminals and corrupt parties are using the market as a type of parallel banking system to store money and transact business, often employing shell companies to hide true ownership....
Continue readingBoost Your Business Report Writing Skills With These Best Practices
Writing business reports is an important part of the job for any financial (or other) professional. But writing a first-rate report is a skill that eludes many. After all, you need to be able to convey key industry challenges, address complex reporting requirements, and situate your analysis in an ever-evolving marketplace. That’s no easy...
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