Social Market Foundation’s Post

More Consumer Financial Protection Bureau drama...not that it ever ends. A preliminary injunction for the CFPB's credit card late fee mandate, that was scheduled to take effect this week is a welcome reprieve for large FIs that may not have had time for proper system testing and disclosure changes due to the aggressive timeline of the change. More interesting is the reasoning of the judge, referencing the CFPB's funding mechanism, and not the multitude of other complaints from the industry groups that brought the case. The Supreme Court is set to make a final ruling on the CFPBs funding mechanism this summer (hopefully), making this ruling even more impactful to FIs looking for some much-needed regulatory relief. #banking #creditcards #regulation https://lnkd.in/e-rF4fva

On average, credit unions can realize savings of 30% - 70% or more vs. their current ATM operating costs by outsourcing their ATM management to Members ATM Alliance. The time saved to spend on your members? Priceless. www.membersatm.com #ATMmanagement #MAA #ATMAlliance #membersatmalliance #creditunion

World of NBFCs! Recently, I embarked on a deep dive into the realm of Non-Banking Financial Companies (NBFCs), and let me tell you, the insights were mind-blowing! NBFCs, a relatively new addition to the economy, are proving to be game changers in the financial sector, offering a lot to the economy. Unlike traditional banks, NBFCs are more accessible! My journey into understanding NBFCs has just begun, and I'm already amazed by the immense value they bring to the table. NBFCs are reshaping the way we think about finance. However, let me make it clear - this post is just the tip of the iceberg when it comes to NBFCs. For those eager to delve deeper into this fascinating domain, I encourage you to explore further, perhaps starting with the RBI website for further information. P.S. This post is created only to give a broad understanding of NBFCs. #NBFC #Finance #Innovation #Economy #LearningJourney

Not sure how CDARS and ICS accounts work? CDARS are a great resource for ensuring your large deposits are securely protected with additional FDIC coverage. When we place your funds through the ICS® and CDARS® service, IntraFi, your deposits are divided into amounts under the standard FDIC insurance maximum of $250,000. The funds are then placed in demand deposit accounts or money market deposit accounts (using ICS®) or in CDs (using CDARS®) at multiple banks. As a result, you can access coverage from many institutions while working directly with only one institution. Want to learn more? Check out our website detailing how the process works and where you can reach us to get started: https://bit.ly/4feQFz4 #CommunityAssociations #HOABanking #HOAManagement

I don't see this as impressive as it does not illustrate in any way whatsoever, that the complaints were not valid - it only illustrates that they were not upheld (which could be for many reasons, including administrative, lack of resources to effectively file a complaint, lack of resources to hire legal counsel to represent in a complaint etc.). If you want to blow your whistle, do it when you have ZERO complaints filed - if you are having complaints filed then you are failing your customers, period. That you don't see that and instead celebrate their claims have been unsuccessful shows nothing but contempt for your customers and I would argue is a red flag to anyone considering using your services. As for your last statement about "high standards of customer service" it is clearly bollocks, if you had a high standard of customer services, then your customers would not feel the need to file complaints in the first place.

What’s the difference between VBBP and direct deposit? VBBP is a comprehensive program that helps Veterans and beneficiaries manage their monetary benefits using direct deposit. Direct deposit is a form of electronic funds transfer (EFT) whereby VA automatically deposits money into checking or savings accounts. Direct deposit is a safer alternative than a paper check, and VBBP provides Veterans with an opportunity to open an account with banks and credit unions participating in the program. These institutions understand the unique financial issues Veterans face and can help Veterans and beneficiaries enroll in direct deposit. Bank and credit union customers also have access to other financial products and services unavailable to those receiving benefits through prepaid cards or paper checks. #veterans #vbbp #directdeposit #banking #finances

Myth 3 CDFIs have high default rates ❌ Compared to mainstream finance providers CDFIs typically have comparable or lower default rates for similar market segments. This is because CDFIs: Use robust credit assessment processes, often using open banking data to get a more up-to-date picture of an individual's or business's financial situation, before making a decision. Default rates may seem higher but CDFIs work with their customers for longer to arrange a workable repayment plan and get them back on track, rather than writing off the loan right away. Provide support and flexibility, so the likelihood of defaulting is reduced. And our latest impact report showed that the majority of customers end up repaying their loan with the CDFI. #CDFIs #ResponsibleFinance

Major changes are coming to #ATMs… and time is running out. Popular #NCR and #Diebold models will reach #EndOfLife and existing ATMs may need to be upgraded to meet #PCI compliance by years end. Here’s what you need to know. #pcimandate #atmcompliance #replacementatms #atmoutsourcing #atmmanagement #itms #cash #atmservices #atmasaservice #offpremiseatms #bankatm #creditunionatm #financialinstitutions #atmusa

This Navratri, make the most of your business with DGV Pay! Enjoy hassle-free banking right at your doorstep. Whether you’re depositing funds or making withdrawals, we’ve got you covered. Celebrate the festive season without any financial stress! #DGV #DGVPay #dairyfarmers #financialplanning #financialsolution #dairyfarms #festiveseason