By Adrian Ungureanu and Tony Tummillo, Capco | May 22, 2013
This article - the first in a two part series - looks at the successes some banks have had with e-signature adoption and examines some of the remaining barriers regarding regulation and organizational silos that still exist in adopting e-signatures in the financial services sector.
Frank Bisignano, who also led JPMorgan's mortgage banking business in the wake of the mortgage crisis, will lead payments management company First Data at a time of great change in the payments industry.
The bank technology vendor is offering a new service that provides consultant reviews and strategy recommendations for smaller banks looking to better their commercial lending business, while also announcing its first new client on the DNA platform since its acquisition of Open Solutions.
Although legacy systems replacement is a major undertaking for any bank, the global banking industry could regain a significant proportion of the profitability lost during the financial crisis by adopting modern core systems.
Global banking regulators will examine whether their new rules forcing lenders to hold more capital to absorb any future losses should be simplified after criticism that they are too complex to be effective.
Five top U.S. banks have
provided $45.8 billion worth of relief to struggling homeowners
under a 2012 federal-state settlement to resolve mortgage
abuses, according to a report released Thursday by a monitor of
U.S. auto lender Ally Financial has
satisfied a requirement to provide $200 million in home loan
modifications and other consumer relief under last year's $25
billion national mortgage settlement, the pact's monitor said
Consumers continued the trend of paying down household debt last year, but the American Bankers Association warns that trend might falter next year with the expiration of the payroll tax cut and continued economic uncertainty.
Applications for U.S. home
mortgages jumped last week, rebounding after a massive storm
depressed applications on the East Coast and as a fall in
interest rates to a new low spurred demand, data from an
industry group showed on Wednesday.
Sheila Bair, former FDIC chair and current industry critic, thinks that regulators are partly to blame not only for the financial crisis and the banking industry's continuing lousy reputation, but she also has plenty of criticism for bankers and politicians.