Ms. Pamela Buckley

Posted8/16/2023 1:08:58 PM

FedNow, a real-time payment service developed by the US Federal Reserve, aims to provide faster, more efficient, and secure payment infrastructure for financial institutions. There is an opportunity for consulting firms to provide implementation support, compliance and regulation guidance, product development assistance, training and education, and security and risk management support for financial institutions.

The purpose of this analysis is to gain insight into the competitive landscape around consulting services for FedNow by looking at what other companies' knowledge on FedNow is. Capco is trying to ascertain how out in front it is against EY, KPMG, Deloitte, PwC, Accenture, and West Monroe.

Posted5/31/2023 8:12:45 AM

On May 5, 2022, the agencies issued a joint Notice of Proposed Rulemaking (NPR) on the Community Reinvestment Act (CRA), designed to strengthen and modernize the rule that implements the CRA. The comment period closed on August 5, 2022; the last significant interagency revision to the CRA regulations occurred in 1995.

The proposed rule brings about significant changes to the way CRA performance would be evaluated in the future. For example, large banks (i.e., those with assets greater than $2 billion) would need to create retail lending assessment areas (RLAAs) beyond facility-based assessment areas (FBAAs), where the bank has originated at least 100 home mortgage loans or 250 small business loans in any MSA or the combined non-MSAs in a state for two consecutive years. This could significantly increase the number of assessment areas in which a large bank’s performance will be evaluated.

Read Capco's white paper to learn more as we await the final CRA Rule.

Posted5/16/2023 2:05:44 PM

FedNow is an instant payments service being developed by the United States Federal Reserve Bank, expected to launch in late July 2023. FedNow presents a significant opportunity for financial institutions to better serve their clients and strengthen their payment portfolio. Deploying FedNow is more than just technology change, it implies a multi-dimensional payment transformation and Capco can assist you with your journey.