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Renasant Acquires The First Bancshares, FedNow's Slow Adoption, and Rising Check Fraud Concerns
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First up today, mortgage servicing rights have surged in value amidst high interest rates, but the industry's future remains uncertain as experts debate upcoming economic shifts.
In other interest rate news, the Federal Reserve's meeting might be overshadowed by the Bank of Japan's decisions on potential tightening, significantly impacting global markets and the yen's value.
Next, a year after FedNow's launch, interest in instant payment services like earned wage access has grown. However, slower adoption rates indicate the need for better incentives and consumer education.
Big M&A news: Renasant is set to acquire The First Bancshares in a $1.2 billion all-stock deal, forming a six-state Southeastern banking franchise with $25 billion in total assets.
Meanwhile, Live Oak Bank prepares to launch a new banking-as-a-service initiative, aiming to integrate fintech and non-bank entities with versatile banking solutions, expanding their financial capabilities and customer base.
Finally, bankers are urging regulators to intensify efforts against the alarming rise in check fraud, calling for stronger cooperation and enforcement to protect consumers and the banking system.
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