CFPB Monitor

MARCH 17, 2021

On March 15, 2021, the FDIC’s Office of Minority and Women Inclusion (OMWI) released a Financial Institution Letter regarding diversity self-assessments. The FDIC’s request mirrors those by shareholder activists to obtain greater disclosure from corporate boards on the efficacy of their diversity programs.

FDIC 78

FDIC CA Policies Compliance 78

Perficient

APRIL 2, 2021

The five federal agencies are: the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (Fed), the National Credit Union Administration (NCUA) and the. Email: 2021-RFI-AI@cfpb.gov. CFPB-2021-0004 in the subject line of the message. Include Docket No.

Regulation 309

Regulation Industry Risk Management Analysis 309

CFPB Monitor

NOVEMBER 11, 2021

This suggests that the agencies might provide some leniency in the event of non-compliance. However, it is clear from the overall message delivered by the agencies that servicers who rely on this suggestion with the expectation that they will receive leniency for non-compliance do so at their peril. CFPB mortgage servicing report.

Compliance 78

Compliance Regulation FDIC Meeting 78

CFPB Monitor

DECEMBER 22, 2020

The FDIC has issued a final rule that establishes a new framework for analyzing whether deposits made through deposit arrangements qualify as “brokered deposits” and amends the methodology for calculating the interest rate restrictions that apply to less than well capitalized insured depository institutions (IDIs). Brokered Deposits.

FDIC 78

FDIC Capital National Regulation 78

American Banker

JUNE 8, 2023

The FDIC gave Cadence Bank in Mississippi the highest possible rating on its most recent Community Reinvestment Act evaluation. Cadence was the product of a 2021 merger completed just months after the acquired bank settled a federal lending discrimination case.

Mississippi 73

Mississippi FDIC Lending Community 73

BankInovation

MAY 5, 2023

in March following a cease-and-desist order from a standard review in 2021 regarding “unsafe and unsound banking practices related to its compliance with applicable fair lending laws,” according to the consent agreement. “We Tech-forward Cross River Bank reached a consent agreement with the Federal Deposit Insurance Corp.

Compliance 52

Compliance Lending FDIC Security 52

CFPB Monitor

FEBRUARY 23, 2022

The agencies consist of the CFPB, FDIC, OCC, Federal Reserve Board, NCUA, HUD, DOJ, and FHFA. Yesterday, eight federal agencies joined together to issue an “ Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B ” (Interagency Statement).

Regulation 78

Regulation Lending FDIC Compliance 78

CFPB Monitor

AUGUST 31, 2021

The OCC, FDIC, and Federal Reserve Board have issued a guide that is intended to assist community banks in conducting due diligence when considering relationships with financial technology (fintech) companies (Guide). Legal and regulatory compliance. Financial condition and competitive market environment and client base.

Community Bank 78

Community Bank Community Fintech Company 78

Jeff For Banks

DECEMBER 10, 2023

Although the 2022 Top 5 are holding their own and two of them remain in today's Top 5, the 2021 edition included one bank that failed (SVB Financial Group) and one that is voluntarily liquidating (Silvergate). At the end of 2021, prior to the Fed starting to raise interest rates, the Bank's yield on loans was 4.99%.

Fresno 103

Fresno North Carolina Raleigh FDIC 103

CFPB Monitor

MAY 6, 2021

In addition, legal challenges to the OCC and FDIC “ Madden -fix” rules and the OCC’s “true lender” rule continue to create uncertainty for participants. As a result, participants would be well-advised to revisit their compliance with state licensing laws and their vulnerability to “true lender” and Madden challenges.

Maryland 78

Maryland Lending Missouri FDIC 78

CFPB Monitor

NOVEMBER 29, 2021

The 2022 clarity promised by the “roadmap” presumably will supersede, once issued, Interpretive Letter #1179, which appears to function as a general stop-gap until the 2022 publications hopefully provide more detail regarding exactly how banks can attain compliance. Federal banking regulators have been busy in this space.

Compliance 78

Compliance cryptocurrency Regulation FDIC 78

Independent Banker

OCTOBER 1, 2022

In November 2021, the FDIC, OCC and the Board of Governors of the Federal Reserve System approved a new rule requiring banking organizations to notify regulators of “any significant computer-security incident” as soon as possible and no later than 36 hours after a determination that such an incident occurred.

Montana 152

Montana Policies Resources FDIC 152

CFPB Monitor

APRIL 1, 2021

In what could be an important step towards needed regulatory updating to accommodate the growing use of artificial intelligence (AI) by financial institutions, the CFPB, FDIC, OCC, Federal Reserve Board, and NCUA issued a request for information (RFI) regarding financial institutions’ use of AI, including machine learning (ML). Uses of AI.

Risk Management 78

Risk Management Training Lending FDIC 78

CFPB Monitor

MARCH 15, 2022

According to the complaint, in 2020 and 2021, OppFi provided documents to the DFPI in response to the DFPI’s request for information relating to its partnership with the Bank. In addition to “true lender” threats, non-bank participants in bank-model programs will continue to face state licensing threats.

California 78

California Innovation Utah West Virginia 78

FICO

JANUARY 13, 2020

The laws and rules governing anti-money laundering and combating the financing of terrorism compliance have not been substantively updated since the Bank Secrecy Act was adopted in 1970. In December, the FDIC and OCC issued a proposed rule to modernize the Community Reinvestment Act (CRA). I say Congress gets a deal done in 2020.

Policies 52

Policies Las Vegas FDIC Washington 52

CFPB Monitor

APRIL 22, 2021

The agencies are the Comptroller of the Currency, Farm Credit Administration, FDIC, Federal Reserve Board, and National Credit Union Administration (Agencies). Comments on the new proposed Q&As are due by May 17, 2021. Recently, federal agencies proposed revisions to the Interagency Questions and Answers Regarding Flood Insurance.

Policies 60

Policies Compliance Meeting Regulation 60

Jeff For Banks

DECEMBER 16, 2022

Before we begin and for comparison purposes, here are last year's top five , as measured in December 2021: #1. In 2021, the bank expensed over $530 thousand to the ESOP to benefit employees. As a point of reference, the S&P US BMI Bank Total Return Index for the five years ended December 9, 2022 was -1.21%. Nasdaq: MCBS) #3.

Puerto Rico 78

Puerto Rico Virgin Islands Community Community Bank 78

CFPB Monitor

OCTOBER 17, 2022

The CFPB’s key findings are: Based on a comparison of data from 2009 with year-end 2021 data, the number of college credit card agreements, overall payments from issuers to IHEs, and open accounts continue to decrease. ED also stated that it “will monitor compliance and take corrective action to enforce these regulations when necessary.”.

Cards 78

Cards Report Regulation FDIC 78

Abrigo

NOVEMBER 22, 2021

Consumer Lending Laws & Compliance Financial institutions offering consumer loans need to know about these major consumer lending laws and recent compliance issues. Takeaway 1 Risk tied to consumer lending compliance has been elevated as a result of the pandemic and associated operating challenges. Pandemic Issues.

Compliance 195

Compliance Lending Risk Management Regulation 195

CFPB Monitor

AUGUST 31, 2023

The DOJ opened its investigation of ABOK after receiving a referral from the FDIC. The Department of Justice (DOJ) announced that it has entered into a settlement with American Bank of Oklahoma (ABOK) to resolve allegations that ABOK engaged in unlawful redlining in Tulsa, Oklahoma.

Tulsa 88

Tulsa Oklahoma FDIC Lending 88

CFPB Monitor

JANUARY 26, 2021

The CFPB , OCC , FDIC and NCUA have issued substantially similar final rules on the role of supervisory guidance. According to the agencies: [E]xamples offered in supervisory guidance can provide insight about practices that, in general, may lead to compliance with regulations and statutes. emphasis added).

Compliance 78

Compliance FDIC Regulation Examples 78

Abrigo

SEPTEMBER 14, 2022

The data is intended to help the CFPB enforce fair lending laws and could also be used by the government and small business lenders to identify the needs of businesses, said Michelle Lucci, Abrigo Regulatory Compliance Manager. In February 2020, a settlement was reached, and by September 2021 the CFPB had issued the NPRM. Learn More.

Lending 195

Lending Data Regulation Community 195

CFPB Monitor

DECEMBER 7, 2022

As a reminder, in March 2022, the CFPB updated its exam manual and announced, “In the course of examining banks’ and other companies’ compliance with consumer protection rules, the CFPB will scrutinize discriminatory conduct that violates the federal prohibition against unfair practices.”

Community 78

Community Compliance Industry National 78

CFPB Monitor

NOVEMBER 22, 2022

The report was issued in response to President Biden’s July 2021 Executive Order on promoting competition. The Federal Reserve, FDIC, and OCC should finalize the interagency guidance for banks on managing risks associated with third-party relationships that was proposed in July 2021.

Fintech 78

Fintech Report Data Lending 78

Independent Banker

JUNE 30, 2022

Using FDIC data for 2021, we calculated a lender score out of 100 for each community bank. In each new market opened in 2021, the community bank found an experienced ag lender who was seeking a new position. The Paycheck Protection Program (PPP) was important to New Haven Bank’s success in 2020 and 2021. By Ed Avis.

Community Bank 172

Community Bank Community National Philadelphia 172

CFPB Monitor

JANUARY 28, 2021

Although the OCC’s CRA final rule technically became effective on October 1, 2020, it provides transition periods for compliance based on a bank’s asset size, type of charter, and business model. Comments are due on February 2, 2021. The benchmarking proposal was published in the Federal Register for a 60-day comment period.

FDIC 131

FDIC Community Lending Survey 131

CFPB Monitor

JULY 6, 2020

The agenda’s preamble indicates that the information in the agenda is current as of March 5, 2020 and identifies the regulatory matters that the Bureau “reasonably anticipates having under consideration during the period from May 1, 2020 to April 30, 2021.”. The Bureau issued a proposed debt collection rule in May 2019.

Regulation 78

Regulation Policies FDIC Lending 78

CFPB Monitor

DECEMBER 17, 2021

On December 4, 2022, the OCC issued a final rule that rescinds its June 2020 Consumer Reinvestment Act (CRA) final rule and replaces it with a rule that is largely based on the OCC’s 1995 CRA rule that was adopted jointly with the Federal Reserve Board and FDIC. The final rule is effective January 1, 2022.

FDIC 78

FDIC Compliance System Community 78