CFPB Monitor

JUNE 10, 2022

The Federal Trade Commission provided its annual report to the Consumer Financial Protection Bureau on its enforcement and related activities in 2021 regarding the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and Electronic Fund Transfer Act (EFTA) (collectively, the “Financial Acts”).

Report 78

Report Lending Policies Training 78

Abrigo

DECEMBER 2, 2021

But impulse buying – whether at home or in business – can result in waste, so think carefully about areas of your bank or credit union that could benefit next year from a small investment as 2021 draws to a close. 31, 2019, and June 3, 2021, according to the Community Banking in the 21st Century report. billion from $515.3

Conference 195

Conference San Antonio Lending Fraud 195

CFPB Monitor

FEBRUARY 23, 2022

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). The agencies consist of the CFPB, FDIC, OCC, Federal Reserve Board, NCUA, HUD, DOJ, and FHFA.

Regulation 78

Regulation Lending FDIC Compliance 78

CFPB Monitor

JUNE 14, 2021

In March 2021, Illinois Governor Pritzker signed into law SB 1792 , which contains the Predatory Loan Prevention Act (the “Act”). The new law became effective immediately upon signing notwithstanding the authority it gives the Illinois Department of Financial and Professional Regulation (“IDFPR”) to adopt rules “consistent with [the] Act.”.

Illinois 78

Illinois Regulation Report Lending 78

CFPB Monitor

OCTOBER 4, 2022

The DOJ’s lawsuit against Lakeland, filed in a New Jersey federal district court, is part of the DOJ’s nationwide “ Combating Redlining Initiative ” launched in October 2021. In the majority-white neighborhoods in the Newark Lending Area, residential mortgage services were available at branches to walk-in customers.

New Jersey 147

New Jersey Lending Community National 147

CFPB Monitor

JUNE 14, 2021

Two leaders of the CFPB’s Fair Lending Office – Patrick Ficklin, Fair Lending Director, and Charles Nier, Senior Fair Lending Counsel – recently published an article advocating for broader use of special purpose credit programs (“SPCPs”) by creditors. PRRAC is a civil rights law and policy organization based in Washington, D.C.

Lending 78

Lending Regulation Study Washington 78

CFPB Monitor

APRIL 14, 2021

The California Department of Financial Protection and Innovation (DFPI) has issued modifications to its proposed regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans and merchant cash advances.

CA 78

CA Regulation California New York 78

Abrigo

JULY 16, 2021

FinCEN Releases 8 AML/CFT Priorities These priorities were published June 30, 2021, highlighting several areas of heightened risk for the U.S. Takeaway 2 Regulations haven't been written, but there are steps community financial institutions can take now to prepare. financial system. financial system. How to prepare. financial system.

Community 195

Community Regulation Training Policies 195

CFPB Monitor

JULY 6, 2021

The CFPB has released the Summer 2021 edition of its Supervisory Highlights. Financial institutions were found to have violated Regulation E by: Failing to comply with provisional credit requirements for disputed transactions. Fair lending. Sending validation notices that did not include required information.

Lending 78

Lending Report Regulation Analysis 78

South State Correspondent

JANUARY 16, 2024

introduced a LIBOR alternative in March of 2021 (called BSBY). BSBY was not well received by US regulators from its inception, but the market eventually embraced SOFR over BSBY. No additional reporting or regulatory compliance for the lender or the borrower. Risk of Derivatives – BSBY Discontinuation Bloomberg L.P.

Community Bank 195

Community Bank Community Compliance CA 195

CFPB Monitor

JUNE 30, 2022

Of special note, the OCC also believes compliance risk is “heightened” for Bank Secrecy Act/Anti-Money Laundering (BSA/AML) and Office of Foreign Assets Control (OFAC) compliance because of world events and compliance staffing concerns. BSA/AML Compliance Risks. Cybersecurity Risks.

Compliance 78

Compliance Fraud Technology Operations 78

CFPB Monitor

MAY 6, 2021

The OCFR claims that the Bank’s failure to hold the required lending licenses makes the loans unenforceable and prohibits Atlanticus/Fortiva from collecting any amounts on the loans. 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.

Maryland 78

Maryland Lending Missouri FDIC 78

CFPB Monitor

JANUARY 5, 2021

based on alleged violations of the Military Lending Act (MLA) and Electronic Funds Transfer Act (EFTA). While, as noted, this is the CFPB’s second recent investigatory sweep related to military lending practices, the Omni consent order may also be part of a broader but unannounced focus on EFTA compliance.

Lending 78

Lending Trends Nevada Compliance 78

Abrigo

MAY 24, 2023

While it has encountered obstacles in the past, the current support and shifting attitudes toward marijuana legalization provide reasons for cautious optimism to banks interested in banking cannabis profitably while managing risk and maintaining regulatory compliance.

Lending 195

Lending Fraud Operations Ohio 195

CFPB Monitor

MAY 26, 2022

The new Circular (2022-03) is intended to deliver the message that: ECOA/Regulation B adverse action notice requirements apply to all credit decisions, regardless of the technology used to make them. Most notably absent from the Circular is any guidance that would assist creditors in meeting their compliance obligations.

Compliance 143

Compliance Regulation Leadership Technology 143

Abrigo

NOVEMBER 1, 2021

You might also like this whitepaper, "The 2021 BSA/AML and Fraud Staff Survey: Top Issues for FinCrime Fighters". Takeaway 1 BSA and fraud functions have historically been siloed, and IT has been external to compliance. Meanwhile, the IT security function has historically been entirely out of financial institutions' compliance areas.

Fraud 195

Fraud Video Training Compliance 195

Independent Banker

NOVEMBER 30, 2022

Stacy Watkins (left), president and CEO, and Hilary Nelson (right), senior vice president and director of operations and compliance, at the Las Vegas Strip. Lexicon Bank didn’t wait long to make a splash, sponsoring the 2021 World Series of Poker. We have found a way to service that and get the regulators comfortable.

Las Vegas 129

Las Vegas Community Bank Community Wisconsin 129

American Banker

SEPTEMBER 27, 2023

based Washington Trust over race-based lending discrimination and redlining in the state, saying the bank denied lending services to Black and Hispanic neighborhoods from 2016 to 2021. The Department of Justice reached a $9 million settlement Wednesday with Westerly, R.I.-based

Rhode Island 68

Rhode Island Washington Lending Compliance 68

Abrigo

JULY 12, 2021

and Germany which was released June 30, 2021. The second 12-month review was published July 5, 2021. One important step toward further global compliance for the U.S. BSA Rules and Regulation. Lending & Credit Risk. This is a growing concern worldwide and is a growing threat in the United States. While the U.S.

Training 195

Training Policies United States Report 195

Abrigo

JANUARY 14, 2021

The Small Business Association (SBA) announced that the rollout for the third round of relief was available beginning Monday, January 11, 2021 for certain small businesses. Additional Compliance Checks Required. The regulators will expect enhanced due diligence for round two since financial institutions now know what to expect.

Fraud 195

Fraud Compliance Community Trends 195

American Banker

JUNE 8, 2023

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

Mississippi 74

Mississippi FDIC Lending Community 74

BankUnderground

APRIL 28, 2023

The reforms aimed to ensure that banks have sufficient capital resources to absorb losses and reduce the cyclical effects of bank capital (and regulation) on the supply of bank credit in stress. Additionally, regulators in various jurisdictions have been trying to create simpler (but not weaker) regulatory frameworks for small banks.

Capital 84

Capital Lending US Data 84

Jeff For Banks

APRIL 4, 2024

Such as direct lending funds, and insurance companies. Shadow bank lending is similar to bank lending but is not subject to the same regulations, and compensating deposit balace requirements. And, according to some EDP students that are lenders, are turning to the shadow banking market that do not have deposit demands.

Banking Trends 113

Banking Trends Trends Millennials Oregon 113

CFPB Monitor

FEBRUARY 10, 2021

On January 26, 2021, the FTC sent its annual letter to the CFPB reporting on the FTC’s activities related to the Equal Credit Opportunity Act (“ECOA”) and Regulation B. The FTC has authority to enforce the ECOA and Regulation B with respect to nonbank financial service providers within its jurisdiction.

Report 78

Report New York City Lending Regulation 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. You might also like this webinar, "Consumer Lending 101.". Consumer lending compliance spotlight. Pandemic Issues.

Compliance 195

Compliance Lending Risk Management Regulation 195

FICO

APRIL 13, 2021

We can now prepare the reports nearly two times faster and are fully compliant with Russian Central Bank regulation.”. For its achievements, Alfa-Bank has won the 2021 FICO® Decisions Award for regulatory compliance. For its achievements, Alfa-Bank has won the 2021 FICO® Decisions Award for regulatory compliance.

Management 52

Management Analytics Compliance Meeting 52

Independent Banker

DECEMBER 31, 2021

If 2020 was the year no one expected, 2021 was a year of resetting expectations. Between a smoldering pandemic, the divisive political landscape and strong, albeit uneven, growth, there was a lot to account for in 2021, and some uncertainty remains. Regulators haven’t yet broached the subject with them. Click to enlarge.

Community Bank 144

Community Bank Community Lending Louisiana 144

CFPB Monitor

APRIL 1, 2021

Comments on the RFI must be received by June 1, 2021. The agencies observe that the potential risks associated with using AI are not unique to AI, such as creating operational vulnerabilities and consumer protection risks (fair lending, UDAAP, privacy). Fair lending. Uses of AI. Overfitting (i.e. Cybersecurity.

Risk Management 78

Risk Management Training Lending FDIC 78

CFPB Monitor

OCTOBER 4, 2022

A previous version of these procedures referenced the Regulation Z definition of “private education loans” which differs from the Truth in Lending Act definition.

Policies 146

Policies Compliance Payments Training 146

Abrigo

DECEMBER 20, 2021

Whether that is the case or not, the reprieve is now over. On December 16, 2021, FinCEN announced an $8 million civil money penalty against CommunityBank of Texas (CBOT) for willful Bank Secrecy Act (BSA) violations and failing to maintain an effective anti-money laundering (AML) program. Lending & Credit Risk. Learn More.

Resources 195

Resources Texas Analysis System 195

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. and Puerto Rico banking laws and regulations. Silvergate Capital Corporation (NYSE: SI) #2. MetroCity Bankshares, Inc. Nasdaq: MCBS) #3.

Puerto Rico 78

Puerto Rico Virgin Islands Community Community Bank 78

Abrigo

FEBRUARY 24, 2022

Regulators expect a well-managed financial institution to look at interest rate risk through two different lenses: Earnings at risk (EAR)/income at risk (IAR) – Measures short-term risk; changes to the income statement. Sources of interest rate risk. Clearly shows the impact of key variables on overall exposure levels 4.

Management 195

Management Analysis Strategy Policies 195

FICO

APRIL 28, 2020

Our winners have innovated in lending, supply chain optimization, customer management, debt collection, fraud and financial inclusion. Regulatory Compliance. The 2019 FICO Decisions Award winners have demonstrated what is possible with a clear business objective, innovative use of technology and a great partnership. by Nikhil Behl.

Analytics 52

Analytics Fraud Management Innovation 52

Abrigo

SEPTEMBER 20, 2021

Data collection for small business lenders Financial institutions, fintech companies, and other small business lenders will need to begin collecting a wide array of small business lending data under the Consumer Financial Protection Board’s (CFPB) proposed small business lending data collection rule. Proposal Issued. securities credit.

Lending 195

Lending Data Compliance Regulation 195

PYMNTS

OCTOBER 9, 2018

Experts say the move will not go unnoticed when the accounting standards begin to take effect for public companies in 2021. “Private companies are starting to realize it’s not business as usual,” said Deloitte Private Enterprises Managing Partner Mark Davis in an interview with Accounting Today last week.

Community Bank 153

Community Bank Community Report Lending 153

CFPB Monitor

JULY 29, 2019

The temporary QM, which is often referred to as the “temporary GSE patch,” will expire on January 10, 2021, or earlier if Fannie Mae and Freddie Mac exit conservatorship. There simply is too much uncertainty about compliance when making a loan under the general ability to repay (i.e.,

Compliance 60

Compliance Marketing Regulation Meeting 60

Independent Banker

OCTOBER 31, 2021

Regulators implement ICBA-supported three-year transition. Curt Allison, The Fountain Trust Company’s chief lending officer, says his bank’s software program has been collecting data since Dec. Our regulator, the OCC, has notified its banks that they will be looking for action plans going forward that address the 2023 deadline.”.

Community Bank 91

Community Bank Community Software New York City 91