Abrigo

AUGUST 3, 2015

According to a recent survey by the American Bankers Association (ABA), more than 46 percent of respondents had to reduce offerings for loan or deposit accounts, or other services, at their bank because of regulatory compliance burdens. The news isn’t all bad for community banks, though.

Compliance 150

Compliance Community Bank Community Survey 150

CFPB Monitor

MAY 22, 2020

Although the OCC’s proposed revisions were issued jointly with the FDIC, the FDIC did not join in the final rule. The final rule is effective October 1, 2020 but sets mandatory compliance dates based on the applicable performance standards. We will share our reactions to the final rule in subsequent blog posts.

FDIC 78

FDIC Lending Retail Compliance 78

Abrigo

JUNE 2, 2021

Does it address a “culture of compliance”? Culture of compliance. FinCEN issued an advisory in 2014 highlighting the importance of a strong culture of compliance for senior management, leadership, and owners within financial institutions. This includes compliance from top, to middle, to frontline leadership. Calibration.

How To 195

How To Training Compliance Policies 195

Abrigo

APRIL 12, 2016

The FDIC is offering a fresh take on how a bank’s board of directors should understand and manage risk. The regulator’s April edition of Supervisory Insights provides what the FDIC called a “refresher” on its Pocket Guide for Directors, the 1988 booklet outlining the basic duties and responsibilities of a bank’s board of directors.

Management 150

Management FDIC Risk Management Community Bank 150

Abrigo

JULY 10, 2023

The FDIC offers resources tailored toward older individuals, and you can order free brochures from the Consumer Financial Protection Bureau to hand out to your clients. As technological advancements progress, the need for heightened vigilance and security measures within your financial institution becomes increasingly paramount.

Fraud 150

Fraud How To social media Security 150

Abrigo

JANUARY 8, 2016

The GAO acknowledged that community banks, credit unions and their professional industry associations reported increased compliance burdens and reduced activity in specific business activities, such as certain mortgage lending, as a result of Dodd-Frank.

Regulation 150

Regulation FDIC Survey Community Bank 150

Abrigo

AUGUST 6, 2021

according to FFIEC and FDIC data. Technology can help streamline and automate many manual lending processes, reduce compliance costs, and enhance risk management. Even though community banks make up a small share of total assets and deposits, 13.5% In the recent publication, Community Banks’ Ongoing Role in the U.S. SBA Lending.

Community Bank 195

Community Bank Community Kansas City Lending 195

Abrigo

DECEMBER 22, 2023

The most-read portfolio risk blogs in 2023 Probability of default, CECL model validation, and stress testing were among Abrigo's top blogs on ALM, CECL, and portfolio risk this year. Watch NOW Takeaway 1 Portfolio risk and accounting professionals often keep up to date on industry trends by reading Abrigo's blog.

Risk Management 221

Risk Management Regulation Management Lending 221

CFPB Monitor

FEBRUARY 23, 2022

The agencies consist of the CFPB, FDIC, OCC, Federal Reserve Board, NCUA, HUD, DOJ, and FHFA. In a blog post about the Interagency Statement , the CFPB noted that “[c]reating programs that work to serve disadvantaged individuals and small businesses can provide an important means of addressing unmet needs while strengthening communities.”

Regulation 78

Regulation Lending FDIC Compliance 78

CFPB Monitor

AUGUST 24, 2020

We have previously blogged about the lawsuits filed by the Colorado Attorney General against fintechs Avant and Marlette Funding and their partner banks WebBank and Cross River Bank. Supreme Court, a Colorado appellate court (after any chance for appeal has run) or the FDIC adopts a “true lender” test that differs from the safe harbor).

Colorado 78

Colorado Fintech Lending Online 78

Jeff For Banks

DECEMBER 10, 2023

Although one might argue that First Citizens BancShares of Raleigh is a SIFI as it climbed to the 19th largest in the country with its Silicon Valley Bridge Bank acquisition from the FDIC, and that the FDIC designated SVB as systemically important. Jeff Note: I make no investment recommendations in this article or this blog.

Fresno 103

Fresno North Carolina Raleigh FDIC 103

William Mills

SEPTEMBER 9, 2016

William Mills Agency will be live blogging at Finovate Fall 2016. Addresses compliance, fraud experience and customer experience analytics. Social media is a special challenge since social media was not created with compliance in mind. Blue, Red (Compliance), Green (what bankers do best). Purple = Customer Experience.

social media 40

social media ATM Mobile Customer Experience 40

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

Social Assurance

JULY 10, 2020

While the FDIC and Federal Reserve did not join the OCC in releasing this rule, they have released their proposed rule. ” CRA Blog. The post CRA Compliance: OCC Releases Final Rule on CRA Regulations appeared first on Social Assurance. The full text of the OCC’s final rule is available on their website.

Compliance 15

Compliance Regulation Community Guidelines 15

CFPB Monitor

OCTOBER 1, 2018

1010.100(d) — and their subsidiaries which are subject to the jurisdiction of the OCC, Federal Reserve, FDIC, or NCUA. FinCEN previously exempted commercial property and casualty insurance policies from the general BSA compliance program rule for insurance companies. 5318(l) for certain premium finance loans.

Regulation 60

Regulation FDIC Policies Compliance 60

Abrigo

SEPTEMBER 22, 2015

The FFIEC – made up of the OCC, NCUA, FDIC, Federal Reserve, the Consumer Financial Protection Bureau and the State Liaison Committee – intends to move quickly, while still constructing a plan for call reports that makes sense. For smaller institutions, compliance can be especially costly.

Community Bank 150

Community Bank Community FDIC Survey 150

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

Abrigo

AUGUST 8, 2021

This article is substantially updated from a 2013 blog post. The Federal Reserve, the OCC, the NCUA, and the FDIC repeatedly pointed out that the nature of loan review or credit risk review at a given bank or credit union will vary. It also monitors compliance with applicable regulations and laws.

System 195

System Lending Policies Regulation 195

CFPB Monitor

JUNE 15, 2020

This is the first in a series of five blog posts about the final rule and related topics that we will publish in the next few weeks. The OCC acted alone in issuing the final CRA rule without waiting to achieve consensus with the FDIC, the agency with which the OCC had jointly issued the proposed rule. On June 22, 2020, from 12:00 p.m.

Community 60

Community FDIC Lending Examples 60

FICO

OCTOBER 4, 2016

When federal banking agencies recently revised their Q&As for CRA compliance , their focus on the use of alternative data caught my eye. The Act requires federal banking agencies (the OCC, FDIC and Federal Reserve – “Agencies”) to conduct periodic reviews of each depository institution’s efforts in this area.

Lending 74

Lending Data Community FDIC 74

Jeff For Banks

DECEMBER 16, 2022

They were under an FDIC consent order from 2014 through 2020 relating to their BSA and OFAC compliance and their relationship with third parties seeking access to the banking system. Jeff Note: I make no investment recommendations in this article or this blog. It has not been all sunshine and rainbows for TBBK.

Puerto Rico 78

Puerto Rico Virgin Islands Community Community Bank 78

NCR

DECEMBER 18, 2015

The FDIC estimates that some 10 million households have no contact with a banking institution of any kind. On this blog, we’ve commented often on how financial services providers have had critical functions hijacked by more nimble technology vendors. For the record, this is a massive market.

Apple 40

Apple Retail FDIC Mobile 40

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. It isn’t just a compliance program problem or a data management problem. See the difference. C&I Loans.

Lending 195

Lending Data Regulation Community 195

CFPB Monitor

OCTOBER 31, 2022

The White House also published a blog about the President’s junk fees initiative. The CFPB cited prior Federal Reserve and FDIC guidance and its recent consent order related to ASPN overdraft fees. CFPB Compliance Bulletin 2022-06 also addresses the practice of charging a fee for returned deposited items.

Policies 78

Policies FDIC Analysis Cards 78

Independent Banker

JANUARY 31, 2023

Learn what this means for the industry and how community banks can stay in compliance. Sound compliance management requires consistent written disclosures, procedures and actual practices. In March 2022, the CFPB noted in its blog that “overdraft fees can price people out of banking.”

Community Bank 91

Community Bank Community Compliance Regulation 91

CFPB Monitor

MAY 7, 2020

No-Action Letter Policy) to address potential compliance issues. The Bureau focused on assessing whether (1) there is discrimination in the application, underwriting, and pricing processes, (2) creditors are redlining, and (3) there are weaknesses in fair lending related compliance management systems. Small business lending.

Lending 78

Lending Report FDIC Policies 78

CFPB Monitor

JUNE 25, 2020

This is the second in a series of five blog posts about the final rule. The final rule is effective October 1, 2020 but sets mandatory compliance dates based on the applicable performance standards. Until compliance with the final rule, national banks and federal savings banks must comply with the OCC’s current rule.

Community 97

Community Lending Meeting Retail 97

Jeff For Banks

MARCH 3, 2014

Since I estimate my Twitter community only reads about 10% of their tweet stream, and so many of my blog readers do not follow Twitter, below are selected quotes that I tweeted since version 6. Bank CFO: The FDIC is on a rising rate binge. Occasionally they will offer an insight that I think my Twitter followers would find interesting.

Branch Strategies 89

Branch Strategies FDIC Strategy Industry 89

Abrigo

JULY 22, 2022

Takeaway 2 While these financial products are appealing, the lack of stability and consumer protections surrounding them are a concern for the FDIC. ? . Takeaway 3 Financial institutions should notify the FDIC of crypto-related activity and be familiar with the risks of the cryptocurrency world. . Crypto turbulence. Financial Crime.

cryptocurrency 195

cryptocurrency FDIC Regulation Fraud 195

CFPB Monitor

JULY 6, 2020

The proposal is not mentioned in the Bureau’s blog post about the new agenda and the agenda estimates a June 2020 date for issuing a final rule. These actions could include, but are not limited to, updated compliance aids, policy statements, or other guidance.”. Role of Supervisory Guidance.

Regulation 78

Regulation Policies FDIC Lending 78

CFPB Monitor

AUGUST 8, 2019

A new CFPB blog post titled “ An update on credit access and the Bureau’s first No-Action Letter ” provides a boost to lenders using alternative data and machine learning in their underwriting models. In its blog post, the CFPB shares results provided by Upstart of simulations and analyses it conducted pursuant to that plan.

Data 60

Data Lending Compliance Policies 60

CFPB Monitor

OCTOBER 13, 2020

We recently published a blog about the OCC’s proposed rule “National Banks and Federal Savings Associations as Lenders” (the “Proposed Rule”), which would clarify that a bank (or savings association) is properly regarded as the “true lender” when, as of the date of origination, it is named as the lender in a loan agreement or funds the loan.

Lending 60

Lending Colorado FDIC National 60

FICO

DECEMBER 19, 2018

This month, a group of federal agencies including the Federal Reserve, OCC, FDIC and the Financial Crimes Enforcement Network (FinCEN) issued a joint statement which encourages banks to consider, evaluate, and responsibly implement innovative solutions to BSA/AML compliance.

Policies 40

Policies District of Columbia Regulation California 40

FICO

JANUARY 9, 2017

Last fall, I suspect that most regulatory compliance professionals in the U.S. While I won’t ever be mistaken for Nostradamus, amidst this regulatory sea change, I feel (relatively) confident in sharing with you my top regulatory compliance predictions for 2017. consumer lending market anticipated 2017 would be more of the same.

Regulation 40

Regulation Lending New York Leadership 40