CFPB Monitor

APRIL 7, 2022

The FDIC has issued the March 2022 edition of Consumer Compliance Supervisory Highlights which includes a description of some of the most significant consumer compliance issues identified by FDIC examiners during consumer compliance examinations conducted in 2021.

FDIC 78

FDIC Compliance Lending Regulation 78

Abrigo

JANUARY 4, 2023

Guidance for banks on the lookout for crypto scams and fraud The turbulent cryptocurrency scene should put bankers on high alert. Takeaway 1 Cryptocurrencies are the newest and most popular field in potential financial gains through fraud. But with increased popularity comes more opportunity for fraud. DOWNLOAD WHITEPAPER.

social media 195

social media Fraud cryptocurrency Trends 195

Abrigo

MAY 20, 2022

Meet Model Risk Management Expectations Updates to the FDIC Risk Management Manual should steer institutions toward a model that manages risk and drives growth. FDIC Update. Last April, the FDIC released an Interagency Statement titled Model Risk Management (MRM) for Bank Models and Systems Supporting BSA/AML Compliance.

Risk Management 195

Risk Management Management FDIC Meeting 195

PYMNTS

MAY 26, 2016

House lawmakers aren’t letting up on the Federal Deposit Insurance Corporation (FDIC) when it comes to how the banking regulator handled notifications following a slew of recent data breaches. In a joint letter to FDIC Chairman Martin Gruenberg, seen by WSJ , Rep. Lamar Smith (R-TX) and Rep. Earlier this month, a U.S.

FDIC 102

FDIC Data Policies Meeting 102

PYMNTS

MAY 13, 2016

main banking regulator is in the hot seat about how notifications following the breaches were handled. Upon learning of the breaches, the FDIC also discovered that there were five other incidents where this same behavior had occurred, according to Republican Rep. Following a slew of recent data breaches, the U.S

FDIC 100

FDIC Data Maine Policies 100

Cisco

JULY 12, 2022

A number of our financial institution customers are regulated by multiple, and different, regulatory bodies. The FFIEC’s scope is much broader than simply the IT aspects of digital financials, as it includes credit markets, fraud, BSA/AML, liquidity, and other areas of interest for regulatory bodies. In the U.S.

Regulation 71

Regulation FDIC System Software 71

PYMNTS

DECEMBER 16, 2020

With Plaid, users are able to link bank accounts securely near-instantaneously, through using login credentials rather than verifying through micro-deposits, which could help to cut down on fraud. customers to activate their FDIC-insured BlockCard bank accounts. dollars between all of their accounts.”.

cryptocurrency 267

cryptocurrency FDIC User Experience Security 267

Independent Banker

DECEMBER 31, 2022

From new fee practices to peer-to-peer fraud, keep an eye on what regulatory changes could be developing in the new year. The FDIC’s long-term goal for the reserve ratio of insured deposits. Source: FDIC. Illustration by Monster Ztudio/Adobe. By Mary Thorson Wright. Projected changes. Deposit insurance. Quick Stat.

Compliance 100

Compliance FDIC Community Bank Community 100

Gonzobanker

JUNE 14, 2023

Cross River Bank recently found itself in hot water with the FDIC when the agency declared that the bank engaged in unsafe or unsound banking practices in relation to its compliance with fair lending laws and regulations, specifically the Equal Credit Opportunity Act and the Truth-in-Lending Act. In effect, Cross River is in time out.

Compliance 109

Compliance FDIC Strategy Fintech 109

PYMNTS

MAY 22, 2018

A bill that would give regional banks a break on regulation was before the U.S. The bill also gives regulators more discretion in deciding when to require stress tests of capital adequacy for banks with between $100 billion and $250 billion in assets in the event of another crisis,” according to a summary of the bill in MarketWatch.

Regulation 100

Regulation Regional Community Innovation 100

CFPB Monitor

MARCH 10, 2022

Such other agencies include the CFPB, FTC, Federal Reserve Board, FDIC, and OCC. The Order calls for its implementation through the use of an interagency process in which certain specified agencies would participate and in which representatives of other agencies “may be invited to attend interagency meetings as appropriate.”

FDIC 148

FDIC National cryptocurrency Leadership 148

Abrigo

NOVEMBER 22, 2021

Major consumer loan compliance regulations. Major consumer loan compliance regulations cover everything from taking applications and approving or rejecting the credit to collecting payments and reporting to the government on various aspects of the loans. Regulation Z, which implements the Truth in Lending Act (TILA).

Compliance 195

Compliance Lending Risk Management Regulation 195

PYMNTS

SEPTEMBER 21, 2020

The reality of the global financial system is that there will always be attempts to launder money and evade sanctions; the responsibility of banks is to build effective screening and monitoring systems, and we work closely with regulators and law enforcement to bring perpetrators to justice.”. In one example, reported on Monday (Sept.

Fraud 347

Fraud Report System FDIC 347

Abrigo

MARCH 25, 2020

Key Takeaways Banking regulators say short-term, COVID-19-related loan modifications shouldn't automatically be categorized as TDRs. Regulators also announced other guidance tied to reporting and risk-based capital rules. Regulators also announced other guidance tied to reporting and risk-based capital rules.

FDIC 150

FDIC Regulation Exercises Community 150

Jeff For Banks

OCTOBER 5, 2020

According to the Office of Inspector General (OIG) In-Depth Review (IDR) of the incident: "Enloe State Bank failed because the President and the senior-level Vice President perpetrated fraud by originating and concealing a large number of fraudulent loans over many years. The FDIC issued this guidance in June 2011. For over a decade.

FDIC 78

FDIC Fort Worth Dallas Texas 78

PYMNTS

OCTOBER 31, 2017

30), Noreika’s push comes as President Donald Trump is working to loosen some of the Obama-era regulations placed on Wall Street. The Reuters report noted hundreds of Wells Fargo employees have seen their severance pays frozen as regulators try to determine what role the workers may have had in the fake account scandal.

FDIC 100

FDIC Regulation Report Fraud 100

PYMNTS

JANUARY 30, 2018

In addition, the SEC alleges AriseBank “falsely stated that it purchased [a Federal Deposit Insurance Corporation]-insured bank, which enabled it to offer customers FDIC-insured accounts.” In response to the complaint, the firm said it amended its announcement about the bank. In addition, the SEC has warned celebrities about endorsing ICOs.

Texas 111

Texas social media FDIC Dallas 111

Independent Banker

SEPTEMBER 25, 2014

The better prepared, the less likely they are to run afoul of the continually shifting regulations. Regulators and industry consultants agree that community banks are generally doing a great job handling their regulatory oversight and requirements. Be aware of existing or emerging risk concerns. increased operational risks.

Compliance 101

Compliance Regulation Community Bank Community 101

PYMNTS

DECEMBER 18, 2018

Now comes a comic book contribution to one of the most vexing and vital issues of modern payments and commerce — fraud prevention and ID compliance. We hope this comic book helps illustrate the importance of regulations and compliance professionals around the globe.”. One reason?

Compliance 152

Compliance Fraud Security Course 152

Abrigo

JUNE 2, 2021

The guidance emphasizes a risk-focused approach to examinations and refocuses the regulators to scope each exam according to the unique financial institution, not to use a one-size-fits-all approach. Although this advisory is dated 2014, it is top-of-conversation among regulators even today. BSA Rules and Regulation. Conclusion.

How To 195

How To Training Compliance Policies 195

Independent Banker

OCTOBER 1, 2022

Regulators paying closer attention to cyber risks. Bank regulators have become keenly aware of how a cyber event could impact the financial stability of a bank, bank customers and also bank employees,” says Jared Gentile, assistant vice president, bond and specialty insurance at Travelers.

Montana 152

Montana Policies Resources FDIC 152

BankInovation

JUNE 3, 2021

Federal Deposit Insurance Corporation (FDIC) is exploring how to shepherd such integrations while also assimilating changes in the agency’s internal tech stack. Starting June 14, Sultan Meghji, the FDIC’s inaugural chief innovation officer, and the supervisory body’s tech lab, […].

FDIC 90

FDIC Innovation How To Fintech 90

Abrigo

DECEMBER 19, 2019

Due to new and emerging technologies, changing regulations, and ever-evolving customer expectations, banks and credit unions across the country are taking an assortment of different strategies to achieve their growth goals in 2020. In 2008, there were 7,061 FDIC-insured commercial banks in the U.S. Fraud Prevention. Learn More.

Lending 195

Lending Fraud Community FDIC 195

Jeff For Banks

AUGUST 14, 2022

It sounded laudable enough, with the goal of OCP, according to federal officials, to combat fraud by preventing criminals from accessing financial services. The FDIC's quarterly Supervisory Insights for Summer 2011 had a list! What were disfavored industries? Because the "climate risk" ruse is exactly that.

Operations 78

Operations Lending FDIC Industry 78

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). Cybersecurity.

Risk Management 78

Risk Management Training Lending FDIC 78

PYMNTS

OCTOBER 31, 2016

According to the report, the banking regulator said the data breach had to do with a former employee at the agency removing more than 10,000 records without receiving authorization to do so. which has prompted lawmakers to spend part of 2016 looking into shortfalls in FDIC cybersecurity policies. The incident occurred in Nov.

Data 100

Data FDIC Policies Report 100

Abrigo

NOVEMBER 9, 2022

Use a software tool [and] ensure your auditors and regulators are in the loop on progress.” Banks regulated by the Federal Reserve, the OCC, or the FDIC made up the bulk of institutions represented by survey-takers (73%). CECL Regulation. Fraud Prevention. Make sure your vendor has validations for their models.”

Survey 195

Survey Software Resources Meeting 195

PYMNTS

DECEMBER 14, 2018

Among those agencies, alphabetically speaking: the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Financial Crimes Enforcement Network (FinCEN) and the National Credit Union Administration.

Compliance 148

Compliance Innovation FDIC Examples 148

CFPB Monitor

NOVEMBER 22, 2022

In particular, the report’s recommendations deserve attention because they are likely to influence future actions by the federal banking regulators and the CFPB. (The The report is also worthwhile reading for its discussion of the role of fintechs and other non-banks in providing consumer financial services and how that role has evolved.).

Fintech 78

Fintech Report Data Lending 78

Independent Banker

NOVEMBER 25, 2015

One of the biggest problems with FinTech companies is that many of them exploit existing banking infrastructure—including debit, credit and ACH networks—and access traditional checking and saving accounts, yet face minimal regulation when it comes to data security and privacy.

Community Bank 70

Community Bank Community Analytics Lending 70

Jeff For Banks

MAY 16, 2015

The same reason regulators focus on the little things. We don't want to be criticized that our Board was uninformed, so that little embarrassment about the audit exception that turned into employee fraud is on page 262 of your Board report. Today, Board reports closely resemble War and Peace. You mean you didn't see it? How could they?

Report 60

Report Policies Risk Management Meeting 60

Javelin Strategy & Research

SEPTEMBER 2, 2014

Win-lose financial services solutions are unsustainable for industry if consumers find themselves further and further in the hole, and they also take our attention away from rethinking how things should work related to financial services, payments, identity, fraud, privacy and security. So what do you think I should focus on?

Innovation 58

Innovation DC FDIC Strategy 58

PYMNTS

OCTOBER 1, 2018

The SEC found LCA, LendingClub and Laplanche guilty of fraud for improperly using LCA assets to benefit LendingClub Corporation, LCA’s parent company for which Laplanche was both founder and CEO. The SEC Finding. LCA and Laplanche, along with former CFO Dolan, were also charged with improperly adjusting fund returns. The DOJ Finding.

Lending 135

Lending Fraud Management San Francisco 135

NCR

AUGUST 31, 2016

Yet banks need one important yet not easily attainable ingredient to do mortgages right in an era of ever-increasing rules and regulations—quality. Some banks choose to overcome the quality hurdle—which is demanded by both regulators, GSEs and investors—by hiring their own QC staff. Outsourcing loan QC is not for everybody.

Community Bank 49

Community Bank Community Guidelines Compliance 49

American Banker

JULY 14, 2020

Ashton Ryan, the New Orleans bank's CEO, and two other officers are accused of disguising the financial condition of certain borrowers before the bank's 2017 collapse.

Fraud 32

Fraud Louisiana FDIC Community Bank 32

FICO

JANUARY 9, 2017

This meant a continued focus on implementation of recently adopted rules, while bracing for a wave of new regulations from the federal banking agencies. The Trump administration, bolstered by the reelection of a Republican majority in both houses of Congress, has fostered a new environment that is expected to promote de-regulation.

Regulation 40

Regulation Lending New York Leadership 40

Independent Banker

AUGUST 26, 2015

Electronic signatures are accepted by banking regulators and meet state standards under the Uniform Electronic Transactions Act. Anti-fraud measures also are built into electronic signature systems. Community banks and their customers don’t need to be concerned about the legality of digitally signed documents.

San Francisco 70

San Francisco Lending System Atlanta 70