CFPB Monitor

JANUARY 20, 2022

In this wide-ranging conversation with two experienced reporters on the consumer finance industry, we discuss differences between the current CFPB and the Trump-era CFPB, including with regard to areas of regulatory and enforcement focus such as UDAAP, consumer access to financial information, small business issues, and fair lending.

FDIC 78

FDIC Industry Leadership Report 78

CFPB Monitor

AUGUST 7, 2019

The New York Department of Financial Services (DFS) issued a press release yesterday to announce that it is leading a multistate investigation into the payroll advance industry. It indicates that it is sending letters to members of the payroll advance industry to request information. New Jersey Department of Banking and Insurance.

Industry 92

Industry Puerto Rico South Dakota North Dakota 92

CFPB Monitor

DECEMBER 13, 2018

The CFPB has issued a new annual report covering its fair lending activities during 2017. Since Mick Mulvaney did not become Acting Director until the end of November 2017, the fair lending activities described in the report largely took place under former Director Cordray’s leadership.

Lending 92

Lending Report Regulation Leadership 92

CFPB Monitor

JANUARY 7, 2019

I am pleased to share with our blog readers that Alan Kaplinsky, who leads our firm’s Consumer Financial Services Group, was recently awarded the National Law Review’s Go-To Thought Leadership Award in Consumer Finance for his work on our blog, Consumer Finance Monitor.

Leadership 60

Leadership National Lending Industry 60

Insights on Business

OCTOBER 3, 2018

Advances in artificial intelligence (AI), blockchain, and cybersecurity are poised to transform the financial services industries. Today the IBM Z mainframe is used by 92 of the top 100 banks in the world because it supports the unique transaction processing, scalability, and reliability needs of the industry.

Industry 155

Industry Innovation blockchain Compliance 155

PYMNTS

FEBRUARY 7, 2019

The next chapter in the ongoing saga that is payday loan regulation officially began yesterday (Feb. 6), with the announcement that the Consumer Financial Protection Bureau (CFPB) will overhaul a series of 2017 payday loan regulations, set to go into effect in August 2019. The Tumultuous Response.

Lending 100

Lending Regulation Online Leadership 100

Independent Banker

AUGUST 31, 2022

Our senior leadership team took that to heart, and it stuck with us, creating an environment in which compliance plays a significant role in everything from our strategic direction to our daily operations. Managing compliance is a role that community bankers take more seriously than any other segment of the financial services industry.

Compliance 177

Compliance Community Leadership Industry 177

PYMNTS

FEBRUARY 24, 2016

When OnDeck first went public in 2014, around the same time that fellow alternative lender Lending Club did, it signaled the possibility of a new era of small business finance. But the company, at the time, admitted disappointing results from a marketing campaign, as well as the challenge of an increasingly saturated alt-lending scene.

Lending 100

Lending Leadership Online Report 100

CFPB Monitor

NOVEMBER 12, 2020

We also look at how the plan aligns with the approach of federal banking regulators, share our reactions to criticism of the plan by Democratic lawmakers and thoughts on the new Office’s expected leadership, and discuss the Presidential election’s potential impact. Click here to listen to the podcast.

Leadership 60

Leadership Industry Policies Lending 60

CFPB Monitor

JANUARY 28, 2021

In Part II of our two-part podcast, we look at the recommendations in the Taskforce’s report concerning the use of principles-based (rather than prescriptive) regulations and CFPB licensing of non-depository institutions providing lending, money transmission or payment services.

Leadership 78

Leadership Lending Regulation Groups 78

PYMNTS

DECEMBER 5, 2017

As we noted when we first covered the final draft of the payday lending rule , Congress retains the power to keep the rule from ever making it into the books, so to speak, through the power of the Congressional Review Act. However, as recently as a few weeks ago, the use of the CRA to block the payday lending rule seemed somewhat unlikely.

Lending 100

Lending South Carolina Policies Leadership 100

Abrigo

NOVEMBER 18, 2016

In a survey of community banks and credit unions at the 2016 Sageworks Risk Management Summit, 42 percent of respondents said Commercial Real Estate, or CRE, lending was their primary focus for loan portfolio growth. This reflects a larger industry trend. For many, commercial real estate lending may be the ticket.

Community Bank 150

Community Bank Handbook Lending Risk Management 150

PYMNTS

FEBRUARY 25, 2019

Alexandria Ocasio-Cortez is asking for hearings in Congress on why Wall Street is lending money to private prisons that house undocumented immigrants, according to reports. The committee plays a big role in determining policies for the banking industry , as well as for hedge funds and insurance companies. New York Rep.

Lending 100

Lending New York Leadership California 100

PYMNTS

MARCH 8, 2019

Maxine Waters argued the Trump-appointed leadership is trying to undermine the agency’s mission. When he was in charge, he called for many of the rules and regulations put in place by the CFPB to be scaled back. According to a report in the Associated Press , during the hearing Committee Chair Rep.

Lending 143

Lending Leadership Regulation Report 143

Gonzobanker

JUNE 14, 2023

To realize the rewards of the BaaS industry, banks and fintechs are going to have to learn to play by some non-negotiable rules – together. And regulators have made it clear that ignorance of the law is no excuse. Keep up with regulations Knowledge is power in this game. But fear not, compliance-conscious compadres.

Compliance 109

Compliance FDIC Strategy Fintech 109

CFPB Monitor

OCTOBER 19, 2020

For our webinar last week, “What a Blue Wave in the November 2020 Elections Could Mean for the Consumer Financial Services Industry,” we were joined by special guest Isaac Boltansky, Director of Policy Research at Compass Point Research & Trading. In Chris’s view, such criticism is unfounded.)

Leadership 78

Leadership FDIC Exercises Lending 78

CFPB Monitor

MAY 26, 2022

Under Director Chopra’s leadership, the CFPB has regularly been sounding alarms about the potential for discrimination arising from the use of so-called “black box” credit models that use algorithms or other artificial intelligence (AI) tools. The CFPB has previously acknowledged the potential consumer benefits of AI and other technologies.

Compliance 143

Compliance Regulation Leadership Technology 143

Independent Banker

MARCH 31, 2022

Here stood a group of experienced and passionate community bankers who have dedicated themselves to advocating for the industry they care so deeply about. The key is to demonstrate how additional regulatory burdens on the community banking industry will negatively affect the customers and communities we serve.

Community Bank 239

Community Bank Community Industry Texas 239

Finer Points

MARCH 30, 2016

It’s something ICBA and the community banking industry say all the time: community banks are the nation’s leading small-business lenders. And the numbers back it up. While community banks make up less than 20 percent of the banking system’s assets, they dole out more than half of its small-business loans.

Community Bank 100

Community Bank Community Leadership Study 100

PYMNTS

MAY 21, 2020

But Section 110606 of the HEROES Act, entitled “SAFE Banking,” states that banks and other financial services firms would be able to serve cannabis companies and would be “held liable” by federal laws on transactions or proceeds across deposits, checking and lending.

System 251

System US Taxes Leadership 251

Gonzobanker

FEBRUARY 29, 2024

Well folks, they’re back—the cries from the rooftops, in the media and at conferences that “Scale Matters” in our consolidating and technically transforming banking industry. It’s very hard for regulated banks and credit unions to gain any meaningful efficiencies under $1 billion in assets. Why is this important?

Tools 152

Tools Analytics Data System 152

PYMNTS

SEPTEMBER 3, 2019

And regulators are taking a close look at payroll advance apps. While consumers are flocking to eCommerce, merchants working on expanding and selling online in more markets must comply with local sales tax regulations. Regulators Taking a Close Look at Payroll Advance Apps. Incoming EU Leaders Plan New AI, Data Use Laws.

Innovation 101

Innovation Data Taxes Payments 101

CFPB Monitor

FEBRUARY 1, 2021

He also announced an immediate change in supervision, stating that it is now “the official policy of the CFPB to supervise lenders with regard to the Military Lending Act.” Under the leadership of former Acting Director Mulvaney, the CFPB ended routine examinations for MLA compliance.

Policies 78

Policies Leadership Lending Compliance 78

PYMNTS

APRIL 25, 2016

Visa is determined to make EMV faster, Starbucks wants to make getting that cuppa joe faster, too, and is crushing it with mobile order ahead and the CFPB might be moving closer to having a fast exodus of the payday lending business once its rules drop. The CFPB’s Latest Round Of Payday Lending Complaints. EMV’s Second Phase.

Lending 100

Lending Mobile Cards Fraud 100

Abrigo

OCTOBER 20, 2016

The wave of technological innovation that has swept the business world in the past several years has fundamentally altered how many industries do business. Perhaps no industry has been so disrupted by this wave of technological innovation as the banking industry.

Software 150

Software Lending Community Bank Taxes 150

PYMNTS

APRIL 11, 2018

Awaiting consideration by the House of Representatives is banking regulation — or rather, deregulation. Now the House is, at some point, poised to take up its own consideration of that regulation. Kimner stated the recent efforts to examine regulation may set the stage for other deregulatory efforts. “It Internationally.

Regulation 108

Regulation Capital Leadership Maine 108

Gonzobanker

DECEMBER 19, 2022

As expected, these rate hikes stopped the mortgage industry in its tracks. As if that wasn’t enough, regulators took a sledgehammer to debit fee income with Reg II changes that will begin reducing card-not-present interchange fees starting in July 2023. We got to see it play out in real time! Employees came back to work in the office.

Community 216

Community Fintech Industry Innovation 216

Independent Banker

AUGUST 31, 2021

Reiling adds that bank leadership needs to be bold enough to try things out and possibly fail, which is why Sunrise Banks implemented the 90-day check-in. A bank needs a team with diverse perspectives and unique abilities—technology, sales, lending and leadership—that is willing to work together at a heightened pace, he notes. “You

Community Bank 170

Community Bank Community Lending Leadership 170

CFPB Monitor

DECEMBER 29, 2020

The CFPB took another significant step towards issuing regulations to implement Section 1071 of the Dodd-Frank Act by releasing the final report of the small business review panel (Panel) on the proposals the Bureau is considering for developing such regulations (Report). Small Business” Definition.

Report 78

Report Leadership Meeting Industry 78

PYMNTS

FEBRUARY 19, 2019

banking industry is in flux, largely thanks to federal policy that has made it easier (and faster) for institutions to merge. As concerns are raised about how industry consolidation might impact competition, Federal Reserve Chairman Jerome Powell is warning that it could hinder small businesses’ access to capital and financial services.

Marketing 108

Marketing Community Community Bank Industry 108

CFPB Monitor

FEBRUARY 14, 2019

A new executive order signed by President Trump on February 11, 2019 is intended to maintain American leadership in artificial intelligence (AI) research and development (R &D). The order directs certain federal agencies to pursue various strategic objectives to promote and protect American advancement in AI.

Lending 84

Lending Community National Leadership 84

PYMNTS

JULY 11, 2016

.” “The creation of a five-person, bipartisan board at the CFPB will preserve it as a stable, strong and effective regulator, regardless of a President Trump or Clinton. CBA also appreciates the House requiring the bureau to take a second look at its arbitration and small-dollar lending proposals before consumers are potentially harmed.

Leadership 100

Leadership Regulation Lending Industry 100

PopularBank

MAY 25, 2021

Popular Bank Senior Vice President and Director of National Healthcare Financing Andrew Boland joined fellow industry leaders for the Environmental Banker Association (EBA) panel discussion How COVID Changed Senior Living & Care Underwriting. Adaptability and client-first practices continue to drive industry resiliency.

National 52

National Industry Lending Strategy 52

Gonzobanker

DECEMBER 17, 2021

MOEs like this are rare in the credit union industry, but we expect with continued demands for scale there will be more. million gets the vaunted consumer lender a much-prized bank charter, low-cost deposits to juice current earnings, and a business lending capability to drive future growth. Lifetime Leadership Achievement Awards.

Fintech 143

Fintech Strategy Leadership Lending 143

Gonzobanker

MAY 8, 2020

They may be looking for a dance partner or hiding from a regulator. Tier 1 capital in the industry has grown by more than 350 basis points since the housing crisis. Tier 1 capital in the industry has grown by more than 350 basis points since the housing crisis. Practice the art of surgical lending. Ready … break! “In

Lending 104

Lending Analytics Analysis Capital 104

Independent Banker

DECEMBER 31, 2021

And as local economies continue to stabilize and many challenged industries bounce back, 2022 may be the year community bankers put the rubber to the road by revisiting goals and turning them into action items. Regulators haven’t yet broached the subject with them. Addressing ESG is one thing,” she says.

Community Bank 144

Community Bank Community Lending Louisiana 144

Jeff For Banks

JANUARY 10, 2016

His optimism was palpable, citing the education levels of new bankers, technology innovations that can be implemented by large and small banks alike, and the stratification of seasoned and new bankers that can pave the way to future industry leadership. Because regulators would approve no one else. Why the rigid criteria?

US 60

US Leadership New Jersey NJ 60