Top Community Banking Brief Compliance Regulation Content for November, 2022

Under the strain of increasing regulatory pressure? Here’s how compliance automation can help

Banking Exchange

NOVEMBER 16, 2022

Fair lending compliance is a critical risk area for banks today, with scrutiny from government regulators only intensifying Compliance Feature Human Resources Technology Feature3 Core Systems Compliance Management Compliance/Regulatory Mortgage Credit Mortgage Mortgage Compliance Mortgage/CRE.

Compliance

Compliance Resources Lending Regulation

NYDFS Announces Updated Cybersecurity Regulation

CFPB Monitor

NOVEMBER 9, 2022

On November 9, 2022, New York Department of Financial Services (NYDFS) Superintendent Adrienne Harris announced that the NYDFS formally proposed an updated cybersecurity regulation. The proposed regulations would create three different tiers of companies based on their size, operations, and nature of their businesses.

Regulation

Regulation Compliance New York Training

Columbia Bank Sells Branches to Ease Umpqua Merger

Banking Exchange

NOVEMBER 9, 2022

Bank to sell 10 sites across three states with the aim of appeasing regulators Compliance Feature Duties Management Mortgage/CRE M&A Mortgage Credit Bank Performance The Economy Community Banking Feature3.

Community Bank

Community Bank Compliance Community Regulation

The Crypto Brat Pack Just Earned Themselves Regulation

Gonzobanker

NOVEMBER 22, 2022

Well, Gonzobankers, the smart, idealist and self-declared revolutionary crypto kids just bought themselves a future of regulation — intricate, overbearing, and frustrating regulation, and regulation that the market will now demand. Welcome to adulthood, y’all. What’s Next? But please, don’t get cocky.

Regulation

Regulation blockchain Marketing Strategy

This week’s podcast episode: Mortgage redlining: a look at ongoing challenges for banks and non-banks, with special guest Abby Hogan, regulatory attorney and former analyst in the Office of Fair Lending and Equal Opportunity, Consumer Financial Protection Bureau

CFPB Monitor

NOVEMBER 23, 2022

Alan Kaplinsky, Ballard Spahr Senior Counsel in the firm’s Consumer Financial Services Group, hosts the conversation joined by Richard Andreano, a partner in the Group and Leader of the firm’s Mortgage Banking Group.

Groups

Groups Compliance Lending Regulation

CECL implementation: Survey shows where peers are as 2023 nears

Abrigo

NOVEMBER 9, 2022

The Q1 2023 compliance date is near for smaller SEC-reporting financial institutions and private or not-for-profit banks and credit unions, and progress is decidedly mixed, according to the Abrigo 2022 CECL Survey. Use a software tool [and] ensure your auditors and regulators are in the loop on progress.” CECL Regulation.

Survey

Survey Software Resources Meeting

Cybersecurity Regulation Updates for Financial Services

Cisco

NOVEMBER 1, 2022

In 2017, New York Department of Financial Services (NYDFS) passed cybersecurity regulation 23 NYCRR 500, requiring all financial services companies to implement multi-factor authentication (MFA). According to the NYDFS cybersecurity regulations, there are common MFA violations that have occurred across financial service organizations.

Regulation

Regulation Security System New York

Lexicon Bank: A bank that shows its hand

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. We have found a way to service that and get the regulators comfortable. We have found a way to service that and get the regulators comfortable. Photo by Sammy Tillery.

Las Vegas

Las Vegas Community Bank Community Wisconsin

Potential Zelle solution for scammed P2P customers

CFPB Monitor

NOVEMBER 29, 2022

Regulators and lawmakers have increased scrutiny of P2P payments where customers get duped into sending payments to fraudsters. Also, should Zelle take this action, it seems likely that CFPB Director Chopra and Senator Elizabeth Warren (D-Mass.) See our previous blog posts about overdraft changes here and here.

Fraud

Fraud Regulation Payments Report

Siron Financial Crime Solutions Are Moving from FICO to IMTF

FICO

NOVEMBER 15, 2022

FICO is transitioning its Siron ® compliance business to IMTF, a Swiss global leader in regulatory technology, and a partner in the Siron business for more than 20 years. Siron’s anti-financial crime solutions provide organizations with analytics-driven applications for end-to-end financial crime compliance. FICO Admin. by TJ Horan.

South Carolina

South Carolina Compliance Analytics Software

CFPB Fall 2022 Supervisory Highlights looks at auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, mortgage servicing, and payday lending

CFPB Monitor

NOVEMBER 21, 2022

Lenders were found to have violated the Regulation Z prohibition on compensating a mortgage loan originator in an amount based on the terms of the transaction or a proxy for such terms. Regulation Z prohibits waivers of federal claims in mortgage agreements.). Credit card account management. Mortgage origination. Mortgage servicing.

Report

Report Cards Lending Management

HUD Issues Final Rule Permitting Private Flood Insurance with FHA Loans

CFPB Monitor

NOVEMBER 22, 2022

As previously reported in February 2019 federal regulators issued a joint final rule (the “Joint Final Rule”) to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (the “Act”) that require regulated financial institutions to accept private flood insurance policies.

Policies

Policies Meeting Exercises Regulation

Treasury report on bank/fintech relationships includes recommendations for CFPB supervision of non-bank installment lenders and data aggregators

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

Fintech Report Data Lending