CFPB Monitor

MARCH 25, 2020

On March 23, 2020, the FDIC’s Office of Minority and Women Inclusion (OMWI) announced that it will request 2019 diversity self-assessments from FDIC-regulated financial institutions. The FDIC regulates insured state banks that are not members of the Federal Reserve System and insured state thrifts.

FDIC 60

FDIC Policies Regulation Training 60

CFPB Monitor

NOVEMBER 7, 2019

This is significant, as a federal banking regulator is confirming that both co-marketing and desk rental arrangements are permissible if the fees paid bear a reasonable relationship to the fair market value of marketing or rental costs. The order reflects that all of the agreements were terminated. million dollars.

FDIC 68

FDIC Marketing Compliance Regulation 68

CFPB Monitor

OCTOBER 20, 2016

On October 17, the FDIC released revised interagency Military Lending Act (MLA) examination procedures for use in connection with consumer credit transactions occurring on or after October 3, 2016. The FDIC also provided guidance on its initial supervisory expectations for examinations relating to MLA compliance.

FDIC 60

FDIC Compliance Training Lending 60

CFPB Monitor

JULY 1, 2015

The FDIC has revised its interagency examination procedures to reflect the requirements of the TILA/RESPA integrated disclosures (TRID) rule. The CFPB has issued a proposal to postpone the TRID rule’s effective date from August 1 to October 3, 2015. Andreano, Jr.

FDIC 60

FDIC Regulation Compliance Meeting 60

Abrigo

OCTOBER 28, 2022

Takeaway 1 Signs point to increased loan modifications and loan workouts, and regulators have urged financial institutions to work prudently with borrowers. . Even as news headlines announce that “the sky is falling,” many Abrigo clients are relaying they can count only six or seven charge-offs since 2015 or so, he added.

Management 195

Management Risk Management Policies Lending 195

Banking 2020

DECEMBER 18, 2014

The recent battle over the Federal government’s 2015 budget ended pretty much as expected—a messy, protracted debate with bad feelings on both sides, punctuated with fears over another shutdown, ultimately averted by last-minute passage. And finally, Citi had a hand in helping dictate the new regulation. Insights bailout regulation'

Regulation 86

Regulation social media FDIC Industry 86

PYMNTS

JULY 1, 2019

As noted in this space last week, the regulator who helms Germany’s Federal Cartel Office said that cryptos – in particular, those brought by large technology firms – should be examined by regulators over antitrust concerns. In Italy, the country’s data protection regulator fined Facebook the equivalent of $1.1

cryptocurrency 100

cryptocurrency Regulation social media FDIC 100

CFPB Monitor

MAY 22, 2020

The Federal Reserve, OCC, FDIC, and NCUA have issued “ Interagency Lending Principles for Offering Responsible Small-Dollar Loans.” Marketing and customer disclosures that comply with applicable laws and regulations and provide information in a clear, conspicuous, accurate, and customer-friendly manner.”.

FDIC 78

FDIC Policies Lending Guidelines 78

FICO

DECEMBER 13, 2019

The most prominent villain for fintech companies is regulation. And so it’s easy to see why a fintech company — believing fully in the virtue of its mission and faced with a litany of illogical and intractable regulations — might just say "F*ck it, we're doing it anyways." Disruption-friendly regulations. Brand protection.

Regulation 52

Regulation Fintech Lending Branding 52

Abrigo

APRIL 23, 2015

A similar bill, commonly referred to as the Small Bank Exam Cycle Reform Act of 2015 , was introduced by Rep. During exams, banks and credit unions often receive varying levels of criticism depending on their location, asset size and federal regulator.

Community Bank 150

Community Bank Community Survey FDIC 150

Abrigo

AUGUST 3, 2015

The ABA’s 2015 Survey of Bank Compliance Officers , conducted February through March 2015, had participation from more than 450 financial institutions, with almost 80 percent being community banks. But when the approach historically taken by community banks is limited, their competitive advantage also declines.

Compliance 150

Compliance Community Bank Community Survey 150

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

American Banker

MAY 12, 2016

The event took place during the 2015 fiscal year, but was not separately disclosed to Congress until the agency's federally-mandated annual report on information security. Even then, the FDIC provided only vague details on what happened.

FDIC 28

FDIC Security Report Regulation 28

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. 2015 when the ex-employee downloaded a large number of files onto two thumb drives. The incident occurred in Nov.

Data 100

Data FDIC Policies Report 100

Abrigo

FEBRUARY 16, 2015

One of the topics continually making headlines in banking today is the cost of regulation. A popular opinion, brought to the forefront last week by a Harvard University report , is that these regulations are imposing a significant burden on small financial institutions such as community banks and credit unions.

Community Bank 150

Community Bank Community Regulation Lending 150

CFPB Monitor

NOVEMBER 12, 2015

Regulated entities should be aware of two recent developments concerning the final diversity and inclusion standards issued this summer under Dodd-Frank Section 342 by the CFPB, OCC, Fed, FDIC, NCUA and SEC. Comments are due by December 7, 2015. Dee Spagnuolo.

FDIC 60

FDIC Regulation 60

CFPB Monitor

JUNE 11, 2015

The other agencies were the OCC, Fed, FDIC, NCUA and SEC. The standards go into effect on June 10, 2015 and apply to all entities regulated by the CFPB or one of the other agencies. ET on July 15, 2015 for regulated entities interested in learning more about the standards and how best to comply.

Regulation 60

Regulation FDIC Policies Compliance 60

Jeff For Banks

JUNE 2, 2023

between 2015 and 2022. Second, this can be accomplished only if the industry does not have too much influence over its regulators and if the regulators have the ability to hire, train, and retain qualified staff. Third, the regulators need adequate financial resources. Between 1941 and 1979, an average of 5.3

FDIC 78

FDIC Community Bank Regulation Lending 78

CFPB Monitor

DECEMBER 15, 2020

Other items listed in the agenda on which the CFPB expects to take action before the end of this year and next year include: Business Lending Data (Regulation B). Home Mortgage Disclosure Act (Regulation C). The FIRREA amendments require implementing regulations for quality control standards for automated valuation models.

Policies 78

Policies Regulation Data Lending 78

CFPB Monitor

JULY 6, 2020

The Economic Growth, Regulatory Relief, and Consumer Protection Act directs the CFPB to implement an exemption from the mandatory escrow account requirement for higher-priced mortgage loans under the Truth in Lending Act and Regulation Z for certain insured credit unions and insured depository institutions. Role of Supervisory Guidance.

Regulation 78

Regulation Policies FDIC Lending 78

CFPB Monitor

APRIL 15, 2016

The interest of federal regulators in marketplace lending continues to grow. In July 2015, the Treasury Department issued a request for information regarding online marketplace lending and, in February 2016, the FDIC published an article highlighting the risks for banks that partner with marketplace lenders.

Lending 60

Lending FDIC Washington Financial Technology 60

CFPB Monitor

APRIL 18, 2016

The CFPB’s Office of Minority and Women Inclusion (OMWI) has issued its third annual report to Congress covering the OMWI’s activities in 2015. As the report indicates, in June 2015, the CFPB and the agencies listed above jointly issued a final policy statement establishing such standards (Final Standards).

Report 60

Report Policies FDIC Regulation 60

CFPB Monitor

JULY 12, 2016

” The Policy Statement, which implemented Dodd-Frank Section 342, became effective upon its publication in the Federal Register on June 10, 2015. .” ” The Policy Statement, which implemented Dodd-Frank Section 342, became effective upon its publication in the Federal Register on June 10, 2015.

Policies 60

Policies Regulation FDIC Resources 60

CFPB Monitor

JUNE 15, 2021

In June 2020, the CFPB proposed amendments to Regulation Z to address the discontinuation of the London Inter-Bank Offered Rate (LIBOR) that is currently used by many creditors as the index for calculating the interest rate on credit cards and other variable-rate consumer credit products. Mortgage Servicing COVID-19 Relief.

Regulation 78

Regulation FDIC Lending Data 78

American Banker

MAY 29, 2020

The new regulation is intended as a workaround for banks affected by the 2015 decision that created legal uncertainty for loans sold across state lines.

Regulation 54

Regulation FDIC Lending 54

FICO

JANUARY 13, 2020

In 2018, the DC Circuit Court of Appeals issued a ruling which struck down or vacated, in part, a previous 2015 Declaratory Ruling and Order made by the Federal Communications Commission (FCC). In December, the FDIC and OCC issued a proposed rule to modernize the Community Reinvestment Act (CRA). by Daniel Nestel.

Policies 52

Policies Las Vegas FDIC Washington 52

American Banker

SEPTEMBER 29, 2016

million originations in 2015, reversing a more than 30% decrease a year earlier, according to housing finance data released Thursday. Mortgages jumped more than 20% to 7.4 The data also showed that nonbanks accounted for fully half of new mortgage originations — the largest proportion in over 20 years.

Data 28

Data FDIC Regulation 28

PYMNTS

OCTOBER 1, 2019

Five years after the worst of the carnage in the data out of the Federal Deposit Insurance Corporation (FDIC) showed that lending was beginning to normalize — lending to big businesses had recovered, consumer lending was showing signs of thawing as the mortgage markets began showing signs of coming back from the dead.

Data 135

Data Lending Capital Regulation 135

PYMNTS

OCTOBER 13, 2016

The most recent funding came in October 2015, bringing $135 million in a Series E. In a highly regulated sector, regulations are ever-evolving, which can implicate, limit and change relationships. Kabbage had been talking with Thrift, when regulations involving OTC caused an abrupt shift. “[The

Regulation 100

Regulation Lending US FDIC 100

Independent Banker

JULY 29, 2016

Four provisions in the plan were signed into law in 2015. Every spring ICBA holds its Washington Policy Summit where hundreds of community bankers from across the country visit with their congressional members and with federal regulators. FDIC Assessment Rules. 1233 and S. 812) and the Community Bank Access to Capital Act (H.R.

Community Bank 70

Community Bank Community Washington FDIC 70

PYMNTS

AUGUST 30, 2018

Grosso has introduced new regulations that would bar restaurants from putting in cash bans – and require them to take hard currency. “If 20 percent of black households are unbanked, and 36 percent are underbanked , according to 2015 data from the FDIC.

Washington 100

Washington FDIC Security Cards 100

CFPB Monitor

OCTOBER 10, 2019

Because Celtic retains no ownership or monetary interest in the loans, it bears no economic risk of loss due to a borrower’s non-payment (In June 2015, Kabbage’s “Program Management Agreement” with Celtic was amended to eliminate the 5% participation interest retained by Celtic.).

Massachusetts 84

Massachusetts California New York Utah 84

CFPB Monitor

SEPTEMBER 8, 2016

The Department of Defense (DoD) has issued an interpretive rule to assist the industry in complying with its July 2015 final rule amending the Military Lending Act’s implementing regulation. Several of those suggestions are noted below. Highlights of the interpretive rule include the following: Scope of purchase money exception.

Compliance 60

Compliance FDIC Security Regulation 60

Independent Banker

SEPTEMBER 22, 2015

In June, five federal agencies (including FDIC, Office of the Comptroller of the Currency and the Federal Reserve) announced approval of a final rule that modifies regulations applying to loans secured by properties located in special flood hazard areas. Model language has been provided in Appendix A of the regulation.

Regulation 70

Regulation Policies Community Bank Taxes 70

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. Siphoning customers.

Community Bank 70

Community Bank Community Analytics Lending 70

Fintech Labs Insights

JULY 9, 2015

This is what sets the New York-based company apart from its numerous competitors– it is the only regulated bitcoin trading platform open to all U.S. Board members—Senator Bill Bradley, former FDIC Chairman Sheila Bair and former FASB Chairman Robert Herz. It also offers tax documentation and FDIC insurance for U.S.

Bitcoin 12

Bitcoin Regulation New York FDIC 12

FICO

DECEMBER 19, 2018

Court Appeals for the District of Columbia vacated key parts of the Federal Communications Commission (FCC) 2015 TCPA Order , which had created much confusion and sparked increased litigation. I believe this will slip a few months but by June 2019 the proposed regulations will finally be available for public review and comment.

Policies 40

Policies District of Columbia Regulation California 40