CFPB Monitor

OCTOBER 25, 2022

Following up on a threat it made back in 2018 , the New York State Department of Financial Services (DFS) announced on October 6, 2022 that it entered into a consent order with Rhinebeck Bank (“Rhinebeck”) to settle discrimination claims involving discretionary dealer markups on retail installment contracts with minority borrowers.

New York 78

New York Lending Community Bank Community 78

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

CB Insights

OCTOBER 21, 2018

The 2018 Fintech 250 have raised approximately $53B in aggregate funding across 947 deals since 2013, and includes startups at different investment stages of development, from early-stage (seed/Series A) companies to well-funded unicorns. Outside the US: 44% of the 2018 Fintech 250 are based outside the US. Please click to enlarge.

Fintech 78

Fintech Lending Capital Analytics 78

CFPB Monitor

AUGUST 6, 2018

On July 26, 2018, the Federal Reserve Board (“ FRB “) announced the launch of the “Consumer Compliance Supervision Bulletin” (the “ Bulletin “) and simultaneously published its first issue. Mortgage Target Pricing.

Compliance 68

Compliance Risk Management Lending Training 68

Insights on Business

FEBRUARY 7, 2018

Enter, IBM Think 2018 , the premier business and technology event of the year that underscores and emphasizes the bond between business and technology. If you look for a common theme among the financial and banking sessions, speakers, demos and client stories at Think 2018, it is disruption through agility. Risk & compliance.

Las Vegas 111

Las Vegas blockchain NV Conference 111

CFPB Monitor

JULY 8, 2019

The CFPB’s annual fair lending report covering its 2018 activities was published in today’s Federal Register. In addition to discussing the symposium and Data Point report in the section on “Access to Credit,” the new fair lending report discusses conducting supervisory reviews of alternative credit scoring models.

Lending 60

Lending Report Policies Compliance 60

CFPB Monitor

JANUARY 24, 2019

A group of 13 state attorneys general and the District of Columbia AG have sent a letter to the FDIC commenting on the agency’s request for information on small-dollar lending. They recommend that “the FDIC discourage banks from entering into these relationships in any guidance it issues on small-dollar lending.”.

FDIC 74

FDIC Lending District of Columbia Compliance 74

CFPB Monitor

JUNE 18, 2019

Last week, the FDIC published its Consumer Compliance Supervisory Highlights that provides observations about its consumer compliance supervision activities in 2018. The CFPB has frequently noted similar findings of Regulation E violations.). Lines of Credit – Finance Charge Calculation and Disclosure.

FDIC 60

FDIC Compliance Regulation Training 60

CFPB Monitor

DECEMBER 10, 2019

Democratic lawmakers and consumer advocates had urged the CFPB to implement the Payday Rule’s payment provisions by requesting that the stay of the compliance date for those provisions be lifted.

Compliance 78

Compliance Groups Texas Report 78

CFPB Monitor

MAY 15, 2020

Although the Bureau’s final rule delaying the compliance date for the ATR provisions left unchanged the August 19, 2019 compliance date for the Payday Rule’s payment provisions, the stay of the compliance date entered by the court on November 6, 2018 stayed the compliance date for both the ATR and the payment provisions.

Compliance 78

Compliance Groups Texas Report 78

CFPB Monitor

OCTOBER 17, 2018

The CFPB’s Fall 2018 rulemaking agenda has been published by the Office of Information and Regulatory Affairs (OIRA) as part of its Fall 2018 Unified Agenda of Federal Regulatory and Deregulatory Actions. The Payday Rule’s compliance date is August 19, 2019. Business Lending Data.

Regulation 68

Regulation Compliance Lending Cards 68

CFPB Monitor

JUNE 11, 2019

The Federal Trade Commission recently provided its annual letter to the CFPB concerning its enforcement activities relating to compliance with Regulation Z (Truth in Lending Act), Regulation M (Consumer Leasing Act), and Regulation E (Electronic Fund Transfer Act).

Report 60

Report Regulation social media Policies 60

CFPB Monitor

SEPTEMBER 11, 2018

The CFPB’s newly-released Summer 2018 edition of Supervisory Highlights represents the CFPB’s first Supervisory Highlights report covering supervisory activities conducted under Acting Director Mick Mulvaney’s leadership. On October 10, 2018, from 12 p.m. On October 10, 2018, from 12 p.m. Payday/title lending.

Lending 68

Lending Policies Compliance Cards 68

Gonzobanker

MARCH 23, 2018

Second thing, cost to originate in all of this technology it’s still more expensive now than 10 years ago to originate a mortgage from compliance, and two we’re paying up for. The post On the Road with Cornerstone at Ellie Mae Experience 2018 appeared first on Gonzobanker. But there were other.

Las Vegas 60

Las Vegas Video Customer Experience Lending 60

CFPB Monitor

APRIL 14, 2021

The California Department of Financial Protection and Innovation (DFPI) has issued modifications to its proposed regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans and merchant cash advances.

CA 78

CA Regulation California New York 78

CFPB Monitor

MAY 25, 2022

The CFPB announced earlier this week that as part of a new approach to innovation in consumer finance, it is replacing its Office of Innovation and Operation Catalyst with a new office, the Office of Competition and Innovation, and eliminating its No Action Letter (NAL) and Compliance Assistance Sandbox (CAS) programs.

Innovation 78

Innovation Compliance Marketing Regulation 78

CFPB Monitor

FEBRUARY 2, 2021

In a blog post published on January 28, 2021 sharing a statement sent to CFPB staff, Acting Director David Uejio announced several new priorities for the CFPB’s Supervision, Enforcement and Fair Lending Division under the Biden Administration.

Compliance 78

Compliance Leadership Lending Analysis 78

CFPB Monitor

AUGUST 8, 2019

The order directs the parties to file another joint status report by December 6 “informing the court about proceedings related to the Rule and this litigation as the parties deem appropriate.”.

Compliance 60

Compliance Groups Texas Report 60

CFPB Monitor

MARCH 20, 2019

On March 8, the parties filed a new status report setting forth their views on whether the court should continue to stay the lawsuit and the Payday Rule’s August 19 compliance date. The stays were entered in, respectively, June 2018 and November 2018 “pending further order of the court.”

Compliance 68

Compliance Texas Groups Payments 68

PYMNTS

MARCH 19, 2019

However, though the company expanded quickly in 2017 and 2018, Beijing’s crackdown on certain lending practices forced Dianrong to decline in the second half of 2018. We hope regulators can give the industry a clear and definite timetable, and give guidance and a ray of hope for companies that stick to compliance,” Guo said.

Regulation 138

Regulation Regional Lending Compliance 138

Independent Banker

OCTOBER 1, 2022

When Oklahoma legalized the sales of cannabis for medicinal purposes in 2018, executives of $550 million-asset Blue Sky Bank in Tulsa, Okla., Our compliance program, based on elevated risk, is very robust. However, the ambiguous legal landscape complicates compliance; 47 states, the District of Columbia and four U.S.

Marketing 113

Marketing Compliance Community Community Bank 113

CFPB Monitor

MARCH 11, 2019

The new status report sets forth the parties’ views on whether the court should continue to stay the lawsuit and the Payday Rule’s August 19, 2019 compliance date. The stays were entered in, respectively, June 2018 and November 2018 “pending further order of the court.”

Compliance 68

Compliance Groups Report Payments 68

CFPB Monitor

APRIL 27, 2020

The report also states that “the parties are not requesting that the Court lift the stay of the litigation or lift the stay of the compliance date at this time.”.

Groups 78

Groups Report Compliance Texas 78

PYMNTS

AUGUST 29, 2019

With FinTechs rushing in to fill the gaps in small business lending, banking and other financial services left by traditional banks, those FIs saw an opportunity to collaborate with their FinTech peers and integrate their solutions, rather than spend the money on inventing new small business products internally. Collaboration Vs. Competition.

Fintech 173

Fintech Innovation Lending Digital Banking 173

CB Insights

SEPTEMBER 1, 2020

Previous winners and highlights from the Fintech 250 class of 2018. Since 2018, Ribbit has participated in 45 deals to this cohort of companies, including to Hippo , Nubank , Upgrade , Robinhood , and BharatPe. Business Lending & Finance. General Lending & Marketplaces. POS & Consumer Lending.

Fintech 101

Fintech Company Lending Capital 101

FICO

JANUARY 7, 2019

The tremendous interest in AI and machine learning drove the readership on the Fraud & Security blog in 2018. The post Top 5 Fraud & Security Posts 2018: AI and Machine Learning appeared first on FICO. Here are the five posts with the most views. 5 Keys to Using AI and Machine Learning in Fraud Detection. Read the full post.

Fraud 74

Fraud Security Analytics Training 74

CFPB Monitor

JULY 6, 2021

Fair lending. CFPB examiners found widespread errors within 2018 HMDA loan application registers of several financial institutions. In several examinations that identified such errors, the root causes were deficiencies in the institutions’ compliance management systems. Payday lending.

Lending 78

Lending Report Regulation Analysis 78

CFPB Monitor

OCTOBER 26, 2021

The Biden Administration’s prioritization of fair lending as a law enforcement focus took center stage last week with the announcement that the U.S. Attorneys’ Offices “as force multipliers to ensure that fair lending enforcement is informed by local expertise on housing markets and the credit needs of local communities of color.”.

Mississippi 78

Mississippi Memphis National Tennessee 78

William Mills

JANUARY 25, 2018

William Mills Agency, the largest independent public relations and content marketing firm specializing in the financial industry, released its 15th annual financial services industry report, Bankers As Buyers 2018 today. Compliance. Lending/Risk Technologies. bankers will likely purchase this year. Channel Integration.

Report 40

Report Technology Innovation Atlanta 40

CFPB Monitor

AUGUST 8, 2019

The letter was conditioned on Upstart’s agreement to a model risk management and compliance plan that required it to analyze and address risks to consumers, and assess the real-world impact of alternative data and machine learning. The Bureau issued its first (and so far only) no-action letter in September 2017 to Upstart Network Inc.

Data 60

Data Lending Compliance Policies 60

CFPB Monitor

NOVEMBER 18, 2021

It is clear from the title of the CFPB’s press release announcing the assessment, “ CFPB Seeks Input on Detecting Discrimination in Mortgage Lending ,” that the CFPB is treating this assessment as an initiative addressing fair lending.

Compliance 78

Compliance Data Lending Operations 78

Gonzobanker

OCTOBER 24, 2018

That cost Wells an initial $185 million in fines and another $142 million in a class action suit, followed in May 2018 with another $480 million in settlements for related securities fraud. May 2018 – This one still makes me giggle. Admittedly, it is a way to keep the branch staff busy.) from customers? Significant harm to customers.

San Francisco 143

San Francisco Industry America Compliance 143

CFPB Monitor

MARCH 26, 2020

Financial institutions are cautioned to make loans consistent with safe and sound practices and fair treatment of borrowers and in compliance with applicable statutes and regulations, including consumer protection laws. In May 2018, the OCC issued a bulletin intended to encourage its supervised institutions to offer small-dollar loans.

FDIC 78

FDIC Lending National Examples 78

CFPB Monitor

JUNE 23, 2022

The settlement highlights the need for companies to be mindful of fair lending risk when formulating their social media and other advertising plans. The lawsuit arose from an administrative complaint filed in 2018 by the Assistant Secretary for Fair Housing and Equal Opportunity with HUD alleging FHA violations by Facebook.

System 148

System Leadership social media Compliance 148

PYMNTS

MARCH 7, 2018

However, the FI can still lend and take deposits. In reference to corporate governance, Wells Fargo has two months to boost board oversight and compliance efforts. Three board members are on track to be replaced by April and a fourth by the end of 2018. The Fed has never before placed limits on how large a company can grow.

Illinois 143

Illinois Compliance Lending Cards 143

American Banker

APRIL 8, 2020

The Federal Reserve is temporarily altering the growth restriction it placed on Wells Fargo in 2018 so that the bank can make additional loans to small and midsize business that need funding to weather the coronavirus pandemic.

Lending 55

Lending Compliance 55

CFPB Monitor

OCTOBER 1, 2018

On September 19, 2018, the Georgia based Cooperative Baptist Fellowship (the “Fellowship”) filed a motion to intervene as a defendant in a case filed by the Community Financial Services Association of America Ltd. A scheduling conference is being held by the Court on October 4, 2018.

Georgia 68

Georgia Texas Groups Conference 68