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

PYMNTS

OCTOBER 2, 2019

Watchdog officials started monitoring the Singapore-based Grab last year after it acquired the Southeast Asian operations of Uber, which was its main competitor. Grab cooperated with the commission and has not been informed of any breach of competition laws since the March 2018 acquisition, a spokeswoman for the company told Bloomberg.

Regulation 108

Regulation Maine Lending Mobile 108

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. Regulation E – Mistakes Made in the Consumer Liability/Error Resolution Process. The CFPB has frequently noted similar findings of Regulation E violations.).

FDIC 60

FDIC Compliance Regulation Training 60

PYMNTS

JUNE 4, 2019

Crowdfunding platforms, or peer-to-peer (P2P) lenders, are going to face tougher regulations in the U.K. The new rules will start in December, and are a response to the FCA forcing P2P lending platform Lendy into administration, which is when a company is insolvent and in trouble with creditors.

Lending 122

Lending Regulation Marketing Retail 122

PYMNTS

FEBRUARY 2, 2021

1, a milestone that also made Action 24/7 the only locally owned sportsbook gaming operator of four licensed by the state. “I While the number of states and gambling venues has risen exponentially, questions remain whether the pool of players is growing at a comparable rate or if new locations simply cannibalize existing operations.

Tennessee 262

Tennessee Payments social media Regulation 262

PYMNTS

SEPTEMBER 25, 2018

When it comes to FinTech firms and lending, might it be that what we don’t know could hurt us? Viewed from high levels, the activity itself (lending, that is), has taken off in some of the countries one might expect, marked by relatively higher incomes, and where financial regulation might be relatively less stringent.

Fintech 172

Fintech Lending United States Regulation 172

PYMNTS

MARCH 8, 2019

PSD2 launched in January 2018 and has been active in the European Union for a little over a year now, meaning that banks, merchants and customers are becoming used to it and its accompanying data privacy law, GDPR. Because of these new regulations, however, businesses of all types are seeing their relationships with their customers change.

Lending 135

Lending Data Security Regulation 135

CFPB Monitor

MAY 19, 2022

The Department alleges that 100% of the loans to Connecticut residents originated on the Platform from June 2018 to August 2021 either contained a Lender Tip or a Solo Tip. To lend or borrow using the Platform, lenders and borrowers are required to set up a special account at a designated bank.

Connecticut 78

Connecticut Operations Fintech Regulation 78

PYMNTS

SEPTEMBER 17, 2019

While short-term lending in general has a pretty rough reputation, the pawn loan is the most ill-regarded arena in an already unloved category of consumer lending. The loan amount a borrower can get from a pawnbroker is determined solely by the value of the item itself; as in most forms of short-term lending, there is no credit check.

Ohio 151

Ohio Lending Iowa South Dakota 151

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. banking operations.

Fintech 173

Fintech Innovation Lending Digital Banking 173

Independent Banker

JULY 31, 2022

Locality Bank, a digital-first community bank serving south Florida that opened in January, is run by industry veterans with such successful track records that regulators signed off on their application for a charter in less than a year. from 2016 until its sale in 2018. Location: Fort Lauderdale, Fla. Filling a need.

Florida 91

Florida Community Bank Community FDIC 91

PYMNTS

AUGUST 14, 2019

In the world of small business financial services, entrepreneurs’ frustrations with banking have been loudly vocalized : firms are often considered too small to be profitable for banks’ corporate services units and are therefore pushed into an FI’s consumer banking operations.

Lending 122

Lending Cards FDIC Capital 122

PYMNTS

MARCH 13, 2019

As of now, the country’s insurance and banking regulator is beginning to draft new rules aiming to toughen up oversight in the pawn shop lending industry, according to sources cited by Bloomberg. Pawn shops will typically lend up to 40 percent of the value of an apartment pledged as collateral, renewing the loan every six months.

Lending 108

Lending United States Comparison Regulation 108

PYMNTS

JULY 24, 2019

Equifax on Wednesday (July 24) reported that its second quarter 2019 operating revenue hit $880 million, up slightly from the approximately $877 million reported for the same period last year. and state regulators, although the dollar amount could change depending on how many people file claims. million in the second quarter of 2018.

Report 116

Report Data Analytics Lending 116

PYMNTS

DECEMBER 27, 2019

Daniel Pinto, the co-president and chief operating officer of JPMorgan Chase , told CNBC in an interview that 2020 will likely see sturdy economic growth of about 1.5 percent market share for global advisory fees in 2018, which Pinto said the institution could improve on, although it would be difficult. percent or 1.8 Chase reached 8.7

United States 153

United States cryptocurrency Digital Banking Google 153

CFPB Monitor

JANUARY 9, 2019

federal district court in October 2018 by the Conference of State Bank Supervisors (CSBS) to stop the OCC from issuing special purpose national bank (SPNB) charters to fintech companies. The OCC has filed a motion to dismiss the lawsuit filed in D.C. The OCC’s rule (12 C.F.R. Section 5.20(e)(1)) Section 5.20(e)(1))

Fintech 60

Fintech Regulation New York National 60

PYMNTS

JANUARY 11, 2018

According to new research from Magilla Loans , which offers an anonymous search engine data for both home and business loans, a survey of mortgage and business lenders found plans to originate more than half a trillion dollars’ worth of loans in 2018. So while lending volume in the U.S. percent in 2016. percent in 2016.

Fintech 126

Fintech Lending Trends Operations 126

PYMNTS

DECEMBER 27, 2019

Daniel Pinto, the co-president and chief operating officer of JPMorgan Chase , told CNBC in an interview that 2020 will likely see sturdy economic growth of about 1.5 percent market share for global advisory fees in 2018, which Pinto said the institution could improve on, although it would be difficult. percent or 1.8 Chase reached 8.7

United States 136

United States cryptocurrency Digital Banking Google 136

PYMNTS

DECEMBER 15, 2017

Today in PYMNTS’ data, small- and medium-sized businesses (SMBs) have won the alternative financial venture capital (VC) funding rounds, millions of SMBs are in operation in the U.S. — 30 million | Higher end estimation of the number of SMBs in operation in the U.S. today, according to the United States Small Business Administration.

Data 109

Data New York City eBook US 109

CFPB Monitor

NOVEMBER 18, 2021

Earlier this week, the CFPB issued a Request for Information (RFI) regarding an assessment of the significant amendments to the Home Mortgage Disclosure Act rules, known as Regulation C, adopted in October 2015 and subsequently revised in several additional rulemakings (the “HMDA Rule”).

Compliance 78

Compliance Data Lending Operations 78

PYMNTS

JULY 16, 2019

billion in the quarter that closed out 2018. On the lending front, the bank’s loan balances as Q2 came to a close came in at $949.9 billion from the first quarter with increased activity in real estate, credit card and automobile lending all pushing growth. Profit was up 19 percent to $6.2 billion in the first quarter and $5.2

Lending 100

Lending Leadership Trends Report 100

Gonzobanker

OCTOBER 24, 2018

Name the rule, reg or newly formed regulator, and the common bond is that they were all born out of bankers not policing their own industry. 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.

San Francisco 149

San Francisco Industry America Compliance 149

CFPB Monitor

FEBRUARY 20, 2019

The Advisory Panel was formed in 2017 to identify actionable steps for improving state licensing, regulation, and non-depository supervision and for supporting innovation in financial services. It has 33 fintech company members that engage with the CSBS Emerging Payments and Innovation Task Force and other state regulators.

Fintech 68

Fintech Conference Survey Regulation 68

BankUnderground

NOVEMBER 30, 2021

In our paper , we use balance sheet data for 118 UK banks to empirically investigate whether the asset compositions of banks involved in the UK QE operations reacted differently in comparison to banks not involved in the initial rounds of QE between March 2009 and July 2012. QE and bank lending. QE and central bank reserves.

Lending 78

Lending Capital Groups Policies 78

CB Insights

FEBRUARY 20, 2020

In 2018, companies from 31 countries and 19 categories — spanning payments, digital banking, insurance, and more — made it onto the CB Insights 2018 Fintech 250 list. Today, 22 of those companies have become unicorns, 17 have exited, and none have shuttered operations. Highlights from the fintech 250 Class of 2018.

Fintech 80

Fintech US Lending Cards 80

PYMNTS

SEPTEMBER 11, 2019

Last week, money transfer company B2B Pay said it plans to become a regulated financial institution and is raising money to pursue licensure. The company had received an account information service provider license from Danish authorities in 2018. In terms of technology, APIs help facilitate access to that data.

Digital Banking 160

Digital Banking Millennials Mobile Regulation 160

Jeff For Banks

NOVEMBER 9, 2018

March 2017 - Failed the OCC's community lending test causing "significant harm to customers." February 2018 - Regulators limit WF growth due to "widespread consumer abuses and compliance breakdowns." April 2018 - Agrees to $1 billion in settlements for auto loan and mortgage abuses. Some of whom were deployed overseas.

New Jersey 60

New Jersey Compliance Community Meeting 60

Insights on Business

OCTOBER 11, 2018

Some of these standards are getting established by regulatory bodies, such as the PSD2 regulation in Europe, which covers payment initiation and account access. IBM at Sibos 2018. Stay tuned for more blogs on Sibos 2018! As a follow on action, you can get a free four-hour Cloud adoption and transformation briefing with IBM.

Meeting 111

Meeting Customer Experience System Guidelines 111

Abrigo

JUNE 16, 2016

The new guidance aligns the accounting with the economics of lending by requiring banks and other lending institutions to immediately record the full amount of credit losses that are expected in their loan portfolios, providing investors with better information about those losses on a more timely basis,” FASB Chair Russell G.

Resources 150

Resources Exercises Lending Community 150

CB Insights

FEBRUARY 1, 2019

Download the free report to learn about the biggest trends from fintech in 2018 and ones to watch for 2019. Indonesia features the largest ($27B in 2018) and fastest-growing (49% CAGR 2015-2018) internet economy in Southeast Asia, according to a study by Google and Temasek. in loans in 2018 vs. $182M in 2017.

Policies 61

Policies Lending Operations Examples 61

CFPB Monitor

OCTOBER 4, 2022

A previous version of these procedures referenced the Regulation Z definition of “private education loans” which differs from the Truth in Lending Act definition.

Policies 146

Policies Compliance Payments Training 146

Independent Banker

OCTOBER 31, 2021

Regulators implement ICBA-supported three-year transition. Curt Allison, The Fountain Trust Company’s chief lending officer, says his bank’s software program has been collecting data since Dec. Our regulator, the OCC, has notified its banks that they will be looking for action plans going forward that address the 2023 deadline.”.

Community Bank 91

Community Bank Community Software New York City 91

Insights on Business

MARCH 22, 2018

On the other, you need to observe ever-changing regulations, manage voluminous amounts of structured and unstructured data, and perform often repetitive and mundane tasks, opening the door for human error and mistakes. The sum of these parts are higher operating costs from start to finish. Where is KYC going?

Regulation 79

Regulation Analytics Analysis System 79

CB Insights

DECEMBER 4, 2019

Through trial and error, the company has set up key financial pillars across payments, cash deposits, and lending. Despite charging lower fees, the company failed to gain enough traction with merchants who feared giving Amazon detailed data on their overall business operations. Table of Contents: Amazon’s product strategy.

Cards 101

Cards Lending Strategy US 101

CB Insights

MARCH 8, 2018

Banks in Fintech: what’s ahead in 2018. The UK, in particular, has seen the most challenger bank activity compared to other regions, as a result of progressive regulations enacted to promote competition and break up the banking monopoly. How challenger banks leveraged regulation. What we’re watching in 2018.

Retail 78

Retail Digital Banking Fintech Regulation 78

PYMNTS

OCTOBER 1, 2018

The DOJ investigation centered on whether LendingClub had – between January 2009 to September 2010 – misled its FDIC-insured loan originator, WebBank , leading the bank to underwrite over 200 loans that did not conform to the bank’s lending requirements. lending marketplace. Attorney Alex Tse. “We The Response.

Lending 135

Lending Fraud Management San Francisco 135

PYMNTS

MARCH 26, 2018

Those that are retiring include Jim Richards, head of financial crimes risk management, Kevin Oden, head of operational risk and compliance, Keb Byers, enterprise risk head and Vic Albrecht, community banking risk group head. However, the FI can still lend and take deposits. All are retiring in April, May or June.

Risk Management 100

Risk Management Management Compliance Groups 100