FICO

DECEMBER 19, 2018

While many believe that the partisan divide will grow in 2019, this does not mean that all bank-related public policy proposals will be stuck in neutral. I expect the FCC to issue a declaratory ruling in the first half of 2019 that will provide much needed clarity around the definition of Automatic Telephone Dialing System.

Policies 40

Policies District of Columbia Regulation California 40

CFPB Monitor

MAY 7, 2020

The CFPB’s annual fair lending report covering its 2019 activities is scheduled to be published in tomorrow’s Federal Register. No-Action Letter Policy) to address potential compliance issues. In 2019, the Bureau initiated 26 supervisory events (Matters Requiring Attention and Supervisory Recommendations) relating to fair lending.

Lending 78

Lending Report FDIC Policies 78

CFPB Monitor

MAY 22, 2020

The Federal Reserve, OCC, FDIC, and NCUA have issued “ Interagency Lending Principles for Offering Responsible Small-Dollar Loans.” Effective management of credit, operational, compliance, and other risks. It also approves the use of “effectively-managed third party relationships” to implement small-dollar loan programs.

FDIC 78

FDIC Policies Lending Guidelines 78

CFPB Monitor

DECEMBER 5, 2019

The OCC, Federal Reserve Board, FDIC, NCUA and CFPB have issued an “ Interagency Statement on the Use of Alternative Data in Credit Underwriting.”. Our weekly podcasts include an episode released in June 2019 titled, “Using artificial intelligence for consumer finance: a look at the opportunities and challenges.”

Data 97

Data FDIC Compliance Analysis 97

CFPB Monitor

APRIL 15, 2019

A memorandum issued by the Office of Management and Budget entitled “Guidance on Compliance with the Congressional Review Act” creates a new “speed bump” for final rules issued by the CFPB as well as other independent regulatory agencies such as the Federal Reserve, the FCC, the FDIC, the FTC, and the OCC.

Compliance 68

Compliance Analysis FDIC Report 68

Abrigo

SEPTEMBER 14, 2022

The data is intended to help the CFPB enforce fair lending laws and could also be used by the government and small business lenders to identify the needs of businesses, said Michelle Lucci, Abrigo Regulatory Compliance Manager. In fact, it took a lawsuit initiated by a California community group in 2019 to get things moving.

Lending 195

Lending Data Regulation Community 195

CFPB Monitor

APRIL 15, 2019

A memorandum issued by the Office of Management and Budget entitled “Guidance on Compliance with the Congressional Review Act” imposes a new review process on final rules issued by the CFPB and other independent regulatory agencies such as the Federal Reserve, the FCC, the FDIC, the FTC, and the OCC.

Compliance 60

Compliance Analysis FDIC Report 60

PYMNTS

JUNE 19, 2020

FDIC: US Banks See Chargebacks Soar, Profits Tank Due To Pandemic. percent hit for Q1 compared to the same period in 2019. The support of local payment methods , while ensuring know your customer (KYC) and anti-money laundering (AML) compliance as well as tracking currency exchange rates can put pressure on the resources of retailers.

Payments 151

Payments United States FDIC Retail 151

CFPB Monitor

SEPTEMBER 10, 2020

In 2019, California enacted AB-539, the Fair Access to Credit Act (FACA), which, effective January 1, 2020, limits the interest rate that can be charged on loans of $2,500 to $10,000 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate. The FDIC has not yet proposed a similar rule.

Utah 78

Utah California FDIC West Virginia 78

PYMNTS

SEPTEMBER 21, 2020

As Standard Chartered noted to BuzzFeed in the wake of the FinCEN files report: "In 2019 we monitored more than 1.2 billion transactions for potential suspicious activity and screened more than 157 million transactions for compliance with applicable sanctions requirements.

Fraud 347

Fraud Report System FDIC 347

Jeff For Banks

DECEMBER 10, 2023

Although one might argue that First Citizens BancShares of Raleigh is a SIFI as it climbed to the 19th largest in the country with its Silicon Valley Bridge Bank acquisition from the FDIC, and that the FDIC designated SVB as systemically important. As a result of these investments, the bank has grown over 65% since 2019.

Fresno 101

Fresno North Carolina Raleigh FDIC 101

CFPB Monitor

MARCH 15, 2022

In 2019, California enacted AB 539 which, effective January 1, 2020, limited the interest rate that can be charged on loans of $2,500 to $10,000 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate. The DFPI is not alone in asserting a “true lender” claim.

California 78

California Innovation Utah West Virginia 78

CFPB Monitor

JANUARY 28, 2021

Although the OCC’s CRA final rule technically became effective on October 1, 2020, it provides transition periods for compliance based on a bank’s asset size, type of charter, and business model.

Community 131

Community FDIC Lending Survey 131

CFPB Monitor

APRIL 1, 2021

In what could be an important step towards needed regulatory updating to accommodate the growing use of artificial intelligence (AI) by financial institutions, the CFPB, FDIC, OCC, Federal Reserve Board, and NCUA issued a request for information (RFI) regarding financial institutions’ use of AI, including machine learning (ML). Uses of AI.

Risk Management 78

Risk Management Training Lending FDIC 78

PYMNTS

FEBRUARY 14, 2019

Denny Heck, both Democratic members of Congress from states with legal marijuana — back the Secure and Fair Enforcement of Banking Act of 2019 , or the SAFE Banking Act, as it is more commonly known. Such prohibition could involve limiting FDIC protections for those deposits, for example, or trying to prevent loans to those businesses.

Oregon 230

Oregon Colorado Operations Washington 230

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. Banks regulated by the Federal Reserve, the OCC, or the FDIC made up the bulk of institutions represented by survey-takers (73%).

Survey 195

Survey Software Resources Meeting 195

FICO

JANUARY 13, 2020

The laws and rules governing anti-money laundering and combating the financing of terrorism compliance have not been substantively updated since the Bank Secrecy Act was adopted in 1970. In December, the FDIC and OCC issued a proposed rule to modernize the Community Reinvestment Act (CRA). I say Congress gets a deal done in 2020.

Policies 52

Policies Las Vegas FDIC Washington 52

CFPB Monitor

APRIL 22, 2021

The agencies are the Comptroller of the Currency, Farm Credit Administration, FDIC, Federal Reserve Board, and National Credit Union Administration (Agencies). Recently, federal agencies proposed revisions to the Interagency Questions and Answers Regarding Flood Insurance. Comments on the new proposed Q&As are due by May 17, 2021.

Policies 60

Policies Compliance Meeting Regulation 60

CFPB Monitor

JULY 6, 2020

The Bureau issued a proposed debt collection rule in May 2019. The new agenda provides outdated information regarding when the Bureau can be expected to finalize its February 2019 proposal to rescind the ability to repay provisions of its final payday/auto title/high-rate installment loan rule.

Regulation 78

Regulation Policies FDIC Lending 78

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

PYMNTS

FEBRUARY 13, 2019

Denny Heck, both Democratic members of Congress from states with legal marijuana — back what is called the Secure and Fair Enforcement of Banking Act of 2019 , or SAFE Banking Act as it is more commonly known. The hearing on Wednesday served as the first hearing for that proposed bill, according to lawmakers and reports.

Oregon 115

Oregon Colorado Operations Washington 115

CFPB Monitor

OCTOBER 17, 2019

On October 10, 2019, the Board of Governors of the Federal Reserve System (Board), together with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, adopted a final rule to revise the criteria for determining the applicability of regulatory capital and liquidity requirements for large U.S.

Capital 68

Capital System Compliance Company 68