CFPB Monitor

FEBRUARY 23, 2021

The New York Department of Financial Services (DFS) recently announced that it has entered into an agreement with Hunt Mortgage , a licensed mortgage banker, to address the DFS’s findings that there was a “demonstrable lack of lending to minorities and in majority-minority neighborhoods in Western and Central New York by Hunt Mortgage.”

New York 78

New York Lending Report Policies 78

CFPB Monitor

AUGUST 20, 2019

Brown’s letter came a week after that Court entered an Order continuing the stay of the compliance date, which, as we previously discussed , was entered after the Bureau joined in a status report filed August 2, 2019, stating that the parties “are not requesting that the Court … lift the stay of the compliance date….”.

Compliance 87

Compliance Groups Ohio Texas 87

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

NOVEMBER 9, 2018

With the August 19, 2019 compliance date for the CFPB’s small dollar lending rule drawing nearer, industry anxiety is growing as to the CFPB’s plans for delaying the compliance date and what changes will be proposed. To listen and subscribe to the podcast, click here.

Lending 68

Lending Compliance Industry Company 68

PYMNTS

MARCH 25, 2019

A federal judge late last week ordered a stay on the August 2019 compliance date tied to the “ payday lending rule ” mandated roughly two years ago by the Consumer Financial Protection Bureau (CFPB). The CFPB had asked the court to wait until a separate case had been decided.

Lending 128

Lending Illinois Compliance Chicago 128

PYMNTS

DECEMBER 23, 2020

Between January 2016 and August 2019, the CFPB said it discovered numerous “systemic errors” that could have lowered consumers’ credit scores, such as the wrong date an account first became delinquent, according to a consent order. The order indicated that Santander must submit a detailed compliance plan to the CFPB within 45 days.

Report 356

Report Compliance Lending Online 356

Abrigo

DECEMBER 30, 2019

Key Takeaways Using exam findings from 2019 can help strengthen your BSA program in 2020. Institutions must create a strong culture of compliance. The decade is quickly coming to an end, so as we put 2019 in our rear-view mirror, it’s time for a fresh start with the new year and new decade approaching.

Training 195

Training Compliance Leadership Fraud 195

FICO

DECEMBER 20, 2018

For my predictions, I’ll focus on four areas of tactical concern within consumer banking that I feel confident bank executives will make significant progress addressing 2019. We began to see a resurgence in small-dollar lending in 2018 with new regulatory guidance from the OCC and FDIC encouraging banks to compete with payday lenders.

Trends 73

Trends Lending Fraud Exercises 73

CFPB Monitor

NOVEMBER 7, 2018

On its own initiative, the Texas federal district court granted a stay of the Payday Rule’s August 19, 2019 compliance date and continued in force its stay of the lawsuit. Unfortunately, the court did not specify a termination date for the stay of the compliance date, as the trade groups and CFPB originally requested.

Compliance 74

Compliance Texas Groups Course 74

Abrigo

DECEMBER 2, 2021

31, 2019, and June 3, 2021, according to the Community Banking in the 21st Century report. In a competitive lending environment, many banks and credit unions are concerned about losing good-quality loans if they over-price them. Lending & Credit Risk. Consumer Lending. Lending & Credit Risk. Learn More.

Conference 195

Conference San Antonio Lending Fraud 195

Abrigo

MAY 10, 2021

Knowing these elements of an LOS and an LOS vendor is critical for senior financial institution executives either shopping for an LOS for the first time or considering an improvement to their bank or credit union’s current business lending process. Lending process management is key to timely decisions. Workflow & Analysis.

System 195

System Lending Analysis Software 195

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

FICO

APRIL 28, 2020

The winners of the 2019 FICO® Decisions Awards can now be formally announced. The 2019 FICO Decisions Award winners have demonstrated what is possible with a clear business objective, innovative use of technology and a great partnership. Regulatory Compliance. Sharon Kimathi , editor at FinTech Futures.

Analytics 52

Analytics Fraud Management Innovation 52

FICO

JUNE 4, 2019

This is the theme of FICO's major global conference, FICO World 2019 , November 4-7 in New York. Industry veterans and innovators will share insights, know-how and advice for using analytics in financial services, banking, automotive finance, mortgage lending, telecommunications, insurance and regulatory compliance.

Analytics 40

Analytics New York Conference Case Study 40

FICO

MAY 28, 2019

This is the theme of FICO's major global conference, FICO World 2019 , November 4-7 in New York. Industry veterans and innovators will share insights, know-how and advice for using analytics in financial services, banking, automotive finance, mortgage lending, telecommunications, insurance and regulatory compliance.

Analytics 40

Analytics New York Conference Case Study 40

Abrigo

NOVEMBER 15, 2019

Key Takeaways Effective credit risk review promotes lending agility. Effective credit risk review promotes lending agility. However, many community financial institutions derive a significant portion of income from lending. Furthermore, lending is a major source of risk for most banks and credit unions.

System 150

System Lending Compliance Risk Management 150

CFPB Monitor

MAY 31, 2019

The joint status report filed on May 17 stated that that the comment period for the Bureau’s proposals to rescind the Payday Rule’s ATR provisions and to delay the compliance date for the ATR provisions closed on, respectively, May 15 and March 18.

Texas 60

Texas Compliance Report Groups 60

FICO

MAY 2, 2023

I sat down with UK lenders in two roundtable discussions in March to explore the different approaches being taken to Consumer Duty compliance. Whilst the challenges came through loud and clear, it was also apparent that the potential upsides are clearly understood.

Compliance 52

Compliance How To Tools Strategy 52

CFPB Monitor

DECEMBER 29, 2020

The ratification did not change the amount of time companies have to come into compliance with the payments provisions because the 2017 Rule gave companies 21 months (until August 21, 2019) to prepare for compliance and the ratification affirms the 2019 compliance date along with other aspects of the provisions.

Compliance 78

Compliance Payments Groups Exercises 78

FICO

JUNE 19, 2019

This is the theme of FICO’s major global conference, FICO World 2019 , November 4-7 in New York. Industry veterans and innovators will share insights, know-how and advice for using analytics in financial services, banking, automotive finance, mortgage lending, telecommunications, insurance and regulatory compliance.

Video 40

Video Case Study New York Analytics 40

CFPB Monitor

JUNE 10, 2019

The CFPB has issued a final rule delaying the compliance date for the ability-to-repay (ATR) provisions in its final payday/auto title/high-rate installment loan rule (Payday Rule) for 15 months, until November 19, 2020. Even if the court extends the stay past August 2, lenders will remain at risk that the stay could be lifted at any time.

Compliance 60

Compliance Texas Payments Groups 60

FICO

JUNE 19, 2019

This is the theme of FICO’s major global conference, FICO World 2019 , November 4-7 in New York. Industry veterans and innovators will share insights, know-how and advice for using analytics in financial services, banking, automotive finance, mortgage lending, telecommunications, insurance and regulatory compliance.

Video 40

Video Case Study New York Analytics 40

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

PYMNTS

JUNE 7, 2019

19, 2019 compliance date for the mandatory underwriting provisions for its short-term, small-dollar (payday) rule, according to various reports. Compliance is being delayed 15 months, to Nov. As a policy matter, we support the Bureau’s goal of ending abusive payday lending practices by nonbank lenders.

Compliance 134

Compliance Lending Policies Meeting 134

CFPB Monitor

FEBRUARY 18, 2020

The report discusses the Bureau’s examinations findings in the areas of debt collection, mortgage servicing, payday lending, and student loan servicing that were completed between April 2019 and August 2019. Payday lending. The CFPB has released the Winter 2020 edition of its Supervisory Highlights.

Lending 78

Lending Regulation System Compliance 78

Jeff For Banks

APRIL 4, 2024

Such as direct lending funds, and insurance companies. Shadow bank lending is similar to bank lending but is not subject to the same regulations, and compensating deposit balace requirements. And, according to some EDP students that are lenders, are turning to the shadow banking market that do not have deposit demands.

Banking Trends 115

Banking Trends Trends Millennials Oregon 115

Gonzobanker

FEBRUARY 26, 2019

Recent fintech deals across digital, lending, payments and infrastructure are telling a big story. Heck, we weren’t even three weeks into 2019 when Fiserv ’s $22 billion proposed First Data acquisition—one of the biggest fintech deals ever —was announced to the Street. Lending: Mashing Up Analytics & Digital. Money talks.

Fintech 104

Fintech Analytics Lending Case Study 104

CFPB Monitor

APRIL 27, 2020

The report states that the Bureau “is continuing to make progress” on its proposed rulemaking to rescind the Payday Rule’s ability-to-repay (ATR) provisions and references the Bureau’s statement in its Fall 2019 rulemaking agenda that it expected to take final action on the proposal in April 2020.

Groups 78

Groups Report Compliance Texas 78

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 proposals would leave unchanged the Payday Rule’s payment provisions and their August 19 compliance date.

Compliance 68

Compliance Texas Groups Payments 68

BankUnderground

NOVEMBER 27, 2020

We show that ring-fencing has an important impact on banking groups’ funding structures , and find that this incentivises banks to rebalance their activities towards retail mortgage lending and away from capital markets, with important knock-on effects for competition and risk-taking across the wider banking system.

Lending 110

Lending Retail Groups Maine 110

FICO

APRIL 21, 2023

My priorities in testing the potential of UltraFICO Score with DDA attributes were speed to market, simplicity and leveraging an existing scorecard already built on the data – and it didn’t hurt that FICO was the organization that developed and branded it from a marketing, approval and compliance standpoint.

Data 52

Data Lending Trends Branding 52

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 proposals would leave unchanged the Payday Rule’s payment provisions and their August 19 compliance date.

Compliance 68

Compliance Groups Report Payments 68

FICO

JANUARY 29, 2021

Submissions included complex optimization problems, the automation of previously manual business processes and using the power of AI and machine learning to stop fraud and improve lending. Regulatory Compliance – Alfa Bank & Eurobank (tie). David Dittman , vice president, Data & Analytics, P&G (2019 winner). by Nikhil Behl.

Meeting 98

Meeting Analytics Florida Fraud 98

CFPB Monitor

FEBRUARY 24, 2020

FTC has sent its annual letter to the CFPB reporting on the FTC’s activities related to compliance with the Equal Credit Opportunity Act and Regulation B. The FTC continues to be a member of the Interagency Task Force on Fair Lending along with the CFPB, DOJ, HUD, and the federal banking agencies.

Report 78

Report Policies Big Data Regulation 78

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. Lexicon Bank in Las Vegas opened its doors in August 2019, not long before COVID-19 shut down the city’s entertainment businesses. “The Photo by Sammy Tillery. By Tom Groenfeldt.

Las Vegas 129

Las Vegas Community Bank Community Wisconsin 129

ABA Community Banking

MAY 16, 2019

Q1 2019 TransUnion Industry Insights Report explores latest consumer credit trends Consumer Credit The Economy Feature Lines of Business Retail Banking Financial Trends Customers Revenue Core Systems Cards Fair Lending Consumer Compliance Profitability Feature3.

Cards 40

Cards Compliance Trends Lending 40

CFPB Monitor

MAY 24, 2019

The OCC’s Semiannual Risk Perspective report focuses on key issues that pose threats to bank safety and soundness and legal compliance. Among such issues discussed in the Spring 2019 report , which generally reflects bank data as of December 31, 2018, are risks arising from financial innovation and new technologies.

Innovation 68

Innovation Report Compliance Risk Management 68