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. The Bureau states that an area of innovation that it is monitoring for fair lending and credit access issues is “artificial intelligence (AI), and more specifically, machine learning (ML), a subset of AI.”

Lending 78

Lending Report FDIC Policies 78

CFPB Monitor

JULY 5, 2022

In response to a request from three Democratic House members, the GAO recently issued a report on its review of fair lending oversight conducted by the Office of the Comptroller of the Currency. These changes contributed to fewer annual fair lending examinations and deficiency findings leading to matters requiring attention at smaller banks.

Lending 78

Lending Report Policies Handbook 78

BankInovation

AUGUST 9, 2021

One of the latest fintechs to enter the auto finance scene is Lender Compliance Technologies (LCT), which specializes in compliance solutions for auto and powersports lenders. Founded in early 2020, LCT in April […].

Compliance 98

Compliance Technology Fintech Lending 98

CFPB Monitor

OCTOBER 25, 2022

Under the settlement, Rhinebeck will pay a $950,000 civil money penalty, provide restitution to borrowers, and develop a compliance plan which includes updates to its auto policies to cap dealer markups on installment contracts purchased by the bank. The dealer markup was capped at 2% after December 15, 2020.

New York 78

New York Lending Community Bank Community 78

Abrigo

AUGUST 8, 2021

Independent Loan Review Systems in Banking Banking regulators have outlined expectations for effective, independent loan review and credit risk review. . 2020 Interagency Guidance. Larger or more complex institutions might have credit risk review functions entirely separate from their lending functions.

System 195

System Lending Policies Regulation 195

CFPB Monitor

JULY 6, 2020

The CFPB has published its Spring 2020 rulemaking agenda as part of the Spring 2020 Unified Agenda of Federal Regulatory and Deregulatory Actions. In the preamble to the rulemaking agenda, the Bureau states that it expects to issue a final debt collection rule in October 2020.

Regulation 78

Regulation Policies FDIC Lending 78

CFPB Monitor

FEBRUARY 18, 2020

The CFPB has released the Winter 2020 edition of its Supervisory Highlights. 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. Mortgage servicing.

Lending 78

Lending Regulation System Compliance 78

CFPB Monitor

FEBRUARY 23, 2022

Yesterday, eight federal agencies joined together to issue an “ Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B ” (Interagency Statement). The agencies consist of the CFPB, FDIC, OCC, Federal Reserve Board, NCUA, HUD, DOJ, and FHFA.

Regulation 78

Regulation Lending FDIC Compliance 78

Abrigo

JUNE 15, 2023

billion laundered between 2015 and 2020 through the U.S. billion was laundered between 2015 and 2020 through the U.S. has lagged in passing laws and regulations preventing criminal proceeds from flowing into real estate. You might also like this Russian sanctions compliance checklist. real estate market alone.

Training 195

Training Regulation Compliance System 195

PYMNTS

DECEMBER 28, 2020

Wolters Kluwer Compliance Solutions has bolstered its Paycheck Protection Program Supported by TSoftPlus software to speed up Small Business Administration (SBA) loan applications, according to a Monday (Dec. 28) announcement.

Software 150

Software Compliance Maine Lending 150

Gonzobanker

JANUARY 17, 2020

Well GonzoBankers, the gang is back to work and we are all headed face-first into 2020 – a year with more uncertainty than most about how things will turn out. So, to get your Gonzo executive brains warmed up for a new year, I offer you 20 important banking realities for 2020 to guide your strategic execution efforts: 1.

Customer Experience 127

Customer Experience Fintech Regional Cards 127

CFPB Monitor

NOVEMBER 22, 2021

At an industry fair lending conference last week, officials from the U.S. Department of Housing and Urban Development (“HUD”) outlined fair lending priorities for their agencies. She noted that the agency will work with the CFPB, HUD, prudential regulators, and U.S. Department of Justice (“DOJ”), the CFPB, and the U.S.

Conference 78

Conference Lending Industry Regulation 78

CFPB Monitor

JUNE 14, 2021

Two leaders of the CFPB’s Fair Lending Office – Patrick Ficklin, Fair Lending Director, and Charles Nier, Senior Fair Lending Counsel – recently published an article advocating for broader use of special purpose credit programs (“SPCPs”) by creditors.

Lending 78

Lending Regulation Study Washington 78

Abrigo

APRIL 21, 2023

Focus loan reviews on risk in the portfolio Continuous loan review monitoring helps banks and credit unions ensure credit review systems support safe and sound lending. discussed how they use continuous monitoring in their efforts to ensure safe and sound lending practices.

Lending 195

Lending Risk Management Software System 195

PYMNTS

APRIL 7, 2016

On the logic that everything is easier when taken on with a team, the big names in marketplace lending are joining forces and forming their own nonprofit trade association. The CEOs of Funding Circle, Lending Club and Prosper have announced the launch of the Marketplace Lending Association (MLA).

Lending 100

Lending San Francisco FDIC Regulation 100

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

JANUARY 5, 2021

On December 30, 2020, the CFPB announced a consent order with Omni Financial of Nevada, Inc. based on alleged violations of the Military Lending Act (MLA) and Electronic Funds Transfer Act (EFTA). This is the second consent order announced as part of a sweep of investigations for potential MLA violations. See our prior blog here.)

Lending 78

Lending Trends Nevada Compliance 78

Abrigo

NOVEMBER 1, 2021

Takeaway 1 BSA and fraud functions have historically been siloed, and IT has been external to compliance. Takeaway 3 Cyberattacks are also on the rise, lending even more importance to communication and collaboration among the BSA, fraud, and IT functions. The FBI has also reported that cyberattacks rose significantly in 2020.

Fraud 195

Fraud Video Training Compliance 195

Abrigo

DECEMBER 2, 2021

The influx of money from government relief programs like the Paycheck Protection Program (PPP) in 2020 and 2021 left financial institutions flush with cash. 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.

Conference 195

Conference San Antonio Lending Fraud 195

CFPB Monitor

OCTOBER 20, 2021

A group of 96 organizations and individuals, who describe themselves as consisting of “consumer, labor, civil rights, legal services, faith, community and financial organizations and academics,” have sent a letter to the CFPB urging the Bureau to regulate fee-based earned wage access (EWA) products as credit subject to the Truth in Lending Act.

Regulation 78

Regulation Groups Analysis Lending 78

CFPB Monitor

JUNE 21, 2022

percent from 4,475 in 2020 to 4,338 in 2021. percent in 2020 to 63.9 percent in 2020 to 7.9 percent in 2020 to 9.2 percent in 2020 to 7.9 percent in 2020 to 9.2 percent in 2020 to 28.7 percent in 2020 to 24 percent in 2021. percent in 2020 to 17.2 percent in 2020 to 17.2

Data 78

Data Lending Compliance 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

Abrigo

MARCH 25, 2020

Key Takeaways Financial institutions have an opportunity to participate in a huge expansion of SBA lending programs under a stimulus package expected to be voted on by the Senate. Streamline SBA 7(a) lending processes. Lending & Credit Risk. Lending & Credit Risk. Lending Regulation. learn more.

Lending 195

Lending Capital Compliance Survey 195

Abrigo

FEBRUARY 5, 2021

Takeaway 1 To prevent the kind of fraud that plagued the Paycheck Protection Program in 2020, the SBA has put new measures in place that have created challenges. Takeaway 3 Meanwhile, regulators continue to reinforce the importance of lenders knowing customers and beneficial owners. Ongoing changes help. Focus remains on KYC’.

Fraud 195

Fraud Lending Taxes Regulation 195

CFPB Monitor

OCTOBER 1, 2020

We review the CFPB’s findings that lenders engaged in deceptive practices and violated Regulation Z advertising requirements based on the following conduct and discuss the findings’ compliance implications: false representations about consumers’ ability to apply for loans online and the absence of credit checks; false threats in collection letters (..)

Lending 60

Lending Compliance Regulation Online 60

Bank Innovation

DECEMBER 24, 2019

Financial technology startups will enter the next decade with a little more street cred than the last time around. Nearly 60 upstarts focusing on financial services — from Stripe Inc. to Chime Inc. to Plaid Inc. — have garnered valuations of more than $1 billion in recent years, according to CB Insights.

Financial Technology 332

Financial Technology Technology Innovation Strategies Apple 332

CFPB Monitor

FEBRUARY 10, 2021

On January 26, 2021, the FTC sent its annual letter to the CFPB reporting on the FTC’s activities related to the Equal Credit Opportunity Act (“ECOA”) and Regulation B. The FTC has authority to enforce the ECOA and Regulation B with respect to nonbank financial service providers within its jurisdiction.

Report 78

Report New York City Lending Regulation 78

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

MAY 26, 2022

The new Circular (2022-03) is intended to deliver the message that: ECOA/Regulation B adverse action notice requirements apply to all credit decisions, regardless of the technology used to make them. Most notably absent from the Circular is any guidance that would assist creditors in meeting their compliance obligations.

Compliance 143

Compliance Regulation Leadership Technology 143

Abrigo

JULY 16, 2021

Takeaway 1 FinCEN published its first list of priorities for AML/CFT policy, as required by the Anti-Money Laundering Act of 2020 (AMLA). Takeaway 2 Regulations haven't been written, but there are steps community financial institutions can take now to prepare. How to prepare. financial system.

Community 195

Community Regulation Training Policies 195

Abrigo

AUGUST 18, 2020

Ensure the business was established prior to February 15, 2020. BSA officers should complete regular suspicious activity monitoring on these loans and f ollow the use of funds. “If Lending & Credit Risk. Member Business Lending. SBA Lending. BSA Rules and Regulation. BSA Rules and Regulation.

Fraud 195

Fraud Lending Trends Compliance 195

Abrigo

APRIL 8, 2020

Provide a BSA refresher course to your lending staff. BSA compliance remains crucial to protecting financial system. Key Takeaways BSA requirements still apply to Paycheck Protection Program loans. While these loans are 100% guaranteed by the SBA, fraud is still a concern.

Compliance 195

Compliance Lending Fraud Community 195

CFPB Monitor

MARCH 16, 2021

Under the leadership of Acting CFPB Director Dave Uejio, the Bureau issued an interpretive rule on March 9, 2021 clarifying that the prohibition against sex discrimination under the Equal Credit Opportunity Act (“ECOA”) and Regulation B includes sexual orientation and gender identity discrimination. Clayton County, Georgia (140 S.

Regulation 78

Regulation District of Columbia Georgia Policies 78

CFPB Monitor

NOVEMBER 22, 2022

In particular, the report’s recommendations deserve attention because they are likely to influence future actions by the federal banking regulators and the CFPB. (The The report attributes the risk that such schemes will arise to bank/fintech relationships that “lack proper regulatory oversight or principles for responsible lending.”

Fintech 78

Fintech Report Data Lending 78

CFPB Monitor

AUGUST 20, 2020

Originally set to expire on October 2, the comment period will now close on December 1, 2020. The Bureau issued the RFI last month in lieu of a holding a symposium on ECOA issues planned for this fall.

Lending 78

Lending Compliance Innovation Community 78

CFPB Monitor

JULY 6, 2021

Financial institutions were found to have violated Regulation E by: Failing to comply with provisional credit requirements for disputed transactions. Fair lending. In several examinations that identified such errors, the root causes were deficiencies in the institutions’ compliance management systems. Mortgage origination.

Lending 78

Lending Report Regulation Analysis 78

CFPB Monitor

SEPTEMBER 1, 2021

In September 2020, the CFPB released an outline of the proposals it was considering in anticipation of convening a panel pursuant to the Small Business Regulatory Enforcement Fairness Act (SBREFA Outline). Section 1071 does not define the term “application.” Data Points.

Data 78

Data Lending Meeting Regulation 78