CFPB Monitor

APRIL 19, 2022

In 2019, California enacted AB 539 which, effective January 1, 2020, limited the interest rate that can be charged on loans less than $10,000 but more than $2,500 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate.

California 78

California Innovation Utah United States 78

CFPB Monitor

NOVEMBER 9, 2020

PLI’s 25th Annual Consumer Financial Services Institute will take place on December 7-8, 2020 by live webcast. The second panel will feature OCC and FDIC representatives. I am again co-chairing the event, as I have for the past 24 years. Former CFPB Director Richard Cordray will deliver a keynote address. I will co-moderate both.

FDIC 78

FDIC Regulation Leadership Data 78

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

CFPB Monitor

OCTOBER 6, 2022

A California state court has overruled the demurrer filed by Opportunity Financial, LLC (OppFi) to the cross-complaint filed by the California Department of Financial Protection and Innovation (DFPI) in which OppFi asked the court to reject the DFPI’s “true lender” challenge.

California 78

California FDIC Analysis Utah 78

FICO

MAY 25, 2023

I think if this technology goes wrong, it can go quite wrong,” he said in testimony before Congress. Technology that’s been made freely available to the public—e.g., technology “in the wild”—is irrevocable; how could it possibly be pulled back? Technology development moves a lot faster than the legislative process.

Regulation 52

Regulation San Diego Analytics blockchain 52

CFPB Monitor

MAY 19, 2022

In 2019, California enacted AB 539 which, effective January 1, 2020, limited the interest rate that can be charged on loans less than $10,000 but more than $2,500 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate.

California 78

California Utah United States FDIC 78

CFPB Monitor

OCTOBER 22, 2020

.” It also requires the Bureau to consult with the Fed, OCC, FDIC, and FTC to ensure, to the extent appropriate, that any rule implementing Section 1033 imposes substantively similar requirements on covered persons, takes into account conditions under which covered persons do business both in the U.S.

Data 78

Data FDIC Digital Banking Compliance 78

CFPB Monitor

NOVEMBER 22, 2022

That Order directed the Secretary of the Treasury to issue a report assessing how the entry of large technology firms and other non-banks into consumer finance markets has affected competition. The report was issued in response to President Biden’s July 2021 Executive Order on promoting competition.

Fintech 78

Fintech Report Data Lending 78

Independent Banker

APRIL 30, 2022

Whether it’s products and services, technology strategies or employee benefits, independent community banks decide on their own terms what’s best for their business and their customers. The bank issued 2,182 PPP loans in 2020 and 2021. A: Technology. Reynolds points to BankSouth’s focus on innovation as a contributing factor.

Community Bank 172

Community Bank Community Montana Taxes 172

Filene

JULY 18, 2018

The same research, technology and digital transformation strategies credit unions are deploying to learn more about their mainstream members can be applied to hyper-local immigrant segments. The FDIC says more than 45 percent of Hispanic households were unbanked or underbanked in 2015. GDP growth by 2020.

Community 28

Community Study Resources Lending 28

FICO

DECEMBER 19, 2018

This will lead to a favorable development for consumers who opt-in and businesses that utilize technology like FICO’s Customer Communication Services to communicate important information to their customers via their cellphones. Look for the regulators to make great strides in the next 12 months, setting the stage for a proposed rule in 2020.

Policies 40

Policies District of Columbia Regulation California 40