CFPB Monitor

MAY 22, 2020

The OCC has issued a final rule revising its regulation implementing the Community Reinvestment Act (CRA). Although the OCC’s proposed revisions were issued jointly with the FDIC, the FDIC did not join in the final rule. The final rule applies to national banks and federal savings associations.

FDIC 78

FDIC Lending Retail Compliance 78

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

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. Would you like other articles on loan review in your inbox? Recommendations for independent loan reviews.

System 195

System Lending Policies Regulation 195

Abrigo

OCTOBER 28, 2022

Takeaway 1 Signs point to increased loan modifications and loan workouts, and regulators have urged financial institutions to work prudently with borrowers. . Loan performance since 2020 Chart 2. Regulators foster prudent loan modifications. You might also like this video, "A look at credit risk in a rising-rate environment."

Management 195

Management Risk Management Policies Lending 195

CFPB Monitor

DECEMBER 19, 2019

The OCC and FDIC have issued a joint proposal to revise their regulations implementing the Community Reinvestment Act (CRA). Although the Federal Reserve, OCC and FDIC, are the primary CRA regulators, the Fed did not join the proposal and presumably will issue a separate proposal. On January 29, 2020, from 12 p.m.

FDIC 78

FDIC Regulation Community Retail 78

CFPB Monitor

JUNE 29, 2020

The FDIC has issued its widely anticipated final rule resolving the uncertainty caused by the Second Circuit’s Madden v. The FDIC’s Notice of Proposed Rulemaking (“NPR”) was published the same week as an OCC proposed rule intended to address the same issue for national banks under Section 85. On July 20, 2020, from 12:00 p.m.

FDIC 60

FDIC National Analysis Regulation 60

CFPB Monitor

NOVEMBER 10, 2020

The Fed, FDIC, and OCC have issued a “ Statement on Reference Rates for Loans ” that addresses replacement rates for the London Inter-Bank Offered Rate (LIBOR). In July 2020, the Federal Financial Institutions Examination Council issued a “ Joint Statement on Managing the LIBOR Transition.”

Regulation 78

Regulation FDIC New York Lending 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

CFPB Monitor

MARCH 30, 2020

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes the following key provisions that affect financial institutions and regulation of financial institutions: Section 4003 – Emergency Relief and Taxpayer Provisions. All such programs shall terminate not later than December 31, 2020.

Regulation 122

Regulation United States Community Bank National 122

CFPB Monitor

APRIL 13, 2022

These concerns are often dismissed by consumer advocates with the argument that banks and credit unions will increase their small-dollar lending if other providers leave the market due to interest rate caps. Among the services examined by the GAO in the report is small-dollar lending.

Report 78

Report Lending FDIC Regulation 78

FICO

MAY 25, 2023

Home Blog Feed test AI Development Can’t Be Paused—But It Can Be Regulated Since Generative AI is here to stay, ChatGPT’s base grew by 9,900% in 60 days, with 1.8 But it is possible to mitigate further wrongs by regulating artificial intelligence, and I believe effective proposed regulation should start from organizations using AI.

Regulation 52

Regulation San Diego Analytics blockchain 52

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. A number of states have challenged these regulations.

Utah 78

Utah California FDIC West Virginia 78

Jeff For Banks

AUGUST 14, 2022

The FDIC's quarterly Supervisory Insights for Summer 2011 had a list! So much so that the acting Comptroller of the Currency of the prior administration, Brian Brooks, proposed a rule in November 2020 that would forbid banks to blacklist legal industries. Let bankers determine if lending to this industry or that is risky.

Operations 78

Operations Lending FDIC Industry 78

FICO

DECEMBER 13, 2019

The most prominent villain for fintech companies is regulation. And so it’s easy to see why a fintech company — believing fully in the virtue of its mission and faced with a litany of illogical and intractable regulations — might just say "F*ck it, we're doing it anyways." A Prediction for the 2020s. and China).

Regulation 52

Regulation Fintech Lending Branding 52

CFPB Monitor

JULY 6, 2022

The small number of active rulemakings listed on the Spring 2022 agenda, coupled with the absence of any long-term actions, appears to lend strong support to the view of many observers that Director Chopra intends to use supervision and enforcement as the primary vehicles for furthering his priorities rather than rulemaking. .

Lending 78

Lending Regulation FDIC Data 78

PYMNTS

NOVEMBER 12, 2020

Adding to the problem, the Post reported, is the fact that the looming threat of bankruptcies and defaults has already caused banks to tighten lending. retail sector hit an average of 20 percent in the second quarter, up from 9 percent when 2020 began. No Quick Fix. According to Statista , vacancy rates across the U.S.

New York City 227

New York City New York Missouri Philadelphia 227

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). Fair lending.

Risk Management 78

Risk Management Training Lending FDIC 78

Abrigo

NOVEMBER 9, 2022

In many cases, financial institutions adopting CECL for the 2023 deadline are tracking ahead of where SEC registrants were as they faced a 2020 deadline. Use a software tool [and] ensure your auditors and regulators are in the loop on progress.” CECL Regulation. Lending & Credit Risk. Learn More. Whitepaper.

Survey 195

Survey Software Resources Meeting 195

CFPB Monitor

JUNE 15, 2020

On May 20, 2020, the OCC issued a final rule to “strengthen and modernize” its existing Community Reinvestment Act (“CRA”) regulations. On June 22, 2020, from 12:00 p.m. This is the first in a series of five blog posts about the final rule and related topics that we will publish in the next few weeks. to 1:00 p.m. 1204, Jan.

Community 60

Community FDIC Lending Examples 60

CFPB Monitor

AUGUST 5, 2021

This past Tuesday, Acting Comptroller of the Currency Michael Hsu appeared as a witness at the Senate Banking Committee’s hearing, “ Oversight of Regulators: Does our Financial System Work for Everyone? ”. In 2020, the OCC launched the “Roundtable for Economic Access and Change,” known as “Project REACh.” Community Reinvestment Act.

Data 78

Data FDIC Community Analysis 78

CFPB Monitor

DECEMBER 14, 2021

The Bureau is participating in interagency rulemaking with the Federal Reserve, OCC, FDIC, NCUA and FHFA to develop regulations to implement the amendments made by the Dodd-Frank Act to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) concerning appraisals. Property Assessed Clean Energy Financing.

Lending 78

Lending FDIC Regulation Data 78

CFPB Monitor

OCTOBER 6, 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. Rather, the focus here is on the identity of the lender in the primary market.

California 78

California FDIC Analysis Utah 78

CFPB Monitor

JUNE 12, 2020

Marlette Funding, LLC et al , arises from an enforcement action filed in 2017 by Colorado’s UCCC Administrator challenging a bank-model lending program involving a New Jersey state-chartered bank. Rather, the decision acknowledges that both the OCC and FDIC had issued proposals rejecting Madden. On June 19, 2020, from 12:00 p.m.

Colorado 78

Colorado FDIC Analysis National 78

CFPB Monitor

JULY 22, 2020

Comments on the proposal, which was published in today’s Federal Register , must be filed by September 3, 2020. Previously, Acting Comptroller of the Currency Brian Brooks indicated that the OCC expected to partner with the FDIC in developing the OCC’s “true lender” rule.

National 78

National Lending Exercises FDIC 78

CFPB Monitor

JANUARY 19, 2022

federal district court in December 2020 seeking to block the OCC from granting a national bank charter to Figure Technologies Inc. The OCC indicated that in connection with this amendment, the bank organizers will apply to the FDIC for deposit insurance, and Figure Technologies, Inc. Section 5.20(e)(1) 1 et seq.

Technology 78

Technology National FDIC Fintech 78

Jeff For Banks

DECEMBER 16, 2022

The first bank to crack the Top 5 over $50 billion did so in 2020. and Puerto Rico banking laws and regulations. They were under an FDIC consent order from 2014 through 2020 relating to their BSA and OFAC compliance and their relationship with third parties seeking access to the banking system. Well done! #3

Puerto Rico 78

Puerto Rico Virgin Islands Community Community Bank 78

CFPB Monitor

JUNE 22, 2022

After announcing in 2021 their intent to work collaboratively to update the CRA regulations to achieve a more consistent framework, revisions to the CRA’s implementing regulations were recently proposed by the three U.S. banking regulators (the “2022 Joint Notice” or the “Proposal”). Performance Tests and Standards.

Regulation 78

Regulation Community Lending Retail 78

Abrigo

NOVEMBER 22, 2021

Consumer Lending Laws & Compliance Financial institutions offering consumer loans need to know about these major consumer lending laws and recent compliance issues. You might also like this webinar, "Consumer Lending 101.". Consumer lending compliance spotlight. Major consumer loan compliance regulations.

Compliance 195

Compliance Lending Risk Management Regulation 195

Fintech Labs Insights

SEPTEMBER 3, 2020

But regulators are not exactly on board. And more recently, Lending Club has a $185M acquisition of Radius Bank pending, though the lender’s $80M Q2 loss is not going to help ease regulators’ concerns. You’d think that Jiko was looking to leverage FDIC insurance to put its customers at ease.

Fintech 15

Fintech FDIC Oakland Minnesota 15

Abrigo

DECEMBER 19, 2019

Due to new and emerging technologies, changing regulations, and ever-evolving customer expectations, banks and credit unions across the country are taking an assortment of different strategies to achieve their growth goals in 2020. Resolve to make quicker loan decisions in 2020. Develop a disciplined loan pricing model.

Lending 195

Lending Fraud Community FDIC 195

CFPB Monitor

DECEMBER 15, 2020

The CFPB has published its Fall 2020 rulemaking agenda as part of the Fall 2020 Unified Agenda of Federal Regulatory and Deregulatory Actions. The Bureau issued its final debt collection rule in October 2020. The Bureau issued a SBREFA outline in September 2020 and convened a SBREFA panel in October 2020.

Policies 78

Policies Regulation Data Lending 78

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

CB Insights

DECEMBER 4, 2019

Through trial and error, the company has set up key financial pillars across payments, cash deposits, and lending. The 2017 FDIC National Survey of Unbanked and Underbanked Households shows: Approximately 6.5% Amazon Lending. Today, Amazon has expanded its business lending to the US and UK. Amazon SMB Lending.

Cards 101

Cards Lending Strategy US 101

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

Abrigo

SEPTEMBER 14, 2022

Financial institutions, fintech companies, and other small business lenders will need to begin collecting a wide array of small business lending data under the Consumer Financial Protection Board’s (CFPB) proposed small business lending data collection rule. Those implementing regulations were coming. Points of Note.

Lending 195

Lending Data Regulation Community 195

CFPB Monitor

MAY 22, 2020

The Federal Reserve, OCC, FDIC, and NCUA have issued “ Interagency Lending Principles for Offering Responsible Small-Dollar Loans.” In that statement, the agencies indicated that they were “working on future guidance and lending principles for responsible small-dollar loans.”.

FDIC 78

FDIC Policies Lending Guidelines 78

CFPB Monitor

JUNE 15, 2021

Three significant items that were listed as “long-term actions” in the Bureau’s Fall 2020 rulemaking agenda, the last agenda issued under former Director Kraninger, no longer appear in the Spring 2021 agenda. The comment period closed on August 4, 2020. In December 2020, the Bureau released the final report of the SBREFA panel.

Regulation 78

Regulation FDIC Lending Data 78