CFPB Monitor

JULY 23, 2021

The FDIC has filed its reply in support of its motion for summary judgment in the lawsuit filed by a group of state attorneys general to set aside the FDIC’s “ Madden -fix” rule. The reply responds to the AGs’ opposition to the FDIC’s summary judgment motion. Oral argument on the motions is scheduled for August 6, 2021.

FDIC 78

FDIC California Compliance Tools 78

CFPB Monitor

MARCH 17, 2021

On March 15, 2021, the FDIC’s Office of Minority and Women Inclusion (OMWI) released a Financial Institution Letter regarding diversity self-assessments. The FDIC’s request mirrors those by shareholder activists to obtain greater disclosure from corporate boards on the efficacy of their diversity programs.

FDIC 78

FDIC CA Policies Compliance 78

CFPB Monitor

DECEMBER 22, 2020

The FDIC has issued a final rule that establishes a new framework for analyzing whether deposits made through deposit arrangements qualify as “brokered deposits” and amends the methodology for calculating the interest rate restrictions that apply to less than well capitalized insured depository institutions (IDIs). Brokered Deposits.

FDIC 78

FDIC Capital National Regulation 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

American Banker

JUNE 8, 2023

The FDIC gave Cadence Bank in Mississippi the highest possible rating on its most recent Community Reinvestment Act evaluation. Cadence was the product of a 2021 merger completed just months after the acquired bank settled a federal lending discrimination case.

Mississippi 72

Mississippi FDIC Lending Community 72

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. Those implementing regulations were coming. So back in 2011, we understood the next logical step.

Lending 195

Lending Data Regulation Community 195

CFPB Monitor

JANUARY 26, 2021

The CFPB , OCC , FDIC and NCUA have issued substantially similar final rules on the role of supervisory guidance. The final rules codify the Statement, with clarifying changes, as an appendix to a new subpart added to the regulations of each agency. The final rules adopt the agencies’ proposals without substantive change.

Compliance 78

Compliance FDIC Regulation Examples 78

CFPB Monitor

NOVEMBER 29, 2021

The 2022 clarity promised by the “roadmap” presumably will supersede, once issued, Interpretive Letter #1179, which appears to function as a general stop-gap until the 2022 publications hopefully provide more detail regarding exactly how banks can attain compliance. Federal banking regulators have been busy in this space.

Compliance 78

Compliance cryptocurrency Regulation FDIC 78

CFPB Monitor

AUGUST 31, 2021

The OCC, FDIC, and Federal Reserve Board have issued a guide that is intended to assist community banks in conducting due diligence when considering relationships with financial technology (fintech) companies (Guide). Legal and regulatory compliance. Financial condition and competitive market environment and client base.

Community Bank 78

Community Bank Community Fintech Company 78

Independent Banker

OCTOBER 1, 2022

Regulators paying closer attention to cyber risks. Bank regulators have become keenly aware of how a cyber event could impact the financial stability of a bank, bank customers and also bank employees,” says Jared Gentile, assistant vice president, bond and specialty insurance at Travelers.

Montana 152

Montana Policies Resources FDIC 152

CFPB Monitor

MAY 6, 2021

In addition, legal challenges to the OCC and FDIC “ Madden -fix” rules and the OCC’s “true lender” rule continue to create uncertainty for participants. As a result, participants would be well-advised to revisit their compliance with state licensing laws and their vulnerability to “true lender” and Madden challenges.

Maryland 78

Maryland Lending Missouri FDIC 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. Comments are due on February 2, 2021. The benchmarking proposal was published in the Federal Register for a 60-day comment period.

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

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). Comments on the new proposed Q&As are due by May 17, 2021. Recently, federal agencies proposed revisions to the Interagency Questions and Answers Regarding Flood Insurance.

Policies 60

Policies Compliance Meeting Regulation 60

CFPB Monitor

DECEMBER 7, 2022

The hearing was held to discuss historical and ongoing discrimination in the financial services industry, and the roles of Congress and regulators in addressing these issues. The Senate Banking Committee recently held a hearing entitled, “Fairness in Financial Services: Racism and Discrimination in Banking.” The witnesses included: Ms.

Community 78

Community Compliance Industry National 78

CFPB Monitor

NOVEMBER 22, 2022

The report was issued in response to President Biden’s July 2021 Executive Order on promoting competition. 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

Fintech 78

Fintech Report Data Lending 78

CFPB Monitor

MARCH 15, 2022

According to the complaint, in 2020 and 2021, OppFi provided documents to the DFPI in response to the DFPI’s request for information relating to its partnership with the Bank. While non-bank participants have been the focus of these state attacks, bank participants could also face increased scrutiny from their regulators.

California 78

California Innovation Utah West Virginia 78

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. While regulators have formed an inter-agency working group to develop viable reform measures, Congress has recently taken action to address the problem.

Policies 52

Policies Las Vegas FDIC Washington 52

CFPB Monitor

OCTOBER 17, 2022

The CFPB’s key findings are: Based on a comparison of data from 2009 with year-end 2021 data, the number of college credit card agreements, overall payments from issuers to IHEs, and open accounts continue to decrease. ED also stated that it “will monitor compliance and take corrective action to enforce these regulations when necessary.”.

Cards 78

Cards Report Regulation FDIC 78

CFPB Monitor

JULY 6, 2020

The agenda’s preamble indicates that the information in the agenda is current as of March 5, 2020 and identifies the regulatory matters that the Bureau “reasonably anticipates having under consideration during the period from May 1, 2020 to April 30, 2021.”. The CFPB recently proposed amendments to Regulation Z pursuant to this directive.

Regulation 78

Regulation Policies FDIC Lending 78

Jeff For Banks

DECEMBER 16, 2022

Before we begin and for comparison purposes, here are last year's top five , as measured in December 2021: #1. In 2021, the bank expensed over $530 thousand to the ESOP to benefit employees. and Puerto Rico banking laws and regulations. Silvergate Capital Corporation (NYSE: SI) #2. MetroCity Bankshares, Inc. Nasdaq: MCBS) #3.

Puerto Rico 78

Puerto Rico Virgin Islands Community Community Bank 78