CFPB Monitor

APRIL 25, 2022

As we will discuss, the timing of the Consent Order indicates that even when regulators permit crypto activities by financial institutions, they remain cautious, particularly as to BSA/AML compliance. The January 2021 Operating Agreement .

Compliance 78

Compliance Digital Banking Training South Dakota 78

Perficient

MARCH 3, 2022

Section 165(i)(2) of the Dodd-Frank Act, as amended by the Economic Growth, Regulatory Relief, and Consumer Protection Act, requires certain national banks and federal savings associations to conduct periodic stress tests. Contact us to learn more about how we can help your institution achieve compliance with federal stress tests.

Capital 294

Capital Regulation Exercises United States 294

South State Correspondent

JANUARY 16, 2024

introduced a LIBOR alternative in March of 2021 (called BSBY). The documentation was lengthy and complex, the regulatory compliance and reporting was cumbersome, the accounting was tricky, and the overhead cost of launching a hedging program was challenging. We believe that our program offers an advantage against the national banks.

Community Bank 195

Community Bank Community Compliance CA 195

PYMNTS

MARCH 8, 2018

and group compliance director, explained to PYMNTS how online tools can make remote identity verification even more robust than in-person processes — and also help kick cross-border payments into higher gear. But] we’re projecting by 2021, it’ll take up the majority of the market.”. Digitizing Identity Verification.

Compliance 101

Compliance Regulation Online Payments 101

PYMNTS

NOVEMBER 9, 2020

As governments in different parts of the globe clamp down on possible Big Tech antitrust contraventions, an Australian regulator is looking into ways to reshape Australian merger regulations in 2021, CRN , an Australian news outlet, reported. California’s Proposition 24 Vote Could Bolster Digital Privacy Laws In Other States.

Regulation 211

Regulation social media Compliance California 211

Perficient

APRIL 2, 2021

The five federal agencies are: the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (Fed), the National Credit Union Administration (NCUA) and the. Email: 2021-RFI-AI@cfpb.gov. CFPB-2021-0004 in the subject line of the message. Include Docket No.

Regulation 309

Regulation Industry Risk Management Analysis 309

CFPB Monitor

MAY 25, 2021

On May 26, 2021, the House Financial Services Committee’s Subcommittee on Oversight and Investigations will hold a hearing, “ Consumer Credit Reporting: Assessing Accuracy and Compliance.” The witnesses include representatives from the “big three” consumer reporting agencies and the National Consumer Law Center. ”

Report 78

Report Risk Management National Policies 78

CFPB Monitor

FEBRUARY 16, 2022

Around the nation, regulators are preparing to implement and enforce new consumer-like disclosure laws for small business commercial finance providers. As of December 30, 2021, the CADFPI’s proposal is still under review. Compliance obligations are not likely to arise in any of the other states before the third quarter of 2022.

North Carolina 78

North Carolina Missouri Maryland Mississippi 78

Abrigo

DECEMBER 17, 2021

Takeaway 1 Strengthen your financial institution's culture of compliance through a staffing assessment. Financial institutions experience d significant changes in 2021 because of the continued pandemic , increased remote work trend, and growing digital usage. Would you like other articles like this in your inbox? Be Prepared.

Compliance 195

Compliance Training Fraud Resources 195

CFPB Monitor

NOVEMBER 4, 2022

The FHFA cites 2021 appraisal statistics that reflect a rate of undervaluation of 13.4% The FHFA also notes that in 2021 on a national basis, 15.2% The FHFA notes that while “controlling for observable characteristics may explain some of the gap in undervaluation between White and. in White tracts, 19.2% in high minority tracts.

North Carolina 78

North Carolina Charlotte Compliance National 78

Perficient

AUGUST 16, 2020

This law doesn’t go into effect until January 6, 2021, for all fixed MLTS (this includes fixed interconnected VoIP, fixed telephony, and fixed Telephone Relay Services (TRS)). By refusing to support proper 911/E-911 compliance, can lead to fines of up to $10,000 and additional penalties of up to $500 per day of noncompliance.

System 348

System Regulation Texas Compliance 348

CFPB Monitor

MAY 31, 2022

On May 19, 2022, the Associate Director of the Enforcement and Compliance Division of the Financial Crimes Enforcement Network (“FinCEN”), Alessio Evangelista, spoke at the Chainalysis Links Conference in New York City on the topic of “The Intersection of Cryptocurrencies and National Security.”

cryptocurrency 146

cryptocurrency Innovation DC National 146

CFPB Monitor

APRIL 12, 2021

On March 31 st the CFPB rescinded seven policy statements , including statements that provided flexibility from supervisory or enforcement actions for loss mitigation and credit reporting activity in connection with the COVID-19 national emergency. CFPB issues mortgage servicing notice of proposed rulemaking.

Compliance 78

Compliance Policies Industry Strategy 78

CFPB Monitor

APRIL 8, 2021

On April 1, 2021, the FDIC’s final rule issued in December 2020 revising its brokered deposits regulation became effective. The full compliance date for the final rule is January 1, 2022.

FDIC 78

FDIC Resources Regulation Compliance 78

PYMNTS

NOVEMBER 2, 2020

During phase one, VASPs will have to demonstrate their compliance with these standards, according to the release. The financial ministry expects to kick off phase two, regarding licensing requirements, in June 2021, the release stated.

Bitcoin 160

Bitcoin Policies Groups cryptocurrency 160

CFPB Monitor

OCTOBER 4, 2022

The DOJ’s lawsuit against Lakeland, filed in a New Jersey federal district court, is part of the DOJ’s nationwide “ Combating Redlining Initiative ” launched in October 2021. According to the DOJ , the settlement represents the third-largest redlining settlement in the DOJ’s history.

New Jersey 147

New Jersey Lending Community National 147

CFPB Monitor

APRIL 12, 2021

On April 5, 2021, the CFPB issued a blog post suggesting various communication strategies for mortgage servicers, to handle increased volume associated with the COVID-19 national emergency.

Strategy 78

Strategy Tools Video Resources 78

CFPB Monitor

MAY 17, 2021

On May 6, 2021, the CFPB’s Office of Servicemember Affairs issued its eighth annual report summarizing its activities from January 1 through December 31, 2020. The report discussed the Office’s consumer outreach and educational efforts, servicemember complaint trends, and priorities for 2021.

Report 78

Report Compliance Leadership Analysis 78

Abrigo

JUNE 27, 2023

Including rental and leasing licensees, as of 2021, the industry comprises approximately 16.7% According to the National Association of Realtors, there were more than 106,000 real estate brokerage firms in the United States. The institutions are the ones shouldering the costs of compliance, examinations, and fines.

El Paso 195

El Paso Miami United States New York City 195

PYMNTS

AUGUST 4, 2019

Cryptocurrency compliance company Elliptic has released the Elliptic Data Set, which aims to identify crypto transactions associated with money laundering. A big problem with compliance, in general, is false positives. And Busan has issued a “regulation-free” zone for blockchain development by South Korea’s national government.

Bitcoin 115

Bitcoin Study Data Massachusetts 115

Abrigo

JULY 16, 2021

FinCEN Releases 8 AML/CFT Priorities These priorities were published June 30, 2021, highlighting several areas of heightened risk for the U.S. These priorities were published June 30, 2021, highlighting several areas of heightened risk for the U.S. financial system and national security. financial system. financial system.

Community 195

Community Regulation Training Policies 195

CFPB Monitor

MAY 16, 2022

The CFPB recently issued its annual fair lending report covering its fair lending activity in 2021. . Small business lending—assessing whether there are disparities in application, underwriting, and pricing processes, redlining, and whether there are weaknesses in fair lending-related compliance.

Lending 148

Lending Report Memphis Tennessee 148

CFPB Monitor

MARCH 3, 2022

The CFPB found that as of 2021, medical debt was the most common debt collection tradeline on credit reports, constituting 58% of all third-party tradelines. Black and Hispanic people, and young and low-income individuals of all races and ethnicities, are more likely to have medical debt than the national average.

Report 147

Report United States Policies Compliance 147

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

JULY 6, 2021

As required by the Anti-Money Laundering Act (“AML Act”), the Financial Crimes Enforcement Network (“FinCEN”) issued on June 30, 2021 the first government-wide list of priorities for anti-money laundering and countering the financing of terrorism (“AML/CFT”) (the “ Priorities ”).

United States 78

United States Fraud Regulation Compliance 78

Abrigo

SEPTEMBER 6, 2023

With the inclusion of fraud as one of the eight Financial Crimes Enforcement Network ( FinCEN) national priorities , AML professionals must be fully aware of the latest fraud trends involving checks and red flags associated with suspicious activity.

Fraud 195

Fraud Trends Training System 195

Abrigo

FEBRUARY 10, 2022

The AMLA set the stage for establishing a national reporting system for beneficial ownership and for potentially changing current CDD/BO requirements in an effort to improve financial transparency and prevent criminals and terrorists from misusing companies to disguise illicit activity. 10 NBFI AML Compliance Essentials. Need to Know.

Training 195

Training Regulation Report Compliance 195

Abrigo

MARCH 24, 2023

In that case, this could indicate a need for a strong culture of compliance, which will ultimately lead to further increased risk. A designated officer should be appointed and approved by the board of directors as responsible for AML/CFT and OFAC compliance.

Fraud 195

Fraud Compliance Examples Analysis 195

South State Correspondent

JANUARY 4, 2023

Moving all customers to digital statements, restructuring compliance reviews and employee onboarding are just some of the more popular efforts that banks are undertaking in 2023. Many community banks have an inherent strategic advantage in bringing a new product to market faster than a national bank, yet they squander their position.

Community Bank 195

Community Bank Capital Training Lending 195

Abrigo

SEPTEMBER 10, 2021

The role of BSA staff was typical compliance and very task-oriented. October 26 is now nationally recognized as BSA/AML Day.) The Financial Action Task Force (FATF) has a complete resource page devoted to combatting terrorist financing and is an excellent resource to share with BSA, compliance, and FinCrime teams. soil. .

Training 195

Training Risk Management Pennsylvania Resources 195

ABA Community Banking

SEPTEMBER 29, 2021

With the nation still grappling with a global pandemic, bankers’ concerns have shifted, according the Conference of State Bank Supervisors’ eighth annual national community bank survey released today. For 2021, the lingering effect of COVID-19 on local economies has created a new concern: historic levels of deposits [.].

Survey 59

Survey Community Community Bank Conference 59

CFPB Monitor

JANUARY 19, 2022

federal district court has granted the motions filed by the CFPB and the Consumer Financial Services Association (CFSA) to dismiss the lawsuit brought by the National Association for Latino Community Asset Builders (NALCAB). (The The CFSA had intervened in the lawsuit.)

Resources 78

Resources Compliance Lending Industry 78

CFPB Monitor

AUGUST 23, 2022

National banks and federal thrifts are supervised by the Office of the Comptroller of the Currency (OCC) and state-chartered banks that are members of the Federal Reserve System are supervised by the Federal Reserve Board (FRB). The FDIC discusses the following three categories of risk: Consumer compliance risk. Potential risks.

FDIC 78

FDIC Compliance System Regulation 78

Abrigo

NOVEMBER 11, 2021

The June 2021 release of the Financial Crimes Enforcement Network ( FinCEN) Priorities makes this clear in naming cybercrime as one of the eight national anti-money laundering and countering the financing of terrorism (AML/CTF) priorities. Cyber-attacks, and ransomware specifically, are the most significant threats to U.S.

Fraud 195

Fraud cryptocurrency System Trends 195

Abrigo

NOVEMBER 11, 2021

The June 2021 release of the Financial Crimes Enforcement Network ( FinCEN) Priorities makes this clear in naming cybercrime as one of the eight national anti-money laundering and countering the financing of terrorism (AML/CTF) priorities. Cyber-attacks, and ransomware specifically, are the most significant threats to U.S.

Fraud 195

Fraud cryptocurrency System Trends 195

Abrigo

JUNE 13, 2022

According to the National Council on Aging (NCOA), this heartless crime is most likely under-reported due to victims' embarrassment. More banks are reporting to APS, rising from 62% in 2017 to 81% in 2019 and 78% in 2021. Banking Cannabis – Finding More ROI in Your Compliance Department. Learn More. Cannabis Banking. Learn More.

Fraud 195

Fraud Training United States Survey 195

CFPB Monitor

DECEMBER 22, 2020

The final rule, which includes material differences from the FDIC’s proposal, becomes effective April 1, 2021, with full compliance extended until January 1, 2022. The national rate is currently calculated as a simple average of rates paid by all depository institutions and branches that offer and publish rates for specific products.

FDIC 78

FDIC Capital National Regulation 78