2021, FDIC, Operations and Risk Management

Bank Regulators Seeking Comments on the Use of AI and ML in the Industry

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. Risk Management. AI may be used to augment risk management and control practices.

Regulation

Regulation Industry Risk Management Analysis

CFPB, federal and state bank and credit union regulators warn of increased supervisory scrutiny in joint statement on managing LIBOR transition

CFPB Monitor

OCTOBER 21, 2021

The CFPB, Federal Reserve Board, FDIC NCUA, OCC, in conjunction with the state bank and state credit union regulators, jointly issued a statement on managing the transition away from LIBOR (Joint Statement). The Joint Statement indicates that in March 2021, the FCA announced that the one-week and two-month U.S.

Regulation

Regulation Management FDIC Risk Management

5 Reasons to Increase SBA Loan Origination at Your Bank or Credit Union

Abrigo

JULY 20, 2021

During Abrigo’s recent ThinkBIG Conference, credit underwriting and loan portfolio risk management trainer and consultant Michael Wear , CRC , of 39 Acres Corp. However, lenders might consider SBA options for their customers or members to help shore up the businesses to survive. We know 2020 stunk,” he said. “As

Lending

Lending FDIC Capital Risk Management

Webinars

Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

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5 Reasons to Increase SBA Lending at Your Bank or Credit Union

Abrigo

JULY 20, 2021

During Abrigo’s recent ThinkBIG Conference, credit underwriting and loan portfolio risk management trainer and consultant Michael Wear , CRC , of 39 Acres Corp. However, lenders might consider SBA options for their customers or members to help shore up the businesses to survive. We know 2020 stunk,” he said. “As

Lending

Lending FDIC Capital Risk Management

Federal banking regulators issue statement on loan reference rates and advise prompt transition from LIBOR

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

Regulation FDIC New York Lending

An Introduction to Understanding FFIEC Regulations

Cisco

JULY 12, 2022

Regulatory requirements are a key operational concern that we hear about from our financial customers. a few agencies include the Federal Reserve (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller (OCC), and the Consumer Financial Protection Bureau (CFPB).

Regulation

Regulation FDIC System Software

CFPB and federal banking agencies issue RFI on the use of artificial intelligence by financial institutions

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

Risk Management Training Lending FDIC

OCC issues proposed rule on fair access to financial services

CFPB Monitor

NOVEMBER 24, 2020

Comments on the proposal are due by January 4, 2021. The OCC notes that, in the case of energy industries, the terminated services were not limited to lending “where risk factors might justify not serving a particular client,” but also included advisory and other services unconnected to credit or operational risk.

Operations

Operations Analysis Industry Policies

Federal banking agencies Issue “Crypto Asset Roadmap” for 2022 guidance; OCC confirms prior interpretive letters on crypto (but adds no-objection requirement)

CFPB Monitor

NOVEMBER 29, 2021

OCC Interpretive 1174 , issued on January 4, 2021 and addressing (1) whether banks may act as nodes on an independent node verification network ( e., distributed ledger) to verify customer payments, and (2) whether banks may engage in certain stablecoin activities to facilitate payment transactions on a distributed ledger.

Compliance

Compliance cryptocurrency Regulation FDIC

The Future of Noninterest Income at Financial Institutions

Abrigo

NOVEMBER 29, 2021

A recent study by the Cleveland Fed noted that traditionally, noninterest income is only 30% to 40% of small banks’ operating revenue, compared with over half of large banks’ revenue. Noninterest income drove 20% of community banks' net operating revenue in 2019, down from 22% in 2012, according to a recent FDIC study.

Community Bank

Community Bank Community FDIC Trends

Consumer Lending Compliance: Hot-Button Issues to Monitor

Abrigo

NOVEMBER 22, 2021

Takeaway 1 Risk tied to consumer lending compliance has been elevated as a result of the pandemic and associated operating challenges. Consumer lending compliance — like other aspects of enterprise risk management at financial institutions — saw a huge impact from the COVID-19 pandemic. Pandemic Issues.

Compliance

Compliance Lending Risk Management Regulation

Treasury report on bank/fintech relationships includes recommendations for CFPB supervision of non-bank installment lenders and data aggregators

CFPB Monitor

NOVEMBER 22, 2022

The report was issued in response to President Biden’s July 2021 Executive Order on promoting competition. The Federal Reserve, FDIC, and OCC should finalize the interagency guidance for banks on managing risks associated with third-party relationships that was proposed in July 2021.

Fintech

Fintech Report Data Lending

Preparing for Section 1071

Abrigo

SEPTEMBER 14, 2022

Takeaway 3 Financial institutions should consider the impact of this rule and prepare for changes to their business operations. Online lenders, platform lenders, and fintechs should also consider sending feedback to the CFPB and considering the ways their operations might be affected. Credit Risk Management. CRE Lending.

Lending

Lending Data Regulation Community

Who were ICBA’s Top Lenders of 2022?

Independent Banker

JUNE 30, 2022

But as they always do, they came through for individuals and businesses in their communities with a combination of personalized service and prudent risk management practices. Using FDIC data for 2021, we calculated a lender score out of 100 for each community bank. Wrentham Co-operative Bank. By Ed Avis.

Community Bank

Community Bank Community National Philadelphia

Community Banking Brief

Bank Regulators Seeking Comments on the Use of AI and ML in the Industry

CFPB, federal and state bank and credit union regulators warn of increased supervisory scrutiny in joint statement on managing LIBOR transition

Webinars

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5 Reasons to Increase SBA Loan Origination at Your Bank or Credit Union

Webinars

5 Reasons to Increase SBA Lending at Your Bank or Credit Union

Federal banking regulators issue statement on loan reference rates and advise prompt transition from LIBOR

An Introduction to Understanding FFIEC Regulations

CFPB and federal banking agencies issue RFI on the use of artificial intelligence by financial institutions

OCC issues proposed rule on fair access to financial services

Federal banking agencies Issue “Crypto Asset Roadmap” for 2022 guidance; OCC confirms prior interpretive letters on crypto (but adds no-objection requirement)

The Future of Noninterest Income at Financial Institutions

Consumer Lending Compliance: Hot-Button Issues to Monitor

Treasury report on bank/fintech relationships includes recommendations for CFPB supervision of non-bank installment lenders and data aggregators

Preparing for Section 1071

Who were ICBA’s Top Lenders of 2022?

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