CFPB Monitor

MAY 11, 2021

The FDIC’s settlement with Umpqua Bank announced yesterday involved collection practices connected with commercial equipment financing offered by the bank’s wholly-owned subsidiary. First, it is an example of the FDIC taking a UDAP enforcement action based on collection practices, which has not been a common theme of FDIC actions in the past.

FDIC 78

FDIC Lending Trends Regulation 78

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

APRIL 7, 2022

The FDIC has issued the March 2022 edition of Consumer Compliance Supervisory Highlights which includes a description of some of the most significant consumer compliance issues identified by FDIC examiners during consumer compliance examinations conducted in 2021. Fair lending.

FDIC 78

FDIC Compliance Lending Regulation 78

CFPB Monitor

MAY 18, 2022

After moving alone in 2020 to reform its Community Reinvestment Act (CRA) regulation, the Office of the Comptroller of the Currency (OCC) has joined the Federal Deposit Insurance Corporation (FDIC) and Federal Reserve Board in issuing a joint notice of proposed rulemaking setting forth proposed amendments to their regulations implementing the CRA.

FDIC 78

FDIC Regulation Community Lending 78

CFPB Monitor

DECEMBER 14, 2021

The CFPB has published its Fall 2021 rulemaking agenda as part of the Fall 2021 Unified Agenda of Federal Regulatory and Deregulatory Actions. Those items remained inactive throughout former Director Kraninger’s tenure and continue to be listed as inactive for purposes of the Fall 2021 agenda.

Lending 78

Lending FDIC Regulation Data 78

CFPB Monitor

DECEMBER 28, 2020

The FDIC has issued a final rule setting forth the conditions it will impose and the commitments it will require to approve a deposit insurance application from an industrial bank or industrial loan company (collectively, ILC) whose parent company is not subject to consolidated supervision by the Federal Reserve Board (FRB).

FDIC 78

FDIC Industry Policies Company 78

CFPB Monitor

MAY 17, 2021

On May 19, 2021, the House Financial Services Committee will hold a hearing , “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions.” The scheduled witnesses are: Todd Harper, Chairman, National Credit Union Administration.

Regulation 78

Regulation FDIC National Community 78

CFPB Monitor

JUNE 15, 2021

The CFPB has published its Spring 2021 rulemaking agenda as part of the Spring 2021 Unified Agenda of Federal Regulatory and Deregulatory Actions. The comment period closed on May 19, 2021. The debt collection rule (Parts I and II) is scheduled to take effect on November 30, 2021.

Regulation 78

Regulation FDIC Lending Data 78

CFPB Monitor

DECEMBER 8, 2022

As a result, a company that controls an institution that is not a BHCA bank is not required to register as a bank holding company with the Federal Reserve Board and, therefore, is not subject to regulation and supervision by the Federal Reserve Board. 5301) (e.g.

FDIC 78

FDIC Company Industry Regulation 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

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 78

Regulation Management FDIC Risk Management 78

Cisco

JULY 12, 2022

A number of our financial institution customers are regulated by multiple, and different, regulatory bodies. The 2021 Updates in the Architecture, Infrastructure, and Operations book. The Federal Financial Institutions Examination Council—or better known as the FFIEC—is a formal U.S. In the U.S. Hardware and Software Lifecycles.

Regulation 71

Regulation FDIC System Software 71

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

NOVEMBER 11, 2021

The agencies explain that they believe the temporary flexibility is no longer needed “because servicers have had sufficient time to adjust their operations by, among other things, taking steps to work with consumers affected by the COVID-19 pandemic and developing more robust business continuity and remote work capabilities.”.

Compliance 78

Compliance Regulation FDIC Meeting 78

Perficient

FEBRUARY 16, 2022

Over the last 90 days, we have let clients know about the federal banking regulators planned cryptocurrency road map , explained what steps national banks need to take to begin crypto activities , provided thoughts on the possibility of a U.S. Although not stated, FDIC insurance of stablecoin deposits would almost have to be required.

New York 294

New York cryptocurrency Security FDIC 294

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 74

Mississippi FDIC Lending Community 74

Abrigo

MARCH 17, 2022

The Stress Test Scenarios for Big Banks Are Useful for Smaller Institutions' Own Tests Banking regulators recently released the 2022 scenarios for upcoming stress tests by the biggest banks. The Federal Reserve Board, OCC, and FDIC provided two hypothetical scenarios: baseline and severely adverse. Related Subhead.

Capital 195

Capital Regulation Risk Management Community 195

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 June 2020, the CFPB proposed amendments to Regulation Z to address the discontinuation of LIBOR.

Regulation 78

Regulation FDIC New York Lending 78

CFPB Monitor

DECEMBER 18, 2020

The OCC must file its opposition to the summary judgment motion and any cross-motion for summary judgment by January 14, 2021. All briefing is to be completed by February 25, 2021 and a hearing on the motions is scheduled for March 14, 2021. President-Biden is expected to appoint a new Comptroller of the Currency.

FDIC 78

FDIC District of Columbia North Carolina New Jersey 78

Abrigo

JANUARY 4, 2023

Of that group of users, the Federal Trade Commission (FTC) reports that since the beginning of 2021 through the first quarter of 2022, more than 46,000 people have reported losing over $1 billion in crypto scams. banking regulators recently warned financial institutions that dealing with cryptocurrency exposes them to an array of risks. "The

social media 195

social media Fraud cryptocurrency Trends 195

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”). 2022 Joint Notice.

Regulation 78

Regulation Community Lending Retail 78

Abrigo

JUNE 11, 2021

Takeaway 1 Regulators stress sound risk management practices that include the ability to identify and measure interest rate risk (IRR). Regulators have repeatedly stressed the importance of sound risk management practices that include the ability to identify and measure interest rate risk. FDIC) noted in its 2021 Risk Review.

How To 195

How To Risk Management Analysis Kansas City 195

Abrigo

NOVEMBER 22, 2021

Major consumer loan compliance regulations. Major consumer loan compliance regulations cover everything from taking applications and approving or rejecting the credit to collecting payments and reporting to the government on various aspects of the loans. Regulation Z, which implements the Truth in Lending Act (TILA).

Compliance 195

Compliance Lending Risk Management Regulation 195

CFPB Monitor

APRIL 19, 2021

Tomorrow, April 20, the House Financial Services Committee is scheduled to mark-up a series of bills that include a bill dealing with debt collection and two bills dealing with the diversity and inclusion practices of banks and other federally-regulated entities. Debt collection.

Regulation 78

Regulation Policies FDIC Lending 78

CFPB Monitor

FEBRUARY 19, 2021

The OCC must file its reply to the AG’s opposition to its summary judgment motion by February 25, 2021, and a hearing on the summary judgment motions is scheduled for March 14, 2021. The OCC only has authority to regulate the conduct of banks.

FDIC 78

FDIC National Illinois Exercises 78

CFPB Monitor

DECEMBER 15, 2020

The agenda’s preamble indicates that the information in the agenda is current as of September 11, 2020 and identifies the regulatory matters that the Bureau “reasonably anticipates having under consideration during the period from November 2020 to November 2021.”. The agenda estimates pre-rule activity in March 2021.

Policies 78

Policies Regulation Data Lending 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

Independent Banker

JULY 31, 2022

Locality Bank, a digital-first community bank serving south Florida that opened in January, is run by industry veterans with such successful track records that regulators signed off on their application for a charter in less than a year. Location: Fort Lauderdale, Fla. That’s no small feat for any de novo, especially during a pandemic.

Florida 91

Florida Community Bank Community FDIC 91

CFPB Monitor

JANUARY 5, 2021

According to the complaint, Figure, through a subsidiary, is currently licensed in 49 states and the District of Columbia as a mortgage lender, consumer lender, and/or debt collector and intends to begin engaging in new money transmission activities in early 2021 through another subsidiary. 7.4007, 7.4008, 34.4)

Conference 78

Conference Technology District of Columbia FDIC 78

Abrigo

SEPTEMBER 14, 2022

In 2011, the CFPB interpreted Section 1071 to mean that obligations for financial institutions to collect, maintain, and submit data “do not arise until the [CFPB] issues implementing regulations and those regulations take effect.” Those implementing regulations were coming. Lending Regulation. Lending Regulation.

Lending 195

Lending Data Regulation Community 195

CFPB Monitor

JULY 6, 2022

The preamble to the CFPB’s Fall 2021 rulemaking agenda , which represented the CFPB’s first rulemaking agenda under Director Chopra, indicated that it was not necessarily reflective of his priorities. The Bureau issued a NPRM in August 2021 and the comment period ended on January 6, 2022.

Lending 78

Lending Regulation FDIC Data 78

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

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). Information security program and information systems.

Community Bank 78

Community Bank Community Fintech Company 78

CFPB Monitor

JANUARY 19, 2022

In its press release announcing the withdrawal , the OCC stated that in December 2021, Figure Technologies amended its charter application for Figure Bank, National Association, to offer FDIC-insured deposit accounts. Consolidated supervision will help ensure risks do not build outside of the sight and reach of federal regulators.

Technology 78

Technology National FDIC Fintech 78

Abrigo

FEBRUARY 8, 2024

billion was lost to fraud through social media between January 2021 and June 2023. While interacting with friends and family online can be a fun pastime, social platforms are a feeding ground for fraudsters. According to the FTC , $2.7 Romance scams , fake profiles , and deepfakes are growing at an alarming rate.

Fraud 195

Fraud Resources social media Software 195

CFPB Monitor

MAY 4, 2021

In the third complaint, CSBS also asks the court to declare that the OCC’s preemption regulations (12 C.F.R. In its motion to dismiss, the OCC calls this new claim “a thinly veiled attempt to bootstrap a challenge to the OCC’s Preemption Regulations to the pending Figure Application.” 7.4007, 7.4008, 34.4)

Technology 78

Technology National Regulation FDIC 78