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.

Technology 78

Technology National FDIC Fintech 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

JULY 21, 2021

Last week, the OCC, Federal Reserve Board, and FDIC issued proposed guidance for banking organizations on managing risks associated with third-party relationships, including those with financial technology-focused entities such as bank/fintech sponsorship arrangements. On August 6, 2021 from 12:00 p.m. to 1:00 p.m.

Risk Management 78

Risk Management Management FDIC Financial Technology 78

CFPB Monitor

JANUARY 5, 2021

federal district court to block the OCC from granting a national bank charter to Figure Technologies Inc. The Conference of State Bank Supervisors (CSBS) has filed a lawsuit in D.C. The lawsuit follows the dismissal on ripeness grounds of two other lawsuits filed by the CSBS in D.C.

Conference 78

Conference Technology District of Columbia FDIC 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

Abrigo

MARCH 3, 2022

By leveraging their strengths in relationship lending and their access to technology in order to grow the small business loan portfolio profitably. CFIs are poised to regain the small business lending market Community Financial Institutions can leverage technology to improve customer experience and regain the small business lending market.

Lending 195

Lending Community Marketing Community Bank 195

MyBankTracker

MAY 13, 2021

FDIC Insurance. The good news: The Federal Deposit Insurance Corporation (FDIC) insures online banks just the same as a brick-and-mortar bank. The good news: The Federal Deposit Insurance Corporation (FDIC) insures online banks just the same as a brick-and-mortar bank. Do you excel at dealing with new technology?

California 52

California ATM FDIC National 52

Abrigo

JULY 20, 2021

From leveraging PPP technology to building relationships, reasons for boosting SBA lending are numerous. . Many financial institutions implemented or upgraded technology to help them offer PPP loans during the pandemic. Looking to Increase SBA Loan Origination? Want other articles like this on SBA loan origination in your inbox?

Lending 195

Lending FDIC Capital Risk Management 195

Abrigo

JULY 20, 2021

From leveraging PPP technology to building relationships, reasons for boosting SBA lending are numerous. . Many financial institutions implemented or upgraded technology to help them offer PPP loans during the pandemic. Looking to Increase Loans through the SBA? Would you like others articles like this in your inbox?

Lending 195

Lending FDIC Capital Risk Management 195

CFPB Monitor

MAY 4, 2021

federal district court seeking to block the OCC from granting a national bank charter to Figure Technologies Inc. No provision in the Federal Deposit Insurance Act (FDIA) requires a depository national bank to obtain FDIC insurance. In March 2021, the U.S. The first two lawsuits were dismissed on ripeness grounds. (In

Technology 78

Technology National Regulation FDIC 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. Consumers are accustomed to upgrades as part of innovative technology.

social media 195

social media Fraud cryptocurrency Trends 195

PYMNTS

DECEMBER 7, 2020

Facebook’s Libra (OK, now it’s been renamed to Diem ) looms as 2021 dawns – maybe – and in a form diminished from its initial ambitions back in 2019, to disrupt the monetary system itself. That would, of course, include Diem, backed by the consortium of tech companies, Facebook among them, aiming for a 2021 launch.

Regulation 192

Regulation United States Cleveland cryptocurrency 192

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).

Community Bank 78

Community Bank Community Fintech Company 78

Jeff For Banks

DECEMBER 10, 2023

Although the 2022 Top 5 are holding their own and two of them remain in today's Top 5, the 2021 edition included one bank that failed (SVB Financial Group) and one that is voluntarily liquidating (Silvergate). At the end of 2021, prior to the Fed starting to raise interest rates, the Bank's yield on loans was 4.99%. The Bancorp, Inc.

Fresno 101

Fresno North Carolina Raleigh FDIC 101

Independent Banker

JULY 31, 2022

While many banks are utilizing technology and trying to be innovative, they are doing so on an existing legacy structure that is too expensive, painful and ingrained in their culture to change.”. His career has focused on aligning technology and banking services. Keith Costello, Locality Bank. “We The road to a charter.

Florida 91

Florida Community Bank Community FDIC 91

Cisco

JULY 12, 2022

As a key provider of technology for mission-critical financial system infrastructures across the globe, Cisco is held to the highest levels of scrutiny in the financial services regulatory audit chain. These systems are continually being updated with newer and better ones; however, it takes a long time to sunset the legacy technology.

Regulation 71

Regulation FDIC System Software 71

Abrigo

FEBRUARY 8, 2024

Fraud schemes, evolving with technology, are more sophisticated and more complex to detect. Fraudsters have adjusted their tactics as technology has changed. billion was lost to fraud through social media between January 2021 and June 2023. The Federal Trade Commission (FTC) reports that U.S. According to the FTC , $2.7

Fraud 195

Fraud Resources social media Software 195

PYMNTS

DECEMBER 23, 2020

The company offers FDIC-insured bank accounts and a Visa -branded payment cards for teens (aged 13-18) with budgeting features and other financial education tools built in. Behind the scenes, we built a bunch of technology and whatnot. … 2021 And Beyond.

Fintech 322

Fintech Cards FDIC Lending 322

CFPB Monitor

MARCH 15, 2022

The complaint recites that prior to 2019, the Bank entered into a contractual arrangement with OppFi (Program) pursuant to which the Bank uses OppFi’s technology platform to make small-dollar loans to consumers throughout the United States (Program Loans).

California 78

California Innovation Utah West Virginia 78

Fintech Labs Insights

JUNE 26, 2023

Case in point: Just days after the Feds took over SVB, Mercury was in the market with Mercury Vault , offering $5 million in FDIC insurance by distributing balances across 20 insured banks. 2021 SF $14 12,000 Source: FintechLabs, Crunchbase, SimilarWeb, 26 June 2023 1. 1,900 reviews) – Trustpilot : 3.5 (613 613 reviews) 2.

Digital Banking 15

Digital Banking Online FDIC San Francisco 15

Fintech Labs Insights

APRIL 6, 2023

Case in point: Just days after the Feds took over SVB, Mercury was in market with its Mercury Vault, offering $5 million in FDIC insurance by distributing balances across 20 insured banks. to 5.07% None 2021 NYC $27 27,000 Source: FintechLabs, Crunchbase, SimilarWeb 1. 95,000 6 Meow * 11 4.3% 1,400 reviews) – Trustpilot : 3.6 (550

Digital Banking 15

Digital Banking Online FDIC San Francisco 15

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

Jeff For Banks

JUNE 2, 2023

According to the FDIC, the causes of the 2008-09 financial crisis lay partly in the housing boom and bust of the mid-2000s; partly in the degree to which the U.S. According to the FDIC, the causes of the 2008-09 financial crisis lay partly in the housing boom and bust of the mid-2000s; partly in the degree to which the U.S. Good times.

FDIC 78

FDIC Community Bank Regulation Lending 78

PYMNTS

AUGUST 4, 2020

In an announcement, the bank said it would work with Google to debut a co-branded, FDIC-insured, digital-only bank account next year. To that end, BBVA was one of six banks that said on Monday (Aug.

Google 298

Google Digital Banking Course Branding 298

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. As a point of reference, the S&P US BMI Bank Total Return Index for the five years ended December 9, 2022 was -1.21%. Nasdaq: MCBS) #3.

Puerto Rico 78

Puerto Rico Virgin Islands Community Community Bank 78

Independent Banker

MARCH 31, 2022

Launched: 2021. Moreover, payments are withdrawn from the user’s FDIC-insured checking account and are protected by multiple layers of security, which prevents fraudster access. It’s also a defensive measure, because the network enables customers to use the bank’s services and technology rather than going to a fintech or a big brand.

Community Bank 91

Community Bank Community Payments Meeting 91

CFPB Monitor

MAY 19, 2022

OppFi’s complaint recites that prior to 2019, the Bank entered into a contractual arrangement with OppFi (Program) pursuant to which the Bank uses OppFi’s technology platform to make small-dollar loans to consumers throughout the United States (Program Loans). Opportunity Fin.,

California 78

California Utah United States FDIC 78

FICO

JANUARY 13, 2020

Industry is anxious for some clear rules of the road, including resolution on such issues as to how many attempted calls can be made weekly to a debtor and how collectors can leverage modern communications technology (e.g., In December, the FDIC and OCC issued a proposed rule to modernize the Community Reinvestment Act (CRA).

Policies 52

Policies Las Vegas FDIC Washington 52

CFPB Monitor

NOVEMBER 22, 2022

The report was issued in response to President Biden’s July 2021 Executive Order on promoting competition. That Order directed the Secretary of the Treasury to issue a report assessing how the entry of large technology firms and other non-banks into consumer finance markets has affected competition.

Fintech 78

Fintech Report Data Lending 78

Independent Banker

JUNE 30, 2022

Using FDIC data for 2021, we calculated a lender score out of 100 for each community bank. In each new market opened in 2021, the community bank found an experienced ag lender who was seeking a new position. Rowland; and EVP and chief technology officer Mike Beattie. By Ed Avis. Methodology. Photo by Steve Puppe.

Community Bank 172

Community Bank Community National Philadelphia 172

Fintech Labs Insights

NOVEMBER 10, 2023

17 $0 52 Unifimoney 10 2019 SF 1,500 $13 53 Ivella 9 2021 LA 3,000 $4 54 Sable 8 2019 NYC 27,000 1.6 197,000 $1,700 2 Robinhood 6080 2013 SF 17,190,000 $6,200 3 SoFi 4017 2011 SF 13,080,000 4.6 7,270 $4,100 4 Revolut 3004 2015 London 11,460,000 $1,700 5 Chime 2727 2012 SF 10,710,000 2.6 8,860 $2,300 6 Upgrade 1426 2016 SF 3,013,000 4.5

Digital Banking 15

Digital Banking Online Atlanta Las Vegas 15

FICO

APRIL 7, 2022

Be fascinated by your customers, not your technology. According to FICO’s 2021 Global Consumer Fraud Survey , 83% of customers said they will complain or leave if they are unsatisfied with a bank’s fraud management. . Small touches (such as an FDIC logo and lock/shield icons) can make an enormous difference.

Digital Banking 52

Digital Banking Security Fraud America 52

CB Insights

DECEMBER 4, 2019

It is a notable pivot from Amazon’s IP strategy, where the playbook has been to build, patent, and keep proprietary technology in-house to fuel Amazon’s marketplace. FIS is also one of the biggest providers of core banking processing and has integrations with Q2 technologies. That scale would make Amazon Go a $4.5B

Cards 101

Cards Lending Strategy US 101