CFPB Monitor

APRIL 12, 2023

In the March 2023 issue of Consumer Compliance Supervisory Highlights , the FDIC discusses consumer compliance issues identified by its examiners during supervisory activities conducted in 2022 involving referral arrangements, trigger leads, servicemember protections, and fair lending compliance. Compliance Issues.

Compliance 78

Compliance FDIC Lending Trends 78

Abrigo

MARCH 7, 2022

Experts weigh in on regulatory hot topics for 2022 Review these 10 insights into what regulators are looking for in 2022 to help your financial institution pass exams with flying colors. Takeaway 1 Regulators have increased their focus on BSA in the first quarter of 2022, and the crisis in Ukraine will put OFAC in the spotlight.

cryptocurrency 195

cryptocurrency Regulation Fraud Policies 195

Cisco

MAY 10, 2022

We’re ALL IN at Cisco Live 2022. We’re excited for the in-person creative experiences, impactful speakers, and thought-provoking sessions June 12-16, 2022 in Las Vegas. Dan Nadir, Chief Product Officer at Theta Lake, discusses solving the security and compliance challenges of hybrid work. Cisco Live 2019 FSI booth.

Las Vegas 129

Las Vegas Industry Leadership Technology 129

Independent Banker

DECEMBER 31, 2022

The FDIC issued guidance about the consumer compliance risks associated with assessing NSF arising from the re-presentment of the same unpaid transaction. CFPB issued Circular 2022-06 about two fee practices that it considers unfair and unlawful under existing law. Quick Stat. Source: FDIC. Multiple re-presentment fees.

Compliance 100

Compliance FDIC Community Bank Community 100

CFPB Monitor

APRIL 28, 2021

The CFPB recently issued a final rule delaying the mandatory compliance date for the new general qualified mortgage (QM) rule based on an annual percentage rate (APR) limit from July 1, 2021 to October 1, 2022. The final rule is effective on June 30, 2021. The CFPB also issued an executive summary of the final rule.

Compliance 148

Compliance Policies Community Marketing 148

Independent Banker

DECEMBER 31, 2021

What changes will 2022 bring? And as local economies continue to stabilize and many challenged industries bounce back, 2022 may be the year community bankers put the rubber to the road by revisiting goals and turning them into action items. What will drive profit in 2022? Janet Silveria, Community Bank of Santa Maria.

Community Bank 144

Community Bank Community Lending Louisiana 144

CFPB Monitor

MAY 3, 2022

On April 28, 2022 the New York Department of Financial Services (“NYDFS”) issued its Guidance on Use of Blockchain Analytics , a document directed to all virtual currency business entities that either have a NYDFS Bitlicense or are chartered as a limited purpose trust company under the New York Banking Law.

Analytics 147

Analytics Compliance blockchain Policies 147

BankInovation

SEPTEMBER 28, 2022

Executives from tech-forward financial institutions at Bank Automation Summit Fall 2022 last week addressed the industry’s evolving technology environment, including moves to the cloud, strategies to reuse code and leveraging data to improve overall client and employee experience.

Compliance 52

Compliance Strategy Regulation Data 52

CFPB Monitor

OCTOBER 6, 2022

The CFPB, in a notice published in the Federal Register on September 27, 2022 , announced that it was rescinding its No-Action Letter and Compliance Assistance Sandbox policies (Policies). The rescission was effective on September 30, 2022. The CFPB’s rescission of the Policies is not surprising.

Policies 78

Policies Compliance Innovation Meeting 78

Abrigo

MAY 30, 2023

But compliance deadlines are tiered. Takeaway 2 Reporting tiers and their deadlines are based on the number of covered transactions to small businesses that a lender originated in 2022 and 2023. 1, 2024, is the earliest compliance deadline. Below are details on important dates for 1071 compliance and what the changes involve.

Compliance 195

Compliance Lending Data Regulation 195

Banking Exchange

NOVEMBER 7, 2022

Overdraft fees, nonsufficient funds (NSF) fees, and similar fees are under increased regulatory scrutiny Compliance Fee Income Overdraft Fees Customers Compliance Management Compliance/Regulatory Feature3 Feature.

Compliance 78

Compliance Management 78

Perficient

DECEMBER 29, 2023

On June 21, 2022, based on projections indicating that the reserve ratio was at risk of not reaching the required minimum by the statutory deadline, the FDIC Board amended the Restoration Plan. percent as of December 31, 2022, to 1.10 The Plan retained the assessment rate schedules in place at the time. percent as of June 30, 2023.

FDIC 221

FDIC Leadership Compliance US 221

FICO

FEBRUARY 16, 2023

For 2022, we saw a significant increase in compromised cards resulting from skimming activity. And the data from January 2023 is already trending at nearly 10x increase over 2022. One striking fact about the increase in POCs was that 75% of the total compromise sites were new in 2022 (sites that had not been compromised before).

Cards 98

Cards US Data Fraud 98

FICO

JANUARY 28, 2022

2022 FICO Decisions Award Winners - Decisions That Matter. I am thrilled to announce the winners of the 2022 FICO® Decisions Awards. . The class of 2022 show that analytic technologies can have a profound impact and deliver on the decisions that really matter to people. 2022 FICO Decisions Award Winners. 2022 Judges.

Meeting 52

Meeting Fraud Florida Compliance 52

CFPB Monitor

DECEMBER 15, 2022

The Federal Reserve System, through its Consumer Compliance Outlook platform, recently hosted its annual Fair Lending Interagency Webinar. During the session, a variety of fair lending topics were discussed, including redlining, appraisal bias, and Special Purpose Credit Programs (SPCPs),

Lending 146

Lending Compliance System 146

CFPB Monitor

OCTOBER 4, 2021

The Texas federal district court has denied the motion of the two trade groups challenging the payment provisions in the CFPB’s 2017 final payday/auto title/high-rate installment loan rule for an extension of its stay of the compliance date until 286 days after their appeal to the Fifth Circuit is resolved.

Texas 78

Texas Groups Compliance Payments 78

PYMNTS

APRIL 29, 2019

67 percent : the share of platforms that rely on outside vendors to ensure transactional compliance. However, the payment capabilities that have propelled the growth of platforms such as Uber and Airbnb , for instance, are too inefficient to support their ambitious growth plans over the next three years.

Payments 170

Payments Survey America Study 170

Abrigo

DECEMBER 28, 2022

Most-read blogs on financial crime in 2022 Synthetic ID fraud, AML quality control, and SAR writing topics were among Abrigo's top blogs on AML/CFT and fraud this year. . Abrigo, a leading technology provider of software solutions for financial institutions, published more than 85 unique articles on its industry-focused blog in 2022.

Fraud 195

Fraud Training Compliance Regulation 195

FICO

OCTOBER 6, 2021

I am excited to announce that our 2022 FICO Decisions Awards are now open! Nominations are due December 3, 2021 , and winners will be announced on January 28, 2022. Regulatory Compliance. in May 2022. For more information and to enter a nomination, visit www.fico.com/decisionsawards. Decision Management Innovation.

Analytics 52

Analytics Conference Compliance Management 52

Perficient

JANUARY 23, 2024

Additionally, these branches underwent annual on-site inspections to ensure compliance with regulations. Without action, this temporary relief would have expired on June 30, 2024, and would have significantly impacted the industry due to an estimated 75% increase in residential non-branch locations between December 2019 and December 2022.

Compliance 221

Compliance Regulation Industry Maine 221

CFPB Monitor

MARCH 4, 2021

The CFPB has proposed to delay the mandatory compliance date for the new general qualified mortgage (QM) rule that amends the Regulation Z ability to repay/QM rule from July 1, 2021 to October 1, 2022. Is considering whether to initiate a rulemaking to revisit the seasoned loan QM rule.

Compliance 78

Compliance Policies Community Regulation 78

Perficient

JANUARY 3, 2024

Additionally, these branches underwent annual on-site inspections to ensure compliance with regulations. Without action, this temporary relief would have expired on June 30, 2024, and would have significantly impacted the industry due to an estimated 75% increase in residential non-branch locations between December 2019 and December 2022.

Compliance 221

Compliance Risk Management Regulation Industry 221

Perficient

NOVEMBER 10, 2023

However, in the current rising interest rate environment in the United States since 2022, loan rates have adapted more rapidly than deposit rates. In table form, transaction account balances declined by almost 30% in the second quarter of 2022 as interest rates began to rise, later moderating in the latter half of the year.

Risk Management 221

Risk Management United States FDIC Compliance 221

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

Perficient

SEPTEMBER 16, 2022

The letter highlighted mandatory compliance with the following federal regulations: The Bank Holding Company Act. Compliance risk (including, but not limited to, compliance with. Check out additional Perficient thought leadership on regulatory compliance here. The Home Owners’ Loan Act. The Federal Reserve Act.

Compliance 275

Compliance Risk Management System Regulation 275

CFPB Monitor

OCTOBER 18, 2021

The Fifth Circuit has entered an order staying the compliance date of the payment provisions in the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule) until 286 days after the trade groups’ appeal is resolved. Such factors include a strong showing of likely success on the merits.

Compliance 78

Compliance Groups Payments Lending 78

CFPB Monitor

SEPTEMBER 30, 2022

Market participants are advised by the FTC to keep the following three key principles in mind when conducting a BNPL compliance review: Misrepresentations regarding the cost of a product or the terms of the transaction, including associated fees, are deceptive and violate the FTC Act. On October 3, 2022, from 1 p.m.

Compliance 78

Compliance Retail Report Marketing 78

Perficient

APRIL 20, 2023

The Landscape According to Forbes Advisor: 2022 Digital Banking Survey , as of 2022, 78% of adults in the U.S. prefer to bank via a mobile app or website. That’s a whole lot of consumers, all of whom come with unique expectations, needs, and data. And those consumers desire digital experiences that are personalized and meaningful.

Marketing 294

Marketing Marketing Strategies social media Strategy 294

FICO

NOVEMBER 23, 2021

FICO has announced its panel of independent judges for the 2022 FICO® Decisions Awards , which honor businesses achieving outstanding results using analytics and decision management technology to grow their business, manage risk and reduce costs. 2022 Judges (Left to Right): Sidhartha Dash, Paul Deall, Senthil Erulappan, Armando Junior.

Meeting 52

Meeting Analytics Risk Management Management 52

FICO

AUGUST 3, 2022

Fraud Ideas from FICO World 2022 – and Excitement for 2023! FICO World 2022 was an excellent event with a stellar fraud protection and compliance track - here's some of what we learned. Wed, 08/03/2022 - 12:40. Convergence – Beyond Fraud and Financial Crime Compliance. Tue, 07/02/2019 - 02:45. by TJ Horan.

Fraud 52

Fraud Analytics Trends Innovation 52

FICO

MAY 18, 2022

On our fourth and final day at FICO World 2022 last week, 24 of our customers took to the main stage to receive recognition as winners in our FICO Decisions Awards. The stories of the 2022 and 2021 FICO Decisions Awards Winners. Regulatory Compliance. Winners take the stage. AI, Machine Learning & Optimization. Cloud Deployment.

Innovation 52

Innovation Analytics Management Maine 52

Jeff For Banks

DECEMBER 16, 2022

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%. As of or for the year-to-date September 30, 2022, the Company had $3.1 billion in total assets at September 30, 2022, fueled by organic growth and acquisitions. Silvergate Capital Corporation (NYSE: SI) #2.

Puerto Rico 78

Puerto Rico Virgin Islands Community Community Bank 78

CFPB Monitor

JUNE 30, 2022

On June 23, 2022, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective (SRP) for spring 2022. BSA/AML Compliance Risks. Despite these challenges, the OCC believes that “[b]anks’ financial condition remains strong and positioned to deal with the economic headwinds.”. Cybersecurity Risks.

Compliance 78

Compliance Fraud Technology Operations 78

Perficient

DECEMBER 28, 2023

In January 2022, the CFPB launched a press release soliciting public feedback on four specific concerns: Fees for things people believed were covered by the baseline price. This isn’t just a call for compliance; it’s an opportunity for banks to redefine their practices, fostering transparency and fairness.

Compliance 221

Compliance Regional Industry Leadership 221

Abrigo

DECEMBER 2, 2021

Takeaway 1 Some financial institutions have a budget surplus this time of year, and these funds can be spent now to help growth in 2022. Takeaway 3 Signing up for 2022 conferences is another smart use of surplus budget funds, because some events are offering early-bird discounts. Streamline and systematize loan review for 2022.

Conference 195

Conference San Antonio Lending Fraud 195

FICO

DECEMBER 14, 2021

As we move forward into 2022, we are seeing the first signs of some interesting trends that will pick up pace across borders. As such, we’ve seen a slow emergence of a black market for the sale of fake vaccine passports and it is on its way to becoming a lucrative industry in 2022. Related scams have also been on the rise.

Fraud 52

Fraud Management Data Trends 52

CB Insights

NOVEMBER 11, 2021

Drata , a compliance-as-a-service provider, has raised $100M in a Series B round. California-based Drata helps companies automate their security and compliance processes. The company provides SOC 2 and ISO 27001 compliance solutions. HOW’S THE COMPANY PERFORMING? Want the full post? Become a CB Insights customer.

Compliance 53

Compliance Security California Capital 53