2022, FDIC and Innovation - Community Banking Brief

Key differences between the OCC’s rescinded 2020 CRA final rule and the 2022 CRA revisions proposed by U.S. banking regulators

CFPB Monitor

JUNE 22, 2022

banking regulators (the “2022 Joint Notice” or the “Proposal”). 2022 Joint Notice: Under the Proposal, banks would continue to utilize a facility-based delineation for assessment areas, but the geographic requirements for delineating these areas would be based on bank size. 2022 Joint Notice.

Regulation

Regulation Community Lending Retail

California Dept. of Financial Protection and Innovation responds to OppFi’s attempt to block “true lender” challenge to loans made through bank partnership

CFPB Monitor

JULY 14, 2022

The California Department of Financial Protection and Innovation (DFPI) has filed its opposition to Opportunity Financial, LLC’s (OppFi) Demurrer to the DFPI’s cross-complaint.

California

California Innovation Utah Texas

OppFi files complaint to block “true lender” challenge by California Department of Financial Protection and Innovation

CFPB Monitor

MARCH 15, 2022

In 2019, California enacted AB 539 which, effective January 1, 2020, limited the interest rate that can be charged on loans of $2,500 to $10,000 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate.

California

California Innovation Utah West Virginia

Webinars

Live Demo: How to Achieve Reconciliation Zen

MORE WEBINARS

Vice Chair Barr outlines Federal Reserve’s near-term priorities

CFPB Monitor

SEPTEMBER 12, 2022

On September 7, 2022, newly-appointed Vice Chair for Supervision at the Federal Reserve (the “Fed”), Michael S. Barr also intends to work with the FDIC to review the resolution plans of globally systemically important banks and other large banks to ensure appropriate steps are being taken to limit the costs to society of potential failure.

System

System Capital Regulation Analysis

Bank/nonbank partnerships could face CFPB scrutiny

CFPB Monitor

JUNE 20, 2022

Delivering the keynote address last week at the Consumer Federation of America’s 2022 Consumer Assembly, CFPB Deputy Director Zixta Martinez indicated that the CFPB “is taking a close look” at “’rent-a-bank’ schemes.”. Nonbank/bank partnerships are currently under siege from several directions.

FDIC

FDIC California Texas Fintech

Top 10 Crypto scams to look for in 2023

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

social media Fraud cryptocurrency Trends

10 Top Banking Podcasts You Should be Listening to

Abrigo

MAY 5, 2022

Weekly episodes highlight innovators and industry players driving innovation in the financial services industry. Ahead of the Curve: A Banker’s Podcast Bonus Episode – ThinkBIG 2022. Listen to the podcast episode, " How To Sleep Easier at Night About Capital and Risk Levels.". keep me informed. Asset/Liability.

Community

Community Lending Maine Resources

California Department Of Financial Protection And Innovation files cross-complaint alleging OppFi is “true lender” on loans made though bank partnership and seeking penalties of “at least $100 million”

CFPB Monitor

APRIL 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).

California

California Innovation Utah United States

California court rejects OppFi’s attempt to block DFPI’s “true lender” challenge to loans made through bank partnership

CFPB Monitor

OCTOBER 6, 2022

A California state court has overruled the demurrer filed by Opportunity Financial, LLC (OppFi) to the cross-complaint filed by the California Department of Financial Protection and Innovation (DFPI) in which OppFi asked the court to reject the DFPI’s “true lender” challenge.

California

California FDIC Analysis Utah

OppFi asks court to reject California Department of Financial Protection and Innovation’s “true lender” challenge to loans made through bank partnership

CFPB Monitor

MAY 19, 2022

In March 2022, OppFi filed a complaint in a California state court seeking to block the DFPI’s attempt to apply the CFL rate cap to loans made through its partnership with the Bank.

California

California Utah United States FDIC

Acting Comptroller discusses crypto risks, including use of bank-like terminology

CFPB Monitor

OCTOBER 18, 2022

In remarks at the DC Fintech Week conference on October 11, 2022 and in a keynote address later the same day at a roundtable conducted by the Harvard Law School Program on International Financial Systems, Acting Comptroller of the Currency Michael J. Promises of innovation and inclusion often mask crypto’s promotion of a gold rush vibe…”.

Regulation

Regulation FDIC DC System

Predicting the Next Banking Crisis Is a Fool’s Game. Not Learning From the Last One: Equally Foolish

Jeff For Banks

JUNE 2, 2023

between 2015 and 2022. In the late 90s, low interest rates made speculative equity investments more attractive than bonds, and at the same time, innovative internet companies grew in popularity among retail investors, professional traders, venture capitalists, and the like (familiar?). Between 1941 and 1979, an average of 5.3

FDIC

FDIC Community Bank Regulation Lending

Top 10 Fintech Accelerators & Incubators for 2023

Fintech Labs Insights

JUNE 23, 2023

Rank Name Location Next App Deadline Length Fintech Alums Cohert size Funding Te rms 1 PlugAndPlay Varies 2,000 2 Startup Bootcamp (Fin + Tech Milan) Milan 3 Sep 2023 3 months 1,494 15,000 6 to 8% Startup Bootcamp (Financial inclusion) TBD 3 months 10 (2023) Startup Bootcamp (Fintech & Cyberscurity) Amsterdam TBD 3 months 11 (2022) 3 Y Combinator (..)

San Francisco

San Francisco Fintech Charlotte CA

The Big Sizzle: Winning Week For Wearables

PYMNTS

OCTOBER 26, 2018

According to the report, 85 million smartwatches are forecast to be sold next year, a figure that will hit 137 million by 2022. Fitness tracker sales are forecast to fall by 43 million units in 2018, and are predicted to fall to 39 million total units sold by 2022. percent last year, 1.2 percent better than seen in 2015.

Samsung

Samsung Apple Study Report

Community Banking Brief

Key differences between the OCC’s rescinded 2020 CRA final rule and the 2022 CRA revisions proposed by U.S. banking regulators

California Dept. of Financial Protection and Innovation responds to OppFi’s attempt to block “true lender” challenge to loans made through bank partnership

Webinars

Trending Sources

OppFi files complaint to block “true lender” challenge by California Department of Financial Protection and Innovation

Webinars

Vice Chair Barr outlines Federal Reserve’s near-term priorities

Bank/nonbank partnerships could face CFPB scrutiny

Top 10 Crypto scams to look for in 2023

10 Top Banking Podcasts You Should be Listening to

California Department Of Financial Protection And Innovation files cross-complaint alleging OppFi is “true lender” on loans made though bank partnership and seeking penalties of “at least $100 million”

California court rejects OppFi’s attempt to block DFPI’s “true lender” challenge to loans made through bank partnership

OppFi asks court to reject California Department of Financial Protection and Innovation’s “true lender” challenge to loans made through bank partnership

Acting Comptroller discusses crypto risks, including use of bank-like terminology

Predicting the Next Banking Crisis Is a Fool’s Game. Not Learning From the Last One: Equally Foolish

Top 10 Fintech Accelerators & Incubators for 2023

The Big Sizzle: Winning Week For Wearables

Stay Connected