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OCC, Federal Reserve, and FDIC issue final Community Reinvestment Act rule

CFPB Monitor

On October 24, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation issued a final rule amending their regulations implementing the Community Reinvestment Act. Continue Reading

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BaaS Banks Are in Time Out, and Here’s Why It’s a Big Deal

Gonzobanker

Cross River Bank recently found itself in hot water with the FDIC when the agency declared that the bank engaged in unsafe or unsound banking practices in relation to its compliance with fair lending laws and regulations, specifically the Equal Credit Opportunity Act and the Truth-in-Lending Act.