CFPB Monitor

AUGUST 24, 2020

We have previously blogged about the lawsuits filed by the Colorado Attorney General against fintechs Avant and Marlette Funding and their partner banks WebBank and Cross River Bank. Supreme Court, a Colorado appellate court (after any chance for appeal has run) or the FDIC adopts a “true lender” test that differs from the safe harbor).

Colorado 78

Colorado Fintech Lending Online 78

Abrigo

JANUARY 8, 2016

The GAO acknowledged that community banks, credit unions and their professional industry associations reported increased compliance burdens and reduced activity in specific business activities, such as certain mortgage lending, as a result of Dodd-Frank.

Regulation 150

Regulation FDIC Survey Community Bank 150

FICO

OCTOBER 4, 2016

The potential of alternative data in consumer lending decisions continues to be a hot topic in Washington, D.C., When federal banking agencies recently revised their Q&As for CRA compliance , their focus on the use of alternative data caught my eye.

Lending 74

Lending Data Community FDIC 74

CFPB Monitor

FEBRUARY 23, 2022

The agencies consist of the CFPB, FDIC, OCC, Federal Reserve Board, NCUA, HUD, DOJ, and FHFA. In a blog post about the Interagency Statement , the CFPB noted that “[c]reating programs that work to serve disadvantaged individuals and small businesses can provide an important means of addressing unmet needs while strengthening communities.”

Regulation 78

Regulation Lending FDIC Compliance 78

Jeff For Banks

DECEMBER 10, 2023

Although one might argue that First Citizens BancShares of Raleigh is a SIFI as it climbed to the 19th largest in the country with its Silicon Valley Bridge Bank acquisition from the FDIC, and that the FDIC designated SVB as systemically important. Jeff Note: I make no investment recommendations in this article or this blog.

Fresno 103

Fresno North Carolina Raleigh FDIC 103

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). Fair lending.

Risk Management 78

Risk Management Training Lending FDIC 78

Abrigo

DECEMBER 22, 2023

The most-read portfolio risk blogs in 2023 Probability of default, CECL model validation, and stress testing were among Abrigo's top blogs on ALM, CECL, and portfolio risk this year. Watch NOW Takeaway 1 Portfolio risk and accounting professionals often keep up to date on industry trends by reading Abrigo's blog.

Risk Management 221

Risk Management Regulation Management Lending 221

Abrigo

NOVEMBER 22, 2021

Consumer Lending Laws & Compliance Financial institutions offering consumer loans need to know about these major consumer lending laws and recent compliance issues. You might also like this webinar, "Consumer Lending 101.". Consumer lending compliance spotlight. Pandemic Issues.

Compliance 195

Compliance Lending Risk Management Regulation 195

William Mills

SEPTEMBER 9, 2016

William Mills Agency will be live blogging at Finovate Fall 2016. Addresses compliance, fraud experience and customer experience analytics. Social media is a special challenge since social media was not created with compliance in mind. International lending platform – Create opportunities for Investors.

social media 40

social media ATM Mobile Customer Experience 40

CFPB Monitor

JUNE 15, 2020

According to the agency’s press release , the final rule is designed to increase CRA-related lending, investment and services in low- and moderate-income (“LMI”) communities where there is significant need for credit, responsible lending, and greater access to banking services.

Community 60

Community FDIC Lending Examples 60

CFPB Monitor

OCTOBER 1, 2018

1010.100(d) — and their subsidiaries which are subject to the jurisdiction of the OCC, Federal Reserve, FDIC, or NCUA. corporations, partnerships, sole proprietorships, and trusts) to facilitate the purchases of property and casualty insurance policies, otherwise known as premium finance loans or premium finance lending.

Regulation 60

Regulation FDIC Policies Compliance 60

Jeff For Banks

DECEMBER 16, 2022

They provide white label payments and depository services (think Paypal, Chime) and deploy that funding into specialized lending programs such as lending to wealth management firms, commercial fleet leasing, and real estate bridge lending. Jeff Note: I make no investment recommendations in this article or this blog.

Puerto Rico 78

Puerto Rico Virgin Islands Community Community Bank 78

Abrigo

SEPTEMBER 14, 2022

Financial institutions, fintech companies, and other small business lenders will need to begin collecting a wide array of small business lending data under the Consumer Financial Protection Board’s (CFPB) proposed small business lending data collection rule. The proposed rule , unveiled Sept. Controversial Provisions.

Lending 195

Lending Data Regulation Community 195

CFPB Monitor

MAY 7, 2020

The CFPB’s annual fair lending report covering its 2019 activities is scheduled to be published in tomorrow’s Federal Register. The Bureau states that an area of innovation that it is monitoring for fair lending and credit access issues is “artificial intelligence (AI), and more specifically, machine learning (ML), a subset of AI.”

Lending 78

Lending Report FDIC Policies 78

CFPB Monitor

JUNE 25, 2020

This is the second in a series of five blog posts about the final rule. The final rule is effective October 1, 2020 but sets mandatory compliance dates based on the applicable performance standards. Until compliance with the final rule, national banks and federal savings banks must comply with the OCC’s current rule.

Community 97

Community Lending Meeting Retail 97

Jeff For Banks

MARCH 3, 2014

Since I estimate my Twitter community only reads about 10% of their tweet stream, and so many of my blog readers do not follow Twitter, below are selected quotes that I tweeted since version 6. Bank CFO: The FDIC is on a rising rate binge. Occasionally they will offer an insight that I think my Twitter followers would find interesting.

Branch Strategies 89

Branch Strategies FDIC Strategy Industry 89

Abrigo

JULY 22, 2022

Takeaway 2 While these financial products are appealing, the lack of stability and consumer protections surrounding them are a concern for the FDIC. ? . Takeaway 3 Financial institutions should notify the FDIC of crypto-related activity and be familiar with the risks of the cryptocurrency world. . Crypto turbulence.

cryptocurrency 195

cryptocurrency FDIC Regulation Fraud 195

CFPB Monitor

JULY 6, 2020

The proposal is not mentioned in the Bureau’s blog post about the new agenda and the agenda estimates a June 2020 date for issuing a final rule. These actions could include, but are not limited to, updated compliance aids, policy statements, or other guidance.”. Click here for more information and to register.).

Regulation 78

Regulation Policies FDIC Lending 78

CFPB Monitor

AUGUST 8, 2019

A new CFPB blog post titled “ An update on credit access and the Bureau’s first No-Action Letter ” provides a boost to lenders using alternative data and machine learning in their underwriting models. In its blog post, the CFPB shares results provided by Upstart of simulations and analyses it conducted pursuant to that plan.

Data 60

Data Lending Compliance Policies 60

CFPB Monitor

OCTOBER 13, 2020

We recently published a blog about the OCC’s proposed rule “National Banks and Federal Savings Associations as Lenders” (the “Proposed Rule”), which would clarify that a bank (or savings association) is properly regarded as the “true lender” when, as of the date of origination, it is named as the lender in a loan agreement or funds the loan.

Lending 60

Lending Colorado FDIC National 60

FICO

JANUARY 9, 2017

Last fall, I suspect that most regulatory compliance professionals in the U.S. consumer lending market anticipated 2017 would be more of the same. While I won’t ever be mistaken for Nostradamus, amidst this regulatory sea change, I feel (relatively) confident in sharing with you my top regulatory compliance predictions for 2017.

Regulation 40

Regulation Lending New York Leadership 40