Perficient

FEBRUARY 15, 2024

This blog was co-authored by Perficient Risk and Regulatory CoE Member: Alicia Lawrence The announcement of significant amendments to the New York State Department of Financial Services (NYSDFS) regulations on December 1, 2023, represents a pivotal moment for entities operating within New York’s financial sector.

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New York Compliance Regulation Analysis 221

Abrigo

FEBRUARY 6, 2024

Develop an MBL program while mitigating risk Credit unions looking for alternate paths to growth in today's rising rate environment may be primed to leverage member business lending. Takeaway 3 The specific policy areas outlined below should be carefully considered by credit unions engaged in member business lending.

Lending 221

Lending How To Risk Management Policies 221

Perficient

FEBRUARY 15, 2024

This blog was co-authored by Perficient Risk and Regulatory CoE Member: Alicia Lawrence Perficient’s Risk and Regulatory Center of Excellence (CoE) remains at the forefront of evolving financial rules and regulations, ensuring readiness to tackle emerging challenges and safeguard financial institutions and its customers.

Compliance 221

Compliance New York Regulation Analysis 221

TheGuardian

DECEMBER 9, 2022

Chancellor Jeremy Hunt is unveiling a 30-point package of City policy changes on Friday that rows back on regulations to boost competition and growth. We need the help of good growth and good regulation at the same time, they are two sides of the same coin.

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Regulation Policies Marketing 99

Perficient

MAY 27, 2022

For those wanting to start their own cryptocurrency fund, it’s important to be well informed about cryptocurrency regulations. Regulatory cryptocurrency regulations are most fluid at the state level. State Regulations. SEC Regulation. Central Bank Digital Currency (CBDC) ).

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cryptocurrency Regulation Management Bitcoin 332

CFPB Monitor

JANUARY 4, 2024

Revenue Based Finance Coalition (RBFC), a trade group whose members include non-banks that provide sales-based financing to businesses, filed a lawsuit last week against the CFPB in a Florida federal district court challenging the CFPB’s final small business lending rule implementing Section 1071 of Dodd-Frank. Continue Reading

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Lending Groups Florida Regulation 146

Bobsguide

JUNE 28, 2016

Financial service businesses are subject to stringent regulations. They are under increasing pressure to maintain accurate communications and must keep records for significant periods of time. For example, financial organisations are required to keep emails for six years whilst some data must be.

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Regulation Meeting Management Examples 74

Abrigo

MAY 30, 2023

Timelines for small business loan data collection and reporting Deadlines for complying with the new CFPB section 1071 rule requirements for financial institutions to collect data on small business loan activities. June 28, 2023, based on the Code of Federal Regulations and the March 30 publication).

Compliance 195

Compliance Lending Data Regulation 195

CFPB Monitor

NOVEMBER 16, 2021

The amendments allow DFS to issue regulations expanding the types of applications and notices for which it will consider such performance when taking action. Proposal regarding data collection on loan applications from minority- and women-owned businesses. Comments on the proposal are due by January 3, 2022.

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New York Community Regulation Data 78

South State Correspondent

MAY 9, 2023

The regulators are considering three options: raising the limit above $250k, raising the cap for only certain accounts (such as banks’ business accounts), or eliminating the cap entirely. Can Regulators Help The banking industry needs regulations and regulators to review banks. economy needs.

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FDIC Regulation Capital Management 195

CFPB Monitor

JANUARY 16, 2024

In remarks to the press and public on January 2, 2024, New York Governor Kathy Hochul announced “a sweeping consumer protection and affordability agenda”, including proposed actions to “strengthen consumer protections against unfair business practices” and “establish nation-leading regulations for the Buy Now Pay Later loan industry”.

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New York National Regulation Examples 156

Perficient

DECEMBER 6, 2023

The objective is clear: encouraging compliance with consumer protection regulations they deem important before punitive measures are implemented broadly. Understanding current regulations is crucial to avoid legal repercussions and enforcement actions.

Industry 221

Industry Compliance Exercises Regulation 221

Abrigo

JANUARY 3, 2024

Takeaway 3 Business customers and members need help understanding the changes tied to ownership reporting. The latest final rule on beneficial ownership information (BOI) reporting gives financial institutions and their business clients more details about what’s required. Financial institutions can play a role in educating them.

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Fraud Regulation Report Compliance 221

Perficient

JUNE 1, 2023

Generative AI is an advanced form of artificial intelligence that can create content from scratch, taking the burden off of manual labor and allowing companies to focus on their core business. An Alternative for Regulated Industries At Perficient, we understand the importance of security when it comes to the financial services industry.

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Compliance Industry Regulation Data 251

Payments Dive

MARCH 28, 2022

Proponents and opponents of buy now-pay later services are weighing in on how the new installment financing should be regulated after the Consumer Financial Protection Bureau asked for input. The federal agency is absorbing the views as it conducts an inquiry into the industry's business practices.

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Regulation Payments Industry 244

Perficient

DECEMBER 1, 2023

Despite this proactive approach, federal banking regulators either neglected to review the same documents or did so without taking necessary action before the bank failed. Contact us today to navigate the evolving landscape of risk and regulation successfully.

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FDIC Risk Management Regulation Leadership 221

Abrigo

OCTOBER 16, 2023

A gap institution is a financial institution that does not have a federal functioning regulator, such as a state-chartered credit union. million civil money penalty for willful violations of the BSA and its implementing regulations. FinCEN assessed a $1.5 M aybe they are more similar to a f oreign c orrespondent a ccount.

Training 221

Training Compliance Fraud Policies 221

PYMNTS

AUGUST 14, 2020

China’s peer-to-peer (P2P) lending sector, once 6,000 businesses strong, has been reduced to fewer than three dozen as the government tightened regulations, leaving billions in loans unpaid. Regulators and law enforcement will try their best to recoup the money, he told China Central Television Friday (Aug. 14), per the report.

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Lending Regulation Industry Fraud 315

Abrigo

MAY 19, 2023

Introduction How regulators define successful loan reviews Mark Twain observed, “A thing long expected takes the form of the unexpected when at last it comes.” So, let’s get a sense of what regulators specifically expect loan review to do, and let’s start with loan review systems.

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System Regulation How To Lending 195

PYMNTS

JANUARY 5, 2021

Regulators in China have also been focusing on Ma's companies and other tech giants, attempting to cut down on the power they have over the markets, PYMNTS reported. The regulators recommended that Ant Group focus primarily on payments instead of its other various interests.

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Report Groups Regulation Company 290

Perficient

NOVEMBER 27, 2023

In the dynamic environment of highly regulated industries like healthcare and financial services, leaders often balance competing goals to delight customers while cutting costs. This has challenged many organizations to better optimize and intelligently automate business processes and experiences.

Industry 221

Industry Regulation Compliance Data 221

PYMNTS

DECEMBER 27, 2020

Financial regulators in China are moving to curb the influence of Jack Ma 's Ant Group by telling it to switch focus back to its mainstay payments business while fixing issues in personal lending, wealth management and more, The Wall Street Journal (WSJ) reports. The People's Bank of China criticized Ant on Sunday (Dec.

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Groups Regulation Payments Lending 225

American Banker

MARCH 16, 2020

The agencies were up and running Monday but have taken steps to allow employees to work from home.

Regulation 83

Regulation FDIC 83

Abrigo

OCTOBER 16, 2023

A gap institution is a financial institution that does not have a federal functioning regulator, such as a state-chartered credit union. million civil money penalty for willful violations of the BSA and its implementing regulations. FinCEN assessed a $1.5 M aybe they are more similar to a f oreign c orrespondent a ccount.

Training 195

Training Compliance Fraud Policies 195

Perficient

DECEMBER 27, 2023

Once published by regulators, Perficient’s Risk and Regulatory CoE will be here to walk our clients through the changes. YOU MAY ENJOY: Regulatory Reporting in Financial Services Modernizing CRA Regulations Managing compliance risk frameworks in alignment with existing risk profiles is crucial as customer needs evolve.

Compliance 221

Compliance FDIC Regulation Fraud 221

Perficient

FEBRUARY 4, 2022

Hsu spoke in late January at the British-American Business Transatlantic Finance Forum Executive Roundtable regarding the regulation of crypto-assets, including stablecoins. Having tried to proactively raise the fear of a bank run, Hsu then raised the possibility of a mitigating tool to prevent a bank run – bank regulation.

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Regulation cryptocurrency Survey blockchain 294

Abrigo

JUNE 27, 2023

Regulations such as Geographic Targeting Order updates help identify AML risks by requiring identification for certain real estate purchases. The limited regulation around the real estate industry has made it especially easy for these bad actors to cycle their dirty money into the financial system using this avenue.

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El Paso Miami United States New York City 195

PYMNTS

NOVEMBER 23, 2020

A recent report released by the United Nations found that 132 out of 194 countries have now introduced data protection regulations of some kind, all varying in terms of what type of information they protect and the severity of their restrictions. Around The Data Protection World. Around The Data Protection World.

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Industry Regulation Data Study 298

The Paypers

FEBRUARY 22, 2021

China’s bank regulator has tightened requirements on the internet loan business of commercial banks.

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Regulation 28

Abrigo

SEPTEMBER 20, 2023

Regulators take risk seriously, and knowing just how much risk your institution can take while remaining compliant is essential. One of the significant risks it took on was a contract with a third-party money services business (MSB) to provide services and sub-accounts to other MSBs.

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Compliance Regulation Miami Fraud 150

American Banker

NOVEMBER 6, 2023

The small businesses that drive the U.S. economy and local economies throughout our nation are being "hung out to dry" by regulators' push for increased capital requirements, according to the head of the Small Business & Entrepreneurship Council.

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Policies National Regulation Capital 92

PYMNTS

NOVEMBER 13, 2020

As government regulators in China increase tech industry oversight, Tencent said it will comply with new laws intended to curb antitrust activities and tighten FinTech acceleration, according to a Bloomberg report on Friday (Nov. The regulators are looking more closely at transaction-based platforms, Lau said, per Bloomberg.

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Regulation social media Video Groups 227

Abrigo

DECEMBER 5, 2019

The landscape around banking hemp and hemp-related businesses is very confusing. Banking regulators, state regulators, and FinCEN release joint statement. Bank clients engaged in hemp-related activity are responsible for complying with the 2018 Farm Bill and other applicable regulations, not the banks that serve them.

Regulation 195

Regulation United States Training Compliance 195

PYMNTS

JULY 5, 2020

The nation’s marijuana regulator has told financial institutions to treat the $500 million hemp businesses the same way they would any other businesses. It’s intended to “enhance the availability of financial services and the financial transparency of hemp-related businesses in compliance with federal law,” the notice said.

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US Nevada Arizona Guidelines 352

PYMNTS

JULY 29, 2019

Proposed regulations would give small businesses in California the nation’s most extensive set of truth-in-lending protections for small business borrowers. . In 2018, California began the journey of establishing lending transparency for small businesses in the state.

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Lending California Comparison Regulation 182

Abrigo

MARCH 11, 2022

Expert insights on 10 regulatory topics that NBFIs should consider this year Review this list of what regulators are looking for in 2022 to help your NBFI pass exams with flying colors. Takeaway 3 NBFIs should review common deficiencies in AML programs that regulators are citing and fix issues before their next audit or exam.

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Regulation cryptocurrency Policies Management 195

PYMNTS

SEPTEMBER 30, 2020

Consumers and businesses have been moving online in recent years, and regulators from the European Union to the Middle East and North Africa (MENA) region have worked to keep up with this migration. The pandemic is dramatically altering how merchants can transact, which data they can store and where they can store it, however.

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Regulation Data Regional Examples 175