CFPB Monitor

OCTOBER 20, 2016

On October 17, the FDIC released revised interagency Military Lending Act (MLA) examination procedures for use in connection with consumer credit transactions occurring on or after October 3, 2016. The FDIC also provided guidance on its initial supervisory expectations for examinations relating to MLA compliance.

FDIC 60

FDIC Compliance Training Lending 60

CFPB Monitor

OCTOBER 17, 2022

Last week, the CFPB released its eleventh annual report to Congress on college credit card agreements. The annual report is mandated by the CARD Act. The CARD Act requires mandatory reporting to the CFPB by card issuers on agreements with institutions of higher learning or certain affiliated organizations (such as alumni associations).

Cards 78

Cards Report Regulation FDIC 78

PYMNTS

NOVEMBER 23, 2020

“You're not dealing with two-day settlement,” he stated, adding that interoperability also has the ability to foster sticky relationships between merchants and consumers, especially consumers who want perks and high reward cards or coupons. Looking Toward The Blockchain . There’s also the matter of product consistency.

National 215

National blockchain Montana Lending 215

American Banker

DECEMBER 13, 2019

The plan would increase lending and transparency, the regulators say; the company says the rule unfairly lumps together digital wallets and prepaid cards.

FDIC 50

FDIC Lending Regulation Cards 50

Gonzobanker

FEBRUARY 1, 2024

, many we talked with in the halls acknowledged that credit quality remains a wild card to start the year. For the bankers we talked with, acknowledging challenges—think NIM, credit, regulation, election uncertainty, unemployment and CRE—while portraying resilience created quite a few compelling narratives throughout the event.

Conference 88

Conference FDIC Arizona Industry 88

CFPB Monitor

MAY 6, 2021

According to the factual allegations in the OCFR’s Charge Letter : The Bank offers in-store retail credit financing as well as store-branded credit cards to Maryland consumers. In addition, legal challenges to the OCC and FDIC “ Madden -fix” rules and the OCC’s “true lender” rule continue to create uncertainty for participants.

Maryland 78

Maryland Lending Missouri FDIC 78

CFPB Monitor

MAY 7, 2020

The Bureau states that “neither ECOA nor Regulation B mandate the use of any particular list of reasons. No-Action Letter Policy) to address potential compliance issues. In 2019, in addition to the Bureau’s three referrals to the DOJ, the FDIC referred two matters and the Federal Reserve and the NCUA each referred one matter.

Lending 78

Lending Report FDIC Policies 78

CFPB Monitor

SEPTEMBER 30, 2022

Populus contrasts the narrower missions and authority of the Federal Reserve, FDIC, and OCC, which are also self-funded. With regard to the OCC, Populus distinguishes the OCC’s reliance on fees from the entities it regulates which it asserts creates political accountability for the OCC. Populus Financial Group, Inc.,

Groups 78

Groups FDIC Texas Leadership 78

CFPB Monitor

NOVEMBER 22, 2022

In particular, the report’s recommendations deserve attention because they are likely to influence future actions by the federal banking regulators and the CFPB. (The The report is also worthwhile reading for its discussion of the role of fintechs and other non-banks in providing consumer financial services and how that role has evolved.).

Fintech 78

Fintech Report Data Lending 78

CFPB Monitor

JULY 6, 2020

These actions could include, but are not limited to, updated compliance aids, policy statements, or other guidance.”. The CFPB recently proposed amendments to Regulation Z pursuant to this directive. Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z). Click here for more information and to register.).

Regulation 78

Regulation Policies FDIC Lending 78

CFPB Monitor

SEPTEMBER 8, 2016

The Department of Defense (DoD) has issued an interpretive rule to assist the industry in complying with its July 2015 final rule amending the Military Lending Act’s implementing regulation. The DoD consulted with the CFPB in developing the final rule, and the CFPB actively supported the DoD’s plans to expand MLA coverage.

Compliance 60

Compliance FDIC Security Regulation 60

PYMNTS

JUNE 14, 2018

At the end of the ride, neither the driver nor the rider wanted to be responsible for giving, receiving or holding onto the kind of personal information needed for a credit card transaction or a digital peer-to-peer (P2P) transfer. But the driver was more than happy to accept Brisker’s American $20 bill. Challenges.

Tools 118

Tools Virginia Cards Payments 118

CFPB Monitor

SEPTEMBER 9, 2020

1831d(a) (“Section 27(a)”), which governs the interest charges of state-chartered FDIC-insured banks. 93a, the OCC is generally “authorized to prescribe rules and regulations to carry out the responsibilities of the office.” We urge the FDIC to propose and adopt a true lender rule that mirrors the OCC’s Proposed Rule.

FDIC 78

FDIC National South Dakota Lending 78

CFPB Monitor

JUNE 15, 2020

On May 20, 2020, the OCC issued a final rule to “strengthen and modernize” its existing Community Reinvestment Act (“CRA”) regulations. The OCC acted alone in issuing the final CRA rule without waiting to achieve consensus with the FDIC, the agency with which the OCC had jointly issued the proposed rule.

Community 60

Community FDIC Lending Examples 60

NCR

DECEMBER 18, 2015

The service works with any Apple or Android device, at any checkout lane, and with any major credit, debit, pre-paid or Walmart gift card. In September of last year, the retail giant company unveiled GoBank, a service that teamed up with Green Dot (best known for its prepaid payment cards) to offer checking accounts to just about everyone.

Apple 40

Apple Retail FDIC Mobile 40

PYMNTS

OCTOBER 1, 2018

The DOJ investigation centered on whether LendingClub had – between January 2009 to September 2010 – misled its FDIC-insured loan originator, WebBank , leading the bank to underwrite over 200 loans that did not conform to the bank’s lending requirements. The DOJ Finding.

Lending 135

Lending Fraud Management San Francisco 135

PYMNTS

SEPTEMBER 21, 2020

billion transactions for potential suspicious activity and screened more than 157 million transactions for compliance with applicable sanctions requirements. As Standard Chartered noted to BuzzFeed in the wake of the FinCEN files report: "In 2019 we monitored more than 1.2 In one example, reported on Monday (Sept. billion in fines.

Fraud 347

Fraud Report System FDIC 347

William Mills

SEPTEMBER 9, 2016

I believe SEC regulations require a company to go public if they have more than 500 shareholders. You can look at life events such as marriage, credit card, new job, etc. Addresses compliance, fraud experience and customer experience analytics. Regulated Financial Institution. Larger banks want an API and dig-down.

social media 40

social media ATM Mobile Customer Experience 40

PYMNTS

NOVEMBER 2, 2020

Ganu offered up a use case as illustration: The user who deposits a hypothetical $1,000 into their Finch account receives a Finch debit card. The cardholder goes to Starbucks, swipes the card for a $5 latte — and the coffee is paid for by a fractional portion of the portfolio (which can be allocated between bond ETF or broader market ETFs).

Millennials 221

Millennials Fintech Course FDIC 221

PYMNTS

FEBRUARY 14, 2019

That’s because it marked the first hearing dedicated to a proposed bill in Congress that would offer financial institutions protections against federal regulators when dealing with legal cannabis operations. The bill would prevent federal regulators from targeting banks that accept deposits from legal cannabis operators.

Oregon 230

Oregon Colorado Operations Washington 230

PYMNTS

FEBRUARY 13, 2019

That’s because it marked the first hearing dedicated to a proposed bill in Congress that would offer financial institutions protections against federal regulators if dealing with legal cannabis operations. The bill would prevent federal regulators from targeting banks that accept deposits from legal cannabis operators.

Oregon 115

Oregon Colorado Operations Washington 115