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

JULY 29, 2022

and related entities (collectively, “Harris Jewelry”), a national jewelry retailer that markets and sells military-themed gifts, to resolve their lawsuit which alleged that Harris Jewelry had engaged in unlawful sales and credit practices targeting servicemembers. State regulators may also supervise MLA requirements pursuant to state law).

National 78

National Retail Regulation New York 78

Independent Banker

DECEMBER 13, 2015

New Military Lending Act regulations kick in next fall. Following a three-year study on predatory lending, the U.S. Department of Defense has now issued the final rule to implement the Military Lending Act. 1, 2015, and compliance with the rule is required by Oct. 1, 2015, and compliance with the rule is required by Oct.

Lending 70

Lending Compliance Regulation Virginia 70

ZootBlog

AUGUST 5, 2016

In June, ZootBlog provided important information regarding changes to the Military Lending Act (MLA). As promised, we’re providing the most recent updates to inform lenders as they prepare for the target compliance dates of October 3, 2016 and October 17, 2017 (credit card only).

Lending 60

Lending Compliance National Report 60

Independent Banker

JUNE 30, 2022

Here, we highlight some of last year’s most successful loan producers in the areas of agriculture, commercial and consumer/mortgage lending. The score combines the average of the bank’s percentile rank for lending concentration and for loan growth over the past year in each lending category. By Ed Avis. Methodology. AGRICULTURE.

Community Bank 172

Community Bank Community National Philadelphia 172

Abrigo

SEPTEMBER 20, 2023

Join Abrigo for a webinar discussing risk assessments' role in compliance. Recognizing the gravity of the situation, the Financial Crimes Enforcement Network (FinCEN) identified fraud as a national priority. 1st-party debit or credit card fraud : Card fraud causes financial institutions significant monetary losses.

Fraud 195

Fraud Trends Cards Software 195

CFPB Monitor

JULY 8, 2019

The CFPB’s annual fair lending report covering its 2018 activities was published in today’s Federal Register. In addition to discussing the symposium and Data Point report in the section on “Access to Credit,” the new fair lending report discusses conducting supervisory reviews of alternative credit scoring models.

Lending 60

Lending Report Policies Compliance 60

PYMNTS

DECEMBER 8, 2020

Plus, online lending startup SoFi is looking to go public through a SPAC. economic slowdown fueled by the COVID-19 pandemic is likely to continue into 2021 but could start bouncing back by mid-year as the population gets vaccinated, according to a December survey from the National Association for Business Economics (NABE).

San Francisco 130

San Francisco Community Bank Video Capital 130

South State Correspondent

MAY 13, 2024

The major themes of fraud, artificial intelligence (AI), expansion of instant payments, open banking, and regulation were particularly relevant to your roles as executives, risk managers, compliance officers, and technology leaders. More states require greater disclosure and control over what banks and card processors can charge.

Conference 195

Conference Payments Fraud Data 195

Perficient

NOVEMBER 22, 2022

Members of the Army and Air National Guard, provided they have been called to respond to a national emergency and their period of active duty is more than 30 days in a row. Active duty commissioned officers of the Public Health Service or the National Oceanic and Atmospheric Administration. All active-duty Reserve personnel.

National 275

National United States America Lending 275

South State Correspondent

JANUARY 4, 2023

Moving all customers to digital statements, restructuring compliance reviews and employee onboarding are just some of the more popular efforts that banks are undertaking in 2023. Lending Focus – Interest Rate Sensitivity and Credit Accuracy. Many banks, for example, are still hyper-competitive in multifamily lending.

Community Bank 195

Community Bank Capital Lending Training 195

PYMNTS

SEPTEMBER 18, 2018

The nation is forming a Direct FAST industry group, where the members will include traditional financial institutions (FIs), FinTech firms and the Monetary Authority of Singapore (MAS). The movement to open that FinTech access, said the minister, brings “greater convenience to consumers” as those individuals use their eWallets.

Fintech 166

Fintech New York US National 166

CFPB Monitor

MAY 3, 2021

The True Lender rule clarifies when, under existing law, a national bank is the “true lender” that makes a loan in the context of an arrangement between the bank and a non-bank entity that facilitates or services the loan. Reverend Dr. Frederick D.

North Carolina 60

North Carolina Lending National District of Columbia 60

PYMNTS

JUNE 24, 2016

Online lending . But on the upside, with the various scandals, higher than expected default rates, and a loss of stock market investor confidence that neatly mirrors the diminishing confidence of platform investors, the various online lenders of the nation have likely gotten good at bracing themselves. Costco Card.

Lending 101

Lending Online South Dakota North Dakota 101

PYMNTS

MARCH 30, 2020

He pointed to features that lend themselves well to banking on mobile devices. As more fraud shifts from card-present to card-not-present commerce, it’s been imperative to thwart attempts to impersonate consumers and assume control of their accounts.

Tools 143

Tools Fraud Data Security 143

ZootBlog

JUNE 8, 2016

In July 2015, the Department of Defense (DoD) passed major changes to the Military Lending Act (MLA) with target compliance dates of October 3, 2015 and October 3, 2017. The 2017 date applies only to credit cards. The MLA’s overall goal is to prevent predatory lending against U.S.

Lending 60

Lending Regulation Taxes Security 60

CFPB Monitor

MARCH 31, 2022

DACA allows individuals who arrived in the United States as children to receive a renewable two-year period of deferred action from deportation and makes them eligible for an employment authorization card allowing them to work in the U.S. as is enjoyed by white citizens.” . as is enjoyed by white citizens.”

CA 78

CA United States California Lending 78

PYMNTS

DECEMBER 11, 2020

Capital One Halts BNPL Transactions On Its Credit Cards. Capital One Financial Corp is putting a stop to buy now, pay later (BNPL) transactions on its credit cards, calling the dealings “ risky ,” for both consumers and banks. Nearly 90 percent of millennials have credit cards, yet still seek new ways to finance their online purchases.

Trends 175

Trends Fraud Millennials Community Bank 175

PYMNTS

SEPTEMBER 15, 2017

Of course, banks have to be run with safety and soundness to protect those deposits, but they also have myriad public mandates, like fair lending, anti-money laundering and customer privacy. Lending money beyond what people can bear is the hallmark of predatory lending, she emphasized, and that’s not going to help the customer.

Fintech 198

Fintech System Lending Cards 198

CFPB Monitor

MAY 22, 2020

The final rule applies to national banks and federal savings associations. The final rule is effective October 1, 2020 but sets mandatory compliance dates based on the applicable performance standards. The final rule removes credit cards and overdraft products from the “consumer loans” for which banks can receive CRA credit.

FDIC 78

FDIC Lending Retail Compliance 78

CFPB Monitor

OCTOBER 11, 2018

At the Online Lending Policy Institute’s (OLPI) annual summit in Washington, D.C. earlier this week, the OCC’s recent decision to accept applications from non-depository financial technology firms for a special purpose national bank (SPNB) charter was the focus of considerable discussion.

Policies 60

Policies Lending Data Online 60

CFPB Monitor

NOVEMBER 22, 2022

While the report does not address “true lender” challenges in bank/fintech lending relationships, it does discuss the risk of “so-called ‘rent-a-charter’ schemes that market themselves as innovative fintech lending platforms, but operate with essentially the same harmful business model as a traditional payday lender.”

Fintech 78

Fintech Report Data Lending 78

PYMNTS

AUGUST 19, 2019

Sanborn tells Webster that, at least from where he and Lending Club sit, expanding origination services, honing cost efficiencies and introducing a broadened palette of credit offerings will help the company weather any near-term macroeconomic headwinds. The Bank Charter.

Lending 123

Lending Capital United States National 123

PYMNTS

JULY 26, 2017

The federal banking system is, and should be, a source of strength for the nation and its economy. As outlined in the report, however, the OCC again identifies issues related to strategic, credit, operational and compliance risks as top concerns.”. Shifts in Lending Practices. Compliance.

Compliance 115

Compliance System Fintech Report 115

Gonzobanker

DECEMBER 14, 2023

Honorable Mentions – while this was a quiet year for M&A, we tip our hat to Atlantic Union’s acquisition of American National Bank and Eastern Bank’s acquisition of Cambridge Bank. Expect more deals to be announced in 2024. Merger of Equals Deal of the Year (Bank) – Burke & Herbert Financial Services Corp. But wait, there is more.

Fintech 194

Fintech Community Regional Technology 194

CFPB Monitor

MARCH 18, 2019

The plaintiffs’ class action complaint in Madden alleged that a debt buyer, which had purchased the plaintiffs’ charged-off credit card debt from a national bank, violated the Fair Debt Collection Practices Act (FDCPA) by falsely representing the amount of interest it was entitled to collect. In June 2016, the U.S.

New York 68

New York National Maine Policies 68

Independent Banker

DECEMBER 31, 2021

That’s followed by residential mortgage lending (36.3%), small business lending (32.1%), commercial and industrial (C&I) lending (30%) and agricultural lending (23.6%). For example, we don’t do mortgage lending right now, because we don’t have the compliance expertise and staff knowledge,” Silveria says.

Community Bank 144

Community Bank Community Lending Louisiana 144

PYMNTS

MAY 31, 2017

Debit cards, default cards, banks both bricks-and-mortar and digital. Given where they are in their career progressions, they are just now starting to make bigger-ticket purchases where cards are more dominant.” Debit card usage is habit-driven, he said, and habit has grown roots over the last several years.

ATM 100

ATM Millennials Cards Management 100

CFPB Monitor

APRIL 7, 2020

Also discussed was the ability of states to enact laws that require changes to the terms of credit, such as waiving late fees, changing due dates, or stopping interest accrual, including the impact of federal preemption on national banks and federal savings associations.

Massachusetts 78

Massachusetts Compliance Regulation Operations 78

CFPB Monitor

SEPTEMBER 9, 2020

Ballard Spahr LLP has submitted a comment letter to the OCC in support of its proposed rule , “National Banks and Federal Savings Associations as Lenders” (the “Proposed Rule”). Three virtually identical Federal Interest Statutes govern interest that may be charged by Banks: Section 85 of the National Bank Act (“NBA”), 12 U.S.C. §

FDIC 78

FDIC National South Dakota Lending 78

CFPB Monitor

JANUARY 12, 2021

For example, the Bureau could have units dedicated to credit cards, mortgages, small dollar loans, fintech, and third party service providers (such as debt collectors and mortgage servicers), with each unit having enforcement, rulemaking, and supervision responsibilities. enforcement, rulemaking and supervision). Fintech regulation.

Report 78

Report Regulation Policies Compliance 78

Gonzobanker

APRIL 8, 2020

If it’s full of industry acronyms, wonky terms or compliance-ese, or if it comes across as a cheesy sales pitch, it needs to be rewritten. There are over a dozen national agencies with financial institution specific work we see in the market. Evaluate and improve the messaging. Email us for a list.

Leadership 170

Leadership Analytics System Digital Banking 170

Gonzobanker

DECEMBER 17, 2021

Some interesting finalists would be: M&T and People’s United Old National and First Midwest Webster and Sterling Columbia Bank and Umpqua. million gets the vaunted consumer lender a much-prized bank charter, low-cost deposits to juice current earnings, and a business lending capability to drive future growth.

Fintech 143

Fintech Strategy Leadership Lending 143

BankBazaar

MAY 19, 2020

Some of the banks offering this product are Bank of India, Bank of Maharashtra, Union Bank of India, Punjab National Bank and Bank of Baroda. For example, if you have a Credit Card outstanding, a loan of this nature with a low rate of interest, may make sense to clear your Credit Card dues. Punjab National Bank COVID-19 Loan.

Lending 78

Lending Cards Metro Meeting 78

PYMNTS

DECEMBER 23, 2019

Or, he noted, when customers pay off their full balance on time for enough months, card companies could lower their APR. Visner of the National Cybersecurity Federally Funded Research and Development Center ( FFRDC ). In this case,” he said, “nation-states are looking to gain power by corroding the influence of other countries.”.

Lending 131

Lending National System Management 131

CFPB Monitor

MARCH 8, 2019

In fact, she indicated that the Office of Fair Lending has been strengthened by its placement in the Director’s Office. The panel members were: Hilary Shelton, Director & Senior Vice President for Advocacy and Policy, National Association for the Advancement of Colored People.

Policies 68

Policies Lending Compliance National 68

Independent Banker

OCTOBER 31, 2022

In addition, AI enabled Sunwest to pursue its specialty of solar lending. For example, a bank may feel comfortable allowing a VA to solve a login problem, while situations like a lost card are solved by an empathetic human. For example, Gopal says there is a growing focus on automated lending. Because the $2.3

Community Bank 91

Community Bank Community Customer Experience Data 91