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

Abrigo

JANUARY 30, 2024

This year’s conference will feature industry experts, financial institution peers, BSA/AML professionals, CPAs, law enforcement, auditors, and regulators selected especially for their expertise and timely knowledge. Network with bankers, auditors, and regulators Networking has always been table stakes to ThinkBIG conference attendees.

Conference 195

Conference Arizona Phoenix Fraud 195

PYMNTS

AUGUST 7, 2018

Traditional institutions are picking up steam in their efforts to collaborate with alternative financiers and FinTech firms, largely viewed as a way to spin the competition into allies and upgrade their lending services without the burden of in-house R&D. However, the Federal Reserve ‘s latest analysis of the U.S.

Lending 100

Lending Survey National Trends 100

American Banker

MARCH 7, 2024

Net income at the nation's more than 4,000 banks dipped markedly in the final quarter of 2023, though for the full year it exceeded pre-pandemic averages. Deterioration in commercial real estate and credit card lending is a concern, FDIC Chairman Martin Gruenberg says.

FDIC 73

FDIC Report Lending National 73

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

Abrigo

SEPTEMBER 20, 2023

Recognizing the gravity of the situation, the Financial Crimes Enforcement Network (FinCEN) identified fraud as a national priority. Regulators will be expecting this as they examine institutions for FinCEN priority preparedness. It's no longer a discretionary measure but an imperative one. Staying on top of fraud is a full-time job.

Fraud 195

Fraud Trends Cards Software 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

PYMNTS

JUNE 10, 2016

As a general rule, most startups aren’t too happy when the regulator comes around, and it is rarely indicative of good news. And while that is bad news for a startup like Uber, as it turns out, instinctive fear of the regulator is not an endemic condition among startups. In the last 10 years, it has issued eight such charters.

Regulation 100

Regulation National Austin Fintech 100

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. Credit card accounts are exempt from compliance until Oct. By Mary Thorson Wright. Beginning Oct.

Lending 70

Lending Compliance Regulation Virginia 70

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

Perficient

JULY 11, 2022

Afterpay does not perform a hard credit check on users, but it can still affect credit if users have a credit card as the form of payment connected to their Afterpay account or if they fail to pay back their loans. Although this is certainly expensive for merchants, it has proven to be a worthy investment.

Fintech 474

Fintech Trends South Dakota Apple 474

PYMNTS

MAY 2, 2018

Acknowledging Small Business Week, New York Congresswoman Nita Lowey (D-NY12/Rockland-Westchester) introduced legislation into Congress to expand consumer credit card protections for small businesses. billion increase in lending authority for 7(a) loans for the government’s FY2018 spending bill. Reports in Patch.com said Rep.

Cards 100

Cards New York Lending National 100

FICO

JUNE 21, 2022

Credit Card Limit Optimization: Akbank Wins with FICO Analytics. Akbank, one of the largest retail banks in Turkey, has improved the way it makes offers to consumers for new credit cards and credit limit increases by leveraging mathematical optimization and action/effect modelling from global analytics leader FICO. by Nikhil Behl.

Analytics 52

Analytics Cards Strategy Regulation 52

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

JULY 17, 2018

In one case at the state level (and it’s New York, so movement there carries much weight within the financial arena), Bloomberg reported that NY’s financial regulator is challenging what the newswire terms a “fundamental principle” on bank and FinTech relationships that brings interest rate caps into that regulator’s crosshairs.

Fintech 100

Fintech Regulation New York Management 100

PYMNTS

NOVEMBER 20, 2020

In China, the battle of the regulators versus FinTech behemoth has seemingly been joined. . That delay came following controlling shareholder Jack Ma’s meeting with Chinese regulators. What’s next for Ant Group – and by extension, Jack Ma? . What might a restructuring look like? . What Lies Ahead .

Groups 236

Groups Regulation Policies Meeting 236

Abrigo

MAY 20, 2020

FinCEN reminds financial institutions that “detecting, preventing, and reporting COVID-19 scams and illicit activity is critical to our national security.” Lending & Credit Risk. Member Business Lending. SBA Lending. Lending & Credit Risk. SBA Lending. Lending & Credit Risk. SBA Lending.

Lending 195

Lending Fraud Training Report 195

PYMNTS

DECEMBER 8, 2020

In today’s top news, economists expect the economy to recover back to pre-pandemic levels by the end of 2021, and China’s banking watchdog warns of further Big Tech regulations. Plus, online lending startup SoFi is looking to go public through a SPAC. Capital One Halts BNPL Transactions On Its Credit Cards.

San Francisco 130

San Francisco Community Bank Video Capital 130

Abrigo

JULY 22, 2022

Cryptocurrency regulation is on the horizon The ups and downs of the cryptocurrency scene have illuminated a need for guidance for traditional financial institutions. Today’s cryptocurrency platforms also offer crypto-backed loans, allowing users to leverage their portfolios as loan collateral in a system similar to securities-based lending.

cryptocurrency 195

cryptocurrency FDIC Regulation Fraud 195

Abrigo

FEBRUARY 8, 2022

Takeaway 2 NBFIs should ensure their AML programs are sound and pass the scrutiny of FinCEN and their primary regulators. Consumers are looking for speed without the hassle of mounds of paperwork and lengthy approval processes, whether with deposit or lending accounts. Regulations & Guidance Forthcoming.

Compliance 195

Compliance Training Regulation Fraud 195

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 attributes the risk that such schemes will arise to bank/fintech relationships that “lack proper regulatory oversight or principles for responsible lending.”

Fintech 78

Fintech Report Data Lending 78

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

PYMNTS

SEPTEMBER 17, 2019

While short-term lending in general has a pretty rough reputation, the pawn loan is the most ill-regarded arena in an already unloved category of consumer lending. The loan amount a borrower can get from a pawnbroker is determined solely by the value of the item itself; as in most forms of short-term lending, there is no credit check.

Ohio 151

Ohio Lending Iowa South Dakota 151

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

PYMNTS

JUNE 24, 2016

Online lending . When the regulators come marching in, getting out of the way is usually a better idea. And that, says the industry, is bad news, as costs of compliance with stricter regulation could be coming at exactly the moment these firms can’t take on any new costs. . Costco Card. A pretty clear-cut sizzle.

Lending 101

Lending Online South Dakota North Dakota 101

BankUnderground

AUGUST 23, 2023

Many BNPL products are exempt from regulation because they do not charge interest on repayments. Typically these products are provided by newer fintech firms, for whom BNPL makes up most or all of their lending. Some other BNPL products are regulated and charge interest on repayments. Who uses BNPL?

Survey 89

Survey Groups Regulation Data 89

PYMNTS

APRIL 15, 2019

Beyond the fact that those CEOs said systemic risk is not yet in the cards, the septet also said these alternative lenders bear watching, lest the growing nonbank sector eventually give cause for alarm. The Question of Regulation. Dimon said leveraged lending and student lending are “growing rapidly … and deteriorating rapidly.”

Lending 175

Lending United States Survey System 175

PYMNTS

FEBRUARY 12, 2018

ANZ, one of Australia’s largest banks, is set to doll out nearly $8 billion in refunds to small business customers using the FI’s commercial card products. 9) said the refunds will be paid out across 52,000 credit card accounts held by business customers as a result of failure to disclose fees and interest charges.

Cards 116

Cards Lending National Report 116

PYMNTS

OCTOBER 14, 2016

The unbanked are often young employed workers that have not built up a credit history and do not own a credit card. According to Forbes, the past few years has seen an increase in bad loans that has caused traditional lenders to be more cautious in their lending, and that includes the nationalized banks.

Lending 100

Lending Capital Maine Cards 100

CFPB Monitor

JULY 22, 2020

Less than two months after issuing its final “ Madden fix” rule , the OCC has now issued a proposed rule to address when a national bank or federal savings association should be considered the “true lender” in the context of a third party relationship. 2) Funds the loan.

National 78

National Lending Exercises FDIC 78

PYMNTS

AUGUST 7, 2018

Visa’s tie-up with an alternative SMB lender in Kenya comes as local regulators explore the mobile lending space. We have a lot of predatory lending out here, which we want to regulate,” said the Treasury’s director general of budget, fiscal and economic affairs, Geoffrey Mwau, in an interview with Reuters.

Lending 100

Lending Mobile Regulation Fintech 100

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

PYMNTS

MARCH 27, 2019

nears possible regulation that could open the banking doors to legal marijuana businesses, there are some business owners in the industry who may not want to see such legislation pass: the competition in Canada. side,” he continued, “why would you lend to, say, a small licensed producer in Vancouver? . As the U.S.

Capital 119

Capital Industry Regulation Lending 119

PYMNTS

APRIL 19, 2016

Credit cards are a way of life for consumers, for the businesses that rely on them and for small business owners dealing with the volatility of day-to-day cash flows. Kennedy School of Government — said that regulations and legislation tied to the credit industry have had a number of unintended consequences.

Cards 100

Cards Regulation United States Lending 100

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

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

FEBRUARY 27, 2019

I also understand that our regulators and lawmakers undoubtedly felt, and continue to feel, a strong duty to ensure that the financial ecosystem is functioning in a way that benefits consumers, safeguards their personal data, and is fueled by accurate and complete information,” he said. Salvos From Lawmakers And Proposals From A CRA.

Report 159

Report System Data Lending 159