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CARES Act includes provisions affecting financial institutions and their regulation: some key provisions

CFPB Monitor

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes the following key provisions that affect financial institutions and regulation of financial institutions: Section 4003 – Emergency Relief and Taxpayer Provisions. Section 4010 – Temporary Hiring Flexibility. Section 4011 – Temporary Lending Limit Waiver.

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Small Business Lending Is Crucial in Fighting the Deposit Wars

Gonzobanker

Community banks need to analyze the demographics and varied business segments to identify the growth potential of each market. Another key player for successful small business banks is the vice president of business lending, who manages the relationship managers and reports to the chief lending officer.

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New York Department of Financial Services settles enforcement action with community bank over auto dealer fair lending allegations

CFPB Monitor

Quinn: This settlement reflects a striking departure by DFS from the current approach of virtually every federal and state banking regulator and enforcement agency on fair lending cases involving dealer [markups]. Dealers, not banks, determine how much markup to charge customers.

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FinCEN Releases AML/CTF Priorities: Implications for Community Financial Institutions

Abrigo

Takeaway 2 Regulations haven't been written, but there are steps community financial institutions can take now to prepare. FATF is the global watchdog for AML/CFT activity, and it is important to note that the United States shows full support in global efforts by their recent priorities release. How to prepare.

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Lawmakers Urge CFPB To Ease Up On Small Banks

PYMNTS

Although the CFPB has claimed, in many cases, that it allows many smaller banks and credit unions to be exempt from many of the regulations, the congressional members have expressed fear that the bureau may not be doing enough to ensure those smaller financial institution aren’t unnecessarily regulated.

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The Niche Bank

Jeff For Banks

Me to a community banker: Why don't you offer more options than real estate secured lending to help fund early stage businesses? Banker: Because that's not community banking. I've been in this business over 20 years and still don't know the definition of community banking. I've got news for you. Seems risky.

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An Unexpected Revolt?

Independent Banker

Arecent National Mortgage News article pointed out that “consumers complain when lenders ask for information, even suggesting such requests are a violation of their privacy.” But today’s regulations have simply gone too far, and our customers on Main Street are recognizing that the source of the problem is emanating from Washington.

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