CFPB Monitor

SEPTEMBER 14, 2021

Last week, the Federal Reserve Board published a paper on partnerships between community banks and fintech companies, “Community Bank Access to Innovation through Partnerships.” Customer-oriented partnerships in which a community bank engages a fintech to enhance various customer-facing aspects of its business (e.g.,

Fintech 78

Fintech Community Bank Community FDIC 78

PYMNTS

FEBRUARY 8, 2019

The news comes as five federal agencies spoke in October on how credit unions, as well as community banks, can share resources to make BSA compliance streamlined and bolster AML efforts. FDIC) and the Comptroller of the Currency were involved in the discussion.

FDIC 134

FDIC Community Community Bank National 134

Jeff For Banks

DECEMBER 10, 2023

Although one might argue that First Citizens BancShares of Raleigh is a SIFI as it climbed to the 19th largest in the country with its Silicon Valley Bridge Bank acquisition from the FDIC, and that the FDIC designated SVB as systemically important. Communities First Financial Corporation (Now FFB Bancorp) (OTCQX: FFBB) #2.

Fresno 103

Fresno North Carolina Raleigh FDIC 103

PYMNTS

FEBRUARY 15, 2019

As noted in this space late last year, five federal agencies spoke out, and presented a statement that detailed how credit unions and banks could share resources to make Bank Secrecy Act compliance efforts more streamlined. The company has since said it would sue the FT. Beyond individual company news, Newsweek reported that, per the U.S.

Compliance 122

Compliance Fraud United States FDIC 122

Abrigo

JULY 10, 2023

As we harness the power of AI to enhance operational efficiency, detect patterns, and optimize decision-making processes, financial institutions must remain vigilant. Your financial institution can help build awareness and encourage best practices for protecting personal information by providing educational materials to your community.

Fraud 150

Fraud How To social media Security 150

Independent Banker

SEPTEMBER 25, 2014

Saving money by conducting inside risk management and compliance reviews. As a group, community banks spend substantial funds hiring outside consultants to help with various management functions, and a substantial share of dollars are spent to help oversee their risk management and compliance activities. By Vanessa Drucker.

Community Bank 70

Community Bank Compliance Risk Management Community 70

Abrigo

NOVEMBER 9, 2022

How has CECL implementation impacted their operations and reserves for credit losses? The Q1 2023 compliance date is near for smaller SEC-reporting financial institutions and private or not-for-profit banks and credit unions, and progress is decidedly mixed, according to the Abrigo 2022 CECL Survey. CECL's impact on operations.

Survey 195

Survey Software Resources Meeting 195

Jeff For Banks

DECEMBER 16, 2022

Communities First Financial Corporation (OTCQX: CFST) Communities First Financial Corporation is the bank holding company for Fresno First Bank , which opened in December 2005 dedicated to meeting the banking needs of businesses, professionals, and successful individuals in Central California. Triumph Bancorp, Inc. Nasdaq: TBK) #4.

Puerto Rico 78

Puerto Rico Virgin Islands Community Community Bank 78

CFPB Monitor

APRIL 1, 2021

In what could be an important step towards needed regulatory updating to accommodate the growing use of artificial intelligence (AI) by financial institutions, the CFPB, FDIC, OCC, Federal Reserve Board, and NCUA issued a request for information (RFI) regarding financial institutions’ use of AI, including machine learning (ML). Uses of AI.

Risk Management 78

Risk Management Training Lending FDIC 78

Independent Banker

FEBRUARY 24, 2016

Community banks cannot afford to ignore the staggering pace of lending adoption by both individuals and businesses using digital-only platforms from various nonbank technology-based specialty lending firms. But community banks should not be without hope, nor should they underestimate the significance of customer relationships.

Community Bank 70

Community Bank Community Lending FDIC 70

FICO

OCTOBER 4, 2016

with the latest evidence seen in developments related to the Community Reinvestment Act (CRA). When federal banking agencies recently revised their Q&As for CRA compliance , their focus on the use of alternative data caught my eye. Responsibly expanding credit access has always been a central focus at FICO.

Lending 74

Lending Data Community FDIC 74

Jeff For Banks

MAY 16, 2015

Compliance and audit reports, not included in 5 above 7. Financial progress towards strategic plan 4. Financial condition and performance versus peer 5. High level risk management reports (because more granular risk reports are reviewed in Committee) and trends.

Report 60

Report Policies Risk Management Meeting 60

Independent Banker

AUGUST 26, 2015

She’s chief operating officer and vice president of the mortgage company, a division of Private Bank of Buckhead, in Atlanta. Community banks and their customers don’t need to be concerned about the legality of digitally signed documents. Legally and operationally, digital John Hancocks come of age in lending. By Howard Schneider.

San Francisco 70

San Francisco Lending System Atlanta 70

Jeff For Banks

JUNE 1, 2015

The FDIC Pocket Guide for Directors identifies the Board's responsibilities as: - Select and retain competent management. Monitor operations to ensure that they are controlled adequately and are in compliance with law and policies. Ensure the institution helps to meet its community's credit needs. .

FDIC 60

FDIC Industry Groups Management 60

Abrigo

SEPTEMBER 14, 2022

Takeaway 3 Financial institutions should consider the impact of this rule and prepare for changes to their business operations. Online lenders, platform lenders, and fintechs should also consider sending feedback to the CFPB and considering the ways their operations might be affected. Proposed Rule. Commenters have until Nov.

Lending 195

Lending Data Regulation Community 195

Abrigo

DECEMBER 22, 2023

Those read most often in the past year include several that offer practical advice for operating ALM and CECL models. While this bank had unique loans that most community financial institutions won’t be dealing with, it does raise the question of appropriate stress tests. The FASB’s description of proposed changes can be found here.

Risk Management 221

Risk Management Regulation Management Lending 221

Independent Banker

JUNE 30, 2022

Last year, community bank loan producers were faced with both record-low interest rates and a glut of deposits. But as they always do, they came through for individuals and businesses in their communities with a combination of personalized service and prudent risk management practices. Bunnell; and Doug, Genelle and Jagger Jones.

Community Bank 172

Community Bank Community National Philadelphia 172

Jeff For Banks

MARCH 29, 2014

We believe we can effectively compete as a community bank in our market area and the niche markets we serve. We serve the dental and other health professional industries through a centralized loan and deposit platform that operates out of our main office in Dallas, Texas and serves clients in 30 states. Department of Agriculture.

Strategy 101

Strategy Texas San Antonio Fort Worth 101

PYMNTS

AUGUST 29, 2018

The Office of the Comptroller of the Currency is aiming to rewrite the 1977 Community Reinvestment Act, which is designed to encourage bank lending in low-income areas. Under the rules, banks have to provide mortgages and credit products to low-income communities in which they accept deposits. and Federal Reserve.

Community 100

Community FDIC Compliance Regulation 100

PYMNTS

FEBRUARY 14, 2019

The hearing itself was a small victory for proponents who wish to open up the banking system to legal pot operators. 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.

Oregon 230

Oregon Colorado Operations Washington 230

PYMNTS

FEBRUARY 13, 2019

The hearing itself was a small victory for proponents who wish to open up the banking system to legal pot operators. 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. Cash Dangers.

Oregon 115

Oregon Colorado Operations Washington 115

FICO

DECEMBER 19, 2018

While the database is not expected to be operational for several years, the FCC did provide for a safe harbor that will protect those that leverage the database from TCPA liability. Regulators Will Make Major Strides Towards Reaching Consensus on Modernizing the Community Reinvestment Act. The next step?

Policies 40

Policies District of Columbia Regulation California 40