Abrigo

JULY 27, 2023

Would you like other articles on fraud and AML/CFT compliance in your inbox? Using regtech in banking With new federal regulatory and compliance challenges like the CFPB rule on the horizon, more and more community financial institutions are exploring regtech in banking and finance. What is regtech?

Technology 195

Technology Fraud Compliance Regulation 195

Abrigo

JULY 27, 2023

Would you like other articles on fraud and AML/CFT compliance in your inbox? Using regtech in banking With new federal regulatory and compliance challenges like the CFPB rule on the horizon, more and more community financial institutions are exploring regtech for banks to enhance their processes. What is regtech?

Technology 195

Technology Fraud Compliance Regulation 195

Abrigo

FEBRUARY 14, 2023

Takeaway 2 The rule is aimed at tracking small business credits to enforce fair lending laws and ID and support women- and minority-owned small businesses. The regulation, expected to be finalized in weeks, outranked BSA/AML rules, beneficial ownership requirements, and current expected credit loss (CECL) obligations.

Data 195

Data Lending Compliance Resources 195

Abrigo

OCTOBER 16, 2023

Advice from a former credit union BSA Officer A former compliance officer offers considerations for creating a successful and compliant AML program at your credit union. Watch webinar Takeaway 1 Recent FinCEN consent orders show that weak compliance programs are coming under more scrutiny, especially at gap institutions.

Training 195

Training Compliance Fraud Policies 195

Bank Innovation

SEPTEMBER 8, 2017

Chinese insurance company ZhongAn Online Property and Casualty Insurance, which boasts a customer base of 500 million people, has obtained approval to open an initial public offering (IPO) on the Hong Kong stock exchange. China’s first online-only insurance company hopes that the IPO will raise as much as $1.5 billion USD.

Company 231

Company Regulation Online social media 231

PYMNTS

NOVEMBER 6, 2020

Davies , head of lending at Figure, will spearhead the firm’s initiatives to get a bank charter from the OCC and he will become the Figure Bank chief executive officer, according to Cagney. Financial services firm Figure Technologies, Inc. 6) announcement.

National 163

National blockchain Lending Regulation 163

PYMNTS

OCTOBER 12, 2020

CEO Aditya Mishra said the company has seen around 2,000 customer sign-ups in the last week or so as almost 30 percent of BitMEX's trading volume has been withdrawn by customers since U.S. regulators cracked down on the firm Oct. regulators not coming as a surprise. regulators not coming as a surprise.

Bitcoin 261

Bitcoin Compliance Lending Regulation 261

PYMNTS

SEPTEMBER 6, 2018

Compliance and risk? Automating that compliance is now a “need to have.”. Compliance and risk officers have the unenviable task of finding out, sometimes after the fact, that not all the boxes are checked — if they even knew the boxes were there for checking in the first place.

Compliance 133

Compliance Fintech Regulation Knowledge Base 133

Bank Innovation

JANUARY 17, 2019

regulators have taken a greater interest over the last year in technology startups promising to reinvent finance. Several financial-technology companies are looking to staff up in regulatory compliance, according to job posting data reviewed […].

Regulation 150

Regulation Fintech Compliance Financial Technology 150

CFPB Monitor

OCTOBER 25, 2022

Under the settlement, Rhinebeck will pay a $950,000 civil money penalty, provide restitution to borrowers, and develop a compliance plan which includes updates to its auto policies to cap dealer markups on installment contracts purchased by the bank. L. §§ 296-a(1)(b) and (3). According to Rhinebeck’s President and CEO Michael J.

New York 78

New York Lending Community Bank Community 78

PYMNTS

DECEMBER 8, 2019

Asset management, payments and lending are being offered by Microsoft, Amazon, eBay, Baidu, Apple, Facebook and Tencent — all which have colossal databases. Many companies — like Amazon, Facebook, eBay, Alipay and Google — have acquired payments-related licenses in Luxembourg, Ireland, Lithuania and other EU countries. .

Regulation 131

Regulation Data Google Fintech 131

Gonzobanker

JUNE 14, 2023

Cross River Bank recently found itself in hot water with the FDIC when the agency declared that the bank engaged in unsafe or unsound banking practices in relation to its compliance with fair lending laws and regulations, specifically the Equal Credit Opportunity Act and the Truth-in-Lending Act. If only it were so easy.

Compliance 109

Compliance FDIC Strategy Fintech 109

Abrigo

MAY 18, 2023

How to evaluate loan review processes based on their scope and depth A closer look at loan review can help your institution determine what steps to take to please regulators and streamline processes. You would also have high depth if you were given a project within your company and told to develop it at your own pace.

Lending 195

Lending Training Guidelines Policies 195

PYMNTS

DECEMBER 28, 2020

Wolters Kluwer Compliance Solutions has bolstered its Paycheck Protection Program Supported by TSoftPlus software to speed up Small Business Administration (SBA) loan applications, according to a Monday (Dec. 28) announcement.

Software 150

Software Compliance Maine Lending 150

CFPB Monitor

DECEMBER 13, 2021

The report discusses the Bureau’s examinations in the areas of credit card account management, debt collection, deposits, fair lending, mortgage servicing, payday lending, prepaid accounts, and remittances that were completed between January 2021 and June 2021. Fair lending. Key findings by CFPB examiners are described below.

Lending 78

Lending Cards Regulation Payments 78

Perficient

MARCH 3, 2022

Federal bank regulators work together to design Comprehensive Capital Analysis and Review (“CCAR”) stress tests that are designed to ensure that even in the case of a severe recession, significant banks can lend to households and businesses. As repeated by federal bank regulators, the required economic scenarios are not forecasts.

Capital 294

Capital Regulation Exercises United States 294

PYMNTS

DECEMBER 10, 2016

Two years ago today, Lending Club was ringing the bell on an IPO that one early investor called “a no-brainer.”. Lending Club’s model does not need bank branches on each street corner, and it can turn around in minutes and hours, not days. “I So what went so right for LendingClub two years ago today at its IPO — and then so wrong?

Lending 100

Lending Compliance Capital Marketing 100

Abrigo

APRIL 6, 2022

Takeaway 2 The change includes an obligation to inform regulators of a “notification incident” ASAP and no later than 36 hours after a reportable event occurs. In this guest column by Jeffrey Taft and Matthew Bisanz of Mayer Brown 's Financial Services Regulatory & Enforcement practice, learn more about how to be ready for compliance.

Security 195

Security Regulation District of Columbia United States 195

CFPB Monitor

JUNE 30, 2022

Of special note, the OCC also believes compliance risk is “heightened” for Bank Secrecy Act/Anti-Money Laundering (BSA/AML) and Office of Foreign Assets Control (OFAC) compliance because of world events and compliance staffing concerns. BSA/AML Compliance Risks. Cybersecurity Risks.

Compliance 78

Compliance Fraud Technology Operations 78

CFPB Monitor

JUNE 18, 2019

Last week, the FDIC published its Consumer Compliance Supervisory Highlights that provides observations about its consumer compliance supervision activities in 2018. Regulation E – Mistakes Made in the Consumer Liability/Error Resolution Process. The CFPB has frequently noted similar findings of Regulation E violations.).

FDIC 60

FDIC Compliance Regulation Training 60

Abrigo

FEBRUARY 16, 2024

It's about ensuring that every aspect of your lending operation is optimized for efficiency and effectiveness. Kirby also recommends identifying the concentrations in your loan portfolio so regulators can see that you are planning for the future of whatever industries your financial institution specializes in.

Training 195

Training Risk Management Analysis Policies 195

PYMNTS

DECEMBER 11, 2019

When it comes to lending — to say nothing of the wider world of payments — innovation and disruption have been on the rise in recent years thanks to digital and mobile technology, along with online marketplace models. So-called peer-to-peer (P2P) lending has certainly faced challenges in certain markets. More Focus on P2P Lending.

Fintech 144

Fintech Lending Regional Regulation 144

CFPB Monitor

JUNE 14, 2021

The new law became effective immediately upon signing notwithstanding the authority it gives the Illinois Department of Financial and Professional Regulation (“IDFPR”) to adopt rules “consistent with [the] Act.”. Proposed Regulations. The IDFPR has proposed regulations to implement the Act.

Illinois 78

Illinois Regulation Report Lending 78

Abrigo

MARCH 2, 2023

The company has estimated that the impact of its system meltdown during bad weather will cost it as much as $825 million. Perhaps executives think delaying or cutting spending on technology to make lending more efficient will affect only their staff. Can the lender maintain control of the relationship throughout the lending process?

Technology 195

Technology Lending Community Software 195

PYMNTS

AUGUST 21, 2020

While Chinese traders are limited to the purchase of up to $50,000 of foreign currency annually, the volume suggests stablecoins could be being used to circumvent the regulation, according to Chainalysis , the New York-based provider of regulatory compliance software. But the government has cracked down on some of these methods.

cryptocurrency 349

cryptocurrency Report Regional Capital 349

CFPB Monitor

MAY 6, 2021

The OCFR claims that the Bank’s failure to hold the required lending licenses makes the loans unenforceable and prohibits Atlanticus/Fortiva from collecting any amounts on the loans. In 2016, the OCFR brought an enforcement action against CashCall, a nonbank operating a high-rate bank model program.

Maryland 78

Maryland Lending Missouri FDIC 78

PYMNTS

APRIL 28, 2016

The new idea being floated involves classifying marketplace lenders, who operate online and also offer smaller loans with set payments, as installment lenders that are under the CFPB’s jurisdiction and regulations. The CFPB has been pursuing this quietly for some time.

Lending 100

Lending Chicago Regulation Regional 100

CFPB Monitor

JANUARY 5, 2021

based on alleged violations of the Military Lending Act (MLA) and Electronic Funds Transfer Act (EFTA). While, as noted, this is the CFPB’s second recent investigatory sweep related to military lending practices, the Omni consent order may also be part of a broader but unannounced focus on EFTA compliance.

Lending 78

Lending Trends Nevada Compliance 78

CFPB Monitor

APRIL 11, 2022

A Connecticut federal district court has refused to dismiss claims filed by the CFPB against a mortgage company and three of its principals for alleged Truth in Lending Act (TILA), Mortgage Act and Practice (MAP) Rule, and Consumer Financial Protection Act (CFPA) violations.

Connecticut 78

Connecticut Company Regulation social media 78

PYMNTS

JULY 17, 2019

Financial institutions are in a constant balancing act: open up access to capital for borrowers to promote economic growth and financial inclusion and mitigate against the risk exposure lending produces — sometimes with disastrous implications for the global economy.

Data 130

Data Management Analytics Compliance 130

PYMNTS

APRIL 16, 2020

This week’s look at the latest in bank-FinTech collaborations and open banking initiatives finds a focus on small business lending: In the U.K., Deloitte, Unqork, Plaid Debut Lending-as-a-Service Tool. ” Plaid Unlocks Payroll Data to Support PPP Lending. .” Visa Invests in Open Banking FinTech Railsbank.

Data 167

Data Lending Regional Fintech 167

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

MARCH 19, 2019

The company — co-founded by Soul Htite, who is also responsible for U.S. However, though the company expanded quickly in 2017 and 2018, Beijing’s crackdown on certain lending practices forced Dianrong to decline in the second half of 2018. As a result, the company’s outstanding transaction volume declined to ¥10 billion ($1.49

Regulation 138

Regulation Regional Lending Compliance 138

PYMNTS

FEBRUARY 14, 2018

According to a report in Reuters covering comments Sloan made at the investor conference, he said the bank is open for business and that nothing much has changed for the company. The move is unprecedented, as the Fed has never before placed limits on how large a company can get. Wells can still lend and take deposits.

Regulation 100

Regulation Conference Compliance Lending 100

PYMNTS

APRIL 10, 2017

The lead regulator for U.S. The Office of the Comptroller of the Currency accused Wells Fargo of an “extensive and pervasive pattern” of discriminatory and illegal lending practices for years. The OCC also lowered its overall score of Wells Fargo’s compliance with community banking laws to “needs to improve.”.

Regulation 100

Regulation California Community Bank Cards 100

Payments Source

JANUARY 7, 2021

is planning to restructure its consumer credit operations so the company can continue lending nationwide under new regulations that would otherwise threaten to dramatically restrict its most lucrative business, people familiar with the matter said. Jack Ma’s Ant Group Co.

Lending 150

Lending Groups Regulation Operations 150

Abrigo

AUGUST 18, 2020

Financial institutions should have r esearch ed their borrowers and their respective companies to see if there is a potential for fraud. Whether institutions are considering digitizing the lending , portfolio , fraud, or BSA/AML departments, involve senior management in the process to get their buy-in. Lending & Credit Risk.

Fraud 195

Fraud Lending Trends Compliance 195