Abrigo

AUGUST 7, 2023

Applying model risk management to CECL What's involved in CECL model validation? Learn what banks, credit unions, and others subject to CECL accounting can expect from this risk management process. Model validation is a crucial aspect of model risk management.

Risk Management 195

Risk Management Handbook Analysis Management 195

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. In effect, Cross River is in time out.

Compliance 109

Compliance FDIC Strategy Fintech 109

Celent Banking

DECEMBER 13, 2016

But the slew of banking regulatory requirements for third party risk management is proving to be complex, all-consuming and expensive for both institutions and the third parties involved. In a nutshell, institutions are liable for risk events of their third and extended parties and ecosystems. " www.fdic.gov.

Risk Management 100

Risk Management Management Exercises FDIC 100

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

OCTOBER 1, 2022

Cybercrime is becoming more sophisticated, with bad actors aiming to profit from data theft, malware and ransomware attacks. Federal regulatory groups are drawing more attention to how cyber insurance is a critical part of broader risk management strategies.

Montana 152

Montana Policies Resources FDIC 152

Abrigo

MARCH 2, 2023

Takeaway 2 According to Forrester data, firms pursuing technology-driven innovation grow three to four times faster than industry averages. Community banks and the entire banking industry face downside risks from inflation, rising market interest rates, and continued geopolitical uncertainty, the FDIC said recently in its quarterly report.

Technology 195

Technology Lending Community Software 195

Abrigo

AUGUST 6, 2021

according to FFIEC and FDIC data. Technology can help streamline and automate many manual lending processes, reduce compliance costs, and enhance risk management. Technological changes in the banking industry have allowed for better product delivery, data analysis, and back-office efficiency,” the report states.

Community Bank 195

Community Bank Community Kansas City Lending 195

CFPB Monitor

NOVEMBER 22, 2022

Continue to engage with supervised institutions that are seeking to prudently implement new credit underwriting approaches, including those using alternative data. This includes IDIs acting as lenders in bank/fintech partnerships.

Fintech 78

Fintech Report Data Lending 78

CFPB Monitor

APRIL 28, 2022

In 2005, the federal prudential regulators—including the Board of Governors of the Federal Reserve System (Federal Reserve), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC)—issued Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice.

Report 147

Report FDIC Regulation Security 147

Abrigo

SEPTEMBER 14, 2022

What banks need to know as the CFPB gets closer to its final rule Banks, credit unions, and other creditors may be required to collect more data for each application under a new rule. You might also like this webinar: "Fortify Your Loan Policy to Effectively Manage Credit Risk." Prepare for change to data collection practices.

Lending 195

Lending Data Regulation Community 195

Abrigo

JULY 26, 2021

Our dedicated risk management experts are ready to help you transition to CECL with confidence. Banks input peer data, then adjust. Only 25% had selected a methodology and were in testing, and 32% were collecting and analyzing data. They also said it doesn’t ensure compliance with U.S. Learn more. How it Works.

Tools 195

Tools Kansas City Kansas Regulation 195

Independent Banker

JUNE 30, 2022

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. Using FDIC data for 2021, we calculated a lender score out of 100 for each community bank. By Ed Avis. Methodology.

Community Bank 172

Community Bank Community National Philadelphia 172

CFPB Monitor

AUGUST 8, 2019

A new CFPB blog post titled “ An update on credit access and the Bureau’s first No-Action Letter ” provides a boost to lenders using alternative data and machine learning in their underwriting models. The Bureau issued its first (and so far only) no-action letter in September 2017 to Upstart Network Inc.

Data 60

Data Lending Compliance Policies 60