Perficient

JANUARY 25, 2023

For example, many banks have launched small-dollar loan products that give eligible customers a few hundred dollars for a small flat fee. Another example is Eno , Capital One’s virtual assistant. The movement has ignited a renewed sense of openness toward pursuing more creative business solutions.

Banking Trends 474

Banking Trends Trends United States FDIC 474

Perficient

APRIL 2, 2021

The five federal agencies are: the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (Fed), the National Credit Union Administration (NCUA) and the. For example, an AI approach might be used to complement and provide a check on another, more traditional credit model.

Regulation 309

Regulation Industry Risk Management Analysis 309

CFPB Monitor

MARCH 24, 2020

The FDIC has issued a proposed rule setting forth the conditions it would impose and the commitments it would require to approve a deposit insurance application from an industrial bank or industrial loan company (collectively, ILC) whose parent company is not subject to consolidated supervision by the Federal Reserve Board (FRB).

FDIC 60

FDIC Taxes Industry Policies 60

Abrigo

JULY 22, 2022

Takeaway 2 While these financial products are appealing, the lack of stability and consumer protections surrounding them are a concern for the FDIC. ? . Takeaway 3 Financial institutions should notify the FDIC of crypto-related activity and be familiar with the risks of the cryptocurrency world. . Crypto turbulence.

cryptocurrency 195

cryptocurrency FDIC Regulation Fraud 195

Abrigo

MAY 19, 2023

Takeaway 2 Examining the following objectives and evaluating your loan review system based on them can ensure regulatory compliance. Takeaway 3 Consider how much your bank or credit union's resources can support while meeting regulatory expectations.

System 195

System Regulation How To Lending 195

CFPB Monitor

DECEMBER 19, 2019

The OCC and FDIC have issued a joint proposal to revise their regulations implementing the Community Reinvestment Act (CRA). Although the Federal Reserve, OCC and FDIC, are the primary CRA regulators, the Fed did not join the proposal and presumably will issue a separate proposal. ” Click here to register. Our thoughts.

FDIC 78

FDIC Regulation Community Retail 78

Perficient

AUGUST 9, 2022

Institutions must also prioritize regulatory compliance and be vigilant about carrying out consequences when their employees breach these expectations. Greenwood , a digital mobile banking platform made for Black and Latino customers, is one example of a financial institution working to increase accessibility among underserved communities.

Community 275

Community Customer Experience ATM Examples 275

CFPB Monitor

MARCH 26, 2020

The CFPB, OCC, FDIC, Federal Reserve, and NCUA have issued a joint statement “to specifically encourage” banks, savings associations, and credit unions “to offer responsible small-dollar loans to both consumers and small businesses” in response to the COVID-19 outbreak. For example, what rates will the agencies view as “responsible”?

FDIC 78

FDIC Lending National Examples 78

PYMNTS

DECEMBER 14, 2018

News came earlier in the month that several federal agencies have come out — together — in support of banks embracing innovation in their compliance efforts. Note that no one method is being championed over another, and of mention are programs including, for example, artificial intelligence (AI).

Compliance 148

Compliance Innovation FDIC Examples 148

Abrigo

JANUARY 8, 2016

The GAO acknowledged that community banks, credit unions and their professional industry associations reported increased compliance burdens and reduced activity in specific business activities, such as certain mortgage lending, as a result of Dodd-Frank.

Regulation 150

Regulation FDIC Survey Community Bank 150

CFPB Monitor

JANUARY 26, 2021

The CFPB , OCC , FDIC and NCUA have issued substantially similar final rules on the role of supervisory guidance. According to the agencies: [E]xamples offered in supervisory guidance can provide insight about practices that, in general, may lead to compliance with regulations and statutes. emphasis added). emphasis added).

Compliance 78

Compliance FDIC Regulation Examples 78

Independent Banker

SEPTEMBER 25, 2014

This is particularly true for community banks preparing to undergo their next regulatory safety and soundness or compliance examination. As David Barr, spokesperson for the FDIC, points out, “a vast majority of community banks remain well-rated and exhibit satisfactory corporate governance programs and compliance management systems.”.

Compliance 101

Compliance Regulation Community Bank Community 101

CFPB Monitor

DECEMBER 5, 2019

The OCC, Federal Reserve Board, FDIC, NCUA and CFPB have issued an “ Interagency Statement on the Use of Alternative Data in Credit Underwriting.”. The statement sets forth the agencies’ recognition of the benefits of using alternative data (AD) in credit decisions. fixed expenses such as housing, amount of variable expenses, etc.)

Data 97

Data FDIC Compliance Analysis 97

Abrigo

AUGUST 7, 2023

Model risk management guidance ( FRB SR 11-7 , OCC Bulletin 2011-12 , FDIC FIL-22-2017 ) outlines that the guiding principle for validation is an effective challenge to the model design, implementation, and use. Review CECL model documentation for compliance with guidelines provided by model risk management.

Risk Management 195

Risk Management Handbook Analysis Management 195

CFPB Monitor

NOVEMBER 2, 2020

The CFPB, OCC, Federal Reserve, FDIC, and NCUA have issued a proposed rule on the role of supervisory guidance. In September 2018, the agencies issued an “ Interagency Statement Clarifying the Role of Supervisory Guidance.” In response to the Statement, the agencies received a petition requesting a formal rulemaking on the subject.

FDIC 78

FDIC Regulation Compliance Risk Management 78

Independent Banker

JANUARY 31, 2023

Learn what this means for the industry and how community banks can stay in compliance. Sound compliance management requires consistent written disclosures, procedures and actual practices. The circular is an example of this less-formal approach. How the circular will affect community banks is not entirely clear.

Community Bank 91

Community Bank Community Compliance Regulation 91

PYMNTS

SEPTEMBER 21, 2020

billion transactions for potential suspicious activity and screened more than 157 million transactions for compliance with applicable sanctions requirements. In one example, reported on Monday (Sept. As Standard Chartered noted to BuzzFeed in the wake of the FinCEN files report: "In 2019 we monitored more than 1.2 billion in fines.

Fraud 347

Fraud Report System FDIC 347

CFPB Monitor

AUGUST 31, 2021

The OCC, FDIC, and Federal Reserve Board have issued a guide that is intended to assist community banks in conducting due diligence when considering relationships with financial technology (fintech) companies (Guide). Legal and regulatory compliance. Financial condition and competitive market environment and client base.

Community Bank 78

Community Bank Community Fintech Company 78

CFPB Monitor

APRIL 15, 2019

A memorandum issued by the Office of Management and Budget entitled “Guidance on Compliance with the Congressional Review Act” creates a new “speed bump” for final rules issued by the CFPB as well as other independent regulatory agencies such as the Federal Reserve, the FCC, the FDIC, the FTC, and the OCC.

Compliance 68

Compliance Analysis FDIC Report 68

CFPB Monitor

APRIL 15, 2019

A memorandum issued by the Office of Management and Budget entitled “Guidance on Compliance with the Congressional Review Act” imposes a new review process on final rules issued by the CFPB and other independent regulatory agencies such as the Federal Reserve, the FCC, the FDIC, the FTC, and the OCC.

Compliance 60

Compliance Analysis FDIC Report 60

CFPB Monitor

MAY 7, 2020

Thus, the Official Interpretation provides an example that a creditor may disclose a reason for a denial, even if the relationship of that disclosed factor to predicting creditworthiness may be unclear to the applicant.” No-Action Letter Policy) to address potential compliance issues. Small business lending. Student loan origination.

Lending 78

Lending Report FDIC Policies 78

Abrigo

MARCH 2, 2023

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. A buyer’s guide for lending software for smaller financial institutions can be helpful.

Technology 195

Technology Lending Community Software 195

PYMNTS

NOVEMBER 23, 2020

As we'd been progressing and looking at applications like using blockchain for payment rails versus interchange, for example, it just began to become very obvious to us that we needed a bank license to do this,” he said, especially in de-risking efforts around digital assets and custodial roles. There’s also the matter of product consistency.

National 215

National blockchain Montana Lending 215

Abrigo

JULY 10, 2023

An example of a rising AI fraud scheme is using voice-to-text technology, such as Microsoft’s new Vall-E Text-to-Speech System. As we harness the power of AI to enhance operational efficiency, detect patterns, and optimize decision-making processes, financial institutions must remain vigilant.

Fraud 150

Fraud How To social media Security 150

Independent Banker

OCTOBER 1, 2022

For example, some might exclude the payment in a ransomware attack. The FDIC and the OCC also issued an interagency statement on heightened cybersecurity risk that focuses on ways banks can reduce the risk of a cyber attack and minimize business disruptions. Not every policy is going to be the same.

Montana 152

Montana Policies Resources FDIC 152

Social Assurance

MAY 22, 2020

While the FDIC and Federal Reserve did not join the OCC in releasing this rule, they have released their proposed rule. Furthermore, the OCC will regularly publish illustrative examples of qualifying activities that banks can use to search for answers. Key Takeaway. The full text of the OCC’s final rule is available on their website.

Compliance 29

Compliance Regulation Community Guidelines 29

CFPB Monitor

AUGUST 4, 2020

Among other things, the examination procedures instruct examiners on how to assess the effectiveness of a bank’s compliance management system in managing UDAP and UDAAP risks, and provides red flags and risk indicators that can be used to identify acts or practices that may raise UDAP/UDAAP concerns.

Handbook 78

Handbook Regulation CA Exercises 78

CFPB Monitor

DECEMBER 7, 2022

As a reminder, in March 2022, the CFPB updated its exam manual and announced, “In the course of examining banks’ and other companies’ compliance with consumer protection rules, the CFPB will scrutinize discriminatory conduct that violates the federal prohibition against unfair practices.”

Community 78

Community Compliance Industry National 78

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. 73% for compliance audits.

Community Bank 70

Community Bank Compliance Risk Management Community 70

Abrigo

AUGUST 8, 2021

Being able to change course allows financial institutions to avoid issues – for example, by moving away from loans with a certain type of risk (whether that’s interest, credit, or liquidity). It also monitors compliance with applicable regulations and laws. 2020 Interagency Guidance.

System 195

System Lending Policies Regulation 195

CFPB Monitor

JUNE 15, 2020

The OCC acted alone in issuing the final CRA rule without waiting to achieve consensus with the FDIC, the agency with which the OCC had jointly issued the proposed rule. Nonetheless, the OCC replaced the stadium example with an example that better reflects the type of athletic facilities that have been approved for CRA credit historically.

Community 60

Community FDIC Lending Examples 60

PYMNTS

FEBRUARY 14, 2019

Such prohibition could involve limiting FDIC protections for those deposits, for example, or trying to prevent loans to those businesses. State Bank Northwest has “chosen to not service (cannabis-related businesses) because the compliance and regulatory risks are too great for our bank,” Deckard said.

Oregon 230

Oregon Colorado Operations Washington 230

Social Assurance

JULY 10, 2020

While the FDIC and Federal Reserve did not join the OCC in releasing this rule, they have released their proposed rule. Further, the OCC will regularly publish illustrative examples of qualifying activities that banks can use to search for answers. Key Takeaway. The full text of the OCC’s final rule is available on their website.

Compliance 15

Compliance Regulation Community Guidelines 15

CFPB Monitor

DECEMBER 16, 2020

The OCC and FDIC should rescind their Madden -fix rules and the OCC should rescind its “true lender” rule. The CFPB should rescind its no-action letter policy, trial disclosure program, and compliance assistance sandbox. The DOJ, CFPB, and federal banking regulators should prioritize fair lending enforcement.

Policies 78

Policies Regulation Lending FDIC 78

Jack Henry

JULY 2, 2014

The stakes of this game are rising, however, because of increased sophistication of cyber-attacks, regulatory scrutiny around how banks are managing IT environments, and the growing number of governing entities with their fingers in the compliance pie. I would be remiss to discuss outsourcing today without mentioning vendor management.

Cyber Security 102

Cyber Security Compliance Security FDIC 102

Insights on Business

MARCH 5, 2019

Reducing costs but appeasing regulators seems like an oxymoron, yet, many AML compliance and operations leaders are being asked to do just that. They even mentioned that these approaches “can maximize utilization of banks’ BSA/AML compliance resources.” But is it possible? Federal encouragement starts now.

Regulation 70

Regulation Compliance Analysis Innovation 70

Celent Banking

DECEMBER 13, 2016

The FDIC expresses best the sentiment of worldwide regulators: “A bank’s use of third parties does not relinquish responsibility… but holds it to the same extent as if the activity were handled within the institution." " www.fdic.gov.

Risk Management 100

Risk Management Management Exercises FDIC 100