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. This involves the use of AI to inform credit decisions to enhance or supplement existing techniques.

Regulation 309

Regulation Industry Risk Management Analysis 309

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

Abrigo

JUNE 2, 2021

Does it address a “culture of compliance”? One central contact for all examination questions keeps the stress level down and prevents unprepared information from being given to your examiners. Frequent communication is helpful in knowing ahead of time how the exam is going and if any clarifying information is needed.

How To 195

How To Training Compliance Policies 195

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. It all comes, at least on the surface, as a message of support that also comes at a time when chief compliance officers may be a bit trepidatious.

Compliance 148

Compliance Innovation FDIC Examples 148

CFPB Monitor

JANUARY 28, 2021

Although the OCC’s CRA final rule technically became effective on October 1, 2020, it provides transition periods for compliance based on a bank’s asset size, type of charter, and business model. The information collection applies only to banks with assets of $2.5

FDIC 131

FDIC Community Lending Survey 131

CFPB Monitor

MAY 22, 2020

The Federal Reserve, OCC, FDIC, and NCUA have issued “ Interagency Lending Principles for Offering Responsible Small-Dollar Loans.” Effective management of credit, operational, compliance, and other risks. Section 85) governs the interest national banks may charge. Federal law (12 U.S.C.

FDIC 78

FDIC Policies Lending Guidelines 78

CFPB Monitor

MAY 7, 2020

No-Action Letter Policy) to address potential compliance issues. The Bureau focused on assessing whether (1) there is discrimination in the application, underwriting, and pricing processes, (2) creditors are redlining, and (3) there are weaknesses in fair lending related compliance management systems. Small business lending.

Lending 78

Lending Report FDIC Policies 78

CFPB Monitor

SEPTEMBER 10, 2020

The DBO’s press release stated that it issued a subpoena to LoanMart requesting financial information, emails, and other documents “relating to the genesis and parameters” of its arrangement with CCBank. Thus, both the OCC and FDIC have adopted regulations rejecting the Second Circuit’s Madden decision.

Utah 78

Utah California FDIC West Virginia 78

CFPB Monitor

MARCH 15, 2022

According to the complaint, in 2020 and 2021, OppFi provided documents to the DFPI in response to the DFPI’s request for information relating to its partnership with the Bank. OppFi was also informed that the interest rate on Program Loans in amounts less than $2500 violated the CFL rate limit on such loans. Section 7.4001(e).

California 78

California Innovation Utah West Virginia 78

CFPB Monitor

APRIL 22, 2021

The agencies are the Comptroller of the Currency, Farm Credit Administration, FDIC, Federal Reserve Board, and National Credit Union Administration (Agencies). Recently, federal agencies proposed revisions to the Interagency Questions and Answers Regarding Flood Insurance. However, please see the following bullet point.

Policies 60

Policies Compliance Meeting Regulation 60

CFPB Monitor

SEPTEMBER 9, 2020

Ballard Spahr LLP has submitted a comment letter to the OCC in support of its proposed rule , “National Banks and Federal Savings Associations as Lenders” (the “Proposed Rule”). Three virtually identical Federal Interest Statutes govern interest that may be charged by Banks: Section 85 of the National Bank Act (“NBA”), 12 U.S.C. §

FDIC 78

FDIC National South Dakota Lending 78

CFPB Monitor

JANUARY 9, 2017

. “Landing teams” are members of the incoming president’s transition team tasked with gathering information about their assigned agency. We previously reported that Paul Atkins would be on the landing team for the CFPB as well as the landing teams for the FDIC and OCC. Consuala “CJ” Jordan. Julie Bell Lindsay.

Leadership 60

Leadership FDIC Policies Compliance 60

CFPB Monitor

OCTOBER 1, 2018

1010.100(d) — and their subsidiaries which are subject to the jurisdiction of the OCC, Federal Reserve, FDIC, or NCUA. ” This process involves gathering identifying information and procedures for verifying the customer’s identity. 5318(l) for certain premium finance loans. Further observing that, under 31 C.F.R.

Regulation 60

Regulation FDIC Policies Compliance 60

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

CFPB Monitor

JULY 12, 2022

However, regulators themselves have been criticized for encouraging de-risking by driving highly risk-adverse decisions by FIs, who are unwilling to take the chance and assume the compliance costs of doing business with specific customers who may in fact be “legitimate,” but whose risk profile is deemed to be high due to their group affiliation.

Regulation 78

Regulation ATM Operations Policies 78

Abrigo

NOVEMBER 22, 2021

Consumer Lending Laws & Compliance Financial institutions offering consumer loans need to know about these major consumer lending laws and recent compliance issues. Takeaway 1 Risk tied to consumer lending compliance has been elevated as a result of the pandemic and associated operating challenges. Pandemic Issues.

Compliance 195

Compliance Lending Risk Management Regulation 195

CFPB Monitor

OCTOBER 13, 2020

We recently published a blog about the OCC’s proposed rule “National Banks and Federal Savings Associations as Lenders” (the “Proposed Rule”), which would clarify that a bank (or savings association) is properly regarded as the “true lender” when, as of the date of origination, it is named as the lender in a loan agreement or funds the loan.

Lending 60

Lending Colorado FDIC National 60

PYMNTS

JUNE 14, 2018

At the end of the ride, neither the driver nor the rider wanted to be responsible for giving, receiving or holding onto the kind of personal information needed for a credit card transaction or a digital peer-to-peer (P2P) transfer. Customers must provide enough information to meet KYC – know your customer – requirements. Challenges.

Tools 118

Tools Virginia Cards Payments 118

CFPB Monitor

JUNE 15, 2020

Click here for more information and to register. 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. ” In the webinar, we will be joined by special guest Kenneth H. Thomas, Ph.D.,

Community 60

Community FDIC Lending Examples 60

CFPB Monitor

JUNE 25, 2020

The final CRA rule is an effort by the OCC to provide objective measures to evaluate the CRA performance of national banks and savings associations supervised by the OCC (including federal and state-chartered savings associations and uninsured federal branches of foreign banks). Data Collection and Retention.

Community 97

Community Lending Meeting Retail 97

CFPB Monitor

NOVEMBER 22, 2022

The Federal Reserve, FDIC, and OCC should finalize the interagency guidance for banks on managing risks associated with third-party relationships that was proposed in July 2021. The CFPB should consider whether and how it might supervise data aggregators.

Fintech 78

Fintech Report Data Lending 78

Independent Banker

AUGUST 26, 2015

The bank’s mortgage company has developed a national retail lending presence over the last 18 months using phones and email, rather than branch offices. “We Webster says FDIC officials had “no issue” with the mortgage company’s use of electronic signatures during a recent exam of PrivatePlus Mortgage.

San Francisco 70

San Francisco Lending System Atlanta 70

PYMNTS

SEPTEMBER 21, 2020

billion transactions for potential suspicious activity and screened more than 157 million transactions for compliance with applicable sanctions requirements. In 160 reports, banks sought more information about corporate vehicles, only to be met with no response,” reported the ICIJ.

Fraud 347

Fraud Report System FDIC 347

William Mills

SEPTEMBER 9, 2016

Showing how the platform would work, the potential investor, NDA, and other information. Addresses compliance, fraud experience and customer experience analytics. Social media is a special challenge since social media was not created with compliance in mind. Blue, Red (Compliance), Green (what bankers do best).

social media 40

social media ATM Mobile Customer Experience 40

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

FICO

DECEMBER 19, 2018

This month, the FCC approved the creation of a National Reassigned Number Database to address the nearly 100,000 wireless numbers that are reassigned each day. 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.

Policies 40

Policies District of Columbia Regulation California 40