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

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? Reading between the lines will be important here.

Regulation 70

Regulation Compliance Analysis Innovation 70

Bank Innovation

NOVEMBER 22, 2016

based compliance management company Continuity noted that despite the decrease in enforcement actions — 99 vs. 150 in Read More. New Haven, Conn.-based

Compliance 150

Compliance Management Company Operations 150

FICO

OCTOBER 4, 2016

When federal banking agencies recently revised their Q&As for CRA compliance , their focus on the use of alternative data caught my eye. Adopted in 1977, the CRA is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods.

Lending 74

Lending Data Community FDIC 74

CFPB Monitor

SEPTEMBER 9, 2020

1831d(a) (“Section 27(a)”), which governs the interest charges of state-chartered FDIC-insured banks. The recharacterization threat also diminishes both the opportunity for innovation in lending products and the availability of credit, especially for consumers with risker credit profiles. 12 U.S.C. § 1 (emphasis added).

FDIC 78

FDIC National South Dakota Lending 78

CFPB Monitor

AUGUST 8, 2019

The letter was conditioned on Upstart’s agreement to a model risk management and compliance plan that required it to analyze and address risks to consumers, and assess the real-world impact of alternative data and machine learning. 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

Bank Innovation

MAY 21, 2018

Jamie Dimon and Warren Buffett may still think bitcoin is a Ponzi scheme, but in the meantime, Goldman Sachs has reportedly opened a crypto trading operation, apparently a first for the banking industry, and Coinbase, the market-leading wallet and exchange, is […].

cryptocurrency 186

cryptocurrency Bitcoin Operations Industry 186

CFPB Monitor

NOVEMBER 22, 2022

While the report does not address “true lender” challenges in bank/fintech lending relationships, it does discuss the risk of “so-called ‘rent-a-charter’ schemes that market themselves as innovative fintech lending platforms, but operate with essentially the same harmful business model as a traditional payday lender.”

Fintech 78

Fintech Report Data Lending 78

Jeff For Banks

MARCH 29, 2014

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. We serve our local geographic market which is the Dallas - Fort Worth metropolitan area. Texas Capital Bancshares, Inc. Prosperity Bancshares, Inc.

Strategy 100

Strategy Texas San Antonio Fort Worth 100

NCR

DECEMBER 18, 2015

Tech innovator Apple hit the market more than a year ago with Apple Pay , bringing along retailers as diverse as Macy’s, Duane Reade and Whole Foods as partners. The FDIC estimates that some 10 million households have no contact with a banking institution of any kind. And there are many alternatives, such as Venmo, Square and Belly.

Apple 40

Apple Retail FDIC Mobile 40

PYMNTS

OCTOBER 1, 2018

The DOJ investigation centered on whether LendingClub had – between January 2009 to September 2010 – misled its FDIC-insured loan originator, WebBank , leading the bank to underwrite over 200 loans that did not conform to the bank’s lending requirements. The DOJ Finding. So, Now What?

Lending 135

Lending Fraud Management San Francisco 135

William Mills

SEPTEMBER 9, 2016

Auto-financing is ripe for innovation. Addresses compliance, fraud experience and customer experience analytics. Social media is a special challenge since social media was not created with compliance in mind. 10:50 am Moonraft Innovation Labs – [link] – @moonraft. With reporting, can get rid of excel.

social media 40

social media ATM Mobile Customer Experience 40

PYMNTS

AUGUST 29, 2018

Banks are graded on their compliance by the government. The FDIC and FCC did not back the comments on the part of the OCC, although both have shown an interest in rewriting the rules. 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

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. 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.

Policies 40

Policies District of Columbia Regulation California 40