CFPB Monitor

MAY 7, 2020

The CFPB’s annual fair lending report covering its 2019 activities is scheduled to be published in tomorrow’s Federal Register. The Bureau states that an area of innovation that it is monitoring for fair lending and credit access issues is “artificial intelligence (AI), and more specifically, machine learning (ML), a subset of AI.”

Lending 78

Lending Report FDIC Policies 78

Perficient

NOVEMBER 30, 2021

Using what could be described as “agile policy-making,” the agencies conducted a series of interagency “policy sprints” focused on crypto assets. Ancillary custody services could potentially include staking, facilitating crypto asset lending, and distributed ledger technology governance services.

cryptocurrency 309

cryptocurrency Regulation Policies Compliance 309

Abrigo

SEPTEMBER 14, 2022

You might also like this webinar: "Fortify Your Loan Policy to Effectively Manage Credit Risk." The data is intended to help the CFPB enforce fair lending laws and could also be used by the government and small business lenders to identify the needs of businesses, said Michelle Lucci, Abrigo Regulatory Compliance Manager.

Lending 195

Lending Data Regulation Community 195

CFPB Monitor

OCTOBER 20, 2016

On October 17, the FDIC released revised interagency Military Lending Act (MLA) examination procedures for use in connection with consumer credit transactions occurring on or after October 3, 2016. The FDIC also provided guidance on its initial supervisory expectations for examinations relating to MLA compliance.

FDIC 60

FDIC Compliance Training Lending 60

Abrigo

AUGUST 8, 2021

Takeaway 3 Timely risk ratings and a written review policy are critical components of effective loan review and credit review. The Federal Reserve, the OCC, the NCUA, and the FDIC repeatedly pointed out that the nature of loan review or credit risk review at a given bank or credit union will vary. Identifying Credit Weaknesses.

System 195

System Lending Policies Regulation 195

PYMNTS

APRIL 7, 2016

On the logic that everything is easier when taken on with a team, the big names in marketplace lending are joining forces and forming their own nonprofit trade association. The CEOs of Funding Circle, Lending Club and Prosper have announced the launch of the Marketplace Lending Association (MLA).

Lending 100

Lending San Francisco FDIC Regulation 100

CFPB Monitor

SEPTEMBER 2, 2016

The American Bankers Association, joined by six other prominent industry trade groups, is seeking a six-month extension of the date by which depository institutions must comply with the Military Lending Act (MLA) final rule adopted by the Department of Defense (DoD) in July 2015 that dramatically expanded the scope of the MLA’s coverage.

Compliance 79

Compliance Groups Lending FDIC 79

CFPB Monitor

MAY 22, 2020

The Federal Reserve, OCC, FDIC, and NCUA have issued “ Interagency Lending Principles for Offering Responsible Small-Dollar Loans.” In that statement, the agencies indicated that they were “working on future guidance and lending principles for responsible small-dollar loans.”.

FDIC 78

FDIC Policies Lending Guidelines 78

ABA Community Banking

FEBRUARY 2, 2022

McWilliams discusses several policy aspects of her tenure at the FDIC, including climate risk, small-dollar lending, CRA reform and the Mission-Driven Bank Fund. The post Podcast: Exit Interview with Jelena McWilliams, Part 2 appeared first on ABA Banking Journal.

FDIC 52

FDIC Policies Lending Community Bank 52

Independent Banker

JANUARY 26, 2016

The FDIC has released a proposal to indemnify the banks with assets less than $10 billion from the costs of raising the Deposit Insurance Fund reserve ratio from 1.15 The FDIC could vote on the proposal as early as next month. Has your community bank faced increased Farm Credit System non-farm lending in its marketplace?

FDIC 70

FDIC Community Bank Community Lending 70

CFPB Monitor

SEPTEMBER 2, 2016

The request was made in a letter to the CFPB, the Fed, the FDIC, the OCC, and the NCUA (Agencies). ” The trade groups note that it was not until last week, on August 26, 2016, that the DoD published in the Federal Register an interpretive rule to provide guidance regarding compliance with the July 2015 final rule.

Compliance 60

Compliance Groups Lending FDIC 60

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

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

AUGUST 24, 2020

Supreme Court, a Colorado appellate court (after any chance for appeal has run) or the FDIC adopts a “true lender” test that differs from the safe harbor). As licensees, the fintechs must submit annual compliance reports to the Colorado Administrator. Avant and Marlette Funding are currently licensed.)

Colorado 78

Colorado Fintech Lending Online 78

American Banker

SEPTEMBER 21, 2023

Board's Vice Chair Travis Hill urged his fellow regulators Thursday to delay implementing new banking regulations until interest rates stabilize, saying rushed rules amid precarious economic conditions could impact consumer lending.

Regulation 41

Regulation FDIC Lending Policies 41

CFPB Monitor

DECEMBER 16, 2020

Chairman Waters and members of her staff are expected to have a strong voice in shaping the Biden Administration’s approach to financial services regulatory policy. The new CFPB Director should restore the role and responsibilities of the Office of Fair Lending and Equal Opportunity.

Policies 78

Policies Regulation Lending FDIC 78

FICO

OCTOBER 4, 2016

The potential of alternative data in consumer lending decisions continues to be a hot topic in Washington, D.C., When federal banking agencies recently revised their Q&As for CRA compliance , their focus on the use of alternative data caught my eye.

Lending 74

Lending Data Community FDIC 74

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

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

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

NOVEMBER 9, 2022

The Q1 2023 compliance date is near for smaller SEC-reporting financial institutions and private or not-for-profit banks and credit unions, and progress is decidedly mixed, according to the Abrigo 2022 CECL Survey. Prepare documentation—policies and procedures—as you go. Lending & Credit Risk. Their other advice? Learn More.

Survey 195

Survey Software Resources Meeting 195

CFPB Monitor

SEPTEMBER 9, 2020

Our letter draws on Ballard Spahr’s two-plus decades of experience in representing banks and savings associations (“Banks”) in establishing lending programs (“Bank-Agent Programs”) where a Bank obtains substantial assistance from a fintech or other non-Bank company (an “Agent”) to offer Bank loans to consumers or small businesses. .

FDIC 78

FDIC National South Dakota Lending 78

Jeff For Banks

JUNE 20, 2017

And let's not forget about the thousands of employees that work for regulatory bodies, compliance personnel in banks, and consultants that help them comply. So what am I talking about, that deposit insurance is why banks don't do like FinTech lending firms and use alternatives to the FICO score in underwriting consumer credits?

Data 60

Data FDIC Regulation Washington 60

CFPB Monitor

JULY 6, 2020

These actions could include, but are not limited to, updated compliance aids, policy statements, or other guidance.”. Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z). Other items listed in the agenda on which the CFPB expects to take action this year include: Business Lending Data (Regulation B).

Regulation 78

Regulation Policies FDIC Lending 78

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. corporations, partnerships, sole proprietorships, and trusts) to facilitate the purchases of property and casualty insurance policies, otherwise known as premium finance loans or premium finance lending.

Regulation 60

Regulation FDIC Policies Compliance 60

American Banker

MAY 16, 2022

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California 74

California FDIC Policies Compliance 74

Independent Banker

FEBRUARY 24, 2016

A whopping 95 percent of ICBA members are active commercial real estate (CRE) lenders, according to the latest ICBA Community Bank Lending Survey. Risk-management practices “that cause concern,” the regulators wrote, include “a greater number of underwriting policy exceptions and insufficient monitoring of market conditions.”.

Community Bank 70

Community Bank Lending Community Regulation 70

ABA Community Banking

OCTOBER 1, 2019

Heated competition for bank funding is an increasingly important focus for community bank leaders, according to an annual survey released today by the Federal Reserve, the FDIC and the Conference of State Bank Supervisors. The post Survey Finds Cost of Funds Top of Mind for Community Bankers appeared first on ABA Banking Journal.

Survey 49

Survey Community FDIC Community Bank 49

Jeff For Banks

MARCH 29, 2014

Lending services include commercial loans to small to medium-sized businesses and professional concerns as well as consumers. The amount of deposits available to us while maintaining full FDIC insurance protection for our trust customers has consistently exceeded $30 million for the last three years.

Strategy 101

Strategy Texas San Antonio Fort Worth 101

Independent Banker

SEPTEMBER 22, 2015

Avoiding potential lending hazards from regulatory flood-insurance requirements. In June, five federal agencies (including FDIC, Office of the Comptroller of the Currency and the Federal Reserve) announced approval of a final rule that modifies regulations applying to loans secured by properties located in special flood hazard areas.

Regulation 70

Regulation Policies Community Bank Taxes 70

FICO

JANUARY 9, 2017

Last fall, I suspect that most regulatory compliance professionals in the U.S. consumer lending market anticipated 2017 would be more of the same. While I won’t ever be mistaken for Nostradamus, amidst this regulatory sea change, I feel (relatively) confident in sharing with you my top regulatory compliance predictions for 2017.

Regulation 40

Regulation Lending New York Leadership 40