Independent Banker

DECEMBER 31, 2022

The FDIC approved a final rule to increase initial base deposit insurance assessment rates by 2 basis points until the Deposit Insurance Fund (DIF) achieves the FDIC’s long-term goal of a reserve ratio of 2% of insured deposits. The FDIC’s long-term goal for the reserve ratio of insured deposits. Source: FDIC.

Compliance 100

Compliance FDIC Community Bank Community 100

Perficient

AUGUST 16, 2023

A rather small bank, as of the end of its first quarter, the bank reported $139 million in total assets and $130 million in total deposits in its FDIC Call Report. Bank Closed By Regulators Almost all bank closures happen on a Friday so that regulators can work all weekend to reopen the bank on Monday. bank to fail this year.

United States 221

United States Kansas FDIC Risk Management 221

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. Office of the Comptroller of the Currency (OCC). Cybersecurity.

Regulation 309

Regulation Industry Risk Management Analysis 309

PYMNTS

DECEMBER 18, 2018

Now comes a comic book contribution to one of the most vexing and vital issues of modern payments and commerce — fraud prevention and ID compliance. 18) that is has released a free comic and coloring book entitled “ The Adventures of ID Man and Compliance Kid.”. Compliance, too, could become a juicer in the near future.

Compliance 152

Compliance Fraud Security FDIC 152

Abrigo

JULY 22, 2022

Cryptocurrency regulation is on the horizon The ups and downs of the cryptocurrency scene have illuminated a need for guidance for traditional financial institutions. Takeaway 1 Cryptocurrency has been able to offer good interest rates on high-yield savings accounts and secured loans with no credit check. . DOWNLOAD WHITEPAPER.

cryptocurrency 195

cryptocurrency FDIC Regulation Fraud 195

American Banker

NOVEMBER 29, 2023

FDIC Chairman Gruenberg cautioned about deteriorating commercial real estate loans and unrealized losses on securities in a high interest rate enviroment. Net income at banks fell 4.6% year over year in the third quarter, though it remained above pre-pandemic levels, according to the latest Quarterly Banking Profile.

FDIC 69

FDIC Report Security Compliance 69

CFPB Monitor

DECEMBER 2, 2021

As anticipated, the OCC, Federal Reserve Board, and FDIC recently approved and released the Final Rule Requiring Computer-Security Incident Notification (“Final Rule”). The Final Rule is designed to promote early awareness and stop computer security incidents before they become systemic.

Regulation 78

Regulation Report FDIC Security 78

PYMNTS

JULY 15, 2020

With Paxos Crypto Brokerage, companies can leverage our expertise and regulatory compliance to easily and securely integrate crypto into their applications. debut in March, teaming up with Metropolitan Commercial Bank to offer FDIC -insured accounts that can be opened and accessed through smartphones. Revolut made its U.S.

US 233

US cryptocurrency FDIC Compliance 233

American Banker

JANUARY 2, 2024

Brighton Bank entered a consent agreement with the regulator regarding violations of anti-money laundering laws.

Tennessee 82

Tennessee FDIC Regulation Cyber Security 82

CFPB Monitor

APRIL 28, 2022

As the number and frequency of cyber attacks continue to grow, regulators have attempted to enhance cybersecurity protections via increased and more rigid incident reporting obligations, leading to a constantly shifting regulatory patchwork of varying disclosure and timing obligations. Status/Effective Date.

Report 147

Report FDIC Regulation Security 147

Abrigo

JULY 10, 2023

Here are several suggestions for tightening security. Takeaway 2 Improving security questions is a good step to take to avoid text-to-speech AI fraud schemes. However, you should be able to trust the answers to specific security questions. Just as important are the security questions set up for your clients.

Fraud 150

Fraud How To social media Security 150

Bank Innovation

APRIL 25, 2019

Fintechs are having trouble facing reality when it comes to obtaining bank charters, FDIC Chairman Jelena McWilliams and Comptroller of the Currency Joseph Otting said here at the FDIC’s Fintech and the Future of Banking conference on Wednesday. WASHINGTON, D.C.

Fintech 186

Fintech FDIC Washington Conference 186

Abrigo

SEPTEMBER 14, 2022

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. Those implementing regulations were coming. So back in 2011, we understood the next logical step.

Lending 195

Lending Data Regulation Community 195

Independent Banker

OCTOBER 1, 2022

Steps such as multi-factor authentication have proven to be highly effective and are viewed as minimum security features for banks seeking cyber insurance. Some insurance carriers even offer discounts for banks that have additional layers of security, such as multi-factor authentication or end-point detection and remediation.

Montana 152

Montana Policies Resources FDIC 152

CFPB Monitor

NOVEMBER 29, 2021

The 2022 clarity promised by the “roadmap” presumably will supersede, once issued, Interpretive Letter #1179, which appears to function as a general stop-gap until the 2022 publications hopefully provide more detail regarding exactly how banks can attain compliance. Federal banking regulators have been busy in this space.

Compliance 78

Compliance cryptocurrency Regulation FDIC 78

PYMNTS

APRIL 7, 2016

.” “As an industry, there’s not one specific issue we’re particularly worried about — the space is already heavily regulated, with borrower protections on one side and securities rules on the other,” said Sam Hodges, cofounder and U.S. Specific regulation [for the marketplace lenders] could be a healthy thing.”.

Lending 100

Lending San Francisco FDIC Regulation 100

Bank Innovation

APRIL 24, 2019

Secretary of the Treasury Steven Mnuchin said today that he prefers private over government solutions when it comes to collecting and using consumer data for financial products and services, speaking at a fintech conference hosted here by the FDIC.

Data 170

Data FDIC Washington Conference 170

Abrigo

AUGUST 8, 2021

Independent Loan Review Systems in Banking Banking regulators have outlined expectations for effective, independent loan review and credit risk review. . The change reflects regulators’ expectations that financial institutions will develop loan review or credit review systems tailored to their specific risks and circumstances.

System 195

System Lending Policies Regulation 195

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. Information security program and information systems.

Community Bank 78

Community Bank Community Fintech Company 78

PYMNTS

NOVEMBER 23, 2020

In terms of mechanics, he explained, having a national bank charter in hand from the OCC means Figure will not have to obtain licenses to provide financial services on a state-by-state basis, but instead will be enabled to deliver its offerings on a nationwide basis while tailoring its compliance to the mandates of the OCC as sole regulator.

National 215

National blockchain Montana Lending 215

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. By Vanessa Drucker.

Community Bank 70

Community Bank Compliance Risk Management Community 70

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 DOJ, CFPB, and federal banking regulators should prioritize fair lending enforcement. The CFPB should rescind its no-action letter policy, trial disclosure program, and compliance assistance sandbox.

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.

Cyber Security 102

Cyber Security Compliance Security FDIC 102

CFPB Monitor

OCTOBER 1, 2019

The exemption based on a transaction value of $400,000 or less is available for residential real estate transactions, which is defined as a real estate-related financial transaction that is secured by a single 1-to-4 family residential property. These requirements are effective January 1, 2020.

FDIC 68

FDIC Compliance Regulation Security 68

FICO

JANUARY 13, 2020

The laws and rules governing anti-money laundering and combating the financing of terrorism compliance have not been substantively updated since the Bank Secrecy Act was adopted in 1970. While regulators have formed an inter-agency working group to develop viable reform measures, Congress has recently taken action to address the problem.

Policies 52

Policies Las Vegas FDIC Washington 52

CFPB Monitor

NOVEMBER 22, 2022

In particular, the report’s recommendations deserve attention because they are likely to influence future actions by the federal banking regulators and the CFPB. (The The report is also worthwhile reading for its discussion of the role of fintechs and other non-banks in providing consumer financial services and how that role has evolved.).

Fintech 78

Fintech Report Data Lending 78

CFPB Monitor

SEPTEMBER 8, 2016

The Department of Defense (DoD) has issued an interpretive rule to assist the industry in complying with its July 2015 final rule amending the Military Lending Act’s implementing regulation. The DoD consulted with the CFPB in developing the final rule, and the CFPB actively supported the DoD’s plans to expand MLA coverage.

Compliance 60

Compliance FDIC Security Regulation 60

CFPB Monitor

JULY 6, 2020

These actions could include, but are not limited to, updated compliance aids, policy statements, or other guidance.”. The CFPB recently proposed amendments to Regulation Z pursuant to this directive. Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z). Click here for more information and to register.).

Regulation 78

Regulation Policies FDIC Lending 78

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

American Banker

FEBRUARY 1, 2023

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FDIC 45

FDIC Cyber Security Compliance Security 45

NCR

AUGUST 31, 2016

Yet banks need one important yet not easily attainable ingredient to do mortgages right in an era of ever-increasing rules and regulations—quality. Some banks choose to overcome the quality hurdle—which is demanded by both regulators, GSEs and investors—by hiring their own QC staff. Mortgage compliance does not come cheap.

Community Bank 49

Community Bank Community Guidelines Compliance 49

Independent Banker

FEBRUARY 24, 2016

Already, community banks have a leg up over digital-platform lenders in funding stability; the new lenders cannot match the security of a traditional depository’s core deposit base. FDIC-insured deposits largely solve this problem for banks.

Community Bank 70

Community Bank Community Lending FDIC 70

Independent Banker

SEPTEMBER 22, 2015

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. Escrow obligations. Home equity lines of credit. Non-performing loans.

Regulation 70

Regulation Policies Community Bank Taxes 70

Javelin Strategy & Research

SEPTEMBER 2, 2014

I’m not a compliance expert and am equally inexperienced on such pan-industry areas such as lending or payday loans, yet I do know how digital innovation changes the value proposition for all participants in the industry. So what do you think I should focus on? I’d like to hear from you.

Innovation 58

Innovation DC FDIC Strategy 58

Bank Innovation

SEPTEMBER 18, 2017

SoFi’s hopes of becoming a bank have most likely been crushed after the departure of former CEO Mike Cagney, Securities and Exchange Commission former chairman Arthur Levitt told the Financial Times yesterday.

Utah 170

Utah Online Security FDIC 170

Jeff For Banks

JUNE 24, 2010

As I understand it, government officials (excluding regulators) want banks to lend, banks have the cash to lend, bankers are hesitant to lend, and regulators would just as soon have you hire another compliance officer and purchase a U.S. Much of the standoff revolves around real estate secured lending.

Lending 67

Lending FDIC Regulation Regional 67

American Banker

SEPTEMBER 12, 2023

The securities have been hard to sell in part because the bonds will probably pay below-market coupons for years.

US 36

US Security Marketing FDIC 36