BankInovation

NOVEMBER 12, 2020

President-elect Joe Biden is set to take over the White House in January, and the financial services industry is awaiting his key decisions around regulation policies and personnel appointments. Amid the anticipation, it’s unclear just how drastic a change the Biden administration will bring. “I I don’t see major shifts.

Policies 98

Policies Fintech Regulation Industry 98

Insights on Business

MAY 1, 2019

Whether policy makers are encouraging deregulation, or increasing regulatory requirements, regulatory change has been a constant. A recently published Thomson Reuters study titled “ Fintech, Regtech and the Role of Compliance in 2019 ” found that a new regulatory alert is issued every seven minutes. Read the report here.

Compliance 141

Compliance United States Regulation Study 141

Insights on Business

MAY 1, 2019

While deregulation has been a trend over the past few years, compliance monitoring and regulatory change management remains a top focus for financial institutions of all sizes. Greater availability of data, facilitated by real-time integrations makes it possible for compliance experts to monitor a wide variety of sources.

Compliance 122

Compliance Management Regulation Analysis 122

PYMNTS

JANUARY 30, 2019

Then the first money laundering directives came out, which started to mandate more and more in the realm of customer due diligence, so the company added a compliance check. With these factors in play, FinTech firms are evolving their offerings to keep up with the new regulatory challenges.

Fintech 185

Fintech Regulation Compliance Policies 185

BankInovation

OCTOBER 5, 2022

It may just be that banking-as-a-service (BaaS) providers and fintechs have grown into unique and now mature collaborators that justify updated and revised requirements from regulators. Hsu spoke at The Clearing House and Bank Policy Institute’s Annual Conference, outlining the Office of the Comptroller of […].

Exercises 97

Exercises Fintech Conference Policies 97

PYMNTS

SEPTEMBER 29, 2017

Banks are finding it more difficult than ever to ignore potential FinTech partnerships that could better serve their corporate customers. When it comes to corporate treasury, business clients demand robust solutions and services from their banks, and FinTech players are stepping in to help. Staying Updated.

Fintech 141

Fintech Risk Management Compliance Management 141

CFPB Monitor

MARCH 28, 2022

Clyburn sought information from the nation’s largest lenders on their PPP lending policies and compliance efforts, including Anti-Money Laundering (“AML”) and know-your-customer (“KYC”) policies. James Clyburn, made several overtures to PPP lenders. First, on March 3, 2021 , Rep. Enforcement Efforts.

Fraud 146

Fraud Compliance Lending Policies 146

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. Risk management policies, processes, and controls.

Community Bank 78

Community Bank Community Fintech Company 78

CFPB Monitor

SEPTEMBER 13, 2018

The CFPB is proposing significant revisions to its “Policy to Encourage Trial Disclosure Programs” (TDP Policy), which sets forth the Bureau’s standards and procedures for exempting individual companies, on a case-by-case basis, from applicable federal disclosure requirements to allow those companies to test trial disclosures.

Policies 60

Policies Arizona Regulation Innovation 60

CFPB Monitor

DECEMBER 4, 2023

Szczepanik, Director of the Strategic Hub for Innovation and Financial Technology (FinHub), Securities and Exchange Commission Donna Murphy, Acting Deputy Comptroller for the Office of Financial Technology and Deputy Comptroller for Compliance Risk Policy, Office of the Comptroller of the Currency. . Continue Reading

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Innovation Financial Technology Policies Compliance 78

Abrigo

APRIL 7, 2022

Today’s financial marketplace is challenged by increasing regulation, high expectations for fast and mobile financial services, and new fintech companies joining the already competitive arena. In a perfect merger, both banks are compliant, risk-based, and consistent with each other’s policies and procedures. Proactive Planning.

Compliance 195

Compliance Policies Fraud Analysis 195

CFPB Monitor

MAY 18, 2021

Access to Fed services is sought by fintechs and other non-traditional financial services companies because a Fed account, and direct access to Fed financial services, would dispense with the need for the non-bank to use a traditional bank as an intermediary with the Fed. payments, deposit-taking, and lending).

Fintech 78

Fintech Guidelines Policies System 78

PYMNTS

MARCH 7, 2017

On Monday (March 6), CFPB Director Richard Cordray presented at the LendIt USA Conference, providing attendees with an overview of where the bureau stands on FinTech innovation. In his keynote speech, Cordray shared how the CFPB is working to help facilitate FinTech innovation in a way that is beneficial for both providers and consumers.

Fintech 123

Fintech Innovation Exercises Conference 123

Payments Source

MARCH 10, 2021

The Arizona Fintech Council, an organization of banks, economic and technology groups, will encourage collaboration and access to the state's regulatory sandbox to promote a version of Europe's open banking policy in the U.S.

Arizona 179

Arizona Groups Policies Fintech 179

Insights on Business

JUNE 20, 2018

For financial services institutions, the ever-growing volume of regulations and annual changes since the financial crisis continue to challenge banks’ capabilities, as well as their confidence, in managing compliance and risk exposure. IBM has also made investments in advanced analytics and AI for governance, risk and compliance.

Compliance 70

Compliance Innovation User Experience System 70

PYMNTS

AUGUST 20, 2018

The survey stretched across 77 C-level executives, IT managers and others — and of that tally, 76 percent of firms are not currently in compliance with their own information governance policies. As many as 85 percent of firms are boosting budgets over the previous year’s, tied to data privacy and compliance.

Fintech 101

Fintech Survey Regulation Resources 101

CFPB Monitor

AUGUST 24, 2020

We have previously blogged about the lawsuits filed by the Colorado Attorney General against fintechs Avant and Marlette Funding and their partner banks WebBank and Cross River Bank. However, the bank may require the fintech to maintain a deposit account at the bank to secure fintech obligations to the bank, subject to specified limitations.

Colorado 78

Colorado Fintech Lending Online 78

Insights on Business

JULY 1, 2019

Until recently, the words “customer experience” and “compliance” didn’t really come up in the same conversation – let alone exist in the same universe. But the focus of this conversational insight isn’t just limited to understanding whether a representative is violating policies. Learn more at ibm.com/RegTech.

Compliance 96

Compliance Customer Experience Analysis Data 96

CFPB Monitor

DECEMBER 11, 2018

The BCPF has issued proposed revisions to its 2016 final policy on issuing “no-action” letters (NAL), together with a proposal to create a new “BCPF Product Sandbox.” Proposed NAL policy revisions. The revisions are intended to address the 2016 policy’s many shortcomings. The proposal would remove such statements.

Policies 74

Policies Regulation Innovation Exercises 74

CFPB Monitor

OCTOBER 11, 2018

At the Online Lending Policy Institute’s (OLPI) annual summit in Washington, D.C. The summit speakers included Grovetta Gardineer, the Senior Deputy Comptroller for Compliance and Community Affairs at the OCC. Mr. Watkins indicated that the CFPB’s no-action letter policy may also be subject to review by the Bureau.

Policies 60

Policies Lending Data Online 60

CFPB Monitor

NOVEMBER 22, 2022

The report attributes the risk that such schemes will arise to bank/fintech relationships that “lack proper regulatory oversight or principles for responsible lending.”

Fintech 78

Fintech Report Data Lending 78

PYMNTS

APRIL 29, 2016

In art, form follows function, while in technology, progress follows policy. Beyond the FinTech players themselves, there’s worry that the banks will be in such a scramble to play catch up with the newer upstarts that they will themselves be unwitting harbingers of systemic destruction. .

Fintech 100

Fintech Regulation Lending Innovation 100

PYMNTS

FEBRUARY 28, 2020

As B2B FinTech firms continue working to break down silos, and ease the numerous friction points of the B2B payments process for both buyer and seller, the opportunities for data integration are vast. It’s one thing to enable two B2B FinTech platforms — like an accounts payable and accounting platform — to share data with each other.

Taxes 209

Taxes Data Fintech Compliance 209

CFPB Monitor

DECEMBER 11, 2018

The BCFP has issued proposed revisions to its 2016 final policy on issuing “no-action” letters (NAL), together with a proposal to create a new “BCFP Product Sandbox.” Proposed NAL policy revisions. The revisions are intended to address the 2016 policy’s many shortcomings. The proposal would remove such statements.

Policies 60

Policies Regulation Innovation Exercises 60

CFPB Monitor

SEPTEMBER 27, 2016

Republican Congressman Patrick McHenry, Vice Chair of the House Financial Services Committee, has introduced the “ Financial Services Innovation Act of 2016 ,” which is intended to provide a streamlined regulatory process for innovative fintech products and greater certainty about compliance requirements.

Fintech 60

Fintech Innovation Compliance Policies 60

Insights on Business

MAY 23, 2016

Instilling compliance into an organization from a cultural, functional, and infrastructure perspective is no easy feat. Given the complexity of the regulations and how organizations have traditionally tackled this problem, compliance executives know that there is no guaranteed elixir.

Compliance 79

Compliance Regulation Risk Management Data 79

CFPB Monitor

MAY 25, 2022

The CFPB announced earlier this week that as part of a new approach to innovation in consumer finance, it is replacing its Office of Innovation and Operation Catalyst with a new office, the Office of Competition and Innovation, and eliminating its No Action Letter (NAL) and Compliance Assistance Sandbox (CAS) programs.

Innovation 78

Innovation Compliance Marketing Regulation 78

PYMNTS

FEBRUARY 25, 2020

Local company and regulator movements often provoke immediate responses from their counterparts in other markets, but these shifts are often born out of the perception that China has lax data privacy policies. Confronting Chinese Compliance . The reality is that the nation approaches cybersecurity and Open Banking from another angle.

Regulation 140

Regulation Compliance Online Data 140

PYMNTS

DECEMBER 8, 2019

Firms like Google, Alibaba and Facebook could be forced to share data with banks and FinTech firms. Banks are required to share customer data with rival FinTech firms, and “this may need to be the case with Big Tech, too,” the FSB said in the report.

Regulation 131

Regulation Data Google Fintech 131

Insights on Business

MAY 23, 2016

Instilling compliance into an organization from a cultural, functional, and infrastructure perspective is no easy feat. Given the complexity of the regulations and how organizations have traditionally tackled this problem, compliance executives know that there is no guaranteed elixir.

Compliance 70

Compliance Risk Management Regulation Data 70

American Banker

JULY 20, 2023

The Small Business and Entrepreneurship Committee voted nearly unanimously to advance a bill that would halt a plan by the Small Business Administration to open up some of its loan programs to fintech companies.

Fintech 69

Fintech Company Policies Compliance 69

Abrigo

MARCH 11, 2022

As sanctions become more complex and require constant diligence, Office of Foreign Assets Control (OFAC) compliance should be a high focus for your business. If you need assistance enhancing your sanctions program, this downloadable Key Components of a Strong Sanctions Compliance Program may help.

Regulation 195

Regulation cryptocurrency Policies Management 195

PYMNTS

FEBRUARY 24, 2020

Its policies mandate that corporations share private data with it, for example, meaning Chinese regulatory innovation requires serious consideration from any entities that wish to work there. All three agree that China occupies a unique space in the global economy and that changes to its data and banking policies are just as distinctive.

Regulation 160

Regulation Policies Data Compliance 160

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. Private sector innovation is of value, and pilot programs may be too, which opens the door to FinTech — all of which now can come through industry commentary.

Compliance 148

Compliance Innovation FDIC Examples 148

Abrigo

JANUARY 24, 2024

Through FedNow, the fintech also facilitates instant microdeposits, the small-amount transactions used to validate accounts. On top of transaction limits set by the network, credit unions can configure lower limits using institutional risk policies as a guide and adjusting the limit over time. Who can send or receive.

Fraud 221

Fraud Payments Software Policies 221

CFPB Monitor

AUGUST 8, 2022

To help financial services companies manage the federal approvals, state licenses, and foreign “doing business” registrations they are required to maintain—and avoid penalties for non-compliance—Ballard Spahr has launched Ballard360 LicenSync. LicenSync is completely customizable.

Compliance 78

Compliance Tools Innovation cryptocurrency 78

American Banker

AUGUST 9, 2023

The Federal Reserve issued fresh policy guidance around stablecoin issuance, distributed ledger technology and fintech partnerships. Legal and policy analysts anticipate a further chilling effect on bank engagement with so-called novel activities.

Policies 36

Policies Fintech Technology cryptocurrency 36