Compliance, Illinois and Lending - Community Banking Brief

Illinois regulator issues proposed Predatory Loan Prevention Act regulations; lawsuits filed to block implementation of Act’s database reporting requirement and for declaration Act does not apply to pawn transactions

CFPB Monitor

JUNE 14, 2021

In March 2021, Illinois Governor Pritzker signed into law SB 1792 , which contains the Predatory Loan Prevention Act (the “Act”). The new law became effective immediately upon signing notwithstanding the authority it gives the Illinois Department of Financial and Professional Regulation (“IDFPR”) to adopt rules “consistent with [the] Act.”.

Illinois

Illinois Regulation Report Lending

Using digital lending helps to reach small businesses

Independent Banker

OCTOBER 31, 2022

Digital lending capabilities are quickly becoming table stakes, particularly when it comes to small business lending. However, banks should first consider their customers’ needs and the infrastructure and features needed in a lending platform before adopting a new digital strategy. Benefits of digital lending.

Lending

Lending Community Bank Community Illinois

Stay On CFPB Payday Lending Rule Upheld

PYMNTS

MARCH 25, 2019

A federal judge late last week ordered a stay on the August 2019 compliance date tied to the “ payday lending rule ” mandated roughly two years ago by the Consumer Financial Protection Bureau (CFPB). The CFPB had asked the court to wait until a separate case had been decided. This is still illegal federally.”

Lending

Lending Illinois Compliance Chicago

Webinars

Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

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New York Department of Financial Services settles enforcement action with community bank over auto dealer fair lending allegations

CFPB Monitor

OCTOBER 25, 2022

Under the settlement, Rhinebeck will pay a $950,000 civil money penalty, provide restitution to borrowers, and develop a compliance plan which includes updates to its auto policies to cap dealer markups on installment contracts purchased by the bank. L. §§ 296-a(1)(b) and (3). Dealers, not banks, determine how much markup to charge customers.

New York

New York Lending Community Bank Community

Fintech Deals to Watch: Fall Festivities

Gonzobanker

SEPTEMBER 21, 2023

Lending: Lending Leaves Change Color Abrigo acquired Valuant for compliance and credit risk and DiCOM Software for automated credit risk software and partnered with Charm Solutions to launch Abrigo Small Business Lending Intelligence. Credit union lending platform Clutch partnered with Zest.ai

Fintech

Fintech Software Illinois Lending

FTC announces $10 million settlement with auto dealerships for alleged unlawful add-on charges and discriminatory conduct

CFPB Monitor

APRIL 11, 2022

The stipulated order requires the dealerships to pay $9,950,000 to the FTC to provide monetary relief to consumers, and $50,000 to the Illinois Attorney General Court Ordered and Voluntary Compliance Payment Projects Fund.

Illinois

Illinois Policies Lending Retail

Figure CEO: Figure Pay, National Bank Charter Will Boost Financial Inclusion

PYMNTS

NOVEMBER 23, 2020

While many digital-first companies springboard from payments into lending, Figure Technologies , a FinTech focused on home improvement, debt consolidation and retirement products that leverage blockchain protocols, is branching out from lending into payments. Blockchain and a bank charter might do much to boost financial inclusion.

National

National blockchain Montana Lending

NY DFS announces multistate investigation of payroll advance industry

CFPB Monitor

AUGUST 7, 2019

In its press release, the DFS claims that the investigation will look into “allegations of unlawful online lending” and “will help determine whether these payroll advance practices are usurious and harming consumers.” Illinois Department of Financial Professional Regulation.

Industry

Industry Puerto Rico South Dakota North Dakota

New York amends its Community Reinvestment Act to cover non-bank mortgage lenders; New York DFS issues proposed revisions to CRA regulation to require collection of data by banks on loan applications from minority- and women-owned businesses

CFPB Monitor

NOVEMBER 16, 2021

New York now joins a small group of states, including Illinois and Massachusetts, that apply CRA-type laws to non-depository mortgage lenders. On November 1, New York Governor Hochul signed into law amendments (S.5246-A/A.6247-A) The amendments are effective November 1, 2022.

New York

New York Community Regulation Data

Springboard to Excellence

Independent Banker

SEPTEMBER 21, 2015

ICBA’s in-depth certification programs vault compliance officers to the highest standards. imberly Anderson, senior vice president and chief administrative officer of Cañon National Bank in southern Colorado, became her community bank’s loan compliance officer in 2003. By Ed Avis.

Compliance

Compliance Community Bank Community Training

Washington Watch

Independent Banker

SEPTEMBER 26, 2014

Even though the industry identified several major regulatory burdens, including those posed by the Truth in Lending Act and the Home Mortgage Disclosure Act, few substantive regulations were repealed. Advocacy & Policy Regulation / Compliance Washington Watch'

Washington

Washington Fort Worth Regulation Community Bank

PYMNTS Payday Lending Primer

PYMNTS

APRIL 26, 2016

Which brings us to payday lending and its proposed regulation – a subject that has turned out to be the Berserk Button for a shocking number of consumer right advocates, congressmen, regulators, Senators, preachers, industry representatives business people and consumers. So why all the fuss? The Typical Payday Lender.

Lending

Lending Regulation Industry Illinois

Fintech Fundings: 36 Companies Raise $480 Million Week Ending March 18

Fintech Labs Insights

MARCH 22, 2016

million for its P2P lending platform for small businesses. million for its compliance tools. Alt-lender focused on lending against existing automobile titles. HQ: Chicago, Illinois. P2P real estate lending marketplace. Peer-to-peer lending marketplace. SmartAsset raised $3.8 Qumram raised $2.5 LendInvest.

Company

Company New York City Fintech Colorado

Major Medium of Exchange

Independent Banker

DECEMBER 13, 2015

Jim Foster, vice president and compliance officer of Oak Bank, a community bank located in the wealthy Gold Coast neighborhood north of Chicago’s Loop, says many of the bank’s customers request four-figure cash withdrawals before they leave on trips out of the country. Ed Avis is a freelance writer in Illinois.

Community Bank

Community Bank Community Maine Mississippi

Fintech Fundings: 30 Companies Raise $390 Million Week Ending May 13

Fintech Labs Insights

JUNE 6, 2016

HQ: Chicago, Illinois. HQ: Chicago, Illinois. Tags: Consumer, collectibiles, investing, asset based lending, artwork. Consumer alt-lender. Latest round: $188 million Debt (for AvantCredit UK). Total raised: $1.92 billion ($654 million Equity, $1.26 billion Debt). Source: Crunchbase. Bridge2Solutions. Total raised: $35 million.

Company

Company Fintech San Francisco New York City

Fintech Fundings: 21 Companies Raise $460 Million Week Ending April 1

Fintech Labs Insights

APRIL 4, 2016

HQ: Chicago, Illinois. Tags: Consumer, lending, loans, mortgage, investing, peer-to-peer, crowdfunding. HQ: California City, California. Source: Crunchbase. PayItSimple consumer credit service. Latest round: $22.5 million ($56 million valuation). Total raised: Unknown. HQ: New York City. Source: FT Partners. Source: FT Partners.

New York City

New York City Company Fintech California

Fintech Fundings: 22 Companies Raise $300 Million Plus 2 IPOs Raise $5.9 Billion

Fintech Labs Insights

OCTOBER 19, 2015

Bitcoin compliance solutions. HQ: Lombard, Illinois. Tags: Enterprise, underwriting, credit, lending, analytics, API, Life.SREDA (investor). Source: TechCrunch. Alt-lender to small businesses. HQ: Atlanta, Georgia. Latest round: $135 million at $1 billion valuation. Total raised: $600 million. Source: Finovate. million Seed.

New York City

New York City Company Fintech New York

Who were ICBA’s Top Lenders of 2022?

Independent Banker

JUNE 30, 2022

Here, we highlight some of last year’s most successful loan producers in the areas of agriculture, commercial and consumer/mortgage lending. The score combines the average of the bank’s percentile rank for lending concentration and for loan growth over the past year in each lending category. By Ed Avis. Methodology. AGRICULTURE.

Community Bank

Community Bank Community National Philadelphia

2021’s Best Community Banks to Work For

Independent Banker

NOVEMBER 30, 2021

Within that tightly knit group, there’s the bank’s leadership team, comprising president and CEO Greg Dennis, chief lending officer Jon Girard, vice president of operations and compliance Kristine Hendrickson, and executive vice president and chief financial officer Michele Boeder. William Atkinson is a writer in Illinois.

Community Bank

Community Bank Community Texas Leadership

State AGs urge Mulvaney to continue use of disparate impact theory of ECOA liability

CFPB Monitor

SEPTEMBER 13, 2018

57, disapproving of the CFPB’s Bulletin 2013-2 regarding “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act.” The states whose AGs signed the comment letter are North Carolina, California, Illinois, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New York, Oregon, Rhode Island, Vermont, and Virginia.

Rhode Island

Rhode Island District of Columbia North Carolina Vermont

Fintech Fundings: 30 Companies Raised $330 Million First Week of August

Fintech Labs Insights

SEPTEMBER 1, 2016

Lending marketplace for small businesses. HQ: Evanston, Illinois. Tags: Institutions, lenders, mortgage, lending, customer service, mobile, account opening. Total raised: $44.7 HQ: New York City. Source: FT Partners. Funding Societies. Latest round: $7.5 million Series A. Total raised: $7.5 HQ: Singapore. Source: Crunchbase.

New York City

New York City Company Fintech Comparison

17 Of The Biggest Startup Frauds Of All Time

CB Insights

MAY 23, 2019

Zenefits skirts compliance regulations. Zenefits skirts compliance regulations. Rishi Shah and Shradha Agarwal founded healthcare information startup Outcome Health in 2006 while the pair were still studying at Illinois’ Northwestern University. Table of contents. The Honest Company not so honest about labeling.

Fraud

Fraud Las Vegas Company Video

Fintech Fundings: 21 Companies Raise $260 Million Week Ending Feb 12

Fintech Labs Insights

FEBRUARY 15, 2016

HQ: Chicago, Illinois. HQ: Chicago, Illinois. Tags: Consumer, SMB, loans, credit, lending, underwriting. HQ: Oakland, California. Source: Crunchbase. Maestro Health. Employee benefits and health insurance services. Latest round: $53 million. Total raised: $53 million. Source: Crunchbase. Latest round: $10 million Series B.

Company

Company Fintech New York City Comparison

Fintech Fundings: 20 Companies Raise $300 Million Week Ending July 17

Fintech Labs Insights

JULY 17, 2015

Regulatory compliance solutions for new account opening. HQ: Chicago, Illinois. Tags: P2P, lending, consumer, loans, underwriting, investing, marketplace lender. In total, 20 companies raised $294 million, all in equity (as far as we know). Here are the fundings from July 11 through July 17 in order of magnitude: Fenergo.

Fintech

Fintech Company San Diego Los Angeles

Senator Durbin Wants Wells Fargo To Stop Expanding Program With Colleges

PYMNTS

MARCH 7, 2018

According to news from The Wall Street Journal , citing a letter Senator Dick Durbin, a Democrat from Illinois, sent to the bank this week, Durbin is asking the financial institution (FI) to stop adding more colleges to its partnership program until the order by the Federal Reserve last month that caps Wells Fargo’s growth is addressed.

Illinois

Illinois Compliance Lending Cards

Fintech Fundings: 27 Companies Raise $345 Million Week Ending August 14

Fintech Labs Insights

AUGUST 14, 2015

HQ: Highland Park, Illinois. Tags: Investing, trading, stock shares, enterprise, compliance. HQ: London, England, UK. Latest round: $100 million ($87.5 million Debt, $12.5 million Equity). Total raised: $100 million($87.5 million Debt, $12.5 million Equity). Source: Crunchbase. International money transfers. HQ: New York City.

New York City

New York City Company Fintech New York

Democratic Congressman Bill Foster seeks chairmanship of House Financial Services Committee Fintech taskforce

CFPB Monitor

FEBRUARY 12, 2019

Democratic Congressman Bill Foster, who represents the 11th District of Illinois, has sent a letter to Maxine Waters, Democratic Chairwoman of the House Financial Services Committee, to express his “strong interest in serving as the Chair of the Taskforce on Financial Technology and Innovation that will be convened in the coming weeks.”

Fintech

Fintech Illinois Community Financial Technology

Eight state attorneys general file lawsuit seeking to overturn OCC’s true lender rule

CFPB Monitor

JANUARY 7, 2021

However, the AG plaintiffs in the new lawsuit instead view the Rule as “an unlawful attempt” by the OCC to “facilitate predatory lending” and support “rent-a bank schemes.”. If a bank fails to satisfy its compliance obligations, the OCC will not hesitate to use its enforcement authority consistent with its longstanding policy and practice.

District of Columbia

District of Columbia North Carolina New York Policies

Dynamic Duo

Independent Banker

FEBRUARY 16, 2015

The signature regulatory relief bill that garnered the most co-sponsors was the Community Lending Enhancement and Regulatory Relief Act (CLEAR Relief Act). Bar “disparate impact” causes of action relating to fair lending. Ed Avis is a writer in Illinois. Senate Banking Committee. 114th Congress, First Session.

Community Bank

Community Bank Alabama Ohio Community

Community Banking Brief

Illinois regulator issues proposed Predatory Loan Prevention Act regulations; lawsuits filed to block implementation of Act’s database reporting requirement and for declaration Act does not apply to pawn transactions

Using digital lending helps to reach small businesses

Webinars

Trending Sources

Stay On CFPB Payday Lending Rule Upheld

Webinars

New York Department of Financial Services settles enforcement action with community bank over auto dealer fair lending allegations

Fintech Deals to Watch: Fall Festivities

FTC announces $10 million settlement with auto dealerships for alleged unlawful add-on charges and discriminatory conduct

Figure CEO: Figure Pay, National Bank Charter Will Boost Financial Inclusion

NY DFS announces multistate investigation of payroll advance industry

New York amends its Community Reinvestment Act to cover non-bank mortgage lenders; New York DFS issues proposed revisions to CRA regulation to require collection of data by banks on loan applications from minority- and women-owned businesses

Springboard to Excellence

Washington Watch

PYMNTS Payday Lending Primer

Fintech Fundings: 36 Companies Raise $480 Million Week Ending March 18

Major Medium of Exchange

Fintech Fundings: 30 Companies Raise $390 Million Week Ending May 13

Fintech Fundings: 21 Companies Raise $460 Million Week Ending April 1

Fintech Fundings: 22 Companies Raise $300 Million Plus 2 IPOs Raise $5.9 Billion

Who were ICBA’s Top Lenders of 2022?

2021’s Best Community Banks to Work For

State AGs urge Mulvaney to continue use of disparate impact theory of ECOA liability

Fintech Fundings: 30 Companies Raised $330 Million First Week of August

17 Of The Biggest Startup Frauds Of All Time

Fintech Fundings: 21 Companies Raise $260 Million Week Ending Feb 12

Fintech Fundings: 20 Companies Raise $300 Million Week Ending July 17

Senator Durbin Wants Wells Fargo To Stop Expanding Program With Colleges

Fintech Fundings: 27 Companies Raise $345 Million Week Ending August 14

Democratic Congressman Bill Foster seeks chairmanship of House Financial Services Committee Fintech taskforce

Eight state attorneys general file lawsuit seeking to overturn OCC’s true lender rule

Dynamic Duo

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