PYMNTS

AUGUST 21, 2020

While Chinese traders are limited to the purchase of up to $50,000 of foreign currency annually, the volume suggests stablecoins could be being used to circumvent the regulation, according to Chainalysis , the New York-based provider of regulatory compliance software.

cryptocurrency 349

cryptocurrency Report Regional Capital 349

American Banker

JANUARY 4, 2024

The governor's proposed license for buy now/pay later lending adds momentum to the efforts to rein in the fast-growing and unregulated product.

New York 39

New York Lending Compliance Regulation 39

Abrigo

APRIL 6, 2022

Takeaway 1 Financial institutions must revise their incident response and business continuity procedures to meet new requirements by May 1, 2022. Takeaway 2 The change includes an obligation to inform regulators of a “notification incident” ASAP and no later than 36 hours after a reportable event occurs. Expand and Clarify.

Security 195

Security Regulation District of Columbia United States 195

CFPB Monitor

APRIL 14, 2021

The California Department of Financial Protection and Innovation (DFPI) has issued modifications to its proposed regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans and merchant cash advances.

CA 78

CA Regulation California New York 78

American Banker

OCTOBER 6, 2022

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New York 36

New York Regulation Lending Compliance 36

PYMNTS

JUNE 6, 2016

The drama surrounding online lenders — who they lend to, when, how and at what rates — continues. The agency, the New York Department of Financial Services, sent the letter to lenders that included Prosper, Funding Circle, Avant, Upstart and a host of others, according to an unnamed source.

Online 100

Online New York Lending Regulation 100

Abrigo

JUNE 5, 2023

Data-driven decisions for managing financial institution risk while driving growth and increasing efficiency are especially important given the recent failures of Silicon Valley Bank, First Republic Bank, and Signature Bank of New York. Regulators review them to assess safety and soundness.

Report 195

Report Risk Management Capital Data 195

PYMNTS

JULY 2, 2020

Payroll card provider Global Cash Card has reportedly lost its legal battle against the New York Department of Labor, which had imposed regulations on payroll card companies in an effort to protect employees against unfair fees. ADP Eyes Payroll Card Adoption Jump. In a collaboration with U.K.

Cards 208

Cards New York Capital Compliance 208

PYMNTS

SEPTEMBER 18, 2018

In addition, the “digital sandbox” will, in part, focus on regulatory compliance and — as is typical of such testing environments — allow an operating license to be granted in the wake of a proven business model. While In New York, New York…. Announcements came Monday (Sept. Startup accelerators are in place.

Fintech 166

Fintech New York US National 166

CFPB Monitor

MAY 6, 2019

The New York Department of Financial Services has announced the creation of a new “ powerhouse ” Consumer Protection and Financial Enforcement Division. Attorney in the Southern District of New York and an Assistant District Attorney in the Manhattan District Attorney’s Office. Prior to her work in consulting, Ms.

New York 90

New York Pennsylvania Compliance Lending 90

CFPB Monitor

FEBRUARY 10, 2021

On January 26, 2021, the FTC sent its annual letter to the CFPB reporting on the FTC’s activities related to the Equal Credit Opportunity Act (“ECOA”) and Regulation B. The FTC has authority to enforce the ECOA and Regulation B with respect to nonbank financial service providers within its jurisdiction.

Report 78

Report New York City Lending Regulation 78

American Banker

AUGUST 2, 2023

The Department of Housing and Urban Development is reviewing HSBC's lending practices in certain majority Black and Hispanic neighborhoods, the bank disclosed. The regions under scrutiny include New York, Seattle and several parts of California, according to the nonprofit organization whose complaint prompted the investigation.

Seattle 69

Seattle New York California Regional 69

Bank Innovation

SEPTEMBER 14, 2017

banking regulator, the Office of the Comptroller of the Currency, is still in the “exploratory” phase with its new fintech charters. This is according to acting Comptroller Keith Noreika, who made the remarks yesterday during the FinovateFall conference in New York.

Fintech 170

Fintech New York Conference Regulation 170

PYMNTS

APRIL 25, 2017

The charter is optional for FinTechs and is aimed at providing a stamp of approval by the OCC for having good compliance practices. Other concerns are that the OCC doesn’t understand FinTech and therefore shouldn’t regulate it. Among the states that have issue with it are New York, Florida, Ohio and California.

Fintech 109

Fintech Ohio Florida Oregon 109

CFPB Monitor

JULY 29, 2022

On July 20, 2022, the Federal Trade Commission (“FTC”) and 18 state attorneys general led by New York Attorney General Letitia James announced that they have entered into a settlement with Harris Originals of NY, Inc. District Court for the Eastern District of New York, Harris Jewelry will issue approximately $10.9

National 78

National Retail Regulation New York 78

Abrigo

OCTOBER 23, 2014

CEIS Review , a New York-based bank consulting firm, highlights the shift in a recent article. Community banks certainly want to remain conservative with risks and follow regulations. But shareholders also expect profitability and growth, while keeping costs, especially those related to regulatory compliance, down.

Risk Management 186

Risk Management Management Lending Resources 186

PYMNTS

AUGUST 20, 2018

Three months in, the European Union’s General Data Protection Regulation still stymies some firms seeking to comply with new rules and regulations governing data protection and privacy. 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 7, 2019

The New York Department of Financial Services (DFS) issued a press release yesterday to announce that it is leading a multistate investigation into the payroll advance industry. The other state regulators identified in the DFS’s press release as joining the investigation are the following: Connecticut Department of Banking.

Industry 92

Industry Puerto Rico South Dakota North Dakota 92

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

Independent Banker

DECEMBER 31, 2021

Regulators haven’t yet broached the subject with them. That’s followed by residential mortgage lending (36.3%), small business lending (32.1%), commercial and industrial (C&I) lending (30%) and agricultural lending (23.6%). Another community bank structured a new entity in a similar way, Silveria says.

Community Bank 144

Community Bank Community Lending Louisiana 144

CFPB Monitor

SEPTEMBER 10, 2020

The DBO indicated that it “is investigating whether LoanMart’s role in the arrangement is so extensive as to require compliance with California’s lending laws. While several states oppose the preemption of state usury laws in the context of bank/nonbank partnerships, federal banking regulators have taken a different stance.

Utah 78

Utah California FDIC West Virginia 78

CFPB Monitor

SEPTEMBER 25, 2015

The joint complaint filed by the CFPB and DOJ in federal district court in New Jersey states that the action resulted from a joint investigation by the agencies of the bank’s lending practices following the CFPB’s referral of the bank to the DOJ pursuant to the ECOA. million civil money penalty to the CFPB.

NJ 60

NJ New Jersey New York Philadelphia 60

Independent Banker

JULY 30, 2015

In New York, IBANYS plays creative offense and strong defense on several issues. The Independent Bankers Association of New York State has been actively advocating for several initiatives to enhance community banking and the communities and customers our members serve. By John Witkowski.

Community Bank 70

Community Bank New York Community Taxes 70

Gonzobanker

OCTOBER 24, 2018

Name the rule, reg or newly formed regulator, and the common bond is that they were all born out of bankers not policing their own industry. March 2017 – Wells failed the OCC community lending test, the Feds uncovering “violations across multiple lines of business within the bank” and “significant harm to customers.” Dodd-Frank.

San Francisco 151

San Francisco Industry America Compliance 151

American Banker

JULY 24, 2020

Similar to a law passed two years ago in California, legislation headed to the New York governor’s desk would require fintech and other nonbank lenders to uniformly disclose total cost of capital, APR and other metrics to potential borrowers.

New York 68

New York California Capital Fintech 68

PYMNTS

NOVEMBER 20, 2017

CNBC said it was hard to determine how many people lost their licenses, but public records reviewed by The New York Times named at least 8,700 cases in which occurred. The report noted that the actions have impacted firefighters, nurses, teachers, lawyers, massage therapists, barbers, psychologists and real estate brokers.

South Dakota 129

South Dakota Tennessee New York Taxes 129

Independent Banker

DECEMBER 29, 2015

ICBA warns of risks of online marketplace lending models. Online marketplace lenders are a new form of nonbank specialty lending that uses technology platforms to allow Wall Street and individual investors to directly fund loans to consumers and small businesses. Lend exclusively over online peer-to-peer platforms.

San Francisco 70

San Francisco Lending New York City Online 70

Gonzobanker

DECEMBER 17, 2021

CAP COM and SEFCU in New York come to together to create an $8 billion cooperative organization. million gets the vaunted consumer lender a much-prized bank charter, low-cost deposits to juice current earnings, and a business lending capability to drive future growth. We salute a legend of lending and credit union leadership.

Fintech 148

Fintech Strategy Leadership Lending 148

Independent Banker

OCTOBER 31, 2021

Regulators implement ICBA-supported three-year transition. Curt Allison, The Fountain Trust Company’s chief lending officer, says his bank’s software program has been collecting data since Dec. A similar story comes from Jill Sung, president and CEO of $338 million-asset Abacus Federal Savings Bank in New York City.

Community Bank 91

Community Bank Community Software New York City 91

PYMNTS

SEPTEMBER 22, 2017

Startup formation is fizzling, according to New York Times reports – and dragging down the rest of the economic landscape with them. That is related to, but slightly different from, the regulatory hurdles that new businesses face. The proof, according to economists, is in the numbers. Want to start a financial services startup?

US 108

US Apple Innovation Regulation 108

CFPB Monitor

MARCH 8, 2017

Earlier this week, we attended the LendIt USA conference in New York City, a leading annual fintech conference, at which CFPB Director Richard Cordray and Comptroller of the Currency Thomas Curry both spoke. Comptroller Curry said that the OCC definitely has authority to grant special purpose charters without new legislation.

Conference 74

Conference Policies New York City Data 74

Fintech Labs Insights

SEPTEMBER 10, 2015

The total included mega-rounds of $30+ million to three lending plays: FundBox ($50 mil), CommonBond ($35 mil), Orchard Platform ($30 million) and one financial-institution-supported blockchain startup: Chain ($35 mil). HQ: New York City. Powering marketplace lending. HQ: New York City. HQ: New York City.

San Francisco 12

San Francisco New York City Company Fintech 12

Fintech Labs Insights

JUNE 18, 2015

Finovate alum, Azimo landed the biggest round outside the lending sector, $20 million at a $100 million valuation. HQ: New York City. P2P mortgage lending. HQ: Brooklyn, New York. Compliance & risk-management technology. Tags: Risk management, security, regulation, compliance.

San Francisco 12

San Francisco Company Fintech Albuquerque 12

Fintech Labs Insights

JANUARY 7, 2016

Social media financial compliance specialist Gremln raised $1.4 If you add the $6 billion in new capital raised in the IPOs of Worldpay, Square and First Data, the 2015 total is a nice even $25 billion. HQ: New York City. Social media management & compliance for financial institutions . HQ: Bejing, China.

St. Louis 12

St. Louis social media Company Fintech 12

Fintech Labs Insights

APRIL 4, 2016

HQ: New York City. HQ: New York City. Tags: Consumer, lending, deposits, loans, payments, banking, underbanked, non-banked. Source: Crunchbase. Betterment. Consumer online investment platform. Latest round: $100 million Series E ($700 million valuation). Total raised: $205 million. Source: Finovate. Real Matters.

New York City 12

New York City Company Fintech California 12

CB Insights

FEBRUARY 13, 2020

These APIs handle everything from acceptance and processing to settlement and reconciliation, while ensuring compliance and security. Business lending and corporate cards. Atlas reduces barriers to new business creation. Stripe also came on scene that same year, offering a new approach to the payments ecosystem.

Online 98

Online Company Retail Payments 98

CFPB Monitor

OCTOBER 29, 2018

A similar lawsuit was filed last month in a New York federal district court by the New York Department of Financial Services. The CSBS challenges the OCC’s SPNB charter plans in the new lawsuit on the following grounds (which generally track those asserted in the first CSBS lawsuit): 12 C.F.R. Section 5.20(e)(1),

Fintech 60

Fintech Regulation New York National 60