CFPB Monitor

OCTOBER 25, 2022

Following up on a threat it made back in 2018 , the New York State Department of Financial Services (DFS) announced on October 6, 2022 that it entered into a consent order with Rhinebeck Bank (“Rhinebeck”) to settle discrimination claims involving discretionary dealer markups on retail installment contracts with minority borrowers.

New York 78

New York Lending Community Bank Community 78

Abrigo

APRIL 6, 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. In this guest column by Jeffrey Taft and Matthew Bisanz of Mayer Brown 's Financial Services Regulatory & Enforcement practice, learn more about how to be ready for compliance.

Security 195

Security Regulation District of Columbia United States 195

Abrigo

JANUARY 17, 2024

FinCEN data shows that human trafficking in the United States takes place in a wide variety of industries—hospitality, agriculture, janitorial services, construction, restaurants, domestic work, and so on.

Training 259

Training Community Software Texas 259

Abrigo

NOVEMBER 1, 2021

Takeaway 1 BSA and fraud functions have historically been siloed, and IT has been external to compliance. Takeaway 3 Cyberattacks are also on the rise, lending even more importance to communication and collaboration among the BSA, fraud, and IT functions. BSA Rules and Regulation. Learn More. Whitepaper. BSA Training.

Fraud 195

Fraud Video Training Compliance 195

Bank Innovation

MARCH 27, 2020

In a week that saw the coronavirus pandemic amplify in the United States, the fintech sector continued to weather economic dislocation and uncertainty. But even amid this uncertainty, fintech companies began formulating strategies to help banking and consumers emerge from the crisis with better tools and solutions.

Fintech 259

Fintech United States Tools Strategy 259

Abrigo

JULY 16, 2021

Takeaway 2 Regulations haven't been written, but there are steps community financial institutions can take now to prepare. FATF is the global watchdog for AML/CFT activity, and it is important to note that the United States shows full support in global efforts by their recent priorities release. How to prepare. financial system.

Community 195

Community Regulation Training Policies 195

Abrigo

AUGUST 19, 2020

As stated by the Federal Financial Institutions Examination Council (FFIEC), monitoring and reporting are critical to the United States’ ability to combat terrorism, terrorist financing, money laundering, and other financial crimes, such as fraud. Lending & Credit Risk. Member Business Lending. SBA Lending.

Fraud 195

Fraud System Trends Software 195

Abrigo

JANUARY 14, 2021

The first round of PPP helped more than five million small businesses in the United States in the amount of $525 billion of funding, but not without a dark side to the program. Additional Compliance Checks Required. SBA Lending. Small business owners aren’t the only ones eager to get their hands on additional PPP funds.

Fraud 195

Fraud Compliance Community Trends 195

Abrigo

SEPTEMBER 20, 2023

Join Abrigo for a webinar discussing risk assessments' role in compliance. Given the current economic climate in the United States, it is essential to understand the effect personal financial security has on 1 st -party fraud. Regulators will be expecting this as they examine institutions for FinCEN priority preparedness.

Fraud 195

Fraud Trends Cards Software 195

Perficient

NOVEMBER 22, 2022

Financial institutions that lend to small business owners need to know that a borrower’s nonbusiness assets and military pay are protected from creditors while the servicemember is on active duty. Lenders are not permitted to make a negative notation on the requester’s credit report because they requested SCRA protection.

National 275

National United States America Lending 275

Abrigo

JULY 7, 2021

Key points in this article include: Risks exist in states where canabis is illegal > LEARN MORE Ensuring compliance when not servicing CRBs > LEARN MORE Determine your tier of acceptance > LEARN MORE Banking hemp vs. marijuana vs. CBD > LEARN MORE The gray area of banking CBD > LEARN MORE.

Compliance 195

Compliance Operations Regulation United States 195

Bank Innovation

OCTOBER 20, 2017

billion, Chinese peer-to-peer lender Qudian is now the largest Chinese company listed in the United States. It is also the fourth biggest IPO in the United States this year. Valued at $11.7

United States 150

United States Marketing Data Report 150

PYMNTS

MARCH 16, 2016

Although the CFPB has claimed, in many cases, that it allows many smaller banks and credit unions to be exempt from many of the regulations, the congressional members have expressed fear that the bureau may not be doing enough to ensure those smaller financial institution aren’t unnecessarily regulated.

Community Bank 100

Community Bank Community CA Regulation 100

Abrigo

JULY 12, 2021

This is a growing concern worldwide and is a growing threat in the United States. One important step toward further global compliance for the U.S. BSA Rules and Regulation. Lending & Credit Risk. According to FATF, this is the first comprehensive assessment of how REMVEs raise, move, and use funds. Learn more.

Training 195

Training Policies United States Report 195

PYMNTS

JUNE 24, 2016

Walmart, however, is the most visited retailer in the United States with 140 million shoppers per week stepping inside its stores – and with the vast majority of them with smartphones in tow. Online lending . When the regulators come marching in, getting out of the way is usually a better idea. A pretty clear-cut sizzle.

Lending 101

Lending Online South Dakota North Dakota 101

CFPB Monitor

OCTOBER 27, 2022

Specifically, SB 1311 voids any security interest in a motor vehicle if it would cause a loan procured by a servicemembers in the course of purchasing the motor vehicle to be exempt from the Military Lending Act (“MLA”) and if the loan also funds the purchase of a credit insurance product or credit-related ancillary product.

California 148

California Security Regulation United States 148

CFPB Monitor

MAY 20, 2015

Chambers USA has once again ranked the Ballard Spahr LLP Consumer Financial Services (CFS) Group in the highest tier nationally in the category of Financial Services Regulation: Consumer Finance (Compliance and Litigation). ” Group Co-leader Jeremy Rosenblum is known “a very good, talented lawyer.” Washington, D.C.

Groups 60

Groups Atlanta United States Washington 60

PYMNTS

SEPTEMBER 15, 2017

Of course, banks have to be run with safety and soundness to protect those deposits, but they also have myriad public mandates, like fair lending, anti-money laundering and customer privacy. Lending money beyond what people can bear is the hallmark of predatory lending, she emphasized, and that’s not going to help the customer.

Fintech 198

Fintech System Lending Cards 198

CFPB Monitor

JUNE 15, 2020

On May 20, 2020, the OCC issued a final rule to “strengthen and modernize” its existing Community Reinvestment Act (“CRA”) regulations. The preamble to the OCC’s final rule states that covered banks “conduct a majority of all CRA activity in the United States.”

Community 60

Community FDIC Lending Examples 60

Gonzobanker

JANUARY 17, 2020

For execs who climbed the ladder in finance, lending or branches, buckle in because the techies are about to steal the show. Banks are most afraid of big tech, just when these players face regulation. However, between anti-trust regulations, algorithm investigations and states focused on privacy (e.g.,

Customer Experience 127

Customer Experience Fintech Regional Cards 127

Celent Banking

JULY 24, 2015

In the United States, corporates got the option of earning interest in money market accounts with the repeal of Req Q by Dodd Frank. Central banks had hoped that negative interest rates would encourage commercial banks to increase lending, but there’s only been a slight increase in outstanding loan balances.

United States 100

United States Operations Management Capital 100

PYMNTS

JANUARY 3, 2020

In today’s top payments news, Apple’s share price hit a record high above $300 on Thursday, “buy now, pay later” company Sezzle was denied a lending license from California and a European Central Bank policymaker urged area banks to seek alternatives to Libra. CA Denies Lending License For BNPL Firm Sezzle. at the end of the day.

CA 130

CA Lending South Dakota Apple 130

Lex Sokolin

DECEMBER 25, 2019

Ethereum’s decentralized lending and trading are floating around 2,500 daily users. On the other hand, there are only 8,000 Registered Financial Advisors in the United States and even fewer hedge funds, private equity firms, and family offices. The lending product above is a bit more complicated. all Fintech unicorns?—?that

blockchain 52

blockchain Bitcoin Software Lending 52

Abrigo

SEPTEMBER 14, 2022

Financial institutions, fintech companies, and other small business lenders will need to begin collecting a wide array of small business lending data under the Consumer Financial Protection Board’s (CFPB) proposed small business lending data collection rule. Those implementing regulations were coming. A Decade in the Making.

Lending 195

Lending Data Regulation Community 195

CFPB Monitor

MAY 15, 2015

The draft bill addresses various residential mortgage lending issues, a number of which are summarized below. The concept of federal disclosures being “in compliance” with state laws is interesting given federal preemption. The waiting period under the TRID rule is not contained in TILA—it is set forth in Regulation Z.

Study 60

Study Policies Industry Lending 60

PYMNTS

FEBRUARY 18, 2020

CEO Scott Sanborn said on an earnings call with analysts that the deal provides Lending Club with additional sources of funding and paves the path for the combined entity to become a digital bank. In return, Lending Club gets a bank with $1.4 He called the deal “transformative.”. billion in assets and $1.2

Conference 132

Conference Lending United States Digital Banking 132

Gonzobanker

DECEMBER 19, 2017

Heavy-handed regulators. The Real “Lending” Stock Award – Goes to longtime player LendingTree. Oh, by the way, that Fintech darling of two years ago Lending Club? The Lending Mo’ Repeat Award – Goes to both nCino in commercial and Encompass in mortgage for maintaining strong market momentum in 2017. Payments chaos.

Conference 101

Conference Industry Community Bank Community 101

PYMNTS

AUGUST 19, 2019

Sanborn tells Webster that, at least from where he and Lending Club sit, expanding origination services, honing cost efficiencies and introducing a broadened palette of credit offerings will help the company weather any near-term macroeconomic headwinds. consumer remains solid. So we feel good about the eventual outcome.

Lending 123

Lending Capital United States National 123

PYMNTS

MARCH 28, 2016

The rest was related to bill payment, payday lending and remittances). Consumers who today pay anywhere from 1 percent to 4 percent of the face value of the check to a source that regulators and policymakers fear are preying on them. Of that $106 billion, $58.3 billion was related to check cashing transactions, another $17.6

US 100

US Payments Course System 100

CFPB Monitor

JUNE 25, 2020

On May 20, 2020, the OCC issued a final rule to “strengthen and modernize” its existing Community Reinvestment Act (“CRA”) regulations. These banks conduct a majority of all CRA activity in the United States. This is the second in a series of five blog posts about the final rule. Qualifying Activities.

Community 97

Community Lending Meeting Retail 97

PYMNTS

OCTOBER 11, 2019

Max Levchin On The Future-Present Of Everywhere POS Lending. Trending: How EU Regulators Are Complicating SCA Compliance (Ekata PSDS Tracker). According to the PYMNTS PSD2 Tracker , merchants in the European Union (EU) are still wondering what changes the regulation will bring about for their relationships with customers.

Cards 116

Cards Online Houston Digital Banking 116

CFPB Monitor

DECEMBER 7, 2022

The hearing was held to discuss historical and ongoing discrimination in the financial services industry, and the roles of Congress and regulators in addressing these issues. The witnesses included: Ms. Lisa Rice, President and CEO, National Fair Housing Alliance; Mr. Marc H. The update has been challenged in a lawsuit filed by the U.S.

Community 78

Community Compliance Industry National 78

CB Insights

DECEMBER 7, 2017

By the end of 2017, nearly $1.8T worth of mortgages will have been originated in the United States this year, according to government-backed mortgage lender Freddie Mac. This helped navigate fragmented regional regulations. We can import data for most properties in the United States.

Millennials 69

Millennials Lending United States Technology 69

CB Insights

MAY 23, 2019

Zenefits skirts compliance regulations. Zenefits skirts compliance regulations. Under California state law, insurance brokers must complete a mandatory 52-hour pre-certification course to legally sell insurance in the state. Table of contents. Theranos and the revolutionary blood tests that never existed.

Fraud 78

Fraud Las Vegas Company Video 78

Gonzobanker

DECEMBER 14, 2023

The Bank Regulator Working for Merchants Award! Seems like maybe this has been forgotten when it comes to these regulations. The Grow-a-Cool-Niche-Award – goes to Bank Newport for creating a national marine lending business and investing to win with more talent, partnerships and technology.

Fintech 195

Fintech Community Regional Technology 195

PYMNTS

JANUARY 15, 2018

Louis Brandeis, arguably the most quotable judge in the history of the United States Supreme Court, had his doubts about spontaneous acts of brilliance. I want to make sure [it] is absolutely going to help communities and isn’t just a ‘check the box’ to satisfy regulators.”. There is no great writing,” he famously said.

Data 110

Data Bitcoin Google Regulation 110

FICO

JANUARY 5, 2023

Open banking, BNPL, cybersecurity and AI will all be under the microscope for regulators and policymakers, but not all areas will see major action in 2023. regulators take a major step in addressing the emerging open banking landscape. Several groups have also called for comprehensive industry regulation. Four 2023 U.S.

Policies 52

Policies Company Regulation Risk Management 52