CFPB Monitor

OCTOBER 8, 2020

The CFPB also rescinded its Compliance Bulletin 2015-05, RESPA Compliance and Marketing Services Agreements. The CFPB issued Bulletin 2015-05 in response to requests from the residential mortgage settlement service industry for guidance on the legality of marketing service agreements (MSAs).

Marketing 148

Marketing Regulation Analysis Compliance 148

PYMNTS

JULY 28, 2020

This month’s Deep Dive examines how eCommerce platforms can appeal to merchants worldwide by catering to sellers’ preferences and tailoring their compliance approaches to different locations. . dollars, but the practice can be inconvenient for sellers in many international markets. Complying With Payments Regulations.

Marketing 159

Marketing Regulation National Operations 159

CFPB Monitor

MARCH 4, 2021

The CFPB has proposed to delay the mandatory compliance date for the new general qualified mortgage (QM) rule that amends the Regulation Z ability to repay/QM rule from July 1, 2021 to October 1, 2022. Is considering whether to initiate a rulemaking to revisit the seasoned loan QM rule.

Compliance 78

Compliance Policies Community Regulation 78

PYMNTS

OCTOBER 13, 2016

Regulation and compliance can be a tough space for many to wrap their heads around. As technology advances, the threat to digital security and identity protection becomes greater, forcing regulations to quickly adapt. Compliance Decoded. Why Compliance Is Going Social.

Compliance 100

Compliance blockchain Regulation Data 100

Abrigo

JANUARY 31, 2023

Recap and forecast The current state of AML/CFT regulations Terminology change Financial crime professionals have long referred to Bank Secrecy Act (BSA) compliance in conjunction with anti-money laundering efforts as “BSA/AML.” However, the regulatory movement since then has been slow. So far, that is.

Fraud 195

Fraud Training Regulation Trends 195

CFPB Monitor

FEBRUARY 25, 2021

In a related blog post , Acting Director Uejio notes that because of the economic hardship and uncertainty caused by the COVID-19 pandemic, the CFPB must do all it can to protect homeowners and promote stability in the housing market. Is considering whether to initiate a rulemaking to revisit the seasoned loan QM rule.

Compliance 78

Compliance Policies Regulation Marketing 78

CFPB Monitor

APRIL 7, 2022

The FDIC has issued the March 2022 edition of Consumer Compliance Supervisory Highlights which includes a description of some of the most significant consumer compliance issues identified by FDIC examiners during consumer compliance examinations conducted in 2021. Fair lending.

FDIC 78

FDIC Compliance Lending Regulation 78

CB Insights

OCTOBER 29, 2020

Capital markets infrastructure powers the trade of stocks, bonds, and other securities, handling $3000T+ in transactions each year. This massive market, which includes a broad range of financial “plumbing” services, could be poised for a blockchain shake-up. Submit your application here before November 25. Please click to enlarge.

Capital 101

Capital blockchain Marketing Company 101

Abrigo

JULY 13, 2023

In the context of financial crime, this troubling analogy refers to a manipulation technique used to exploit vulnerabilities in a victim through frequent interactions and social engineering. Many victims are lonely or isolated and don’t understand cryptocurrency markets. What exactly is a pig butchering scam? billion loss in 2022.

Fraud 195

Fraud cryptocurrency Training social media 195

CFPB Monitor

JANUARY 24, 2020

On December 18, 2019, the New York Department of Financial Services (DFS) issued its Final Regulations detailing the business conduct rules for mortgage loan servicers. These regulations will require implementation of additional New York-specific communications and servicing procedures. Effective Date. Escrow Accounts (§ 419.2).

New York 78

New York Regulation Payments Compliance 78

CB Insights

NOVEMBER 5, 2020

Distributed ledger technology (DLT) — which uses tech like blockchain to verify transactions without the need for a centralized authority — is gaining traction as a way to revamp capital markets infrastructure by making it more streamlined, improving transparency, and reducing associated fees. But financial incumbents are also making waves.

Capital 98

Capital blockchain Marketing Security 98

PYMNTS

DECEMBER 17, 2018

It’s been six months since the General Data Protection became law of the land, at least in the European Union, and yet the majority of companies that must be in compliance with that mandate are woefully unprepared. May 25 should have been the wakeup call, but it’s not too late to begin your compliance journey. The time is now.”.

Report 167

Report Fraud Compliance Apple 167

Abrigo

APRIL 18, 2022

Takeaway 3 As global interest in digital assets continues to rise, expect to see more regulation and even centralization of digital currency. However, today it is still a relatively new market that does not have mainstream usage within the United States. The industry's most significant market increase was between 2016 and 2018.

cryptocurrency 195

cryptocurrency Fraud United States Leadership 195

PYMNTS

NOVEMBER 30, 2020

The commission said it would refer the recipient of the penalty, Facebook Ireland Ltd., The Legal Metrology (Packaged Commodity) regulations that took effect beginning in January 2018 for online shopping platforms require that country of origin is shown on packaged items. to the nation’s prosecution for a criminal probe.

Taxes 130

Taxes Chicago Compliance Apple 130

PYMNTS

AUGUST 14, 2019

The second was the rise of cryptocurrency (though during his remarks he tended to refer to it as Convertible Virtual Currency or CVC). It concerns me when I hear about some compliance budgets being cut by casinos looking to trim costs and retain gamblers,” he noted. “It The first is the rise of mobile gaming and gambling.

Compliance 163

Compliance Las Vegas Mobile Data 163

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

PYMNTS

JANUARY 8, 2020

Call it, perhaps, a New Year’s Resolution list — for regulators. 8), the Securities and Exchange Commission ’s (SEC’s) Office of Compliance and Examinations (OCIE) offered up a list of its priorities for the year that has just dawned. In documents released Tuesday (Jan.

blockchain 138

blockchain Phoenix Compliance cryptocurrency 138

BankUnderground

AUGUST 24, 2022

Its implementation has however led to active discussion about whether the complexity of financial regulations has materially increased. Its revision, referred to as Basel II , contained three pillars and the treatment of market risk. We focus on four easily computable measures in this post: Length: The total number of words.

Regulation 89

Regulation Examples Capital Analysis 89

PYMNTS

FEBRUARY 18, 2019

However, participation from the traditional financial services sector isn’t necessarily a requirement when it comes to crypto adoption, even in the B2B payments market, according to BitRail Co-founder and Vice Chairman Cameron Chell. “I see folks referring to it as a cryptocurrency. ” Confusion, Doubt Remain. .”

cryptocurrency 175

cryptocurrency Payments blockchain Compliance 175

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

CFPB Monitor

NOVEMBER 22, 2022

As previously reported in February 2019 federal regulators issued a joint final rule (the “Joint Final Rule”) to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (the “Act”) that require regulated financial institutions to accept private flood insurance policies.

Policies 148

Policies Meeting Exercises Regulation 148

Jeff For Banks

APRIL 4, 2024

The Fed has paused for nearly a year now, and it was our experience in 2006-07 that bank cost of funds continued to increase as the market closed the delta between what someone could earn in a money market mutual fund and a bank account. But not until $1 trillion went from banking to money markets.

Banking Trends 113

Banking Trends Trends Millennials Oregon 113

Abrigo

JUNE 5, 2023

In addition, even before the recent banking troubles, regulators have emphasized the financial institution’s responsibility to provide leaders with information on key areas of planning, operations, and risk management. Regulators review them to assess safety and soundness. Core deposits should be assessed not only by deposit type (e.g.,

Report 195

Report Risk Management Capital Data 195

PYMNTS

JUNE 15, 2018

In reference to the partnership’s advantages, the firms said, is the elimination of manual data entry and accounting. In the Middle East , RAK Bank has said it will offer Sage accounting software to business banking customers, in an agreement that helps those firms manage value-added tax (VAT) compliance mandates.

Fintech 115

Fintech Compliance Software Taxes 115

CFPB Monitor

JANUARY 28, 2021

During the period covered by the report, the Bureau filed one fair lending public enforcement action and referred three ECOA matters to the DOJ. The report describes the most frequently cited Regulation Z and Regulation E violations during 2019.

Report 78

Report Leadership Lending Regulation 78

PYMNTS

JUNE 11, 2018

Change across the regulatory compliance landscape is de rigueur, and global in scope. In one of the latest salvos , know your customer, or KYC, efforts are being championed by the Asia Securities Industry and Financial Markets Association ( ASIFMA ). Closer to home, in the U.S.,

Regulation 100

Regulation Community Bank Lending Industry 100

CFPB Monitor

NOVEMBER 22, 2022

The Treasury Department has released a report entitled “ Assessing the Impact of New Entrant Non-bank Firms on Competition in Consumer Finance Markets.” The report looks at the role of these new entrant non-banks, how they interact with insured depository institutions (IDIs), and their impact on these core markets.

Fintech 78

Fintech Report Data Lending 78

Abrigo

APRIL 21, 2023

Ongoing assessments of loans Continuous monitoring for loan review refers to the practice of conducting ongoing assessments of loans in the portfolio to help create and support a system for independent credit risk review. Limited reviews used in this process can be a means to determine where to do targeted, more comprehensive exams. “In

Lending 195

Lending Risk Management Software System 195

CFPB Monitor

JUNE 14, 2021

Although SPCPs have been available under ECOA for 45 years, financial institutions have been reluctant to use them because of regulatory uncertainty concerning compliance and the potential for examination criticism.

Lending 78

Lending Regulation Study Washington 78

PYMNTS

APRIL 20, 2016

And with good reason, as a slew of regulations, spanning Dodd-Frank, Basel III and the money market Rule 2a-7 reform, have kept treasurers on their toes mastering the devils that lie within the details. To be blunt, this isn’t your grandfather’s money market anymore.

Taxes 100

Taxes Regulation Management Marketing 100

CFPB Monitor

OCTOBER 17, 2022

The new report represents a return to the Bureau’s pre-2016 practice of including in the annual report not only the information on college credit card agreements mandated by the CARD Act but also information on other financial products marketed to students. College Deposits Market.

Cards 78

Cards Report Regulation FDIC 78

FICO

OCTOBER 5, 2017

He goes online to his small state bank and up pops a home equity line-of-credit marketing offer. Mismatched offers like these hurt the customer experience and waste the efforts of lending organizations and their risk and marketing teams. The problem is they are currently executing marketing that is not risk-aware.

Marketing 56

Marketing Analytics Customer Experience Regulation 56

CFPB Monitor

JULY 29, 2022

and related entities (collectively, “Harris Jewelry”), a national jewelry retailer that markets and sells military-themed gifts, to resolve their lawsuit which alleged that Harris Jewelry had engaged in unlawful sales and credit practices targeting servicemembers.

National 78

National Retail Regulation New York 78

CFPB Monitor

AUGUST 31, 2021

Banks are instructed to reference relevant guidance from the agencies that is listed in a footnote. Financial condition and competitive market environment and client base. Legal and regulatory compliance. Risk management policies, processes, and controls. Information security program and information systems.

Community Bank 78

Community Bank Community Fintech Company 78

CFPB Monitor

DECEMBER 13, 2018

It also reports that it referred two matters with ECOA violations to the Justice Department in 2017 and the DOJ declined to open its own investigation, deferring to the Bureau’s handling of both matters.

Lending 92

Lending Report Regulation Leadership 92

Gonzobanker

FEBRUARY 1, 2024

We can’t sleep on non-bank competition, bigger banks controlling even greater market share, or big tech and embedded finance. Tom Michaud , CEO of KBW, kicked off the conference by showing that “all signs point to a consolidation boom as banks race to scale, fixed cost of regulation increases, and balance sheets improve.”

Conference 88

Conference FDIC Arizona Industry 88

PYMNTS

FEBRUARY 13, 2017

With old rules evolving into new ones, geographic boundaries and their own set of regulations are just some of the many complexities that add friction to the process of international business. Bullock discussed the compliance challenges of various payment scheme regulations that cross-border merchants often need to confront.

Compliance 100

Compliance Taxes Regulation Operations 100