CFPB Monitor

FEBRUARY 16, 2022

Around the nation, regulators are preparing to implement and enforce new consumer-like disclosure laws for small business commercial finance providers. New York regulators have yet to issue final regulations implementing the state’s Commercial Finance Disclosure Law (CFDL), which went into effect on January 1, 2022.

North Carolina 78

North Carolina Missouri Maryland Mississippi 78

FICO

NOVEMBER 1, 2016

Look no further than the US presidential debates , where our two candidates have highlighted the need to address hackers, security breaches and even foreign nations that may be using sophisticated cyber tactics to influence the outcome of the upcoming November elections.

New York 40

New York Regulation Policies National 40

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

PYMNTS

AUGUST 24, 2020

Here’s the latest news from Facebook, Amazon and others, which are coming under increasing scrutiny from regulators, trade groups and politicians the world over. Regulations. The services are not currently registered as distinct entities, although they are provided to users in the nation.

social media 152

social media Data Apple Compliance 152

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

PYMNTS

SEPTEMBER 18, 2018

The nation is forming a Direct FAST industry group, where the members will include traditional financial institutions (FIs), FinTech firms and the Monetary Authority of Singapore (MAS). While In New York, New York…. They have to provide two-way payments between eWallets and bank accounts.”. In The Middle East.

Fintech 166

Fintech New York US National 166

PYMNTS

JANUARY 28, 2019

As noted in this space by Karen Webster, the ban on the ban – where, now, in New York, surcharges are allowed when merchants post total prices for transactions – shows the inefficiencies of regulation that supersede card networks’ own rules governing merchant activities. Maybe, maybe not. As Webster recounted Monday (Jan.

Cards 125

Cards New York Oklahoma Connecticut 125

CFPB Monitor

MAY 31, 2022

On May 19, 2022, the Associate Director of the Enforcement and Compliance Division of the Financial Crimes Enforcement Network (“FinCEN”), Alessio Evangelista, spoke at the Chainalysis Links Conference in New York City on the topic of “The Intersection of Cryptocurrencies and National Security.”

cryptocurrency 146

cryptocurrency Innovation DC National 146

CFPB Monitor

JUNE 4, 2019

I am delighted to share the news with our blog readers that Ballard Spahr has been shortlisted for a Chambers USA Firm of the Year award in the Financial Services Regulation category. Winners will be announced at a reception in New York City on June 19.

Groups 79

Groups New York City New York Regulation 79

PYMNTS

APRIL 25, 2017

TechCrunch said the fight between states and the OCC centers on a proposal made by the OCC in December, in which it details a program that enables FinTechs to apply for charters to become special purpose national banks. Other concerns are that the OCC doesn’t understand FinTech and therefore shouldn’t regulate it.

Fintech 109

Fintech Ohio Florida Oregon 109

Abrigo

AUGUST 22, 2019

Ongoing training is at the very heart of a satisfactory Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program in financial institutions. These are usually less expensive, shorter, and involve less extensive travel than the larger national conferences. between September and January. 5 in Richmond, Virginia Oct.

Training 150

Training Las Vegas Alabama Minneapolis 150

PYMNTS

FEBRUARY 21, 2018

We allege that BitFunder operated unlawfully as an unregistered securities exchange,” Marc Berger, director of the SEC’s New York regional office, said in the release. We will continue to focus on these types of platforms to protect investors and ensure compliance with the securities laws.”. In a parallel criminal case, the U.S.

Fraud 102

Fraud Bitcoin New York Regional 102

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 23, 2022

National banks and federal thrifts are supervised by the Office of the Comptroller of the Currency (OCC) and state-chartered banks that are members of the Federal Reserve System are supervised by the Federal Reserve Board (FRB). The FDIC discusses the following three categories of risk: Consumer compliance risk. Potential risks.

FDIC 78

FDIC Compliance System Regulation 78

PYMNTS

JUNE 7, 2018

Now that principle applies to Europe’s General Data Protection Regulation (GDPR) – at least according to one report. Security Boulevard reported this week (June 6) that in the wake of the new digital security rule taking effect, criminals were quick to use it to their advantage. That’s the same trend benefiting Google. “It

Los Angeles 107

Los Angeles Google Regulation Data 107

CFPB Monitor

JULY 21, 2022

On July 13, 2022, the House of Representatives (the “House”) adopted an amendment to the 2023 National Defense Authorization Act (“NDAA”) offered by Maxine Waters (D. in a manner that the Secretary determines appropriate to assess compliance” with the amendment.

United States 78

United States Taxes Regulation Compliance 78

Abrigo

AUGUST 6, 2019

At the recent NYU Law Program on Corporate Compliance and Enforcement , FinCEN Director Kenneth A. Blanco discussed the organization’s active approach toward addressing the top financial threats to our financial system, our national security, and our communities and families. The 12 major U.S.

System 264

System Las Vegas San Antonio San Diego 264

CFPB Monitor

MARCH 15, 2022

The rules provide that a loan made by a national bank, federal savings association, or federally-insured state-chartered bank that is permissible under applicable federal law (Section 85 of the National Bank Act (NBA) or Section 27 of the Federal Deposit Insurance Act (FDIA)) is not affected by the sale, assignment, or other transfer of the loan.

California 78

California Innovation Utah West Virginia 78

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

Fintech Labs Insights

MAY 2, 2017

The recent news that due diligence innovator OutsideIQ agreed to be acquired by compliance specialist, Exiger, is a sign that the RegTech revolution in fintech is real. In March, the company partnered with SAP Ariba, and teamed up with Genpact to provide better KYC and compliance solutions for FIs.

Compliance 16

Compliance Maryland New York Conference 16

Banking 2020

SEPTEMBER 7, 2015

In 2012, the city of New York passed legislation known as the Responsible Banking Act. Just last year, a federal appeals court decided that the Securities and Exchange Commission can’t force companies to say whether they got conflict minerals from troubled African nations.

New York City 40

New York City New York Community Industry 40

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. Better have a very full and robust compliance department and a perfect working knowledge of AML/YC regulations. The proof, according to economists, is in the numbers.

US 108

US Apple Innovation Regulation 108

Independent Banker

DECEMBER 31, 2021

Regulators haven’t yet broached the subject with them. will continue its mission to fund microloans to new small businesses in New York City’s low-income neighborhoods, says president and CEO Carlos P. Planning for increased compliance costs. Addressing ESG is one thing,” she says. Ponce Bank, a $1.5

Community Bank 144

Community Bank Community Lending Louisiana 144

PYMNTS

NOVEMBER 23, 2020

Here’s the latest news from the technology industry, which is coming under increasing scrutiny from regulators around the world. EU Auditors: European Commission Needs To ‘Scale Up’ Regulation. New Digital Regulations Could Let EU Ban Tech Firms. California will get $24.6

Apple 193

Apple Regulation social media Compliance 193

Gonzobanker

DECEMBER 17, 2021

Some interesting finalists would be: M&T and People’s United Old National and First Midwest Webster and Sterling Columbia Bank and Umpqua. CAP COM and SEFCU in New York come to together to create an $8 billion cooperative organization. Congrats on a brave move and national recognition Jim! Bank Merger of the Year.

Fintech 147

Fintech Strategy Leadership Lending 147

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

PYMNTS

MAY 19, 2016

Socure announced a major upgrade to its digital identity verification solution, which now encompasses expanded compliance coverage and global watchlist filtering. The first solution, called Global Watchlist Standard, helps organizations tackle problems with screening identities for standard compliance regulations. Canada, U.K.,

Compliance 100

Compliance User Experience New York Regulation 100

PYMNTS

SEPTEMBER 17, 2018

The battle over FinTechs and national banking charters is about to get a bit more heated. New York state is suing the United States. A national charter would allow FinTech firms to sidestep current practices which mandate they gain regulatory approval from each state where they operate. The GDPR’s Compliance Laggards.

Fintech 180

Fintech National Compliance Google 180

CB Insights

FEBRUARY 22, 2018

Goldman Sachs is reportedly setting up a cryptocurrency trading desk in New York that will be running by the end of June 2018, if not earlier. UBS, BARCLAYS, CREDIT SUISSE, AND OTHERS ARE PILOTING COMPLIANCE PLATFORM ON ETHEREUM. THE UNITED NATIONS EXPLORES DLTS AND BLOCKCHAINS FOR HUMANITARIAN AID AND CLIMATE SCIENCE.

blockchain 78

blockchain Illinois cryptocurrency Industry 78

American Banker

MARCH 22, 2016

Bank of New York Mellon has agreed to pay $3 million to settle an investigation into its handling last year of a major software system crash.

System 28

System New York Software Regional 28

CFPB Monitor

OCTOBER 29, 2018

federal district court to stop the Office of the Comptroller of the Currency (OCC) from issuing special purpose national bank (SPNB) charters to fintech companies. A similar lawsuit was filed last month in a New York federal district court by the New York Department of Financial Services. Section 5.20(e)(1),

Fintech 60

Fintech Regulation New York National 60

Gonzobanker

AUGUST 22, 2014

While we may see an uptick in the number of new bank charters from the near zero we have today, too many other industries with less regulation will attract capital. For better or for worse (probably worse), banking has become a scale business.

Strategy 87

Strategy United States Community New York City 87

PYMNTS

SEPTEMBER 21, 2020

The consortium reports that suspicious activity reports were filed by a few large banks: In terms of a report “tally,” Deutsche Bank filed 982, Bank of New York Mellon had 325, Standard Chartered Bank filed 232 and J.P.Morgan Chase had 107. In terms of dollar amounts, Deutsche led the pack at $1.3 billion in fines.

Fraud 347

Fraud Report System FDIC 347

PYMNTS

NOVEMBER 29, 2019

Since last year, several more states have embraced economic nexus legislation – including large, consumer-dense states like California and New York. There are 12,000 jurisdictions, Peterson told PYMNTS – and that’s the easy part of grappling with tax compliance. In an interview with PYMNTS, Scott Peterson, vice president of U.S.

Taxes 134

Taxes South Dakota New York Nebraska 134

CFPB Monitor

OCTOBER 25, 2019

The panel members are: Claire Kramer-Mills, Assistant Vice President and Director of Community Development Analysis, Federal Reserve Bank of New York. The panel will be moderated by Elena Babinecz, Managing Counsel in the Bureau’s Office of Regulations. David Burton, Senior Fellow in Economic Policy, Heritage Foundation.

Tampa 60

Tampa Lending California Community 60

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.” Although this enactment would appear to mark the demise of such enforcement actions, recent announcements from the New York Department of Financial Services have called that conclusion into question.

Rhode Island 60

Rhode Island District of Columbia North Carolina Vermont 60

Abrigo

JANUARY 13, 2021

This article originally appeared in the ABA Banking Journal's Risk and Compliance January/February 2020 edition. . The victims of human trafficking can be any age, race, or gender, and can be any nationality. Takeaway 3 There are certain transaction indicators that AML professionals can monitor and, when spotted, report.

Training 195

Training Fraud National United States 195