Former Webster CEO Smith decides against run for Connecticut governor

BankThink

Regional banks Law and regulation Economy Webster Bank ConnecticutJames Smith said his late enrollment in the state’s Republican Party meant he would be ineligible to be a candidate in its August primary and that he did not want to disrupt the nomination process.

Former Webster CEO Smith mulls run for Connecticut governor

BankThink

Regional banks Law and regulation Economy Webster Bank ConnecticutJames Smith said he would decide soon whether he’ll seek the Republican nomination for governor. He said he was inspired partly by his recent work on a commission tasked with recommending fixes to the state’s fiscal and economic problems.

Connecticut bank sued for alleged discriminatory mortgage lending

CFPB Monitor

Last week, the Connecticut Fair Housing Center, Inc. filed a complaint against Liberty Bank in Connecticut federal district court alleging that the Bank engaged in discriminatory mortgage lending in violation of the federal Fair Housing Act. The complaint describes the Bank as “the eighth-largest conventional home purchase lender and eleventh-largest refinancer in Connecticut.”. Fair Lending State CFS Monitor State Enforcement CFPB connecticut fair lending redlining

State Regulators Investigate Payday Advances

PYMNTS

The New York State Department of Financial Services (NYDFS) has announced it will lead a multi-state investigation into alleged violations of state regulations of the short term lending industry, specifically in the area of payroll advances.

Significant changes to Connecticut consumer finance licensing laws to take effect October 1, 2018

CFPB Monitor

Significant changes to Connecticut’s licensing laws for consumer financial services providers will take effect on October 1, 2018. A licensee will be required to submit the demographic records collected between October 1, 2018 and June 30, 2019 to the Connecticut Banking Department by July 1, 2019. The new requirement presents an apparent conflict with the Regulation B proscription against a non-mortgage creditor inquiring about the race, ethnicity or gender of an applicant.

Connecticut Banking Dept. takes no-action position on new demographic data reporting requirement for sales finance companies

CFPB Monitor

In August 2018, we reported about significant changes to Connecticut’s licensing laws for consumer financial services providers that were to take effect on October 1, 2018. A licensee is required to submit the demographic records collected between October 1, 2018 and June 30, 2019 to the Connecticut Banking Department by July 1, 2019. of Regulation B] and (b)(2) of this section [authorizing only an optional request to designate a title on an application form such as Ms.,

CECL talks could get heated as detractors weigh in

BankThink

CECL Credit quality Regulation/Compliance Community banking Regional banks FASB ConnecticutAt a FASB meeting Monday on proposed changes to the accounting standard, its critics will be given a platform.

EU Privacy Regulators To Coordinate Uber Hack Cover-Up Inquiries

PYMNTS

Privacy regulators of the European Union said Wednesday (Nov. According to a news report in Reuters , European data protection authorities said regulators from France, Italy, Spain, Belgium, the U.K. But it’s not just European regulators who want answers from Uber. Attorneys general in Connecticut, Illinois, Massachusetts and New York said they plan to launch their own investigations. Meanwhile, regulators in the U.K.,

Regulators Want Answers From Uber Over Hidden Hack

PYMNTS

Ride-hailing app company Uber, which made news when it covered up a huge data breach that exposed roughly 600,000 driver’s license numbers, could face investigations by regulators around the globe. 22), regulators in the U.K., Attorneys general in Connecticut, Illinois, Massachusetts and New York said they were launching their own investigations. Deliberately concealing breaches from regulators and citizens could attract higher fines for companies,” Dipple-Johnstone said.

Voters favor increased regulation of financial institutions: Poll

CU Insight

An increasing number of Americans favor increased regulation of financial institutions despite efforts by credit unions and others who contend they are over-regulated, according to a new poll.

The CUInsight Experience: Jill Nowacki – Do what lights you up

CU Insight

Jill is the president and CEO of the Credit Union League of Connecticut ( CULCT ), a statewide non-profit trade association serving credit unions throughout Connecticut. President and CEO of the Credit Union League of Connecticut ( CULCT ).

Colorado Enacts Student Loan Servicer Licensing Law and Maryland Expands Regulation of Servicers

CFPB Monitor

Colorado and Maryland have each enacted legislation regulating student loan servicers. The law also requires student loan servicers to respond to inquiries and complaints within 30 days of receipt, and grants enforcement authority to the Office of the Commissioner of Financial Regulation.

Booking Holdings Is Latest Backer To Bail On Libra

PYMNTS

Connecticut-based Booking Holdings – known best for operating Kayak.com and Priceline.com — joins Visa, Mastercard, PayPal, eBay, MercadoLibre and Stripe in departing from the project. Facebook Booking Holdings cryptocurrency digital currency Libra Libra Association News regulation What's Ho

Facebook CEO Mark Zuckerberg Meets With Lawmakers, President

PYMNTS

Richard Blumenthal, a Connecticut Democrat, said after the dinner per reports that he had brought up the “repeated failures” of the company in consumer privacy and election security. Facebook News regulation social media U.S.

The CUInsight Experience podcast: Jill Nowacki – Bring your whole self (#37)

CU Insight

Shout-out: Diana “ I’ve never met a regulation I can’t work around ” Dykstra. Welcome to episode 37 of The CUInsight Experience podcast. Hosted by Randy Smith , co-founder of CUInsight.com. In this episode, Randy is talking to Jill Nowacki , President and CEO of Humanidei , a human capital strategy firm launched this summer to help organizations become workplaces of choice for today’s workforce.

Study 22

Senate Panel Eyes Algorithms, Social Media and ‘Persuasive Technology’

PYMNTS

Richard Blumenthal, Democrat from Connecticut, said that “On the issue of persuasive technology, I find, Ms. Regulation algorithm Algorithmic Accountability Act Algorithms Facebook Google News persuasive technology regulation Senate social media What's Hot

Update on state AGs/regulator lawsuits using Dodd-Frank authority

CFPB Monitor

Mishkin Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. Florida/Connecticut. Barbara S.

A further update on state AG/regulator lawsuits using Dodd-Frank authority

CFPB Monitor

Mishkin Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. Florida/Connecticut. Barbara S.

CardX CEO: Ban On Card Surcharge Ban May Lead to Lower Interchange Fees

PYMNTS

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.

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FTC Takes Fresh Aim At Big Tech — And Its Previous Mergers

PYMNTS

and elsewhere, lawmakers and regulators are taking closer looks at the technology industry, as well as topics that concern digital payments and commerce — topics that can go beyond antitrust concerns, but are often related to them.

AGs Probe Google Data Breach

PYMNTS

The New York Attorney General and the Connecticut Attorney General are investigating the Google data breach that may have exposed the private data of at least 500,000 users.

Google 198

New Bank TNB USA Sues The Fed

PYMNTS

A new bank, launched by one of the Federal Reserve’s own, is now suing the Fed of New York , accusing the regulator of preventing the bank from moving forward with its business plans. based in Connecticut, is suing the Fed for its inaction on an application to open an interest-bearing account at the New York Fed. Connecticut has granted temporary authorization for TNB to operate as a bank, but it will not provide retail banking services or loans, reports noted.

Onsite: 8 states, 4 days, 2 leagues. Inspired because the mission is possible

CU Insight

The first stop was Mystic Connecticut. Jill Nowacki , president and CEO of the Credit Union League of Connecticut, was hosting their leadership conference: Mission Possible. It was awesome to hear all the good going on with Connecticut credit unions first hand and the challenges too.

States Step Up Where CFPB Steps Back

PYMNTS

Aiming to fill the void resulting from the Consumer Financial Protection Bureau’s retreat from regulation, states are stepping up and going after big financial companies. There’s also been a big increase from Connecticut and other states, noted the report. CFPB financial services Mick Mulvaney President Trump regulation State AGs What's Hot

Good Election News for Supporters of Green Banks

BankThink

Connecticut and New York are the only states to have established institutions specifically called green banks to stimulate lending on clean energy projects, but others could soon join them following the election of green bank-friendly governors in nine states. regulation-reform

Challenge accepted: Ideas to add strategic planning impact

CU Insight

Community Management/Leadership challenge Credit Union League of Connecticut football Jill Nowacki strategic planning impactFall is coming, bringing with it some of the year’s greatest offerings: Football season. Perfect running weather. Pumpkin-flavored everything.

Facebook Hit With Three State Probes Over Privacy Violations

PYMNTS

According to Bloomberg , Attorneys General in Pennsylvania, Illinois and Connecticut are investigating existing allegations against the company, while New York, New Jersey and Massachusetts are looking to find any potential unknown violations.

Accounting Liabilities

Independent Banker

For all the complex systems banks will have to employ to project multiple outcomes and cash flows, I just don’t know that banks will ever be able to get the equation right from the regulators’ perspective. Advocacy & Policy Highlighting Regulation / Compliance

New Haven County CU Enters into Consent Order, Former CEO Pleads Guilty to Bank Fraud

Keith Leggett's Credit Union Watch

New Haven County Credit Union (North Haven, CT) has entered into a consent order on August 5, 2019 with the Connecticut Department of Banking regarding unsafe and unsound banking practices. Between July 2011 and March 2016, Farrell defrauded the credit union by transferring funds from NHCCU’s general ledger account to the account held by The Rib House, a restaurant located in East Haven, Connecticut. Enforcement Actions Legal State Regulator

Appeal In McDonald’s Payroll Card Ruling Falls Flat

PYMNTS

” The court added that state lawmakers are in the midst of drafting legislation that would regulate payroll cards used by Pennsylvania employers. New York state introduced new laws to protect workers against fees and other burdens often associated with payroll cards, while Connecticut is also preparing for new legislation to legalize payroll cards so long as they avoid excessive fees. B2B Payments B2B News paycards payments regulation payroll payroll cards What's Hot In B2B

Sports Betting Moves Forward In The U.S. — With or Without ‘Integrity Fees’

PYMNTS

Meanwhile, states such as Kentucky, Connecticut, Illinois, Michigan, Indiana, Massachusetts, Maryland and others are making moves toward legalization, and via different methods. The state allows both online and offline sports betting, with regulation oversight provided by the West Virginia Lottery Commission. Legal betting legalization betting regulation casinos damon thayer gambling regulation Kentucky News Sports betting sports gamblingThe U.S.

To Sandbox or not to Sandbox, that is the Insurtech question

Daily Fintech

Regulation is one of the most important aspects of the Insurance industry. Prediction #8 Regulation. Regulators have been taking a more active role in understanding Insurtech. I see there being more regulation in general that relates to customer data protection.

Accounting About-Face

Independent Banker

To their credit, federal regulators have already showed they are on board with the approach laid out in FASB’s final standard. This is a complete reversal from just a year ago, when a regulator-led webinar suggested banks should consider investing in third-party modeling systems.

Santander Gets Hit With Fine Due To Overdraft Practices

PYMNTS

Santander is a national bank based in Wilmington, Delaware, and operates a network of close to 700 retail branch offices in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. Regulation bank overdraft CFPB Santander What's HotSantander Bank has gotten hit with a $10 million fine by the Consumer Financial Protection Bureau, which contended on Thursday (July 14) that the bank engaged in illegal overdraft service practices.

CU difference, cybersecurity part of Hill visits from Conn., Maine, Mich.

CU Insight

Leagues and credit unions from Connecticut, Maine and Michigan were in Washington, D.C. earlier this month to talk credit union issues with regulators and legislators.

Why Facebook’s Business Model Isn’t Its Biggest Problem

PYMNTS

It is a bit of advice Facebook has doubtlessly spent the better part of this week wishing they’d spent more time contemplating, as investors are fleeing, users are staying away and regulators are gathering at their gates wondering if perhaps the world’s most successful social media platform has moved a bit too fast – and broken a few too many things. Facebook Cambridge Analytica Facebook Scandal mark zuckerberg News regulations

OCC outlines risk plan as Northeastern loan growth doubles

Abrigio

Multifamily, commercial and automotive loans are driving loan growth among banks in the Northeast, but increasing risk will draw fresh attention from regulators to ensure recent and future growth is sound, the Office of the Comptroller of the Currency said recently. The tri-state area (New York, New Jersey and Connecticut) saw the highest growth in the district, an impressive 7 percent.

Texas Adds S to CAMEL, Where is NCUA?

Keith Leggett's Credit Union Watch

Texas joins credit union regulators for the states of Connecticut, Michigan and Maine, which have added “S” to the CAMEL. However, not all state credit union regulators are pushing forward with adding S to CAMEL rating system. NCUA needs to exhibit some leadership and move forward with adding Sensitivity to market risk to its CAMEL ratings system like the other federal banking regulators and state credit union regulators.

Bridging Banking Gaps For Cannabis Companies

PYMNTS

Nowhere does that ring truer than in the nascent and growing legal cannabis industry, where billions of dollars flow the old-fashioned way — hand to hand, because of the clash between federal and state regulations over its legality.

Credit unions, leagues talk tax status, reg relief with policymakers

CU Insight

Credit unions from Connecticut, Iowa, Maine, Pennsylvania and Vermont met with members of Congress, as well as federal agencies, during their time in Washington, D.C. Compliance/Regulation Industry News CUNA CUNA News Now

Do Consumers Own Digital ID Algorithms? Look To Illinois.

PYMNTS

But at the same time, the laws governing biometrics are a work in progress, and as more consumers become more skeptical about the safety and use of their identities and data online, you can bet on more cases testing the boundaries of existing regulations.

Picking Up The Bill On Consumer Trust, Post-Data Breaches

PYMNTS

Florida Senator Bill Nelson introduced the bill, which was co-sponsored by Connecticut Senator Richard Blumenthal and Wisconsin Senator Tammy Baldwin. Forty-eight states currently have data breach notification laws , but they are inconsistent; the proposed bill would create uniform regulations across the country. Introducing regulations may mean that incidents are more likely to get cleaned up rather than swept under the proverbial rug.

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It’s planning season – is regulatory compliance a top priority?

CU Insight

Proactively managing risk, regulations and capital. State leagues and CUNA play a vital role in helping to coordinate advocacy efforts with the goal being to streamline, simplify or eliminate unnecessary regulations that stifle member service and create high costs of compliance.