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. The proposed rule , unveiled Sept. Points of Note. Controversial Provisions.

Lending 195

Lending Data Regulation Community 195

Independent Banker

DECEMBER 13, 2015

New Military Lending Act regulations kick in next fall. Following a three-year study on predatory lending, the U.S. Department of Defense has now issued the final rule to implement the Military Lending Act. By Mary Thorson Wright. A “covered borrower” under the rule is an active-duty member of the U.S.

Lending 70

Lending Compliance Regulation Virginia 70

PYMNTS

AUGUST 14, 2019

There is a “blurring in the line between lending to small business and personal credit,” she added. Lenders are increasingly treating small businesses as household borrowers,” she continued, “imposing the stricter conditions on small business lending.”. But that mix is not a smart tactic for managing company spend and finances.

Lending 122

Lending Cards FDIC Capital 122

Abrigo

MAY 30, 2023

Final rule Effective dates & compliance dates for rule 1071 As they do with any new requirement, financial institutions want to know when the CFPB 1071 rule is effective and when they must begin collecting and reporting data on their small business lending activities. Which lenders are counted as “covered financial institutions”?

Compliance 195

Compliance Lending Data Regulation 195

CFPB Monitor

DECEMBER 5, 2022

The CFPB recently denied the petition of Nexo Financial LLC to modify the CFPB’s Civil Investigative Demand (CID) issued to Nexo, rejecting Nexo’s claim that the CFPB does not have jurisdiction to investigate crypto-lending products offered by Nexo such as its “Earn Interest Product.”

Regulation 78

Regulation Exercises Security Lending 78

CFPB Monitor

SEPTEMBER 24, 2015

The CFPB has issued a final rule that revises the definitions of “small creditor” and “rural areas” under Regulation Z of the Truth in Lending Act (TILA). Wendy Tran and Richard J. Andreano, Jr. The final rule is effective January 1, 2016. We previously reported on the CFPB proposal to adopt these amendments. Census Bureau.

Operations 60

Operations Regulation Meeting Lending 60

PYMNTS

MARCH 4, 2019

Alternative lending firm Funding Circle announced it has reached $2 billion in small business loans facilitated through its platform, a figure that it says exceeds some traditional U.S. Furthermore, the FDIC noted, banks are not including loans that are secured by residential real estate in their SMB loan volume reports.

FDIC 130

FDIC Lending US System 130

Abrigo

MAY 8, 2024

A more precise definition of generative AI is included in the Biden Administration’s recent Executive Order , which defines generative AI as “the class of AI models that emulate the structure and characteristics of input data in order to generate derived synthetic content.

Examples 221

Examples Fraud Resources Risk Management 221

ZootBlog

JUNE 8, 2016

In July 2015, the Department of Defense (DoD) passed major changes to the Military Lending Act (MLA) with target compliance dates of October 3, 2015 and October 3, 2017. The MLA’s overall goal is to prevent predatory lending against U.S. The 2017 date applies only to credit cards.

Lending 60

Lending Regulation Taxes Security 60

PYMNTS

SEPTEMBER 25, 2018

When it comes to FinTech firms and lending, might it be that what we don’t know could hurt us? Viewed from high levels, the activity itself (lending, that is), has taken off in some of the countries one might expect, marked by relatively higher incomes, and where financial regulation might be relatively less stringent.

Fintech 172

Fintech Lending United States Regulation 172

PYMNTS

MARCH 6, 2019

Marketplace lending has emerged as a growing force in the small business lending space, particularly as FinTechs explore ways to connect small businesses with capital without actually providing the financing themselves. a figure it says surpasses that of many traditional institutions in the country.

FDIC 116

FDIC Lending Capital Analysis 116

PYMNTS

MARCH 29, 2018

The SMB lending platform announced news on Wednesday (March 28) that a survey of nearly 150,o0o small businesses revealed a more than 360 percent increase in the number of loans accessed via mobile device between April 2014 and February 2018. Lending is no different.”. But the platform has faced barriers to expansion.

Mobile 101

Mobile Lending Meeting Analysis 101

Abrigo

NOVEMBER 1, 2021

Takeaway 3 Cyberattacks are also on the rise, lending even more importance to communication and collaboration among the BSA, fraud, and IT functions. Meanwhile, the IT security function has historically been entirely out of financial institutions' compliance areas. Financial Crime (FinCrime) experts are not IT experts.

Fraud 195

Fraud Video Training Compliance 195

CFPB Monitor

OCTOBER 4, 2022

The CFPB indicated that simultaneously with issuing the Special Edition, but after apparently having already conducted exams based on its interpretation of Dodd Frank , it had updated its Education Loan Examination Procedures regarding the definition of “private education loans” for purposes of its authority to supervise nonbanks.

Policies 146

Policies Compliance Payments Training 146

CFPB Monitor

APRIL 11, 2016

A number of prominent industry trade groups have written to the Department of Defense (DoD) seeking clarifications to the Military Lending Act (MLA) final rule adopted in July 2015 that dramatically expanded the scope of the MLA’s coverage.

Groups 60

Groups Lending Regulation Taxes 60

CFPB Monitor

JUNE 15, 2022

The law contains exemptions and carve-outs for, among other things, depository institutions, financings of more than $500,000, closed-end loans with a principal amount of less than $5,000, and transactions secured by real property.

California 78

California Regulation CA Utah 78

PYMNTS

AUGUST 10, 2020

Earlier this month, Commercial Funding announced that it would be entering into the asset-based lending (ABL) arena to augment its existing AR financing solution. “AR financing is definitely something that fits certain industries,” he said, pointing to B2B sectors like transportation and construction as key targets.

Lending 132

Lending Capital Community Bank Marketing 132

CFPB Monitor

SEPTEMBER 28, 2022

The Center for Responsible Lending (CRL) and the Consumer Bankers Association (CBA) have filed a joint petition with the CFPB that urges the Bureau to engage in rulemaking to define larger participants in the market for personal loans. 1090.106(a), or automobile purchase or refinance loans as defined in 12 C.F.R. 1090.108(a).

Fintech 78

Fintech Marketing Security Lending 78

CFPB Monitor

APRIL 19, 2021

Title II, the “Fair Debt Collection Practices Act for Servicemembers Act,” would amend the Fair Debt Collection Practices Act to prohibit debt collectors from threatening a servicemember with a reduction in rank, revocation of a security clearance, or prosecution under the Uniform Code of Military Justice. Debt collection.

Regulation 78

Regulation Policies FDIC Lending 78

BankBazaar

APRIL 11, 2023

In a year of global headwinds, a spiking repo rate, and the annual inflation rate at its highest since the early 1980s, BankBazaar continued to consolidate its position in the unsecured lending space even as retail credit in India continued to grow strongly, backed by strong consumer credit demand. Y-o-Y in January, according to RBI data.

Branding 78

Branding Capital Cards Retail 78

PYMNTS

NOVEMBER 27, 2017

Traditional lenders, such as banks, do not effectively finance online sellers, since their core lending products typically cater to more traditional brick-and-mortar businesses,” Forman-Zvezhinskiy recently told PYMNTS of the struggle these businesses face. Outside of China, businesses secured $1.46 Cross-Border Complications.

Online 109

Online Regional Lending Operations 109

PYMNTS

JANUARY 31, 2019

DLA Piper , which advised MOXY on its FDIC application, said in a statement this week that the bank is still awaiting clearance from Washington’s Department of Insurance, Securities and Banking. The FDIC’s announcement said a private placement offering will raise at least $25 million for the bank ahead of its launch.

Community Bank 122

Community Bank Community FDIC Marketing 122

PYMNTS

MAY 9, 2016

Last week, OnDeck, Kabbage and CAN Capital banned together to form the Innovative Lending Platform Association (ILPA), an advocacy group to champion increased transparency for small business borrowers in the alternative and marketplace lending sphere. Is the alternative lending space concerned about incoming regulation? “No,

Regulation 100

Regulation Lending Capital Industry 100

CFPB Monitor

MARCH 30, 2016

As we have addressed , Congress passed the Helping Expand Lending Practices in Rural Communities Act of 2015 (HELP Act) on December 4, 2015, in efforts to expand the designation of additional areas as being “rural” under Regulation Z of TILA. This final rule is effective on March 31, 2016. Comments are due by April 25, 2016.

Lending 60

Lending Regulation Operations Community 60

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

BankUnderground

AUGUST 9, 2022

While there is no set definition of the metaverse, it can be thought of as an immersive next generation of the internet, where people can interact to socialise, learn, play and work in a persistent computer-generated environment. Types of cryptoasset include non-fungible tokens (NFTs), cryptocurrencies, utility and security tokens.

System 132

System blockchain cryptocurrency Lending 132

CFPB Monitor

APRIL 23, 2020

Levine that a loan made to an individual trustee to finance repairs on residential property owned by the trust was a “consumer credit transaction” for purposes of the Truth in Lending Act, the Real Estate Settlement Procedures Act, and California’s Rosenthal Act. The loan was secured by the property.

Taxes 78

Taxes Regulation Maine Security 78

PYMNTS

JUNE 7, 2018

The landscape in SMB lending is almost totally unrecognizable from what it was even a short five years ago, BlueVine founder and CEO, Eyal Lifshitz, told Karen Webster shortly after his firm’s latest $60 million funding round was announced. And for a very good reason: SMB lending is a tough business to be in, Lifshitz told Webster.

Lending 124

Lending Tools Management Risk Management 124

South State Correspondent

JUNE 27, 2023

For example, ISO 20022 defines the elements of a real-time payment, what constitutes a beneficial owner, or what happens during a transfer of securities for collateral (below). Securities settlement, cash collateral, receivables, real estate, guarantees, insurance policies, and more will now be categorized and standardized.

System 195

System Data Examples Payments 195

Javelin Strategy & Research

NOVEMBER 7, 2023

Banner Section Home Rss.xml 2024 Trends & Predictions Javelin’s Trends & Predictions reports look at the coming year across the range of Javelin Strategy & Research’s practice areas—digital banking, fraud & security, payments, and wealth management—and highlight the compelling challenges and opportunities likely to emerge.

Trends 45

Trends Fraud Digital Banking Strategy 45

Independent Banker

NOVEMBER 30, 2021

Here, a fraudster obtains a legitimate user’s details to take over their online accounts, enabling the theft of money or a credit card, according to Marianne Crowe, vice president in the Secure Payments Innovation and Research group at the Federal Reserve Bank of Boston. COVID-19 has spurred an increase in these remote authentication scams.

Fraud 160

Fraud Strategy Community Bank New York City 160

Independent Banker

NOVEMBER 30, 2021

So, we were definitely capturing STR report data on a monthly basis and getting financials and doing everything we could to monitor their performance,” says Dick, referring to Smith Travel Research, a firm that publishes hospitality benchmarking data. “I’m Hospitality lending is a natural fit for the State Bank of Texas.

Community Bank 209

Community Bank Community Texas Dallas 209

CFPB Monitor

DECEMBER 29, 2020

The Bureau indicated that it is considering proposing that the data collection and reporting requirements of its Section 1071 rule apply to any application for credit for a “small business” as defined by the rule, including for a women-owned or minority-owned business that meets the “small business” definition. Small Business” Definition.

Report 78

Report Leadership Meeting Industry 78

BankBazaar

JUNE 11, 2023

Lenders use your Credit Score to assess the risk of lending to you. Beyond loans, Credit Scores impact securing insurance, and even job opportunities. A higher Credit Score indicates responsible credit management and can lead to better loan terms, lower interest rates, and higher credit limits.

Strategy 78

Strategy Cards Management Tools 78

PYMNTS

MARCH 12, 2019

And the staffing shuffle, we think, that may be a bit of a wild card, and where speculation may loom that Sloan’s own perch may be less than secure.

Washington 115

Washington Risk Management Lending Report 115

BankBazaar

NOVEMBER 27, 2019

Take the case of P2P lending, for instance. While in China, peer-to-peer lending platforms, or P2P platforms as they’re better known, have been mired in controversy and have been posing a great challenge for Chinese regulators, in India, it has only started gaining traction in the recent years. 50,000 per borrower. Explore BankBazaar.

Lending 88

Lending Operations Technology How To 88

CFPB Monitor

JANUARY 6, 2021

The NYCFL’s definition of “sales-based financing” would encompass merchant cash advances (MCAs). The definition also includes “a true-up mechanism where the financing is repaid as a fixed amount but provides for a reconciliation process that adjusts the payment to an amount that is a percentage of sales or revenue.”.

New York 78

New York Regulation Security Payments 78