CFPB Monitor

DECEMBER 3, 2018

On November 15, 2018, in response to a November 7, 2018 letter from Republican Senators , FDIC Chairman Jelena McWilliams announced that the FDIC has engaged outside counsel to investigate the Obama-era Operation Choke Point, under which the FDIC and other government agencies pressured banks not to do business with payday lenders.

FDIC 68

FDIC Operations Exercises Policies 68

Chris Skinner

MARCH 10, 2017

Any bank outsourcing such functions opens themselves up to regulatory risk: The requirements are primarily there to ensure that the outsourcing of the regulated activity, service or function does not lead to an outsourcing of responsibility by the entity in question, or pose a barrier to effective supervision of the specific entity by a regulator.

Regulation 219

Regulation Exercises Guidelines Data 219

CFPB Monitor

MAY 15, 2020

The CFPB has issued a statement regarding its supervisory and enforcement approach to Regulation Z billing error resolution timeframes in light of the COVID-19 pandemic. Until a creditor resolves a billing error in compliance with the Regulation Z procedures, the creditor is subject to the following requirements in Section 1026.13(d):

Regulation 78

Regulation Exercises Compliance Examples 78

Abrigo

DECEMBER 13, 2023

Well-documented adjustments will please regulators. Testing process Calibrate your program with above-the-line/below-the-line testing One of the best ways to address dynamic and emerging risks is conducting above-the-line/below-the-line (ATL/BTL) testing to ensure your software operates at its peak efficiency.

Training 221

Training Fraud Software Regulation 221

PYMNTS

DECEMBER 26, 2019

Tencent, which operates WeChat, one of the largest chat platforms in the world, recently teamed up with huge diamond mining firm ALROSA , as well as blockchain operation Everledger. In other recent crackdowns by China’s Communist authorities, companies have faced increasingly steep control and regulation by the government.

cryptocurrency 131

cryptocurrency Company blockchain Exercises 131

PYMNTS

SEPTEMBER 18, 2020

It noted that the president “has invoked his emergency powers to address (the WeChat) threat, and plaintiffs have articulated no legal basis for the Court to take the extraordinary step of enjoining his exercise of that authority.”. laws and regulations,” U.S. Department of Commerce Secretary Wilbur Ross said in a statement.

Exercises 179

Exercises National Video Security 179

PYMNTS

AUGUST 8, 2018

government heard calls this week to break up its Financial Reporting Council (FRC), separating the body’s audit watchdog and corporate governance roles into two regulators, reports in City A.M. said Tuesday (Aug. The IoD says the same should be done to the FRC. This would help the process of making changes to the U.K.

Report 100

Report Exercises Regulation Examples 100

CFPB Monitor

APRIL 12, 2021

That statement is rescinded as of April 1, 2020, and in the rescission document, the CFPB announces its intent to exercise its supervisory and enforcement authority consistent with the Dodd-Frank Act and with the full authority afforded by Congress consistent with the Bureau’s statutory purpose and objectives.

Policies 78

Policies Exercises Operations Regulation 78

Abrigo

NOVEMBER 22, 2021

Takeaway 1 Risk tied to consumer lending compliance has been elevated as a result of the pandemic and associated operating challenges. In some cases, those operational challenges posed elevated risk to consumers, the CFPB said. Major consumer loan compliance regulations. You might also like this webinar, "Consumer Lending 101.".

Compliance 195

Compliance Lending Risk Management Regulation 195

NCR

AUGUST 17, 2017

In light of the escalating size and importance of the market, one prospect businesses need to be aware of is tighter regulation. The paper includes the results of the first EU-wide “fintech mapping exercise” and the EBA’s proposals for future work in this area. The post Are EU fintechs set to face tighter regulation?

Regulation 51

Regulation Fintech Exercises Capital 51

PYMNTS

NOVEMBER 16, 2020

Regulation. Tencent Holdings President Martin Lau said further regulations are needed in China to mirror a “new reality.”. As technology companies become bigger and more important to the economy, I would say more regulations to reflect the new reality are needed," Lau said, according to the report.

Maryland 151

Maryland Taxes Online Groups 151

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.” Russia still has the lead in cybercrime and has more experience with intelligence operations than China.

Fraud 195

Fraud Training Regulation Trends 195

Bobsguide

MARCH 22, 2022

This highly complex exercise is costly and accompanied with a huge operational burden. SmartStream is a recognised leader in financial transaction management solutions that enable firms to improve operational control, reduce costs, build new revenue streams, mitigate risk and comply accurately with the regulators.

Data 78

Data Exercises Meeting Report 78

PYMNTS

AUGUST 21, 2018

The potential FTC inquiry comes as Google has been getting slammed by regulators in recent months. The EU’s findings are that, according to the antitrust regulator, Google abused that dominance of the operating system to benefit its own mobile offerings, which includes, of course, the search engine itself.

Google 100

Google San Diego California Exercises 100

Abrigo

JULY 1, 2022

Ukraine War Creates Human Trafficking Crisis War, forced migration, and lack of governmental oversight lead to human traffickers seizing the opportunity to exercise their illicit activity. BSA Rules and Regulation. Would you like others articles like this in your inbox? Getting Involved. Organizations Fighting Human Traffickers.

Training 195

Training Fraud National Exercises 195

Abrigo

MARCH 25, 2020

Key Takeaways Banking regulators say short-term, COVID-19-related loan modifications shouldn't automatically be categorized as TDRs. Regulators also announced other guidance tied to reporting and risk-based capital rules. Regulators also announced other guidance tied to reporting and risk-based capital rules.

FDIC 150

FDIC Regulation Exercises Community 150

PYMNTS

JULY 5, 2017

Two months ago, another EU opinion threw out Uber’s argument that as a digital platform, it should face less regulation than a taxi company. Uber has said it currently only operates services in France and many European markets with drivers who are licensed to operate the vehicles.

Management 109

Management Exercises Operations Software 109

Celent Banking

DECEMBER 13, 2016

Institutions are paying three times as much as their third party to complete on this exercise. The FDIC expresses best the sentiment of worldwide regulators: “A bank’s use of third parties does not relinquish responsibility… but holds it to the same extent as if the activity were handled within the institution."

Risk Management 100

Risk Management Management Exercises FDIC 100

PYMNTS

JULY 10, 2020

Open banking comes in several flavors, yet its rise requires robust Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures, Zac Cohen , chief operating officer at identity verification firm Trulioo told Karen Webster in a recent interview. Regulation Vs. Market Forces. Cohen said. “In Cohen said. In the U.S.,

Data 272

Data Innovation Fintech Illinois 272

PYMNTS

MAY 6, 2019

The judge ruled that “such dramatic disruption of federal state relationships in the banking industry occasioned by a federal regulatory agency lends weight to the argument that it represents exercise of authority that exceeds what Congress may have contemplated in passing the NBA. lakh (roughly $1.6

National 165

National Fintech New York Exercises 165

Independent Banker

JULY 31, 2022

Regulators made no bones about the fact that a number of additional rate hikes are likely to happen this year. Assessing the value of bank branches is an exercise that began long before the pandemic, but vaccine and mask mandates added new considerations to the debate. Rethinking branches isn’t a one-size-fits-all exercise.

Strategy 135

Strategy Community Bank Louisville Community 135

PYMNTS

MARCH 4, 2017

How do banks not only add these new services into their offering, but actually manage operations of that tool in the back office? . It operates in a less complex regulatory environment.” . But there needs to be a mechanism for the bank’s operational staff to handle things like exceptions and customer service. .

Innovation 191

Innovation Data Fintech Exercises 191

Celent Banking

DECEMBER 12, 2016

Institutions are paying three times as much as their third party to complete on this exercise. The FDIC expresses best the sentiment of worldwide regulators: “A bank’s use of third parties does not relinquish responsibility… but holds it to the same extent as if the activity were handled within the institution.”

Risk Management 100

Risk Management Management Exercises FDIC 100

Abrigo

JUNE 9, 2016

Indeed, consultant Allan Koltin, one of Accounting Today’s 100 Most Influential People in Accounting and one of INSIDE Public Accounting’s Most Recommended Consultants, predicts growth in these Level 1 services will range from zero to at most 3 percent over the next decade – insufficient to cover rising payroll and operating expenses.

Exercises 150

Exercises Taxes Training Risk Management 150

CFPB Monitor

FEBRUARY 9, 2021

The California Department of Financial Protection and Innovation (DFPI) announced last week that it has launched an investigation into whether student-loan debt-relief companies operating in California are engaging in illegal conduct under the California Consumer Financial Protection Law (CCFPL) and Student Loan Servicing Act (SLSA).

CA 78

CA Company Innovation California 78

CFPB Monitor

APRIL 2, 2021

The CFPB’s press release announcing the rescission of the seven policy statements includes the statement that “[w]ith the rescissions, the CFPB is providing notice that it intends to exercise the full scope of the supervisory and enforcement authority provided under the Dodd-Frank Act.”.

Policies 78

Policies Regulation Compliance Exercises 78

Cisco

AUGUST 9, 2022

As these have attacks have evolved, regulatory bodies have updated their regulations to account for the increasing threat of cyber risk. This framework is especially relevant given the recent FFIEC Architecture and Operations update and the Executive Order on Cybersecurity from 2021. Delivery Channels. Organizational Characteristics.

Tools 114

Tools Leadership Handbook Security 114

PYMNTS

MARCH 17, 2016

Testimony delivered on Wednesday (March 16) by National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger may signal a contentious debate over assertions by the Consumer Financial Protection Bureau (and Director Richard Cordray) that the CFPB does not need to make a greater effort to exempt credit unions from regulations.

Report 100

Report Exercises Regulation Lending 100

CFPB Monitor

DECEMBER 28, 2020

Failing to treat certain applications as “facially complete” when required under Regulation X. Specifically, the CFPB states that Seterus’s loss mitigation process did not allow borrowers to be reviewed simultaneously for both retention and liquidation loss mitigation options, as required by Regulation X.

Regulation 78

Regulation Exercises Examples Data 78

CFPB Monitor

APRIL 6, 2021

Since the CCFPL became effective on January 1, the DFPI has moved quickly to exercise its new jurisdiction and authority. Under the California Financing Law, the DFPI regulates PACE programs by licensing PACE program administrators that administer PACE programs on behalf of, and with the consent of, public agencies.

CA 78

CA California Company Innovation 78

PYMNTS

MAY 11, 2020

Business owners in these industries are learning how to survive financially as consumers abide by stay-at-home orders, all while preparing to restore their operations and afford payroll, utilities and other needs once doors reopen. Other entertainment operations are also experimenting to stay in the game.

Payments 189

Payments Cards Software Online 189

PYMNTS

OCTOBER 14, 2020

But this year, business at DRINKS – which also operates B2B wine distribution for Kroger, QVC and other accounts – hit so hard in Q2 that the company had to cap its shipments to have any kind of shot at meeting demand. “By Ignoring that technology component would be similar to thinking about Amazon as a big warehouse operator.”.

Retail 141

Retail Case Study Apple Exercises 141

Independent Banker

FEBRUARY 28, 2022

No other event provides more opportunities for community bankers to engage with lawmakers, regulators and government officials. They exercise their basic right to petition the government. Aaron Stetter ( aaron.stetter@icba.org ) is ICBA’s executive vice president of policy and political operations. Washington, D.C.,

Community 180

Community Washington Community Bank Capital 180

Abrigo

NOVEMBER 3, 2014

Those regulated by the OCC and above $50 billion in assets are expected to use the results to detect opportunities to improve and implement specific changes that can be tracked, measured and evaluated. Access to management and regulators – Is there a need for increased interactions? Or, do they need more context and less data?

Meeting 170

Meeting Policies Training Exercises 170

ABA Community Banking

SEPTEMBER 8, 2015

First “live” DFAST exercise yields mixed results for banks and regulators Management Duties Risk Management Operational Risk.

Exercises 40

Exercises Risk Management Regulation Operations 40

Abrigo

MAY 8, 2015

There are more than 6,000 banks and thrifts under $10 billion in assets and they are often less equipped to deal with complexities brought by additional regulations. He commented that regulations are likely to generate at least somewhat of a burden, but many provide public benefits that offset any burden imposed on community banks.

Community Bank 150

Community Bank Community How To Meeting 150

Abrigo

DECEMBER 11, 2014

In fact, one section of the OCC guidance highlights how community banks could be impacted, stating that the “OCC reserves the authority to apply the guidelines, in whole or in part, to a bank below the $50 billion threshold if the OCC determines that the bank’s operations are highly complex or otherwise present a heightened risk.”

Community Bank 207

Community Bank Community Guidelines Risk Management 207