CFPB Monitor

NOVEMBER 10, 2020

The Fed, FDIC, and OCC have issued a “ Statement on Reference Rates for Loans ” that addresses replacement rates for the London Inter-Bank Offered Rate (LIBOR). In July 2020, the Federal Financial Institutions Examination Council issued a “ Joint Statement on Managing the LIBOR Transition.”

Regulation 78

Regulation FDIC New York Lending 78

Independent Banker

OCTOBER 1, 2022

Cyber insurance not only provides financial reimbursement for losses; it also equips the insured with access to a list of preapproved incident response experts that are required to help the bank manage a cyber event. Regulators paying closer attention to cyber risks. Authentication: Protect against unauthorized access.

Montana 152

Montana Policies Resources FDIC 152

Jeff For Banks

AUGUST 2, 2014

My firm will occasionally provide feedback on correspondence to our clients'' regulators. I thought about what we should have said to the regulator, versus the sweet words I was encouraging our client to use. Below is a sample letter to your regulator, saying it like you mean it. Today we did just that. Truth is, I haven''t.

Regulation 93

Regulation DC FDIC Analytics 93

CFPB Monitor

JULY 12, 2022

However, regulators themselves have been criticized for encouraging de-risking by driving highly risk-adverse decisions by FIs, who are unwilling to take the chance and assume the compliance costs of doing business with specific customers who may in fact be “legitimate,” but whose risk profile is deemed to be high due to their group affiliation.

Regulation 78

Regulation ATM Operations Policies 78

Independent Banker

JULY 31, 2022

Locality Bank, a digital-first community bank serving south Florida that opened in January, is run by industry veterans with such successful track records that regulators signed off on their application for a charter in less than a year. One of the keys to success for our group was the early support of these local business leaders.”.

Florida 91

Florida Community Bank Community FDIC 91

Gonzobanker

FEBRUARY 1, 2024

For the bankers we talked with, acknowledging challenges—think NIM, credit, regulation, election uncertainty, unemployment and CRE—while portraying resilience created quite a few compelling narratives throughout the event. Five Hundred? (Oh

Conference 88

Conference FDIC Arizona Industry 88

PYMNTS

JUNE 20, 2017

The Independent Community Bankers of America, a trade group representing about 6,000 small banks holding almost $5T in assets, is lining up against SoFi, urging the Federal Deposit Insurance Corporation to reject its application to launch a banking unit. Ten years ago Walmart to launch in Utah, where many ILCs are based, and was shut down.

Utah 108

Utah Indiana America Community 108

Jeff For Banks

OCTOBER 5, 2020

She hid them from the Board and regulators with assistance from unnamed co-conspirators." When the TDB shut them down and the FDIC investigators came in, they had to occupy the church next door because of the smell from the fire. The FDIC issued this guidance in June 2011.

FDIC 78

FDIC Fort Worth Dallas Texas 78

Jeff For Banks

JUNE 2, 2023

Second, this can be accomplished only if the industry does not have too much influence over its regulators and if the regulators have the ability to hire, train, and retain qualified staff. Third, the regulators need adequate financial resources. My lesson learned to the regulators, read your past lessons learned.

FDIC 78

FDIC Community Bank Regulation Lending 78

Jeff For Banks

JANUARY 12, 2019

The average 5-year total return for this group was 320%. The average 5-year total return for the group below was -31%. The average board size for this group was 12, and the average age was 66. In terms of bankers, active or retired, this group looks no different than the Top 5. See for yourself.

Community Bank 60

Community Bank Community FDIC Dallas 60

Jeff For Banks

JANUARY 12, 2019

The average 5-year total return for this group was 320%. The average 5-year total return for the group below was -31%. The average board size for this group was 12, and the average age was 66. In terms of bankers, active or retired, this group looks no different than the Top 5. See for yourself.

Community Bank 60

Community Bank Community FDIC Dallas 60

CFPB Monitor

NOVEMBER 29, 2021

Federal banking regulators have been busy in this space. President’s Working Group on Financial Markets, which delineated perceived risks associated with the increased use of stablecoins and highlighted three concerns: risks to rules governing anti-money laundering (“AML”) compliance, risks to market integrity, and general prudential risks.

Compliance 78

Compliance cryptocurrency Regulation FDIC 78

Jeff For Banks

JULY 24, 2010

A bank CEO once told me that peer groups get you to that lazy place. Yet we continue to use peer groups in banking to guide us to where we want to go. I am not against peer groups. Regulators fall victim to this trap too. Their peer group is all commercial banks with assets greater than $3 billion. That came first.

Groups 60

Groups Portland Oregon Strategy 60

CFPB Monitor

NOVEMBER 22, 2022

In particular, the report’s recommendations deserve attention because they are likely to influence future actions by the federal banking regulators and the CFPB. (The The report is also worthwhile reading for its discussion of the role of fintechs and other non-banks in providing consumer financial services and how that role has evolved.).

Fintech 78

Fintech Report Data Lending 78

PYMNTS

DECEMBER 20, 2018

Through gpi, SWIFT and its community have managed to radically innovate the very core of correspondent banking,” said Chief Marketing Officer Luc Meurant in a press release providing the business update, and where universal update is being targeted for 2020. Regulators had said a refiling would be permitted. In its Wednesday (Dec.

Utah 134

Utah FDIC System Retail 134

CFPB Monitor

MARCH 9, 2017

1009 ), which would subject independent regulatory agencies such as the CFPB to the regulatory review process of the Office of Information and Regulatory Affairs (OIRA) within the Office of Management and Budget. On March 1,2017, by a vote of 241 to 104, the House passed the “OIRA Insight, Reform, and Accountability Act” ( H.R.

FDIC 96

FDIC Regulation Analysis Policies 96

Independent Banker

SEPTEMBER 25, 2014

Saving money by conducting inside risk management and compliance reviews. As a group, community banks spend substantial funds hiring outside consultants to help with various management functions, and a substantial share of dollars are spent to help oversee their risk management and compliance activities.

Community Bank 70

Community Bank Compliance Risk Management Community 70

PYMNTS

OCTOBER 1, 2019

Five years after the worst of the carnage in the data out of the Federal Deposit Insurance Corporation (FDIC) showed that lending was beginning to normalize — lending to big businesses had recovered, consumer lending was showing signs of thawing as the mortgage markets began showing signs of coming back from the dead.

Data 135

Data Lending Capital Regulation 135

Jeff For Banks

AUGUST 2, 2021

Andy recently tweeted a string of tweets describing his investor group's original investment, their evolution from troubled to healthy institution, and what it took for him and his team to be successful. 1/ @Schornack At the end of July 2013, we invested $1.8MM to buy 49% of Flagship Financial Group, Inc. million in assets and $233.7

Community Bank 78

Community Bank Community Minnesota Metro 78

FICO

JANUARY 13, 2020

Stakeholders point to the need for reforms to address currency transactions and suspicious activity reporting as well as a manageable approach to identifying beneficial owners of accounts. While regulators have formed an inter-agency working group to develop viable reform measures, Congress has recently taken action to address the problem.

Policies 52

Policies Las Vegas FDIC Washington 52

CFPB Monitor

OCTOBER 10, 2019

A group of small businesses and their individual owners have filed a putative class action lawsuit in a New York federal district court against online lender Kabbage, Inc. Celtic could not make and keep the loans on its balance sheet because they would create an unacceptable risk under FDIC regulations.

Massachusetts 84

Massachusetts California New York Utah 84

CFPB Monitor

OCTOBER 13, 2020

The Receivables Management Association observed that the OCC is ideally situated to understand the nuances of the credit industry, and the importance of efficiency on the industry’s ability to provide affordable credit to fuel economic and job growth. We would characterize the reaction of some of the leading trade groups as lukewarm.

Lending 60

Lending Colorado FDIC National 60

Jeff For Banks

MAY 16, 2015

The same reason regulators focus on the little things. High level risk management reports (because more granular risk reports are reviewed in Committee) and trends. Today, Board reports closely resemble War and Peace. You mean you didn't see it? That's on you, fella. How could they? It's 300 pages! In two days!

Report 60

Report Policies Risk Management Meeting 60

NCR

AUGUST 31, 2016

Yet banks need one important yet not easily attainable ingredient to do mortgages right in an era of ever-increasing rules and regulations—quality. Some banks choose to overcome the quality hurdle—which is demanded by both regulators, GSEs and investors—by hiring their own QC staff. Mortgage compliance does not come cheap.

Community Bank 49

Community Bank Community Guidelines Compliance 49

Independent Banker

SEPTEMBER 22, 2015

In June, five federal agencies (including FDIC, Office of the Comptroller of the Currency and the Federal Reserve) announced approval of a final rule that modifies regulations applying to loans secured by properties located in special flood hazard areas. Administration and management. Escrow obligations. Non-performing loans.

Regulation 70

Regulation Policies Community Bank Taxes 70

Independent Banker

DECEMBER 13, 2015

He’s part of the FSSCC work group that created the Excel option.). The second part measures cybersecurity maturity levels within five domains: cyber risk management and oversight; threat intelligence and collaboration; cybersecurity controls; external dependency management; and cyber incident management and resilience.

Tools 70

Tools Community Community Bank Security 70

Jeff For Banks

DECEMBER 16, 2022

SVB Financial Group (Nasdaq: SIVB) Here is this year's list: #1. Twenty-six percent of the bank is owned by the Board, Executive Management, and the ESOP. and Puerto Rico banking laws and regulations. Silvergate Capital Corporation (NYSE: SI) #2. MetroCity Bankshares, Inc. Nasdaq: MCBS) #3. Triumph Bancorp, Inc. Nasdaq: TBK) #4.

Puerto Rico 78

Puerto Rico Virgin Islands Community Community Bank 78

Independent Banker

NOVEMBER 24, 2015

He’s part of the FSSCC work group that created the Excel option.). The second part measures cybersecurity maturity levels within five domains: cyber risk management and oversight; threat intelligence and collaboration; cybersecurity controls; external dependency management; and cyber incident management and resilience.

Tools 70

Tools Community Community Bank Security 70

PYMNTS

OCTOBER 1, 2018

By using funds managed by LCA to benefit its parent company, LCA and Laplanche failed to do so.”. We have full confidence in our new management team and we are a better company today.”. The inciting event was LendingClub’s agreement with Jefferies Financial Group that involved changes to their borrower agreement.

Lending 135

Lending Fraud Management San Francisco 135

Jeff For Banks

APRIL 19, 2015

Utah has many Industrial Loan Companies (ILC''s), which are FDIC supervised financial institutions that can be owned by commercial firms not regulated by a federal banking agency, like a utility company. Washington has a more traditional mix of very large and community financial institutions.

Industry 60

Industry Montana Utah Washington 60

The Financial Brand

JULY 2, 2023

Get to know banking regulators' new guidance on the subject. This article What Bank & Fintechs Must Know About Washington’s New Guidance on Partnerships appeared first on The Financial Brand. Does your bank have or is it contemplating a relationship with a fintech?

Fintech 36

Fintech Washington Branding Regulation 36

Jeff For Banks

JANUARY 3, 2012

This was determined by the high profile case the SEC brought against SunTrust in the Fall of 1998 for managing earnings through the loan loss provision. What made so many in this group take the perp walk to the FDIC? Read a summary of it from the Atlanta Fed here. How does an FI, sitting atop the ROE chain, fall so far so fast?

Atlanta 89

Atlanta Capital FDIC US 89

Jeff For Banks

MARCH 29, 2014

The Bank also offers wealth management and trust services. The amount of deposits available to us while maintaining full FDIC insurance protection for our trust customers has consistently exceeded $30 million for the last three years.

Strategy 101

Strategy Texas San Antonio Fort Worth 101

PYMNTS

OCTOBER 29, 2018

And that is a bank – one with FDIC insurance and safeguards that keep their money safe. Not only do consumers want to keep their money in the bank, but they also want innovative mobile and digital banking solutions from them that make it easier to access and manage their money. There’s a whole group of players in the same bucket.

Payments 196

Payments Google Apple Innovation 196

Banking 2020

MARCH 17, 2015

What’s memorable is that this very large bank has managed to add a personal touch to such a straightforward transaction. In the digital world, though, banks are now competing against a growing group of non-traditional providers like PayPal or Venmo. The personal touch matters, now more than ever. Technology magnifies the problem.

San Francisco 40

San Francisco Customer Experience FDIC Mobile 40

Abrigo

FEBRUARY 8, 2024

Effective fraud risk management includes detection and fraud monitoring that should consider customer or member history and behavior. Educational material can be broadly focused on fraud prevention or target groups specifically vulnerable, such as older adults or younger people.

Fraud 195

Fraud Resources social media Software 195

Abrigo

SEPTEMBER 14, 2022

You might also like this webinar: "Fortify Your Loan Policy to Effectively Manage Credit Risk." The data is intended to help the CFPB enforce fair lending laws and could also be used by the government and small business lenders to identify the needs of businesses, said Michelle Lucci, Abrigo Regulatory Compliance Manager. CRE Lending.

Lending 195

Lending Data Regulation Community 195