CFPB Monitor

AUGUST 20, 2020

federal and state financial institution regulators have taken meaningful, proactive steps to acknowledge financial inequality issues, reach out to traditionally underserved populations to expand access to credit, and further protect consumers from discrimination. This blog post contains a summary of those efforts.

Regulation 78

Regulation FDIC Community Lending 78

CFPB Monitor

MARCH 10, 2022

The Order sets out the following national objectives with respect to digital assets: consumer and investor protection; protection of financial stability and mitigation of systemic risk; mitigation of illicit finance and national security risks; reinforcement of U.S.

FDIC 148

FDIC National cryptocurrency Leadership 148

CFPB Monitor

JANUARY 5, 2021

federal district court to block the OCC from granting a national bank charter to Figure Technologies Inc. federal district court challenging the OCC’s authority to issue special purpose national bank (SPNB) charters to non-depository fintech companies. The Conference of State Bank Supervisors (CSBS) has filed a lawsuit in D.C.

Conference 78

Conference Technology District of Columbia FDIC 78

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. Warm Regards, Schmidlap National Bank.

Regulation 95

Regulation DC FDIC Analytics 95

CFPB Monitor

MARCH 26, 2020

The CFPB, OCC, FDIC, Federal Reserve, and NCUA have issued a joint statement “to specifically encourage” banks, savings associations, and credit unions “to offer responsible small-dollar loans to both consumers and small businesses” in response to the COVID-19 outbreak. For example, what rates will the agencies view as “responsible”?

FDIC 78

FDIC Lending National Examples 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

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

PYMNTS

MAY 24, 2018

The guidance did not change any regulation, but clarified the regulator’s stance on the loans, Reuters reported. Regulatory uncertainty forced banks out of this space, leaving families to rely on pawn shops, costly payday lenders or loosely regulated online lending during times of financial stress.

FDIC 100

FDIC Lending Regulation Study 100

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

CFPB Monitor

SEPTEMBER 10, 2020

Because CCBank is a state-chartered FDIC-insured bank located in Utah, Section 27(a) of the Federal Deposit Insurance Act authorizes CCBank to charge interest on its loans, including loans to California residents, at a rate allowed by Utah law regardless of any California law imposing a lower interest rate limit.

Utah 78

Utah California FDIC West Virginia 78

American Banker

APRIL 8, 2020

Lenders and community groups say it's a mistake for the banking agencies to move forward during a national crisis. But Comptroller of the Currency Joseph Otting says updated Community Reinvestment Act rules would speed relief to neighborhoods and small businesses.

Regulation 66

Regulation Community National Groups 66

CFPB Monitor

JANUARY 28, 2021

At minimum, the new Comptroller can be expected to review the CRA final rule in light of the criticism it has received from consumer advocacy groups and public comments on the benchmarking proposal.

FDIC 131

FDIC Community Lending Survey 131

PYMNTS

FEBRUARY 19, 2019

.” Other critics have raised the issue that the OCC is advising examiners to take community group concerns into consideration separately from their M&A approval processes. Reports said Powell noted that looser community bank regulations may help keep branches open. .

Marketing 108

Marketing Community Community Bank Industry 108

CFPB Monitor

OCTOBER 19, 2020

Alan Kaplinsky, Practice Leader of the firm’s Consumer Financial Services Group, moderated the webinar. The webinar examined the potential implications for the consumer financial services industry should Joe Biden win the Presidency and Democrats win control of the Senate while retaining control of the House.

Leadership 78

Leadership FDIC Exercises Lending 78

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

JUNE 20, 2017

The banking system is stable, which is critical to national and state economies. According to the FDIC , disparate impact occurs when a policy or practice applied equally to all applicants has a disproportionate adverse impact on applicants in a protected group. I got news for our lawmakers and regulators. Also critical.

Data 60

Data FDIC Regulation Washington 60

CFPB Monitor

DECEMBER 7, 2022

The hearing was held to discuss historical and ongoing discrimination in the financial services industry, and the roles of Congress and regulators in addressing these issues. Lisa Rice, President and CEO, National Fair Housing Alliance; Mr. Marc H. Chamber of Commerce and other trade groups. . The witnesses included: Ms.

Community 78

Community Compliance Industry National 78

CFPB Monitor

JULY 22, 2020

Less than two months after issuing its final “ Madden fix” rule , the OCC has now issued a proposed rule to address when a national bank or federal savings association should be considered the “true lender” in the context of a third party relationship. Presumably, we will soon see a proposed “true lender” rule from the FDIC.

National 78

National Lending Exercises FDIC 78

CFPB Monitor

OCTOBER 29, 2020

The OCC has issued a final rule to address when a national bank or federal savings association should be considered the “true lender” in the context of a partnership with a third party. The “true lender” rule interprets the provisions of the National Bank Act (NBA), the Federal Reserve Act, and the Home Owners’ Loan Act (HOLA) (12 U.S.C.

National 60

National Lending Exercises FDIC 60

PYMNTS

JANUARY 9, 2018

Community banks are much better positioned to provide personalized service to small business customers; large national banks simply aren’t equipped or motivated to do so.”. The FDIC’s Advisory Committee on Community Banking offered a platform through which community bankers could highlight these challenges.

Community Bank 131

Community Bank Community Fintech Lending 131

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

CFPB Monitor

OCTOBER 13, 2020

We recently published a blog about the OCC’s proposed rule “National Banks and Federal Savings Associations as Lenders” (the “Proposed Rule”), which would clarify that a bank (or savings association) is properly regarded as the “true lender” when, as of the date of origination, it is named as the lender in a loan agreement or funds the loan.

Lending 60

Lending Colorado FDIC National 60

American Banker

JANUARY 5, 2017

A California consumer group on Thursday urged the Senate Finance Committee to delay Treasury Secretary-designate Steven Mnuchin's nomination hearing after a leaked 2013 memo described alleged illegal foreclosure practices at OneWest Bank when he was chairman and CEO.

California 42

California Groups FDIC Regional 42

Independent Banker

SEPTEMBER 22, 2015

Both of these laws pointedly changed the National Flood Insurance Program requirements over which of the banking agencies have jurisdiction. Loans secured by residential improved real estate or a mobile home that is part of a condo, cooperative, homeowner association or other group where premiums are paid by a common association or group.

Regulation 70

Regulation Policies Community Bank Taxes 70

CFPB Monitor

JUNE 25, 2020

On May 20, 2020, the OCC issued a final rule to “strengthen and modernize” its existing Community Reinvestment Act (“CRA”) regulations. Until compliance with the final rule, national banks and federal savings banks must comply with the OCC’s current rule. This is the second in a series of five blog posts about the final rule.

Community 97

Community Lending Meeting Retail 97

Independent Banker

DECEMBER 13, 2015

He’s part of the FSSCC work group that created the Excel option.). These agencies had input: the Federal Reserve, the Office of the Comptroller of the Currency, FDIC and the National Credit Union Administration. No one knows yet how in-depth the regulators might want those assessments.”.

Tools 70

Tools Community Community Bank Security 70

Independent Banker

NOVEMBER 24, 2015

He’s part of the FSSCC work group that created the Excel option.). These agencies had input: the Federal Reserve, the Office of the Comptroller of the Currency, FDIC and the National Credit Union Administration. No one knows yet how in-depth the regulators might want those assessments.”.

Tools 70

Tools Community Community Bank Security 70

Jeff For Banks

MARCH 29, 2014

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. We are able to utilize relatively low cost deposits provided by our trust activities to fund additional loan growth. Texas Capital Bancshares, Inc.

Strategy 102

Strategy Texas San Antonio Fort Worth 102

American Banker

SEPTEMBER 12, 2016

The Group of Central Bank Governors and Heads of Supervision – the supervising body for the Basel Committee on banking Supervision -- Sunday endorsed the broad direction of final Basel III risk-weighted capital rules, including assurances that the final rules would require significant additional capital.

Capital 28

Capital Groups FDIC Regional 28

William Mills

SEPTEMBER 9, 2016

I believe SEC regulations require a company to go public if they have more than 500 shareholders. From their web site: Based in San Francisco, MarketX was founded by a group of experienced professionals from finance, legal, and technology backgrounds. Regulated Financial Institution. I need to learn more.

social media 40

social media ATM Mobile Customer Experience 40

CB Insights

DECEMBER 4, 2019

The 2017 FDIC National Survey of Unbanked and Underbanked Households shows: Approximately 6.5% Claims are underwritten through a partnership with The Warranty Group’s London General Insurance Company. Rumor: Amazon and PayPal are meeting with bank regulators to expand their financial services. adults and 6.4M

Cards 101

Cards Lending Strategy US 101

FICO

DECEMBER 19, 2018

This month, the FCC approved the creation of a National Reassigned Number Database to address the nearly 100,000 wireless numbers that are reassigned each day. I believe this will slip a few months but by June 2019 the proposed regulations will finally be available for public review and comment.

Policies 40

Policies District of Columbia Regulation California 40