Perficient

DECEMBER 27, 2023

Once published by regulators, Perficient’s Risk and Regulatory CoE will be here to walk our clients through the changes. YOU MAY ENJOY: Regulatory Reporting in Financial Services Modernizing CRA Regulations Managing compliance risk frameworks in alignment with existing risk profiles is crucial as customer needs evolve.

Compliance 221

Compliance FDIC Regulation Fraud 221

CFPB Monitor

DECEMBER 28, 2020

The FDIC has issued a final rule setting forth the conditions it will impose and the commitments it will require to approve a deposit insurance application from an industrial bank or industrial loan company (collectively, ILC) whose parent company is not subject to consolidated supervision by the Federal Reserve Board (FRB).

FDIC 78

FDIC Industry Policies Company 78

CFPB Monitor

MARCH 24, 2020

The FDIC has issued a proposed rule setting forth the conditions it would impose and the commitments it would require to approve a deposit insurance application from an industrial bank or industrial loan company (collectively, ILC) whose parent company is not subject to consolidated supervision by the Federal Reserve Board (FRB).

FDIC 60

FDIC Taxes Industry Policies 60

PYMNTS

SEPTEMBER 30, 2020

House committee this week began reviewing the idea of allowing the likes of Amazon or Facebook to receive charters to operate as banks — an idea that’s already gotten plenty of pushback from traditional financial institutions (FIs). However, the banking industry doesn’t like that one bit. “We FDIC), the states and the courts.

Regulation 349

Regulation National System Industry 349

CFPB Monitor

DECEMBER 19, 2019

The OCC and FDIC have issued a joint proposal to revise their regulations implementing the Community Reinvestment Act (CRA). Although the Federal Reserve, OCC and FDIC, are the primary CRA regulators, the Fed did not join the proposal and presumably will issue a separate proposal. ” Click here to register.

FDIC 78

FDIC Regulation Community Retail 78

PYMNTS

OCTOBER 17, 2017

Despite the fact that they are currently being hotly pursued by technologists, the Industrial Loan Charter (ILC) is not exactly a new idea. ILCs are used to form industrial loan companies, better known as industrial banks. ILCs are used to form industrial loan companies, better known as industrial banks.

Industry 108

Industry Fintech FDIC Community Bank 108

Gonzobanker

JUNE 14, 2023

To realize the rewards of the BaaS industry, banks and fintechs are going to have to learn to play by some non-negotiable rules – together. Now, the bank is required to receive FDIC approval for all new third parties and credit products. The FDIC Consent Order is going to impact all partnerships going forward.

Compliance 109

Compliance FDIC Strategy Fintech 109

Cisco

JULY 12, 2022

Regulatory requirements are a key operational concern that we hear about from our financial customers. A number of our financial institution customers are regulated by multiple, and different, regulatory bodies. The 2021 Updates in the Architecture, Infrastructure, and Operations book. Operations and Operational Processes.

Regulation 71

Regulation FDIC System Software 71

PYMNTS

OCTOBER 24, 2019

First, a bit of background: The goal has been — and if things are indeed put to rest with a recent court decision — to standardize a patch quilt of regulations that must be satisfied by FinTechs on a state-by-state basis. By way of example, FinTechs must cobble together money transmitter licenses from each state in which they operate.

Fintech 101

Fintech FDIC New York National 101

Payments Source

NOVEMBER 16, 2018

Payday lenders argue that banks cut ties with their industry due to pressure from biased and hostile regulators. But the reality, in some cases, may be more nuanced.

Operations 63

Operations Regulation Industry FDIC 63

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. Assets: $55 million. Location: Fort Lauderdale, Fla. Built on a solid foundation.

Florida 91

Florida Community Bank Community FDIC 91

Independent Banker

SEPTEMBER 25, 2014

The better prepared, the less likely they are to run afoul of the continually shifting regulations. Regulators and industry consultants agree that community banks are generally doing a great job handling their regulatory oversight and requirements. increased operational risks. percent over the same time period, he says.

Compliance 101

Compliance Regulation Community Bank Community 101

Insights on Business

MARCH 5, 2019

Reducing costs but appeasing regulators seems like an oxymoron, yet, many AML compliance and operations leaders are being asked to do just that. The question is, how to do this, while keeping the regulators happy? Even better, regulators have recently begun encouraging the application of these techniques.

Regulation 70

Regulation Compliance Analysis Innovation 70

Abrigo

MARCH 2, 2023

Takeaway 2 According to Forrester data, firms pursuing technology-driven innovation grow three to four times faster than industry averages. But as Southwest’s scheduling system crisis over the holidays showed banking and all other industries, technology shortcomings create enormous costs in the short-term and in the future.

Technology 195

Technology Lending Community Software 195

CFPB Monitor

MARCH 30, 2020

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes the following key provisions that affect financial institutions and regulation of financial institutions: Section 4003 – Emergency Relief and Taxpayer Provisions. Section 4008 – Debt Guaranty Authority. Section 4013 – Temporary Relief For Troubled Debt Restructurings.

Regulation 122

Regulation United States Community Bank National 122

Celent Banking

DECEMBER 13, 2016

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." " www.fdic.gov.

Risk Management 100

Risk Management Management Exercises FDIC 100

Celent Banking

DECEMBER 12, 2016

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.” In a nutshell, institutions are liable for risk events of their third and extended parties and ecosystems.

Risk Management 100

Risk Management Management Exercises FDIC 100

CFPB Monitor

JULY 7, 2022

In a blog post , the Bank Policy Institute called the CFPB spokesperson’s statement “unprofessional” for “demoniz[ing] commenters and dismiss[ing] their ideas out of hand” and failing to “recognize that people who work in a regulated industry are uniquely positioned to provide insights on the practical effects of a regulation.”

Groups 145

Groups West Virginia Policies Virginia 145

Abrigo

NOVEMBER 9, 2022

How has CECL implementation impacted their operations and reserves for credit losses? CECL's impact on operations. Use a software tool [and] ensure your auditors and regulators are in the loop on progress.” CECL Regulation. With just weeks left to complete CECL implementation, how are banks and credit unions doing?

Survey 195

Survey Software Resources Meeting 195

CFPB Monitor

NOVEMBER 24, 2020

The OCC notes that, in the case of energy industries, the terminated services were not limited to lending “where risk factors might justify not serving a particular client,” but also included advisory and other services unconnected to credit or operational risk.

Operations 78

Operations Analysis Industry Policies 78

Jeff For Banks

FEBRUARY 6, 2011

The FDIC has nearly quadrupled its enforcement actions (“EA”) over the past three years. The productive view about the similarity of EAs is why haven’t we been doing some of the things required by regulators in the first place? Banking is a highly regulated industry, and has been since the Great Depression.

Regulation 71

Regulation FDIC National Capital 71

PYMNTS

AUGUST 7, 2019

Without a regulatory mandate, many in the financial services and FinTech space believe that competition will — and already has — nudged the industry toward embracing data integrations across platforms and service providers in the name of better banking experiences. The jury is still out on the future of opening banking in the U.S.

Fintech 181

Fintech Strategy Resources Payments 181

PYMNTS

AUGUST 14, 2019

In the world of small business financial services, entrepreneurs’ frustrations with banking have been loudly vocalized : firms are often considered too small to be profitable for banks’ corporate services units and are therefore pushed into an FI’s consumer banking operations. Again, this issue is not isolated to Australia.

Lending 122

Lending Cards FDIC Capital 122

Independent Banker

SEPTEMBER 25, 2014

Federal regulators say, not always. And there are valid circumstances for engaging objective, outside experts to audit and review their risk management and compliance activities, but placating regulators is not one of them. 36% for interpreting regulations. For the regulators, the key word is “independence.”

Community Bank 70

Community Bank Compliance Risk Management Community 70

Jeff For Banks

FEBRUARY 17, 2021

Yesterday at the ABA's virtual Conference for Community Bankers (CCB), Federal Reserve Governor Michelle Bowman gave a speech, My Perspective on Bank Regulation and Supervision. In that speech, she briefly commented on the FRB's review of merger applications from an anti-trust standpoint.

St. Louis 78

St. Louis Analysis Community Bank Community 78

Jeff For Banks

FEBRUARY 3, 2018

In 2013, there were 6,812 FDIC-insured financial institutions. As an industry, the trend is down. What about the financial performance and condition of our industry? So I will say to you that t he condition of the industry is strong. In fact, if you listen to some institutional investors, the industry is over-capitalized.

Taxes 60

Taxes Regional Industry Trends 60

Jeff For Banks

OCTOBER 29, 2016

With all of our anguish, torment, debate, and deliberation about the future of our country, our industry, and our bank, here are some common themes that I have been seeing that can be improved should bank management commit to making them happen. billion, and the operating cost per business checking account is $710.

Training 60

Training FDIC Community Resources 60

PYMNTS

AUGUST 30, 2018

and nationwide about whether cashless operation is discriminatory. Grosso has introduced new regulations that would bar restaurants from putting in cash bans – and require them to take hard currency. “If 20 percent of black households are unbanked, and 36 percent are underbanked , according to 2015 data from the FDIC.

Washington 100

Washington FDIC Security Cards 100

Independent Banker

NOVEMBER 25, 2015

One of the biggest problems with FinTech companies is that many of them exploit existing banking infrastructure—including debit, credit and ACH networks—and access traditional checking and saving accounts, yet face minimal regulation when it comes to data security and privacy. Siphoning customers.

Community Bank 70

Community Bank Community Analytics Lending 70

CFPB Monitor

MAY 6, 2019

The OCC also argued that the NYDFS’s claims were untimely because it can no longer challenge the OCC’s long-standing regulation (12 C.F.R. The OCC argued that the NYDFS’ complaint failed to state an APA claim because this regulation is entitled to deference under the U.S. e)(1)) interpreting the term “business of banking” in the NBA.

Fintech 68

Fintech New York National Regulation 68

Jeff For Banks

SEPTEMBER 10, 2011

What is interesting about the success of Bank of the Ozarks and its CEO is the fact that he wasn''t the "experienced banker" regulators almost insist upon when approving the appointment of bank leadership. Bank of the Ozarks and their regulators were not so myopic in their view. billion bank with a 3.60% ROA year to date.

Arkansas 66

Arkansas South Carolina FDIC North Carolina 66

Jeff For Banks

MARCH 27, 2010

Regulators have been particularly harsh to those banks whose business plans call for other-than-traditional deposit acquisition. If your bank has brokered deposits, Internet deposits, jumbo CDs, rewards checking, and in some cases CDARs, a regulator near you may be calling to order you to seek more traditional funding.

Indiana 60

Indiana FDIC Strategy Regulation 60

PYMNTS

MARCH 4, 2019

As quoted in the National Law Review , the councilman, citing data from the FDIC that black and Hispanic households are more likely than their white counterparts to be underbanked or unbanked, has said that “the cashless marketplace sends an exclusionary message — that the impoverished, the homeless, the underbanked, the undocumented need not apply.

Retail 129

Retail New York City New York New Jersey 129

Jeff For Banks

DECEMBER 16, 2022

And I am weary of the persistent "get big or get out" mentality of many industry pundits. and Puerto Rico banking laws and regulations. 4 First BanCorp (NYSE: FBP) First BanCorp is a full service financial institution with operations in Puerto Rico, the British Virgin Islands, and Florida. Well done! #3 Virgin Islands.

Puerto Rico 78

Puerto Rico Virgin Islands Community Community Bank 78

Independent Banker

AUGUST 26, 2015

She’s chief operating officer and vice president of the mortgage company, a division of Private Bank of Buckhead, in Atlanta. Electronic signatures are accepted by banking regulators and meet state standards under the Uniform Electronic Transactions Act. Legally and operationally, digital John Hancocks come of age in lending.

San Francisco 70

San Francisco Lending System Atlanta 70

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

South State Correspondent

MARCH 15, 2023

Percentage of Uninsured Deposits: At the time of failure, SVB had approximately 88% of their deposits above the FDIC-insured $250k limit and ran at 95% at the end of last year. Look for more formal education teaching bankers how to talk to customers about FDIC insurance, bank safety, and liquidity concerns.

social media 195

social media FDIC Branding Management 195