PYMNTS

MAY 24, 2018

In 2013, the OCC had discouraged short-term lending by banks with limitations on what could be offered to customers depending on their credit. 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

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

CFPB Monitor

JANUARY 19, 2022

federal district court in December 2020 seeking to block the OCC from granting a national bank charter to Figure Technologies Inc. The lawsuit represented the CSBS’s third challenge to the OCC’s authority to issue special purpose national bank (SPNB) charters to non-depository fintech companies or to uninsured deposit-taking fintechs.

Technology 78

Technology National FDIC Fintech 78

CFPB Monitor

SEPTEMBER 9, 2020

Ballard Spahr LLP has submitted a comment letter to the OCC in support of its proposed rule , “National Banks and Federal Savings Associations as Lenders” (the “Proposed Rule”). Three virtually identical Federal Interest Statutes govern interest that may be charged by Banks: Section 85 of the National Bank Act (“NBA”), 12 U.S.C. §

FDIC 78

FDIC National South Dakota Lending 78

CFPB Monitor

OCTOBER 6, 2022

A California state court has overruled the demurrer filed by Opportunity Financial, LLC (OppFi) to the cross-complaint filed by the California Department of Financial Protection and Innovation (DFPI) in which OppFi asked the court to reject the DFPI’s “true lender” challenge. The identity of the real lender was not at issue.

California 78

California FDIC Analysis Utah 78

FICO

DECEMBER 20, 2018

In our current rising rate environment, any bank that can’t grow (or at least sustain) its deposits base will face shrinking net interest margins and a competitive disadvantage in their consumer lending businesses. small-dollar lending market. This is critical to making the business case for small-dollar lending viable.

Trends 73

Trends Lending Fraud Exercises 73

FICO

DECEMBER 13, 2019

In China, online P2P lending exploded in popularity, with the number of P2P lenders growing from 50 in 2011 to 6,000 in 2015. Then the whole industry imploded when it was revealed that 40% of P2P lending platforms were Ponzi schemes. Less than a year later the company announced a new deposit product , this time insured by the FDIC.

Regulation 52

Regulation Fintech Lending Branding 52

Jeff For Banks

MARCH 3, 2018

That's what I thought about while reading a recent Financial Brand post about Innovation in Banking: Killer Ideas? When I wrote that post in January 2011 there were 7,700 FDIC insured financial institutions. SunTrust - Developed Lightstream , a national online lending platform to provide consumer loans for practically any purpose.

Apple 66

Apple Millennials Massachusetts FDIC 66

FICO

MARCH 8, 2021

I recently had the opportunity to participate in a virtual event hosted by the Urban Institute entitled Financial Inclusion: Lessons Learned and What’s Next for Innovations in Alternative Credit Data. The use of this type of alternative data for credit scoring and, ultimately, consumer lending is promising for several reasons.

Data 52

Data Innovation Examples Study 52

Filene

JULY 18, 2018

The lack of access to culturally relevant, fair, dignified – and vital – financial education, products and services is made worse by a cloudy legislative commitment to fixing the nation’s broken immigration system. The FDIC says more than 45 percent of Hispanic households were unbanked or underbanked in 2015.

Community 28

Community Study Resources Lending 28

Filene

JULY 15, 2016

I sat down with Adam Lee , Filene's Incubator Director, to follow up on the blog post he wrote last week about the ongoing payday lending proposed regulations debate, to go a bit deeper into the issue. H: What are you keeping an eye on in the debate over the proposed payday lending regulations? Here’s what I learned.

Community 28

Community FDIC Meeting Lending 28

CFPB Monitor

MAY 7, 2020

The CFPB’s annual fair lending report covering its 2019 activities is scheduled to be published in tomorrow’s Federal Register. The Bureau states that an area of innovation that it is monitoring for fair lending and credit access issues is “artificial intelligence (AI), and more specifically, machine learning (ML), a subset of AI.”

Lending 78

Lending Report FDIC Policies 78

Independent Banker

APRIL 30, 2022

Brazos National Bank. Douglas National Bank. In order to compete as a small bank, we have been forced to keep higher-than-peer capital levels, so that our lending limit allows us to service local borrowers’ needs. FSNB, National Association. Pioneer Trust Bank, National Association. AMG National Trust Bank.

Community Bank 172

Community Bank Community Montana Taxes 172

CFPB Monitor

MAY 22, 2020

The Federal Reserve, OCC, FDIC, and NCUA have issued “ Interagency Lending Principles for Offering Responsible Small-Dollar Loans.” In that statement, the agencies indicated that they were “working on future guidance and lending principles for responsible small-dollar loans.”. Federal law (12 U.S.C.

FDIC 78

FDIC Policies Lending Guidelines 78

CFPB Monitor

NOVEMBER 22, 2022

While the report does not address “true lender” challenges in bank/fintech lending relationships, it does discuss the risk of “so-called ‘rent-a-charter’ schemes that market themselves as innovative fintech lending platforms, but operate with essentially the same harmful business model as a traditional payday lender.”

Fintech 78

Fintech Report Data Lending 78

CFPB Monitor

JUNE 25, 2020

The final CRA rule is an effort by the OCC to provide objective measures to evaluate the CRA performance of national banks and savings associations supervised by the OCC (including federal and state-chartered savings associations and uninsured federal branches of foreign banks). Qualifying Activities.

Community 97

Community Lending Meeting Retail 97

Jeff For Banks

MARCH 29, 2014

Lending services include commercial loans to small to medium-sized businesses and professional concerns as well as consumers. 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. Prosperity Bancshares, Inc.

Strategy 101

Strategy Texas San Antonio Fort Worth 101

William Mills

SEPTEMBER 9, 2016

Auto-financing is ripe for innovation. International lending platform – Create opportunities for Investors. 2015 formed aspire to address inefficiencies in alternative lending market. 10:50 am Moonraft Innovation Labs – [link] – @moonraft. Average return of 13% per year. Regulated Financial Institution.

social media 40

social media ATM Mobile Customer Experience 40

CFPB Monitor

SEPTEMBER 24, 2019

In Madden , the Second Circuit ruled that a purchaser of charged-off debts from a national bank was not entitled to the benefits of the preemption of state usury laws under Section 85 of the National Bank Act (NBA).

Colorado 60

Colorado National Policies Lending 60

Abrigo

JULY 22, 2022

Takeaway 2 While these financial products are appealing, the lack of stability and consumer protections surrounding them are a concern for the FDIC. ? . Takeaway 3 Financial institutions should notify the FDIC of crypto-related activity and be familiar with the risks of the cryptocurrency world. . Crypto turbulence.

cryptocurrency 195

cryptocurrency FDIC Regulation Fraud 195

CFPB Monitor

JUNE 20, 2022

To date, CFPB enforcement actions have raised “rent-a-charter” challenges only in the context of tribal lending, most notably in its enforcement action against CashCall. The CFPB’s lawsuit broke new ground by asserting UDAAP violations based on CashCall’s efforts to collect loans that were purportedly void in whole or in part under state law.

FDIC 78

FDIC California Texas Fintech 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

CFPB Monitor

OCTOBER 19, 2020

More specifically, in contrast to the CFPB’s current approach of handling more matters in supervision, there will likely be more enforcement cases involving larger dollar amounts and a more aggressive focus on fair lending. Other possible areas of legislative activity identified by Tim were arbitration and student loans.

Leadership 78

Leadership FDIC Exercises Lending 78