PYMNTS

SEPTEMBER 30, 2020

Co-signed by the American Bankers Association, Bank Policy Institute, Independent Community Bankers of America and The Clearing House, the letter argues that banks and non-bank technology firms are both already embracing innovation in customer service offerings. FDIC), the states and the courts.

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Regulation National System Industry 349

CFPB Monitor

AUGUST 1, 2018

The FDIC has not yet responded.

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FDIC Regulation Innovation Resources 68

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.”.

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FDIC Policies Lending Guidelines 78

PYMNTS

NOVEMBER 23, 2020

While many digital-first companies springboard from payments into lending, Figure Technologies , a FinTech focused on home improvement, debt consolidation and retirement products that leverage blockchain protocols, is branching out from lending into payments. Looking Toward The Blockchain . The Charter Advantage .

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National blockchain Montana Lending 215

CFPB Monitor

JULY 14, 2022

The California Department of Financial Protection and Innovation (DFPI) has filed its opposition to Opportunity Financial, LLC’s (OppFi) Demurrer to the DFPI’s cross-complaint.

California 78

California Innovation Utah Texas 78

Independent Banker

JULY 31, 2022

While many banks are utilizing technology and trying to be innovative, they are doing so on an existing legacy structure that is too expensive, painful and ingrained in their culture to change.”. His career has focused on aligning technology and banking services. —Keith Costello, Locality Bank. “We Filling a need.

Florida 91

Florida Community Bank Community FDIC 91

PYMNTS

APRIL 29, 2019

Last week Robinhood, the company behind the free mobile trading app, filed an application to open an online bank that would be FDIC insured and offer high rates on savings and low rates on credit cards. Marcus, the online lending unit of Goldman Sachs, uses Infosys for its core banking platform, the report noted. retail consumers.

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FDIC New York Mobile Online 112

PYMNTS

APRIL 24, 2020

bank technology firm securing $100 million to expand in the region. Plus, an accounts payable technology company announced a $127 million equity round. In France, Libeo , which offers invoice processing automation technologies for small businesses in need of accounts payable optimization, secured $4.32 KarbonCard. next year.

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Fintech Capital Security FDIC 193

PYMNTS

MARCH 5, 2019

Other existing investors participating in the fundraising round include Menlo Ventures, Forerunner Ventures and Cathay Innovation. Chime said proceeds from the funding will go toward growing the business and launching additional lending and credit products.

Capital 116

Capital San Francisco FDIC Leadership 116

CFPB Monitor

APRIL 19, 2022

OppFi’s complaint recites that prior to 2019, the Bank entered into a contractual arrangement with OppFi (Program) pursuant to which the Bank uses OppFi’s technology platform to make small-dollar loans to consumers throughout the United States (Program Loans).

California 78

California Innovation Utah United States 78

CFPB Monitor

APRIL 1, 2021

In what could be an important step towards needed regulatory updating to accommodate the growing use of artificial intelligence (AI) by financial institutions, the CFPB, FDIC, OCC, Federal Reserve Board, and NCUA issued a request for information (RFI) regarding financial institutions’ use of AI, including machine learning (ML). Fair lending.

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Risk Management Training Lending FDIC 78

CFPB Monitor

NOVEMBER 22, 2022

That Order directed the Secretary of the Treasury to issue a report assessing how the entry of large technology firms and other non-banks into consumer finance markets has affected competition. The report was issued in response to President Biden’s July 2021 Executive Order on promoting competition.

Fintech 78

Fintech Report Data Lending 78

PYMNTS

AUGUST 4, 2020

When the story of the coronavirus is written, when it comes to financial services, the key chapters will focus on the pace at which innovation accelerated — and where a range of players came together to create ecosystems, rather than to simply compete in zero-sum, winner-take-all bids for consumers.

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Google Digital Banking Course Branding 298

CFPB Monitor

OCTOBER 10, 2016

” Speakers include industry representatives and an FDIC representative. ” Among the questions to be addressed are whether “regulation and policy inhibit innovation and skew benefits toward the well-to-do.” On October 13, 2016, the Brookings Institute will hold an event in Washington, D.C.

Fintech 60

Fintech FDIC Policies Washington 60

Jeff For Banks

JUNE 2, 2023

The old borrow short, lend long strategy. I want to read to you the FDIC’s conclusion from their An Examination of the Banking Crisis of the 1980’s and Early 1990’s. Who would’ve thought lending $1 million to a San Francisco cab driver to buy a house at 100% loan to value would go bad? What caused a dot-com bubble?

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FDIC Community Bank Regulation 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. We believe this case is extraordinarily important.

California 78

California FDIC Analysis Utah 78

FICO

DECEMBER 20, 2018

I’ll leave the speculation on the headline-grabbing technologies — your blockchains and your dancing robots — to others. 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.

Trends 73

Trends Lending Fraud Exercises 73

CFPB Monitor

OCTOBER 18, 2022

Promises of innovation and inclusion often mask crypto’s promotion of a gold rush vibe…”. He noted that the FDIC and Federal Reserve have adopted a similar approach, helping to maintain a level playing field across the banking system. In time, people get hurt.”

Regulation 78

Regulation FDIC DC System 78

Independent Banker

NOVEMBER 25, 2015

Regardless of the name, nonbank technology firms are wedging themselves between community banks and their customers by offering a slew of traditional and nontraditional banking products. They are mostly looking for simple, convenient payment options, says Cary Whaley, ICBA vice president, payments and technology policy. By Kelly Pike.

Community Bank 70

Community Bank Community Analytics Lending 70

FICO

MAY 25, 2023

I think if this technology goes wrong, it can go quite wrong,” he said in testimony before Congress. Technology that’s been made freely available to the public—e.g., technology “in the wild”—is irrevocable; how could it possibly be pulled back? Technology development moves a lot faster than the legislative process.

Regulation 52

Regulation San Diego Analytics blockchain 52

PYMNTS

OCTOBER 7, 2019

The issue at hand: Marcus was perhaps not prepared to handle the world of high-risk lending, according to sources – and the learning curve has been steep and expensive. According to figures projected in a report by Wells Fargo , banking could slash over 200,000 human jobs in favor of handing them off to technology.

Data 116

Data Apple FDIC Report 116

CFPB Monitor

AUGUST 8, 2019

The results showed that Upstart’s model using alternative data and machine learning approved 27% more applications than a traditional lending model and yielded 16% lower average APRs. The CFPB, in its July 2019 fair lending report, discussed supervisory reviews of alternative credit scoring models.

Data 60

Data Lending Compliance Policies 60

CFPB Monitor

SEPTEMBER 9, 2020

Our letter draws on Ballard Spahr’s two-plus decades of experience in representing banks and savings associations (“Banks”) in establishing lending programs (“Bank-Agent Programs”) where a Bank obtains substantial assistance from a fintech or other non-Bank company (an “Agent”) to offer Bank loans to consumers or small businesses. .

FDIC 78

FDIC National South Dakota Lending 78

Independent Banker

APRIL 30, 2022

Whether it’s products and services, technology strategies or employee benefits, independent community banks decide on their own terms what’s best for their business and their customers. Dempster says his bank does have the technology to handle mortgage transactions virtually, and some customers prefer that. A: Technology.

Community Bank 172

Community Bank Community Montana Taxes 172

CFPB Monitor

MAY 19, 2022

OppFi’s complaint recites that prior to 2019, the Bank entered into a contractual arrangement with OppFi (Program) pursuant to which the Bank uses OppFi’s technology platform to make small-dollar loans to consumers throughout the United States (Program Loans).

California 78

California Utah United States FDIC 78

PYMNTS

OCTOBER 1, 2018

The DOJ investigation centered on whether LendingClub had – between January 2009 to September 2010 – misled its FDIC-insured loan originator, WebBank , leading the bank to underwrite over 200 loans that did not conform to the bank’s lending requirements. lending marketplace. Attorney Alex Tse. Attorney Alex Tse. “We

Lending 135

Lending Fraud Management San Francisco 135

FICO

JANUARY 6, 2020

“…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….top We began to see a resurgence in small-dollar lending in 2018 with new regulatory guidance from the OCC and FDIC encouraging banks to compete with payday lenders.”.

Data 52

Data Analytics Lending Trends 52

Javelin Strategy & Research

SEPTEMBER 2, 2014

I can’t get enough of innovation and digital strategy. My 30 year career started in merchant e-commerce technology, with numerous product management/leadership/launch roles before moving over to product-innovation research some fifteen years ago. I’ll provide one more example of the elusive win-win innovation.

Innovation 58

Innovation DC FDIC Strategy 58

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 65

Apple Millennials Massachusetts FDIC 65

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

PYMNTS

OCTOBER 26, 2018

. “We can now really ask how humans and machines can work together to deliver a superior experience for both the employee and the customer,” HSBC Bank USA Head of Innovation Jeremy Balkin noted in the public announcement of the pilot. percent, down from 7 percent in 2015 – the lowest level since the financial crisis.

Samsung 134

Samsung Apple Study Report 134

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 100

Strategy Texas San Antonio Fort Worth 100

Filene

JULY 18, 2018

The same research, technology and digital transformation strategies credit unions are deploying to learn more about their mainstream members can be applied to hyper-local immigrant segments. The FDIC says more than 45 percent of Hispanic households were unbanked or underbanked in 2015. This growth is only the tip of the iceberg.

Community 28

Community Study Resources Lending 28

American Banker

MARCH 11, 2016

Ray Grace, North Carolina's banking commissioner, believes federal bank regulators should embrace charters for banks dedicated to innovation. Doing so, he said, would help the banking industry secure its spot as a "laboratory for change.".

North Carolina 28

North Carolina Regulation Innovation Security 28

William Mills

SEPTEMBER 9, 2016

From their web site: Based in San Francisco, MarketX was founded by a group of experienced professionals from finance, legal, and technology backgrounds. Auto-financing is ripe for innovation. International lending platform – Create opportunities for Investors. 10:50 am Moonraft Innovation Labs – [link] – @moonraft.

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social media ATM Mobile Customer Experience 40

PYMNTS

AUGUST 29, 2018

The Office of the Comptroller of the Currency is aiming to rewrite the 1977 Community Reinvestment Act, which is designed to encourage bank lending in low-income areas. But the banks argue the rules don’t take into account technology consumers are using to apply for loans regardless of where they live. and Federal Reserve.

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Community FDIC Compliance Regulation 100