CFPB Monitor

MARCH 15, 2022

A California federal district court judge recently rejected the California AG’s challenge (in which other states joined) to the FDIC’s rule and, in a separate lawsuit, also rejected a challenge by the California AG and other state AGs to the OCC’s Madden -fix rule codified at 12 C.F.R. Section 7.4001(e).

California 78

California Innovation Utah West Virginia 78

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

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

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.”. Costello has also held senior roles at Bank of Florida, City National Bank and Nations Bank during his 30-year banking career.

Florida 91

Florida Community Bank Community FDIC 91

PYMNTS

JULY 21, 2019

Before I begin my questions, I just want to take a moment to commend the South Dakota Division of Banking for their forward-thinking and willingness to allow for innovation in the digital currency space. From top to bottom the state is really interested in seeing innovation happen.

South Dakota 134

South Dakota Bitcoin cryptocurrency Ohio 134

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

Abrigo

MAY 5, 2022

Weekly episodes highlight innovators and industry players driving innovation in the financial services industry. Ahead of the Curve: A Banker’s Podcast Ahead of the Curve: A Banker’s Podcast has insights from banking leaders and advisors across the banking industry. keep me informed.

Community 195

Community Lending Maine Resources 195

PYMNTS

MAY 24, 2018

I applaud Comptroller [Joseph] Otting’s move to encourage national banks and federal savings associations to offer short-term, small-dollar installment loans,” he said. The report said that 2013 FDIC and OCC guidance eliminated the ability of banks to offer a viable alternative to compete with payday lending.

FDIC 100

FDIC Lending Regulation Study 100

PYMNTS

DECEMBER 14, 2018

News came earlier in the month that several federal agencies have come out — together — in support of banks embracing innovation in their compliance efforts. Thus, said the agencies, banks should eye technology, and should endeavor to “consider, evaluate, and where appropriate, responsibly implement innovative approaches in this area.”

Compliance 148

Compliance Innovation FDIC Examples 148

Gonzobanker

FEBRUARY 1, 2024

The FDIC Approved This Ad How many times did we hear a speaker admonish the audience to “be sure and sign up for the FDIC notification list.” As disruptive innovation finds a home in banking, the industry anticipates a surge in technology’s ability to drive tangible business outcomes. Five Hundred? (Oh

Conference 88

Conference FDIC Arizona Industry 88

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

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

PYMNTS

DECEMBER 18, 2018

As well, the form has a long history of transmitting national values and providing cultural, political and even economic education — one need only dig deep into the comic scene during World War II to understand that. culture, in that sweet spot where “low” and “high” art meet.

Compliance 152

Compliance Fraud Security FDIC 152

PYMNTS

NOVEMBER 14, 2019

The Uber of furniture ,” P2P closet-sharing and crowdshipping all certainly sound innovative. In the latest Payments and the Platform Economy Playbook , PYMNTS analyzes how marketplaces are innovating their payment experiences and how they are adding new features to draw buyers and sellers away from competing platforms. percent of U.S.

Payments 124

Payments United States Online Google 124

PYMNTS

JANUARY 25, 2018

In the financial services world, most buzzworthy payment innovations are frequently aimed at rendering older, physical financial concepts moot. But not all financial innovations are focused on making such concepts obsolete. trillion in cash in 2015, a higher rate than that of Western European nations.

ATM 100

ATM Millennials FDIC New Jersey 100

Jeff For Banks

DECEMBER 26, 2012

and its subsidiary BofI Federal Bank aspire to be the most innovative branchless bank in the United States providing products and services superior to their competitors, branch-based or otherwise. To be fair, Access National is headquartered in Reston, VA, one of the best banking markets in the country. No slouches there. #1.

Texas 79

Texas National FDIC Capital 79

Insights on Business

MARCH 5, 2019

Several companies have begun applying innovative technologies like artificial intelligence, machine learning and robotic process automation to AML activities and the initial results are very promising. The key is simple: financial institutions just need to improve the efficiency of their people and systems.

Regulation 70

Regulation Compliance Analysis Innovation 70

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

Independent Banker

FEBRUARY 24, 2016

New inspirations, fresh experiences await at ICBA’s national convention. ICBA’s national convention offers an educational lineup this year of more than 60 workshops and networking sessions. ICBA’s national convention offers an educational lineup this year of more than 60 workshops and networking sessions. The Peoples Bank Co.

Community Bank 70

Community Bank Community Innovation Customer Experience 70

FICO

DECEMBER 20, 2018

Indeed, we are already starting to see signs of distress among community and regional banks that lack the advertising budgets and sophisticated digital capabilities of the big national banks. In response to this competitive pressure, top 100 banks will invest in an area that has been neglected for too long — deposit pricing strategy.

Trends 73

Trends Lending Fraud Exercises 73

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. Studies conducted by the FDIC show that there are tens of millions of U.S. Increasing Lender Confidence.

Data 52

Data Innovation Examples Study 52

American Banker

NOVEMBER 29, 2016

After more than two decades bringing underbanked consumers into the mainstream, Bryant has found a way to combat financial illiteracy that also addresses two critical business problems facing banks today: keeping branches relevant and finding new customers.

Operations 28

Operations Innovation FDIC Regional 28

FICO

DECEMBER 13, 2019

In the Philippines (another emerging market where VC dollars for online lending are pouring in), the National Privacy Commission is investigating hundreds of complaints from consumers about lending apps leveraging their personal data to shame them into making their payments. A Prediction for the 2020s.

Regulation 52

Regulation Fintech Lending Branding 52

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. Some form of this ratio will likely be applied to the national and regional banks, which means larger community banks will also be judged by this ratio.

social media 195

social media FDIC Branding Management 195

Independent Banker

DECEMBER 13, 2015

These agencies had input: the Federal Reserve, the Office of the Comptroller of the Currency, FDIC and the National Credit Union Administration. That could stifle innovation.”. Private industry and ICBA had no input when FFIEC developed the tool, says Lilly Thomas, ICBA vice president and senior regulatory counsel.

Tools 70

Tools Community Community Bank Security 70

Independent Banker

NOVEMBER 24, 2015

These agencies had input: the Federal Reserve, the Office of the Comptroller of the Currency, FDIC and the National Credit Union Administration. That could stifle innovation.”. Private industry and ICBA had no input when FFIEC developed the tool, says Lilly Thomas, ICBA vice president and senior regulatory counsel.

Tools 70

Tools Community Community Bank Security 70

CFPB Monitor

AUGUST 7, 2020

On July 31, 2020, the Office of the Comptroller of the Currency (OCC) approved the national bank charter application of Varo Bank, N.A., team — the first consumer fintech to receive a national bank charter. team — the first consumer fintech to receive a national bank charter. a wholly-owned subsidiary of fintech Varo Money, Inc.

Fintech 78

Fintech FDIC Utah National 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

Fintech Labs Insights

JULY 19, 2016

Calling the technology a “one-of-a-kind front-end system,” VP of Marketing and Sales for Laser App Robert Powell said the partnership was a “great opportunity for us to learn from leading innovators.” Founded in 2013 and headquartered in New York, MaxMyInterest demonstrated its technology at FinovateFall 2014.

FDIC 12

FDIC New York System Software 12

Independent Banker

APRIL 30, 2022

Brazos National Bank. Douglas National Bank. FSNB, National Association. Pioneer Trust Bank, National Association. AMG National Trust Bank. HNB National Bank. Leader Bank, National Association. BNC National Bank. Stearns Bank National Association. By William Atkinson. Philadelphia.

Community Bank 172

Community Bank Community Montana Taxes 172

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

If credit unions need to a place to start, Filene has a lot of great opportunities to try right now to test some of these promising and innovative products. The FDIC survey found 54% of black and 46% of Hispanic households to be un- or underbanked, well above the national average of 28%.

Community 28

Community FDIC Meeting Lending 28

CFPB Monitor

MAY 22, 2020

The Federal Reserve, OCC, FDIC, and NCUA have issued “ Interagency Lending Principles for Offering Responsible Small-Dollar Loans.” Section 85) governs the interest national banks may charge. Repayment outcomes and program structures that enhance a customer’s financial capabilities. Federal law (12 U.S.C.

FDIC 78

FDIC Policies Lending Guidelines 78

CFPB Monitor

MAY 7, 2020

While most of the report recycles information about which we have previously blogged, it does contain the following noteworthy information: The section of the report on “Innovations in access to credit” includes a subsection about “providing adverse action notices when using artificial intelligence and machine learning models.”

Lending 78

Lending Report FDIC Policies 78

PYMNTS

SEPTEMBER 25, 2017

In truth, SoFi’s odds were probably never incredibly strong – the FDIC has turned down this type of application multiple times in the past. “So, The FDIC won’t act in a vacuum,” an unnamed source told Reuters. Says Karen Webster in her piece last week, let the innovation begin. Now, they become almost impossible,” Levitt noted.

FDIC 108

FDIC Data Policies Report 108

William Mills

SEPTEMBER 9, 2016

Auto-financing is ripe for innovation. 10:50 am Moonraft Innovation Labs – [link] – @moonraft. Our platform is open source, which makes it more reliable, innovative and secure. Based in Porto, Portuga they provide “Omnichannel Innovation” Truly integrated Omni channel middleware platform. “We

social media 40

social media ATM Mobile Customer Experience 40

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).

Community 97

Community Lending Meeting Retail 97