CFPB Monitor

SEPTEMBER 14, 2021

Last week, the Federal Reserve Board published a paper on partnerships between community banks and fintech companies, “Community Bank Access to Innovation through Partnerships.” The Fed’s publication of the paper is another indication of the increased attention that regulators are paying to bank relationships with fintechs.

Fintech 78

Fintech Community Bank Community FDIC 78

CFPB Monitor

AUGUST 7, 2020

In a statement issued after presenting the charter , Acting Comptroller Brian Brooks discussed the value and attributes of a national bank charter, including the ability to operate nationwide under a uniform regulatory framework subject to a single primary prudential supervisor, and the confidence the charter inspires in consumers.

Fintech 78

Fintech FDIC Utah National 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. To combat this speed, banks must get innovative to offer greater protection for uninsured deposits. Roku revealed it had almost $500mm in deposits at SVB.

social media 195

social media FDIC Branding Management 195

CFPB Monitor

MAY 22, 2020

The Federal Reserve, OCC, FDIC, and NCUA have issued “ Interagency Lending Principles for Offering Responsible Small-Dollar Loans.” Effective management of credit, operational, compliance, and other risks. Repayment outcomes and program structures that enhance a customer’s financial capabilities.

FDIC 78

FDIC Policies Lending Guidelines 78

CFPB Monitor

SEPTEMBER 10, 2020

Thereafter, “using its existing lending operations and personnel, LoanMart commenced ‘marketing’ and ‘servicing’ auto title loans purportedly made by CCBank, a small Utah-chartered bank operating out of Provo, Utah.” Thus, both the OCC and FDIC have adopted regulations rejecting the Second Circuit’s Madden decision.

Utah 78

Utah California FDIC West Virginia 78

PYMNTS

NOVEMBER 23, 2020

As for easing the path toward financial innovation, there’d always been some consideration of seeking a national banking charter, noted Cagney, especially as the company began building blockchain and blockchain applications over the past few years. Enter Figure Pay – And The Barbell Effect . Looking Toward The Blockchain .

National 215

National blockchain Montana Lending 215

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). Uses of AI.

Risk Management 78

Risk Management Training Lending FDIC 78

Abrigo

MARCH 2, 2023

Takeaway 2 According to Forrester data, firms pursuing technology-driven innovation grow three to four times faster than industry averages. Community banks and the entire banking industry face downside risks from inflation, rising market interest rates, and continued geopolitical uncertainty, the FDIC said recently in its quarterly report.

Technology 195

Technology Lending Community Software 195

FICO

OCTOBER 4, 2016

Adopted in 1977, the CRA is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. After a thorough assessment of the institution, bank examiners assign a CRA rating and issue a public performance evaluation.

Lending 74

Lending Data Community FDIC 74

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

SEPTEMBER 9, 2020

1831d(a) (“Section 27(a)”), which governs the interest charges of state-chartered FDIC-insured banks. The recharacterization threat also diminishes both the opportunity for innovation in lending products and the availability of credit, especially for consumers with risker credit profiles. Under 12 U.S.C. § 12 U.S.C. §

FDIC 78

FDIC National South Dakota Lending 78

Independent Banker

NOVEMBER 25, 2015

It’s a worrisome and complicated dynamic that’s putting competitive pressure on community banks, but it’s also creating opportunities through data analytics, partnerships and the ability to innovate to meet evolving customer demands. “We See “Closing the Gap” in the November 2015 issue, online at www.independentbanker.org.).

Community Bank 70

Community Bank Community Analytics Lending 70

PYMNTS

OCTOBER 29, 2018

The day after Halloween marks the 60-day sprint to the end of the year – a year in which the pace of innovation has accelerated materially. The shifts associated with that innovation are beginning to take root, and those impacts are beginning to be felt. In fact, according to our recent study, they come in dead last.

Payments 196

Payments Google Apple Innovation 196

CFPB Monitor

SEPTEMBER 24, 2019

Observing that the uncertainty created by Madden has “hinder[ed] the efficient and effective operation of credit markets and impedes fintech innovation,” the lawmakers ask for a “administrative solution” to mitigate the consequences of Madden.

Colorado 60

Colorado National Policies Lending 60

Jeff For Banks

MARCH 29, 2014

We serve the dental and other health professional industries through a centralized loan and deposit platform that operates out of our main office in Dallas, Texas and serves clients in 30 states. We serve our local geographic market which is the Dallas - Fort Worth metropolitan area. Texas Capital Bancshares, Inc. Prosperity Bancshares, Inc.

Strategy 100

Strategy Texas San Antonio Fort Worth 100

NCR

DECEMBER 18, 2015

Tech innovator Apple hit the market more than a year ago with Apple Pay , bringing along retailers as diverse as Macy’s, Duane Reade and Whole Foods as partners. The FDIC estimates that some 10 million households have no contact with a banking institution of any kind. And there are many alternatives, such as Venmo, Square and Belly.

Apple 40

Apple Retail FDIC Mobile 40

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. No one knows yet how in-depth the regulators might want those assessments.”. That could stifle innovation.”. Understand your bank’s IT network and its operations,” says Hamilton.

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. No one knows yet how in-depth the regulators might want those assessments.”. That could stifle innovation.”. Understand your bank’s IT network and its operations,” says Hamilton.

Tools 70

Tools Community Community Bank Security 70

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

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. The DOJ Finding. So, Now What?

Lending 135

Lending Fraud Management San Francisco 135

William Mills

SEPTEMBER 9, 2016

I believe SEC regulations require a company to go public if they have more than 500 shareholders. Auto-financing is ripe for innovation. Customers want self-service capabilities but regulation and risk is top of mind that get in the way of digital interactions. Regulated Financial Institution.

social media 40

social media ATM Mobile Customer Experience 40

PYMNTS

AUGUST 29, 2018

The FDIC and FCC did not back the comments on the part of the OCC, although both have shown an interest in rewriting the rules. The OCC has a 75 day comment period and will then share the responses with the other two regulators, noted the report. and Federal Reserve.

Community 100

Community FDIC Compliance Regulation 100

PYMNTS

FEBRUARY 21, 2017

The CFPB was a few weeks away from releasing new draft regulations, and the money was on regs that would by and large neuter the industry. This year, at Innovation Project 2017 , we’ve assembled an all-star team to handicap the future of a multi-billion industry that provides alt-lending services to roughly 6 percent of American adults.

Lending 101

Lending Regulation Innovation Industry 101

FICO

DECEMBER 19, 2018

While the database is not expected to be operational for several years, the FCC did provide for a safe harbor that will protect those that leverage the database from TCPA liability. I believe this will slip a few months but by June 2019 the proposed regulations will finally be available for public review and comment. The next step?

Policies 40

Policies District of Columbia Regulation California 40