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

Abrigo

AUGUST 8, 2021

The Federal Reserve, the OCC, the NCUA, and the FDIC repeatedly pointed out that the nature of loan review or credit risk review at a given bank or credit union will vary. Larger or more complex institutions might have credit risk review functions entirely separate from their lending functions. Reviewing lending staff’s risk ratings.

System 195

System Lending Policies Regulation 195

Jeff For Banks

DECEMBER 10, 2023

As a reference, the best SIFI bank in five-year total return this year was JPMorgan Chase at 29th overall. As a point of reference, the S&P US BMI Bank Total Return Index for the five years ended December 7, 2023 was 23.32%. The first bank to crack the Top 5 over $50 billion did so in 2020.

Fresno 107

Fresno North Carolina Raleigh FDIC 107

CFPB Monitor

JANUARY 24, 2022

The bank will also provide a fully digital, mobile-first national lending platform for consumers across the country. This levels the playing field and will ensure that SoFi’s deposit and lending activities are conducted safely and soundly, including limiting the bank’s ability to engage in crypto-asset activities.”

National 78

National Fintech Company FDIC 78

Perficient

NOVEMBER 30, 2021

Stablecoins are cryptocurrencies that attempt to peg their market value to some external reference. Ancillary custody services could potentially include staking, facilitating crypto asset lending, and distributed ledger technology governance services. Regulators will be looking to avoid a digital asset version of the S&L crisis.

cryptocurrency 309

cryptocurrency Regulation Policies Compliance 309

PYMNTS

JANUARY 9, 2018

With big banks pulling back from small and medium-sized business (SMB) lending in the wake of the global financial crisis, the market was ripe for someone else to fill the credit gap. Community banks approved 49 percent of SMB loan applications in November, according to the latest data from the Biz2Credit Small Business Lending Index.

Community Bank 131

Community Bank Community Fintech Lending 131

CFPB Monitor

JUNE 12, 2020

Marlette Funding, LLC et al , arises from an enforcement action filed in 2017 by Colorado’s UCCC Administrator challenging a bank-model lending program involving a New Jersey state-chartered bank. In the Colorado case, the court noted that Section 27 only refers to banks but makes no reference to non-bank entities.

Colorado 78

Colorado FDIC Analysis National 78

CFPB Monitor

AUGUST 5, 2021

Mr. Hsu indicated that such reliance “raised a lot of flags” and stated that “excessive fees on overdrafts, predatory lending, high-cost debt traps” should be prohibited and “don’t have a place in the federal banking system.” Hsu as to whether he considered such reliance a safety and soundness concern. Community Reinvestment Act.

Data 78

Data FDIC Community Analysis 78

CFPB Monitor

JULY 22, 2020

Previously, Acting Comptroller of the Currency Brian Brooks indicated that the OCC expected to partner with the FDIC in developing the OCC’s “true lender” rule. Previously, Acting Comptroller of the Currency Brian Brooks indicated that the OCC expected to partner with the FDIC in developing the OCC’s “true lender” rule.

National 78

National Lending Exercises FDIC 78

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

CFPB Monitor

JUNE 15, 2020

According to the agency’s press release , the final rule is designed to increase CRA-related lending, investment and services in low- and moderate-income (“LMI”) communities where there is significant need for credit, responsible lending, and greater access to banking services.

Community 60

Community FDIC Lending Examples 60

BankBazaar

APRIL 19, 2023

While the government is trying its hard to pacify investors’ fears, regulators are trying to find new buyers to take over SVB’s domestic lending portfolio. In the United States, the FDIC provides deposit insurance coverage of up to $250,000 per depositor, per insured bank. What is the meaning of insured deposits?

US 78

US United States FDIC Regulation 78

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

PYMNTS

JULY 15, 2016

But when it comes to a tactic that plays rope-a-dope with the facts about something, say as serious as whether or not China hacked into the FDIC, then it is not at all cool. Top as in the very top: the FDIC chairman, his chief of staff, and the General Counsel. Lending Club Algorithms . Really, since when?).

Retail 100

Retail FDIC Bitcoin Lending 100

Jeff For Banks

DECEMBER 16, 2022

As a reference, the best SIFI bank in five-year total return this year was JPMorgan Chase at 82nd overall. As a point of reference, the S&P US BMI Bank Total Return Index for the five years ended December 9, 2022 was -1.21%. Not so over the eleven years I have been keeping track. It has not been all sunshine and rainbows for TBBK.

Puerto Rico 78

Puerto Rico Virgin Islands Community Community Bank 78

ABA Community Banking

OCTOBER 1, 2019

Heated competition for bank funding is an increasingly important focus for community bank leaders, according to an annual survey released today by the Federal Reserve, the FDIC and the Conference of State Bank Supervisors. The post Survey Finds Cost of Funds Top of Mind for Community Bankers appeared first on ABA Banking Journal.

Survey 49

Survey Community FDIC Community Bank 49

Abrigo

JUNE 4, 2019

The Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Board of Governors of the Federal Reserve System (FRB), and the Office of the Comptroller of the Currency (OCC) have put out a joint statement addressing many frequently asked questions about the new standard.

Policies 186

Policies Capital Report FDIC 186

Jeff For Banks

FEBRUARY 3, 2010

In the 1992 classic movie My Cousin Vinny, Joe Pesci referred to his clients as “yutes”. But the FDIC has approximately 5,000 employees and examines about 5,160 banks (see [link] That’s almost one to one. I understand the FDIC also manages the insurance fund and has a consumer protection arm. Bear with me, I have a point.

FDIC 60

FDIC Conference Analysis Lending 60

Independent Banker

SEPTEMBER 25, 2014

FDIC policies do demand independent reviews in certain domains: Bank Secrecy Act/anti-money laundering, interest rate risk, liquidity risk management, and methodologies used for assigning allowance of loan and lease losses. FDIC Article. “That aspect can be done as part of internal audit,” says Eberley.

Community Bank 70

Community Bank Compliance Risk Management Community 70

CFPB Monitor

MAY 6, 2019

. § 520(e)(1), which contains a sentence that directly justifies the SPNB charter: “A special purpose bank that conducts activities other than fiduciary activities must conduct at least one of the following three core banking functions: Receiving deposits; paying checks; or lending money.” Supreme Court’s 1984 decision Chevron U.S.A.

Fintech 68

Fintech New York National Regulation 68

CFPB Monitor

APRIL 6, 2021

While much attention has been paid to the “new CFPB’s” plans to make fair lending a top priority, the fair lending practices of financial institutions supervised by the federal banking agencies are also likely to face greater scrutiny under the Biden Administration.

FDIC 78

FDIC Compliance Lending Policies 78

CFPB Monitor

FEBRUARY 2, 2015

The letters reference guidance on private student loans with graduated repayment terms also issued last week by the CFPB jointly with the Fed, FDIC, NCUA, and OCC. Information Requests.

Industry 60

Industry FDIC Meeting Regulation 60

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

Jeff For Banks

MARCH 27, 2010

This line of reasoning centers on cost of deposits and equates high-cost deposits with less loyal customers… commonly referred to as “hot money”. They troll the web for best rate banks, assuming one depository with FDIC insurance is no better than another. Jeff BancVue’s comment letter to the FDIC [link].

Indiana 60

Indiana FDIC Strategy Regulation 60

CFPB Monitor

JULY 1, 2020

The agencies are the Comptroller of the Currency, Farm Credit Administration, FDIC, Federal Reserve Board, and National Credit Union Administration. Wet funding” and “dry funding,” which varies by state, refer to when a mortgage is considered officially closed.

Policies 60

Policies Security FDIC National 60

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

CB Insights

DECEMBER 4, 2019

Through trial and error, the company has set up key financial pillars across payments, cash deposits, and lending. The 2017 FDIC National Survey of Unbanked and Underbanked Households shows: Approximately 6.5% Amazon Lending. Today, Amazon has expanded its business lending to the US and UK. Amazon SMB Lending.

Cards 101

Cards Lending Strategy US 101

CFPB Monitor

NOVEMBER 19, 2018

Thirteen Republican Senators have sent a letter to FDIC Chairman Jelena McWilliams urging the FDIC to take action to ensure that lawful businesses are no longer at risk of adverse financial consequences as a result of “Operation Choke Point, and its associated culture and Choke Point-like regulatory actions.”.

FDIC 68

FDIC Operations Policies Regulation 68

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

OCTOBER 18, 2022

These accounts promise consumers returns paid in additional units of crypto that are sometimes referred to as “yield” and quoted in terms of “APY,” thereby suggesting a stable, predictable return. He noted that the FDIC and Federal Reserve have adopted a similar approach, helping to maintain a level playing field across the banking system.

Regulation 78

Regulation FDIC DC System 78

CFPB Monitor

JUNE 15, 2021

First, there is no longer any reference to possible rulemaking to define the meaning of “abusive” under Dodd-Frank. Second, there is no longer any reference to possible rulemaking on payday loan disclosures. The items identified in the agenda as in the “proposed rule stage” are: Business Lending Data (Regulation B).

Regulation 78

Regulation FDIC Lending Data 78

Independent Banker

APRIL 30, 2022

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. We get a lot of customers referring new business to us, which is the ultimate stamp of approval in my opinion.”. Genesee Regional Bank. Rochester, N.Y.

Community Bank 172

Community Bank Community Montana Taxes 172

Fintech Labs Insights

APRIL 17, 2017

Lending Home is open to accredited investors looking to fund real estate investment projects for a term of 12 months or less. Investor funds are held in an Investors Trust Account with City National Bank and in the event of default, the funds are FDIC insured up to $250,000. LendingHome. The minimum investment is $1,000. Crowd Street.

Technology 19

Technology Montana Company Management 19

CFPB Monitor

SEPTEMBER 24, 2019

They specifically reference the OCC’s “authority to update its interpretation of the definition of ‘interest’ under the [NBA] to ensure that our nation’s policies governing usury laws are applied on a clear and consistent basis nationwide.” .

Colorado 60

Colorado National Policies Lending 60

CFPB Monitor

MAY 16, 2019

Senator Bernie Sanders recently announced that he will be introducing a bill, the “Loan Shark Prevention Act ,” that would amend the Truth in Lending Act (15 U.S.C. This authority, which is referred to as the “Most Favored Lender” doctrine, has also been interpreted by the U.S. First of Omaha Corp.,

Pennsylvania 87

Pennsylvania Lending Omaha National 87

CFPB Monitor

JUNE 12, 2019

Democratic Senators Elizabeth Warren and Doug Jones have sent a letter to the CFPB, Federal Reserve, OCC, and FDIC expressing concern that fintech and traditional lenders using algorithms in their underwriting processes are engaging in unlawful discrimination. Such algorithms are often referred to as “artificial intelligence.”).

FDIC 111

FDIC Fintech Lending Innovation 111

CFPB Monitor

JULY 6, 2020

The Economic Growth, Regulatory Relief, and Consumer Protection Act directs the CFPB to implement an exemption from the mandatory escrow account requirement for higher-priced mortgage loans under the Truth in Lending Act and Regulation Z for certain insured credit unions and insured depository institutions.

Regulation 78

Regulation Policies FDIC Lending 78