CFPB Monitor

JANUARY 20, 2022

In this wide-ranging conversation with two experienced reporters on the consumer finance industry, we discuss differences between the current CFPB and the Trump-era CFPB, including with regard to areas of regulatory and enforcement focus such as UDAAP, consumer access to financial information, small business issues, and fair lending.

FDIC 78

FDIC Industry Leadership Report 78

Jeff For Banks

MAY 20, 2017

And regulators are getting anxious. Today, I read an American Banker article on how a multi-billion dollar bank is going to ramp up its business lending. Reading between the lines, this bank is likely over the CRE guidance levels, and were probably getting grief from their regulators about it. Look at technology companies.

Lending 60

Lending Regulation Community Community Bank 60

FICO

MAY 25, 2023

Home Blog Feed test AI Development Can’t Be Paused—But It Can Be Regulated Since Generative AI is here to stay, ChatGPT’s base grew by 9,900% in 60 days, with 1.8 Home Blog Feed test AI Development Can’t Be Paused—But It Can Be Regulated Since Generative AI is here to stay, ChatGPT’s base grew by 9,900% in 60 days, with 1.8

Regulation 52

Regulation San Diego Analytics blockchain 52

PYMNTS

SEPTEMBER 30, 2020

It would instead offer payment companies a national servicing platform to replace the regime of state regulations such firms would be subject to under existing laws. Commercial companies accessing a payments charter would avoid oversight and regulations that protect the financial system and consumers,” the bank industry leaders wrote.

Regulation 349

Regulation National System Industry 349

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 OCC indicated that in connection with this amendment, the bank organizers will apply to the FDIC for deposit insurance, and Figure Technologies, Inc. Section 5.20(e)(1) 1 et seq.

Technology 78

Technology National FDIC Fintech 78

Independent Banker

JULY 31, 2022

Locality Bank, a digital-first community bank serving south Florida that opened in January, is run by industry veterans with such successful track records that regulators signed off on their application for a charter in less than a year. His career has focused on aligning technology and banking services. Location: Fort Lauderdale, Fla.

Florida 91

Florida Community Bank Community FDIC 91

CFPB Monitor

APRIL 15, 2016

The interest of federal regulators in marketplace lending continues to grow. In July 2015, the Treasury Department issued a request for information regarding online marketplace lending and, in February 2016, the FDIC published an article highlighting the risks for banks that partner with marketplace lenders. .

Lending 60

Lending FDIC Washington Financial Technology 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.”.

FDIC 78

FDIC Policies Lending Guidelines 78

CFPB Monitor

JANUARY 24, 2022

The bank will also provide a fully digital, mobile-first national lending platform for consumers across the country. SoFi Technologies, has applied to the Federal Reserve to become a bank holding company and therefore subject to consolidated supervision. In addition, the parent company of SoFi Bank, N.A.,

National 78

National Fintech Company FDIC 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 .

National 215

National blockchain Montana Lending 215

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 16, 2019

. “The nation’s two largest metropolitan areas are home to a majority of our commercial lending and banking clients,” said Greg Garrabrants, president and CEO of Axos, in a statement. and offer clients FDIC-insured accounts.

Los Angeles 101

Los Angeles New York FDIC Lending 101

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.

FDIC 112

FDIC New York Mobile Online 112

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

OCTOBER 18, 2022

He noted that the FDIC and Federal Reserve have adopted a similar approach, helping to maintain a level playing field across the banking system. He stated that his role as a bank regulator “is to ensure that the banking system is safe, sound, and fair—not to pick winners and losers among emerging technologies.”.

Regulation 78

Regulation FDIC DC System 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.

Risk Management 78

Risk Management Training Lending FDIC 78

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. Third, the regulators need adequate financial resources. My lesson learned to the regulators, read your past lessons learned. credit default swaps anyone?).

FDIC 78

FDIC Community Bank Regulation Lending 78

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

PYMNTS

OCTOBER 30, 2019

APIs also boost visibility into foreign exchange rates, Western Union said, while allowing the FI to offer business clients “the latest level of regulated European internet security,” it said in its announcement. Open Banking Targets Corporates. Though open banking is not a regulatory mandate in the U.S.,

Lending 102

Lending Fintech America Data 102

Abrigo

NOVEMBER 9, 2022

Technology can ease pressure on staffing and internal resources, a category identified by 42% of respondents as one of their biggest challenges so far. Use a software tool [and] ensure your auditors and regulators are in the loop on progress.” CECL Regulation. Lending & Credit Risk. Learn More. Whitepaper. Learn More.

Survey 195

Survey Software Resources Meeting 195

PYMNTS

AUGUST 4, 2020

In an announcement, the bank said it would work with Google to debut a co-branded, FDIC-insured, digital-only bank account next year. To that end, BBVA was one of six banks that said on Monday (Aug.

Google 298

Google Digital Banking Course Branding 298

PYMNTS

OCTOBER 13, 2016

Kabbage is a data and technology platform that enables real-time lending. We started the company initially to provide small business loans to eBay sellers through a real-time technology platform,” says Petralia. The goal of all that money is, of course, to lend to small business owners. which was added in 2013. “We

Regulation 100

Regulation Lending US FDIC 100

American Banker

OCTOBER 5, 2016

For regulators to develop a unified framework for fintech companies to operate in, they first have to come to a consensus.

Regulation 76

Regulation Fintech Operations Company 76

CFPB Monitor

OCTOBER 6, 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). Rather, the focus here is on the identity of the lender in the primary market.

California 78

California FDIC Analysis Utah 78

Independent Banker

FEBRUARY 24, 2016

Community banks cannot afford to ignore the staggering pace of lending adoption by both individuals and businesses using digital-only platforms from various nonbank technology-based specialty lending firms. FDIC-insured deposits largely solve this problem for banks. Core deposits also come at much lower costs.

Community Bank 70

Community Bank Community Lending FDIC 70

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. This is why ICBA and community banks must continue to push consistent regulation of bank and nonbank financial service providers. By Kelly Pike.

Community Bank 70

Community Bank Community Analytics Lending 70

Abrigo

JANUARY 29, 2020

Key Takeaways The FDIC issued an advisory to FIs encouraging safe and sound lending practices in today's ag lending environment. Technology has been a key resource for both ag borrowers and ag lenders seeking efficiency, growth, and profitability. On January 28, the Federal Deposit Insurance Corp.

Lending 195

Lending How To FDIC Survey 195

Independent Banker

SEPTEMBER 25, 2014

Federal regulators say, not always. And there are valid circumstances for engaging objective, outside experts to audit and review their risk management and compliance activities, but placating regulators is not one of them. 36% for interpreting regulations. For the regulators, the key word is “independence.”

Community Bank 70

Community Bank Compliance Risk Management Community 70

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

CFPB Monitor

JUNE 17, 2019

The Fed, together with the OCC and FDIC, are the primary CRA regulators, and each agency has adopted regulations to implement the CRA. banking industry since the CRA’s enactment. Participant feedback received at the roundtables included the following: Assessment areas.

Report 60

Report Community Regulation Groups 60

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

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

Jeff For Banks

DECEMBER 16, 2022

and Puerto Rico banking laws and regulations. In their investor deck they told shareholders that the efficiency ratio was likely to gradually rise to 50% as they continue to invest in people, technology, and capital projects. five-year total return and #2 on the JFB Top 5! Well done! #3 Virgin Islands. of total revenues, respectively.

Puerto Rico 78

Puerto Rico Virgin Islands Community Community Bank 78

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

Independent Banker

AUGUST 26, 2015

Legally and operationally, digital John Hancocks come of age in lending. Electronic signatures “absolutely” have helped PrivatePlus Mortgage expand its residential mortgage lending reach nationwide, says Lia Webster. By Howard Schneider. The process can begin much faster.”. Fewer errors.

San Francisco 70

San Francisco Lending System Atlanta 70

Javelin Strategy & Research

SEPTEMBER 2, 2014

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 have a lot to learn! I can’t get enough of innovation and digital strategy. I’d like to hear from you.

Innovation 58

Innovation DC FDIC Strategy 58

Jeff For Banks

MARCH 27, 2010

Regulators have been particularly harsh to those banks whose business plans call for other-than-traditional deposit acquisition. If your bank has brokered deposits, Internet deposits, jumbo CDs, rewards checking, and in some cases CDARs, a regulator near you may be calling to order you to seek more traditional funding.

Indiana 60

Indiana FDIC Strategy Regulation 60