CFPB Monitor

NOVEMBER 21, 2019

The OCC and FDIC issued proposed rules this week intended to eliminate the uncertainty created by the Second Circuit’s decision in Madden v. Comments on the FDIC’s proposal must be submitted no later than 60 days after the date the proposal is published in the Federal Register. Midland Funding. 85 [or 12 U.S.C

FDIC 78

FDIC National Lending Policies 78

American Banker

AUGUST 14, 2023

explored the various credit, market and operational risks facing the banking sector. In its annual report, the Federal Deposit Insurance Corp. It also explored crypto and climate issues.

FDIC 67

FDIC Operations Marketing Report 67

Abrigo

MAY 20, 2022

Meet Model Risk Management Expectations Updates to the FDIC Risk Management Manual should steer institutions toward a model that manages risk and drives growth. FDIC Update. Last April, the FDIC released an Interagency Statement titled Model Risk Management (MRM) for Bank Models and Systems Supporting BSA/AML Compliance.

Risk Management 195

Risk Management Management FDIC Meeting 195

CFPB Monitor

MAY 18, 2022

After moving alone in 2020 to reform its Community Reinvestment Act (CRA) regulation, the Office of the Comptroller of the Currency (OCC) has joined the Federal Deposit Insurance Corporation (FDIC) and Federal Reserve Board in issuing a joint notice of proposed rulemaking setting forth proposed amendments to their regulations implementing the CRA.

FDIC 78

FDIC Regulation Community Lending 78

CFPB Monitor

JUNE 18, 2019

Last week, the FDIC published its Consumer Compliance Supervisory Highlights that provides observations about its consumer compliance supervision activities in 2018. The FDIC’s anonymized exam findings include: Overdraft Programs. Real Estate Settlement Procedures Act (“RESPA”) Section 8 Violations.

FDIC 60

FDIC Compliance Regulation Training 60

South State Correspondent

AUGUST 21, 2022

We compared and contrasted the two strategies and sized the market for community banks. Second, community banks should use FDIC-insured institutions as hedge providers, and the hedges must be structured as qualified financial contracts (QFC). We also shared a table that summarized the two strategies.

How To 195

How To Community Bank Community FDIC 195

Perficient

APRIL 2, 2021

The five federal agencies are: the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (Fed), the National Credit Union Administration (NCUA) and the. Office of the Comptroller of the Currency (OCC). Personalization of Customer Services. Credit Decisions. Textual analysis.

Regulation 309

Regulation Industry Risk Management Analysis 309

Independent Banker

JUNE 30, 2022

Looking for an avenue to increase its deposit base, Academy Bank tapped into a market it hadn’t explored before: homeowners associations. We were looking at ways to increase our deposit base and impact the communities we serve,” says Tom Kientz, chief operating officer. One of the very quick things we turned to were HOAs,” he says.

Kansas City 91

Kansas City Kansas FDIC Community Bank 91

PYMNTS

AUGUST 16, 2019

Axos Bank parent company Axos Financial has rolled out out commercial banking operations across new markets in the U.S., The bank is targeting the middle-market and niche clientele, it noted. Axos Bank is also focusing on the small and medium-sized business (SMB) market. and offer clients FDIC-insured accounts. .”

Los Angeles 101

Los Angeles New York FDIC Lending 101

PYMNTS

JUNE 13, 2017

Which means it really doesn’t come as all that huge a surprise that as of June 6th, SoFi had applied for a new (de novo) bank charter according to the FDIC. Instead, SoFi as a bank will exist so it can “provide its customers an FDIC insured NOW account and a credit card product. SoFi has confirmed the news.

FDIC 100

FDIC Utah Millennials ATM 100

PYMNTS

JANUARY 24, 2019

. “Aided with this new capability, Banc of California will be able to offer their local small business customers a market-leading lending program.” ” The company pointed to analysis from the FDIC , whose 2018 Small Business Lending Survey found that only a few banks in the U.S.

California 122

California Lending FDIC Online 122

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

Jeff For Banks

JANUARY 14, 2021

When I made that speech in 2008, there were approximately 8,500 FDIC-insured financial institutions and today that is around 5,000, a 40% decline. They can have the operating discipline and service to their constituencies to earn their right to remain independent. Imagine if they did operate fee-based lines of business profitably.

Community Bank 130

Community Bank Community FDIC Strategy 130

Independent Banker

JULY 31, 2022

What also sets Locality Bank apart from existing financial institutions in its market is that its board and management have a “first principles mindset, one where we set out to create the bank from the start to serve the needs of the local business community,” says Keith Costello, president, CEO and one of Locality Bank’s cofounders.

Florida 91

Florida Community Bank Community FDIC 91

Abrigo

SEPTEMBER 16, 2019

Bankers’ attitudes reflect conditions in capital markets and conditions in the economy, primarily the local economy served by each bank,” Dunkelberg and Scott wrote. These insights have the potential to inform the market and policy makers on the overall health of the economy, opportunities, and risk.”.

Community Bank 150

Community Bank Community Policies Survey 150

CFPB Monitor

MAY 6, 2021

Atlanticus/Fortiva performs all of the collections, servicing, payment and remittance operations in connection with the accounts. In 2016, the OCFR brought an enforcement action against CashCall, a nonbank operating a high-rate bank model program. million in penalties against CashCall.

Maryland 78

Maryland Lending Missouri FDIC 78

Perficient

AUGUST 9, 2022

Greenwood operates completely online, but they partner with FDIC-insured banks and are part of a global ATM network that allows members to use more than 100,000 ATMs fee-free when they need to withdraw and deposit physical cash and checks.

Community 275

Community Customer Experience ATM Examples 275

Jeff For Banks

DECEMBER 10, 2023

Although one might argue that First Citizens BancShares of Raleigh is a SIFI as it climbed to the 19th largest in the country with its Silicon Valley Bridge Bank acquisition from the FDIC, and that the FDIC designated SVB as systemically important. Nasdaq: TBBK) Here is this year's list: #1. M&F Bancorp, Inc.

Fresno 103

Fresno North Carolina Raleigh FDIC 103

PYMNTS

JULY 16, 2019

In the continued linkups between banks and FinTech upstarts, new markets beckon across various borders. Among the latest examples, N26 , which is a digital-only bank based in Europe, has entered the US market through partnership with Axos Bank in order to offer FDIC insured accounts.

Digital Banking 101

Digital Banking US FDIC Cards 101

Independent Banker

NOVEMBER 21, 2021

includes (from left): Christina Johantgen (head of marketing and creative), Joe York (head of product), Kelsey Cahill (summer associate), Jackie Charron (chief operating officer and executive vice president), Debbie Morin (chief financial officer), and CEO Charley Cummings. The team at Walden Mutual, a planned de novo in Concord, N.H.,

Community 170

Community New Hampshire New York Millennials 170

Cisco

JULY 12, 2022

Regulatory requirements are a key operational concern that we hear about from our financial customers. a few agencies include the Federal Reserve (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller (OCC), and the Consumer Financial Protection Bureau (CFPB).

Regulation 71

Regulation FDIC System Software 71

CFPB Monitor

OCTOBER 21, 2021

The CFPB, Federal Reserve Board, FDIC NCUA, OCC, in conjunction with the state bank and state credit union regulators, jointly issued a statement on managing the transition away from LIBOR (Joint Statement). The Joint Statement indicates that in March 2021, the FCA announced that the one-week and two-month U.S. Fallback language.

Regulation 78

Regulation Management FDIC Risk Management 78

PYMNTS

SEPTEMBER 30, 2020

House committee this week began reviewing the idea of allowing the likes of Amazon or Facebook to receive charters to operate as banks — an idea that’s already gotten plenty of pushback from traditional financial institutions (FIs). FDIC), the states and the courts.

Regulation 349

Regulation National System Industry 349

Abrigo

JULY 20, 2021

B y marketing that your financial institution offers SBA loan origination, you provide additional products that expand opportunities to businesses. In the secondary market, guaranteed loans are liquid and command a premium. Offering SBA lending at the institution is a good way to “get in the door” with good credits.

Lending 195

Lending FDIC Capital Risk Management 195

Abrigo

JULY 20, 2021

B y marketing that your financial institution offers SBA loans, you provide additional products that expand opportunities to businesses. In the secondary market, guaranteed loans are liquid and command a premium. Offering SBA lending at the institution is a good way to “get in the door” with good credits.

Lending 195

Lending FDIC Capital Risk Management 195

Abrigo

OCTOBER 28, 2022

Overall, FDIC-insured commercial banks and savings institutions aren’t seeing dramatic increases in net charge-offs ( Chart 1 ) or rates related to declining asset quality ( Chart 2 ), such as past-due rates and rates for non-current loans. The TDR designation prompted a requirement for separate accounting using discounted cash flow models.

Management 195

Management Risk Management Policies Lending 195

CFPB Monitor

NOVEMBER 10, 2020

The Fed, FDIC, and OCC have issued a “ Statement on Reference Rates for Loans ” that addresses replacement rates for the London Inter-Bank Offered Rate (LIBOR). ” The statement highlighted the financial, legal, consumer protection, and operational risks that will result from LIBOR’s expected discontinuation.

Regulation 78

Regulation FDIC New York Lending 78

BankBazaar

APRIL 19, 2023

Amid the financial uncertainties, Silicon Valley Bank (SVB) collapsed in March this year, sending shockwaves across the global financial markets. Deposits that are typically insured include savings accounts, checking accounts, certificates of deposit (CDs), and money market accounts. Why did US banks collapse?

US 78

US United States FDIC Regulation 78

PYMNTS

NOVEMBER 23, 2017

22) report by American Banker , New York Venture Bank, which will be headquartered in New York, needs the nod of the Office of the Comptroller of the Currency (OCC) before it can launch operations. FDIC), the news report noted the new bank will begin with $100 million in capital. According to a Wednesday (Nov.

New York 100

New York National FDIC Lending 100

Bank Innovation

MAY 21, 2018

Jamie Dimon and Warren Buffett may still think bitcoin is a Ponzi scheme, but in the meantime, Goldman Sachs has reportedly opened a crypto trading operation, apparently a first for the banking industry, and Coinbase, the market-leading wallet and exchange, is […].

cryptocurrency 186

cryptocurrency Bitcoin Operations Industry 186

PYMNTS

JULY 11, 2018

Citizens Access safely and securely offers Member FDIC-insured online savings and CD accounts with attractive rates and no fees to customers across the United States. Citizens Financial Group announced the launch of its nationwide, direct-to-consumer digital bank.

Digital Banking 103

Digital Banking United States FDIC ATM 103

CFPB Monitor

NOVEMBER 24, 2020

A bank with $100 million or more in total assets would be presumed to hold such a market position but could attempt to rebut the presumption by submitting written materials to the OCC demonstrating it does not hold either market position. Comments on the proposal are due by January 4, 2021.

Operations 78

Operations Analysis Industry Policies 78

Gonzobanker

MAY 4, 2020

In the midst of unprecedented market volatility, recent deals and back-channel chatter illustrate that fintech demand remains high. And businesses that deferred moving online or had no reason to operate online have made the leap practically overnight.”. operations with a soft landing of customers to Varo. customer impact.

Fintech 109

Fintech FDIC Capital Community Bank 109

NCR

JUNE 17, 2016

Historically, the financial services sector has been reluctant to embrace digital marketing—or expand into new online domestic and global markets. Compared to traditional ad channels, industry marketing professionals overwhelmingly believe digital marketing is a more efficient and ROI-centric approach.

Marketing 40

Marketing Online Branding social media 40

NCR

NOVEMBER 24, 2016

Historically, the financial services sector has been reluctant to embrace digital marketing – or expand into new online domestic and global markets. Compared to traditional ad channels, industry marketing professionals overwhelmingly believe digital marketing is a more efficient and ROI-centric approach.

Online 40

Online Marketing Branding social media 40

PYMNTS

AUGUST 7, 2019

market is not like others across the globe. With Wise now operating with BBVA, the company will initially focus on core small business banking services as well as payments — an area Thyagarajan said is filled with pain points for small businesses both as senders and recipients of payments. For instance, in the U.K.,

Fintech 181

Fintech Strategy Resources Payments 181

PYMNTS

NOVEMBER 1, 2018

And that is a bank – one with FDIC insurance and safeguards that keep their money safe. That said, for banks to translate that trust into consumer loyalty and revenue in this digital and mobile age, they need to design products that emphasize security as much as UX, and to market their products appropriately.

Fintech 191

Fintech UX Mobile FDIC 191