Abrigo

JANUARY 4, 2023

banking regulators recently warned financial institutions that dealing with cryptocurrency exposes them to an array of risks. The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector," read a joint statement from the Federal Reserve, FDIC, and the OCC.

social media 195

social media Fraud cryptocurrency Trends 195

Bank Innovation

JULY 29, 2019

On the heels of digital banking startup Varo Money applying for a banking license with the Federal Deposit Insurance Corporation (FDIC) earlier this month, another fintech firm with its toes in charter waters seems poised to jump in.

FDIC 253

FDIC Digital Banking Fintech Online 253

FICO

DECEMBER 13, 2019

The most prominent villain for fintech companies is regulation. And so it’s easy to see why a fintech company — believing fully in the virtue of its mission and faced with a litany of illogical and intractable regulations — might just say "F*ck it, we're doing it anyways." and China). A Prediction for the 2020s. Brand protection.

Regulation 52

Regulation Fintech Lending Branding 52

CFPB Monitor

OCTOBER 9, 2018

The FDIC’s Center for Financial Research has issued a research paper that discusses the use of the information contained in a “digital footprint,” meaning the information that people leave online by accessing or registering on a website, for predicting consumer default. tablet or mobile).

FDIC 92

FDIC Comparison Lending Examples 92

PYMNTS

MAY 24, 2018

The guidance did not change any regulation, but clarified the regulator’s stance on the loans, Reuters reported. Regulatory uncertainty forced banks out of this space, leaving families to rely on pawn shops, costly payday lenders or loosely regulated online lending during times of financial stress.

FDIC 100

FDIC Lending Regulation Study 100

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. That’s no small feat for any de novo, especially during a pandemic. Built on a solid foundation.

Florida 91

Florida Community Bank Community FDIC 91

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.

FDIC 112

FDIC New York Mobile Online 112

PYMNTS

NOVEMBER 12, 2020

COVID-19 has caused urban flight, hollowing out cities by catalyzing the surge in working from home, shopping online and not traveling far from one’s residence. The retail market has been under stress for several years, because of, you know, online sales and that sort of thing. commercial real estate sector.

New York City 227

New York City New York Missouri Philadelphia 227

PYMNTS

JANUARY 26, 2021

And [regulators] will have to allow us to report, consolidate and collect this information — and be able to report it to the authorities and regulatory bodies that need it.”. The company also offers an FDIC-insured checking account to help spur crypto-friendly banking, Johnson noted. They may or may not have had an online presence.

cryptocurrency 256

cryptocurrency Bitcoin blockchain FDIC 256

PYMNTS

DECEMBER 18, 2018

The release comes amid increasing attention on issues involving ID , authentication and “ know your customer ” tactics and strategies — and as observers anticipate even more focus in 2019 on issues related to online security and privacy and AML efforts. Compliance is a complex topic,” said Stephen Ufford, CEO and founder of Trulioo.

Compliance 152

Compliance Fraud Security FDIC 152

PYMNTS

JUNE 20, 2017

The action comes a week after the FDIC announced that digital lender SoFi had applied to the state of Utah for a special banking charter known as an ILC. You don’t have any regulation of the parent company under the Bank Holding Act; that is almost always the reason why companies are setting these [structures] up,” he said.

Utah 108

Utah Indiana America Community 108

CFPB Monitor

OCTOBER 23, 2014

Mishkin In our blog post yesterday about the CFPB’s final rule allowing an alternative online delivery method for annual privacy notices, we commented that the CFPB has made limited progress on its regulatory streamlining initiative launched in December 2011. CFPB Rulemaking CFPB crapo regulations'

Regulation 95

Regulation FDIC Online 95

Jeff For Banks

JUNE 2, 2023

Second, this can be accomplished only if the industry does not have too much influence over its regulators and if the regulators have the ability to hire, train, and retain qualified staff. Third, the regulators need adequate financial resources. My lesson learned to the regulators, read your past lessons learned.

FDIC 78

FDIC Community Bank Regulation Lending 78

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. There’s no mystery as to why: banks must navigate a veritable sea of regulations, including strict guidelines on how to communicate with customers and prospects.

Online 40

Online Marketing Branding social media 40

CFPB Monitor

OCTOBER 6, 2022

As alleged the Commissioner is not attempting to regulate the transfer of loans in the secondary market. Unless it settles, it creates a risk to the viability of bank model online lending that is structured like OppFi’s Program. Rather, the focus here is on the identity of the lender in the primary market.

California 78

California FDIC Analysis Utah 78

CFPB Monitor

MARCH 15, 2022

The OCC’s attempt to provide a clear bright line test for determining when a bank is the “true lender” in a bank-model program through a regulation was overturned by Congress under the Congressional Review Act.) In addition to “true lender” threats, non-bank participants in bank-model programs will continue to face state licensing threats.

California 78

California Innovation Utah West Virginia 78

PYMNTS

OCTOBER 17, 2017

An industrial bank is an FDIC-insured depository institution that is generally subject to the same banking laws and regulations as any other bank charter type, with the important exception of the Bank Holding Act of 1956. ILCs are used to form industrial loan companies, better known as industrial banks. And those can take a while.

Industry 108

Industry Fintech FDIC Community Bank 108

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

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. There’s no mystery as to why: banks must navigate a veritable sea of regulations, including strict guidelines on how to communicate with customers and prospects. Times are changing, however.

Marketing 40

Marketing Online Branding social media 40

Abrigo

NOVEMBER 9, 2022

Use a software tool [and] ensure your auditors and regulators are in the loop on progress.” Banks regulated by the Federal Reserve, the OCC, or the FDIC made up the bulk of institutions represented by survey-takers (73%). The online survey was conducted between June 14 and July 29, 2022. . CECL Regulation.

Survey 195

Survey Software Resources Meeting 195

Abrigo

MARCH 2, 2023

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. Remember the Paycheck Protection Program (PPP)?

Technology 195

Technology Lending Community Software 195

FICO

JANUARY 13, 2020

While regulators have formed an inter-agency working group to develop viable reform measures, Congress has recently taken action to address the problem. In December, the FDIC and OCC issued a proposed rule to modernize the Community Reinvestment Act (CRA). In addition, the Federal Reserve did not join the FDIC and OCC on the proposal.

Policies 52

Policies Las Vegas FDIC Washington 52

PYMNTS

FEBRUARY 19, 2019

Reports said Powell noted that looser community bank regulations may help keep branches open. Earlier this month, separate reports revealed that MOXY Bank has been approved by the Federal Deposit Insurance Corporation (FDIC) to launch in Washington, D.C., Bank mergers aren’t the only factor behind closing bank branches, however.

Marketing 108

Marketing Community Community Bank Industry 108

PYMNTS

JANUARY 9, 2018

The FI said earlier this month it would be working with Funding Circle and providing funds to be lent to SMBs through the online platform. In July 2017, the Federal Deposit Insurance Corporation (FDIC) held a meeting with a group of community bankers which told officials about the competitive pressures they’re facing from FinTechs.

Community Bank 131

Community Bank Community Fintech Lending 131

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

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 21, 2022

We recently wrote about a Law 360 report indicating that the CFPB appears unlikely, at least in the near future, to undertake new rulemaking that would regulate the use of consumer arbitration agreements. The report was based on comments made by CFPB Director Rohit Chopra at a virtual meeting organized by Public Justice.

Report 78

Report Study Regulation FDIC 78

PYMNTS

OCTOBER 13, 2016

Kabbage offers a variety of loans up to $100,000 with types scaling from SBA and Small Business Credit Cards, to Online and Peer-to-Peer, to Equipment and Inventory, to Payroll and Professional Loans. In a highly regulated sector, regulations are ever-evolving, which can implicate, limit and change relationships.

Regulation 100

Regulation Lending US FDIC 100

Bank Innovation

SEPTEMBER 18, 2017

The charter, submitted to the State of Utah last June, would give the online lender the ability to collect deposits insured by the […].

Utah 170

Utah Online Security FDIC 170

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.

Lending 102

Lending Fintech America Data 102

CFPB Monitor

OCTOBER 10, 2019

A group of small businesses and their individual owners have filed a putative class action lawsuit in a New York federal district court against online lender Kabbage, Inc. Celtic could not make and keep the loans on its balance sheet because they would create an unacceptable risk under FDIC regulations.

Massachusetts 84

Massachusetts California New York Utah 84

Jeff For Banks

APRIL 19, 2015

Utah has many Industrial Loan Companies (ILC''s), which are FDIC supervised financial institutions that can be owned by commercial firms not regulated by a federal banking agency, like a utility company. Create a separate profit center for your online/mobile banking center. They see their IT department as a profit center.

Industry 60

Industry Montana Utah Washington 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. Maybe not even from a PR perspective either. Lending Club Algorithms .

Retail 100

Retail FDIC Bitcoin Lending 100

CFPB Monitor

NOVEMBER 24, 2020

The proposal’s background discussion references “Operation Choke Point, ” a federal initiative launched in 2012 involving the FDIC and other federal agencies. The proposal seeks to stop banks from using similar criteria on their own initiative as the basis for a decision not to serve particular companies.

Operations 78

Operations Analysis Industry Policies 78

Independent Banker

NOVEMBER 25, 2015

One of the biggest problems with FinTech companies is that many of them exploit existing banking infrastructure—including debit, credit and ACH networks—and access traditional checking and saving accounts, yet face minimal regulation when it comes to data security and privacy. Siphoning customers.

Community Bank 70

Community Bank Community Analytics Lending 70

Payments Source

JULY 26, 2019

Rakuten joins a growing list of fintechs trying to enter the regulated banking sector. All have faced their share of obstacles.

Regulation 68

Regulation Fintech FDIC Online 68

Independent Banker

FEBRUARY 24, 2016

The quickness with which these Wall Street-driven nonbank lenders—variously called peer-to-peer, online marketplace or financial technology (FinTech) lenders—can fulfill borrowers’ requests has enabled alternative lending to double every year since 2010. FDIC-insured deposits largely solve this problem for banks.

Community Bank 70

Community Bank Community Lending FDIC 70