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. However, the banking industry doesn’t like that one bit. “We

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Regulation National System Industry 349

CFPB Monitor

MARCH 10, 2022

Titled “ Executive Order on Ensuring Responsible Development of Digital Assets ,” the Order is described by the White House as “outlining the first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.”.

FDIC 148

FDIC National cryptocurrency Leadership 148

Abrigo

APRIL 12, 2016

The FDIC is offering a fresh take on how a bank’s board of directors should understand and manage risk. The regulator’s April edition of Supervisory Insights provides what the FDIC called a “refresher” on its Pocket Guide for Directors, the 1988 booklet outlining the basic duties and responsibilities of a bank’s board of directors.

Management 150

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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

Abrigo

JULY 10, 2023

As we harness the power of AI to enhance operational efficiency, detect patterns, and optimize decision-making processes, financial institutions must remain vigilant. An example of a rising AI fraud scheme is using voice-to-text technology, such as Microsoft’s new Vall-E Text-to-Speech System.

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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

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CFPB Monitor

SEPTEMBER 14, 2021

The Fed’s publication of the paper is another indication of the increased attention that regulators are paying to bank relationships with fintechs. The three partnership types discussed are: Operational technology partnerships aimed at enhancing a bank’s processes, monitoring capabilities, or technical infrastructure.

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Insights on Business

MARCH 5, 2019

Reducing costs but appeasing regulators seems like an oxymoron, yet, many AML compliance and operations leaders are being asked to do just that. The question is, how to do this, while keeping the regulators happy? Even better, regulators have recently begun encouraging the application of these techniques.

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PYMNTS

AUGUST 16, 2019

Axos Bank parent company Axos Financial has rolled out out commercial banking operations across new markets in the U.S., ” Last month Axos announced a partnership with Europe’s digital-only bank N26 in a deal that will allow N26 to launch operations in the U.S. and offer clients FDIC-insured accounts.

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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.

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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.

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FDIC Policies Lending Guidelines 78

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.

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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. Blockchain and a bank charter might do much to boost financial inclusion.

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PYMNTS

OCTOBER 31, 2016

According to the report, the banking regulator said the data breach had to do with a former employee at the agency removing more than 10,000 records without receiving authorization to do so. The OCC, according to WSJ , noted the compromise hasn’t “adversely affected” the agency’s internal operations. The incident occurred in Nov.

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Data FDIC Policies Report 100

Abrigo

NOVEMBER 9, 2022

How has CECL implementation impacted their operations and reserves for credit losses? CECL's impact on operations. Technology can ease pressure on staffing and internal resources, a category identified by 42% of respondents as one of their biggest challenges so far. Another 10% have already engaged a third party.

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PYMNTS

AUGUST 7, 2019

regulations have not only mandated traditional FIs to open customer data to third-party FinTechs on the authorization of joint customers, the regulatory landscape has also encouraged greater competition in the small business banking space, giving rise to a flock of challenger banks. market is not like others across the globe.

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Fintech Strategy Resources Payments 181

Jeff For Banks

MARCH 5, 2021

Knowing this, very large financial institutions operate branches where they can have greater scale to drive greater profitability, which frequently excludes LMI neighborhoods, creating what is termed "bank deserts." Another challenge is imposed by the very government that tries to assist LMI households: regulation.

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Abrigo

DECEMBER 19, 2019

Due to new and emerging technologies, changing regulations, and ever-evolving customer expectations, banks and credit unions across the country are taking an assortment of different strategies to achieve their growth goals in 2020. In 2008, there were 7,061 FDIC-insured commercial banks in the U.S. Fraud Prevention. Learn More.

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Lending Fraud Community FDIC 195

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

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). Cybersecurity.

Risk Management 78

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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. But are those expenses always necessary, particularly in these extremely cost-conscious times?

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PYMNTS

OCTOBER 13, 2016

“I think it was a real advantage to us to start during an economic downturn,” says Kathryn Petralia, a co-founder and Head of Operations at Kabbage. “It Kabbage is a data and technology platform that enables real-time lending. Kabbage had been talking with Thrift, when regulations involving OTC caused an abrupt shift. “[The

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Regulation Lending US FDIC 100

Jeff For Banks

FEBRUARY 17, 2021

Yesterday at the ABA's virtual Conference for Community Bankers (CCB), Federal Reserve Governor Michelle Bowman gave a speech, My Perspective on Bank Regulation and Supervision. In that speech, she briefly commented on the FRB's review of merger applications from an anti-trust standpoint.

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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. Though open banking is not a regulatory mandate in the U.S.,

Lending 102

Lending Fintech America Data 102

Jack Henry

JULY 2, 2014

This may be the beginning of a new trend where state regulators move beyond their traditional role to become increasingly involved in banking cyber security. Many of the CEOs that I meet express a well-founded concern about their contingency plans for the turnover of their compliance, security and technology masterminds.

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Cyber Security Compliance Security FDIC 102

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.

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CFPB Monitor

SEPTEMBER 9, 2020

1831d(a) (“Section 27(a)”), which governs the interest charges of state-chartered FDIC-insured banks. 93a, the OCC is generally “authorized to prescribe rules and regulations to carry out the responsibilities of the office.” We urge the FDIC to propose and adopt a true lender rule that mirrors the OCC’s Proposed Rule.

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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.

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Community Bank Community Lending FDIC 70

Jeff For Banks

OCTOBER 29, 2016

In 2006, when the median asset size within my firm's profitability outsourcing service was $696 million, the operating cost per business checking account was $586 per year. billion, and the operating cost per business checking account is $710. In 2016, the median sized financial institution is $1.1 deposit market share in 2012 to a 80.7%

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Jeff For Banks

DECEMBER 16, 2022

and Puerto Rico banking laws and regulations. 4 First BanCorp (NYSE: FBP) First BanCorp is a full service financial institution with operations in Puerto Rico, the British Virgin Islands, and Florida. Interesting that three of the top 5 have some sort of BaaS operation. five-year total return and #2 on the JFB Top 5!

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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

Jeff For Banks

SEPTEMBER 10, 2011

But he held firm that the regulatory environment, changing customer preferences, and the pace and expense of technology were driving the market towards bigger is better. Bank of the Ozarks and their regulators were not so myopic in their view. They had to grow to survive. I challenged the thinking. In that, I thought, he has a point.

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Independent Banker

DECEMBER 13, 2015

“I spend 30 to 40 percent of my day looking at those monitoring tools to keep up with cybersecurity threats, though some of that is multitasking,” says Mike Hamilton, vice president, information technology at the $250 million-asset First State Bank in Huntington, W.Va. Understand your bank’s IT network and its operations,” says Hamilton.

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Independent Banker

NOVEMBER 24, 2015

“I spend 30 to 40 percent of my day looking at those monitoring tools to keep up with cybersecurity threats, though some of that is multitasking,” says Mike Hamilton, vice president, information technology at the $250 million-asset First State Bank in Huntington, W.Va. Understand your bank’s IT network and its operations,” says Hamilton.

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Tools Community Community Bank Security 70

Independent Banker

AUGUST 26, 2015

She’s chief operating officer and vice president of the mortgage company, a division of Private Bank of Buckhead, in Atlanta. Electronic signatures are accepted by banking regulators and meet state standards under the Uniform Electronic Transactions Act. Legally and operationally, digital John Hancocks come of age in lending.

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San Francisco Lending System Atlanta 70

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.

Strategy 100

Strategy Texas San Antonio Fort Worth 100

Gonzobanker

FEBRUARY 7, 2018

At the same time, most bank executives agreed that a 20%-25% increase in earnings from the tax break is being earmarked for investments in their franchises: market expansion, raises for employees and, of course, technology investments. However, it’s more than just the post-Cordray era that has bankers hopeful about the future. 2: The Bulls.

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