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

Perficient

DECEMBER 27, 2023

Navigating AML and OFAC Compliance Risks Regarding anti-money laundering (AML) and Office of Foreign Assets Control (OFAC) compliance risks, bank executives must navigate operational and compliance challenges tied to fintech relationships. Manage third-party risks, especially for relationships involving higher-risk or critical activities.

Compliance 221

Compliance FDIC Regulation Fraud 221

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

Management FDIC Risk Management Community Bank 150

American Banker

APRIL 10, 2024

Chairman Martin Gruenberg says the agency would likely use a resolution strategy for a global systemically important bank that puts the holding company into resolution and keeps subsidiaries operating under a bridge company. Federal Deposit Insurance Corp.

Strategy 31

Strategy FDIC System Operations 31

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

CFPB Monitor

MARCH 10, 2022

The Order sets out the following national objectives with respect to digital assets: consumer and investor protection; protection of financial stability and mitigation of systemic risk; mitigation of illicit finance and national security risks; reinforcement of U.S.

FDIC 148

FDIC National cryptocurrency Leadership 148

South State Correspondent

AUGUST 21, 2022

Second, community banks should use FDIC-insured institutions as hedge providers, and the hedges must be structured as qualified financial contracts (QFC). We see substantial risk to community banks in dealing with non-FDIC hedge providers or those not offering QFC protection – think Lehman Brothers.

How To 195

How To Community Bank Community FDIC 195

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. “The This means getting regulation right is critical.

Regulation 349

Regulation National System Industry 349

CFPB Monitor

APRIL 28, 2022

In 2005, the federal prudential regulators—including the Board of Governors of the Federal Reserve System (Federal Reserve), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC)—issued Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice.

Report 147

Report FDIC Regulation Security 147

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.

Regulation 309

Regulation Industry Risk Management Analysis 309

PYMNTS

MARCH 19, 2020

FDIC Approves Square for Banking License. The Federal Deposit Insurance Corporation (FDIC) granted Square a banking license to operate a de novo industrial bank in Salt Lake City. FinTech leader Fiserv has acquired independent software vendor Bypass Mobile, an innovator in the point-of-sale systems arena.

FDIC 130

FDIC Utah Payments Mobile 130

Abrigo

MARCH 2, 2023

But as Southwest’s scheduling system crisis over the holidays showed banking and all other industries, technology shortcomings create enormous costs in the short-term and in the future. The company has estimated that the impact of its system meltdown during bad weather will cost it as much as $825 million. Executives took a pay cut.

Technology 195

Technology Lending Community Software 195

Cisco

JULY 12, 2022

Regulatory requirements are a key operational concern that we hear about from our financial customers. As a key provider of technology for mission-critical financial system infrastructures across the globe, Cisco is held to the highest levels of scrutiny in the financial services regulatory audit chain. In the U.S.

Regulation 71

Regulation FDIC System Software 71

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. The operating system (e.g. tablet or mobile).

FDIC 92

FDIC Comparison Lending Examples 92

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.

Fintech 78

Fintech FDIC Utah National 78

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 101

Fresno North Carolina Raleigh FDIC 101

CFPB Monitor

DECEMBER 2, 2021

As anticipated, the OCC, Federal Reserve Board, and FDIC recently approved and released the Final Rule Requiring Computer-Security Incident Notification (“Final Rule”). The Final Rule is designed to promote early awareness and stop computer security incidents before they become systemic.

Regulation 78

Regulation Report FDIC Security 78

South State Correspondent

MARCH 15, 2023

Percentage of Uninsured Deposits: At the time of failure, SVB had approximately 88% of their deposits above the FDIC-insured $250k limit and ran at 95% at the end of last year. In some cases, loans can be pledged at multiple facilities, such as the Federal Home Loan System, the Discount Window, or for lines of credit.

social media 195

social media FDIC Branding Management 195

Jeff For Banks

OCTOBER 5, 2020

ESB's President was a dominant official with significant control over bank operations and limited oversight by the Board of Directors (Board). The bank President used her role as primary lender, with inadequately controlled systems access, to originate millions of dollars in fraudulent agricultural and other commercial loans.

FDIC 78

FDIC Fort Worth Dallas Texas 78

Abrigo

NOVEMBER 22, 2021

Takeaway 1 Risk tied to consumer lending compliance has been elevated as a result of the pandemic and associated operating challenges. In some cases, those operational challenges posed elevated risk to consumers, the CFPB said. However, according to the FDIC , they can be deemed as such based on their information sharing practices.

Compliance 195

Compliance Lending Risk Management Regulation 195

CFPB Monitor

SEPTEMBER 14, 2021

It follows the publication at the end of last month of a guide by the Fed, OCC, and FDIC that is intended to assist community banks in conducting due diligence when considering relationships with fintechs. account opening) and the bank continues to interact directly with its customers.

Fintech 78

Fintech Community Bank Community FDIC 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. Square already has an SMB lending arm – Square Capital – which it operates through a deal with Utah-based Celtic Bank.

Industry 108

Industry Fintech FDIC Community Bank 108

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.

Regulation 78

Regulation Management FDIC Risk Management 78

Independent Banker

JULY 31, 2022

In partnership with Nymbus, the bank’s custom digital platform is built on a secure cloud-native core banking system with an open API architecture. The next month, Locality Bank received final approval for a state charter and FDIC-secured deposit insurance. His career has focused on aligning technology and banking services.

Florida 91

Florida Community Bank Community FDIC 91

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

However, the Indian banking system is relatively strong. Some of the factors that contribute to the strength of the Indian banking system is its robust regulatory framework, diversified banking sector and deposit insurance. This can have significant implications for the business’s operations and growth prospects.

US 78

US United States FDIC Regulation 78

Abrigo

SEPTEMBER 14, 2022

Takeaway 3 Financial institutions should consider the impact of this rule and prepare for changes to their business operations. Online lenders, platform lenders, and fintechs should also consider sending feedback to the CFPB and considering the ways their operations might be affected. Proposed Rule. Commenters have until Nov.

Lending 195

Lending Data Regulation Community 195

Abrigo

JULY 20, 2021

Investors buy these loans because the interest rates are generally high compared to the risk, as the only risk the investor incurs is prepayment risk," the FDIC said in a " Supervisory Insights ” article. Loan Origination System. What is a Loan Origination System (LOS)? SBA Lending. 2021 Business Lending Survey Results.

Lending 195

Lending FDIC Capital Risk Management 195

Abrigo

JULY 20, 2021

Investors buy these loans because the interest rates are generally high compared to the risk, as the only risk the investor incurs is prepayment risk," the FDIC said in a " Supervisory Insights ” article. Loan Origination System. What is a Loan Origination System (LOS)? SBA Lending. 2021 Business Lending Survey Results.

Lending 195

Lending FDIC Capital Risk Management 195

PYMNTS

OCTOBER 31, 2016

The OCC, according to WSJ , noted the compromise hasn’t “adversely affected” the agency’s internal operations. A committee spokeswoman said it will work to ensure the OCC “responds to the incident appropriately, remediating any potential damaging effects to sensitive information” housed on its systems, added WSJ.

Data 100

Data FDIC Policies Report 100

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

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. Review any system to manage requests or identified loans at elevated risk.

Management 195

Management Risk Management Policies Lending 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.

Fraud 150

Fraud How To social media Security 150

CFPB Monitor

NOVEMBER 29, 2021

In the Joint Statement, the Agencies state that they “recognize that the merging crypto-asset sector presents potential opportunities and risks for banking organizations, their customers, and the overall financial system.”

Compliance 78

Compliance cryptocurrency Regulation FDIC 78

Gonzobanker

MARCH 22, 2023

Irvine Sprague, Former FDIC Director So Gonzo Bankers … how many of us have been hesitant lately to check our iPhone each morning to see what trouble may have hit the fan in the financial world during a few restless hours of slumber? “Bank confidence is a fragile reed, and a troubled bank is damaged by any rumors, true or not.”

social media 78

social media Capital Risk Management Strategy 78

PYMNTS

AUGUST 7, 2019

banking system — often relying on collaborations with traditional banks. 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.

Fintech 181

Fintech Strategy Resources Payments 181