CFPB Monitor

AUGUST 23, 2022

The FDIC has issued new supervisory guidance (FIL-40-2022) on multiple non-sufficient funds (NSF) fees arising from the re-presentment of the same unpaid transaction. In the guidance, the FDIC addresses potential risks arising from multiple re-presentment NSF fees, risk mitigation practices, and the FDIC’s supervisory approach. .

FDIC 78

FDIC Compliance System Regulation 78

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). Cybersecurity.

Regulation 309

Regulation Industry Risk Management Analysis 309

Bank Innovation

JULY 25, 2017

Varo applied for a banking charter from the Federal Deposit Insurance Corporation (FDIC), as well as for a charter from the Office of the Comptroller of the Currenc, in the hopes of forming “Varo Bank,” the mobile banking startup announced today. Want a national bank that’s mobile-only? So does Varo Money.

FDIC 351

FDIC National Mobile Regulation 351

Payments Dive

APRIL 8, 2022

The regulator said it supports safe and sound innovations, but is concerned that the risks associated with crypto assets and crypto-related activities are not well understood.

FDIC 195

FDIC Regulation Innovation 195

PYMNTS

DECEMBER 3, 2019

The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), FinCEN , the OCC and the Conference of State Bank Supervisors participated in issuing the definitions and guidelines. Businesses offering CBD , which is derived from hemp, continue to have trouble processing payments and maintaining bank accounts.

Regulation 137

Regulation Guidelines FDIC Conference 137

Abrigo

JULY 22, 2022

Cryptocurrency regulation is on the horizon The ups and downs of the cryptocurrency scene have illuminated a need for guidance for traditional financial institutions. Takeaway 2 While these financial products are appealing, the lack of stability and consumer protections surrounding them are a concern for the FDIC. ? . What's next.

cryptocurrency 195

cryptocurrency FDIC Regulation Fraud 195

PYMNTS

JUNE 29, 2020

In today’s top news, Germany’s deputy finance minister wants to restructure accounting firm regulations, and consumers are turning away from travel rewards cards. FDIC) is looking to modernize bank reporting. FDIC Looks To Modernize Bank Reporting. Plus, the Federal Deposit Insurance Corp. Consumers Sour On Travel Rewards Cards.

FDIC 142

FDIC Cards Payments Regulation 142

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. Regulation E – Mistakes Made in the Consumer Liability/Error Resolution Process.

FDIC 60

FDIC Compliance Regulation Training 60

Perficient

DECEMBER 27, 2023

Once published by regulators, Perficient’s Risk and Regulatory CoE will be here to walk our clients through the changes. YOU MAY ENJOY: Regulatory Reporting in Financial Services Modernizing CRA Regulations Managing compliance risk frameworks in alignment with existing risk profiles is crucial as customer needs evolve.

Compliance 221

Compliance FDIC Regulation Fraud 221

CFPB Monitor

APRIL 7, 2022

The FDIC has issued the March 2022 edition of Consumer Compliance Supervisory Highlights which includes a description of some of the most significant consumer compliance issues identified by FDIC examiners during consumer compliance examinations conducted in 2021. Fair lending.

FDIC 78

FDIC Compliance Lending Regulation 78

PYMNTS

JANUARY 7, 2019

In Ireland, reported CryptoGlobe , the Irish cabinet has approved legislation that will bring more regulation to the sector. Separately, in India, the action toward crypto regulation seems to be … inaction. The site noted that the new rules still await passage by the country’s legislative body. In the U.S.,

Regulation 151

Regulation cryptocurrency National Capital 151

CFPB Monitor

NOVEMBER 19, 2018

Thirteen Republican Senators have sent a letter to FDIC Chairman Jelena McWilliams urging the FDIC to take action to ensure that lawful businesses are no longer at risk of adverse financial consequences as a result of “Operation Choke Point, and its associated culture and Choke Point-like regulatory actions.”.

FDIC 68

FDIC Operations Policies Regulation 68

CFPB Monitor

NOVEMBER 7, 2019

This is significant, as a federal banking regulator is confirming that both co-marketing and desk rental arrangements are permissible if the fees paid bear a reasonable relationship to the fair market value of marketing or rental costs. The order reflects that all of the agreements were terminated. million dollars.

FDIC 68

FDIC Marketing Compliance Regulation 68

PYMNTS

SEPTEMBER 30, 2020

The House committee held a hearing on the idea after Acting Comptroller of the Currency Brian Brooks in July proposed a new special purpose national banking charter for payments companies. FDIC), the states and the courts. However, the banking industry doesn’t like that one bit. “We Specific Concerns .

Regulation 349

Regulation National System Industry 349

CFPB Monitor

AUGUST 1, 2018

The regulation defines a brokered deposit as “any deposit that is obtained, directly or indirectly, from or through the mediation or assistance of a deposit broker.” The FDIC has not yet responded. Congressmen Luetkemeyer and Tipton assert that the FAQ is inconsistent with the definition of “deposit broker” under 12 C.F.R.

FDIC 68

FDIC Regulation Innovation Resources 68

Perficient

JUNE 10, 2022

One of the greater concerns, in both the crypto community as well as financial regulators and government, is the value stability of the crypto asset. Regulators must therefore balance the need for stability and regulatory control with the need to allow innovation in the crypto marketplace.

blockchain 275

blockchain Regulation Policies FDIC 275

CFPB Monitor

APRIL 28, 2022

As the number and frequency of cyber attacks continue to grow, regulators have attempted to enhance cybersecurity protections via increased and more rigid incident reporting obligations, leading to a constantly shifting regulatory patchwork of varying disclosure and timing obligations. Effective date: April 1, 2022. Bank service providers.

Report 147

Report FDIC Regulation Security 147

Independent Banker

DECEMBER 31, 2022

The FDIC approved a final rule to increase initial base deposit insurance assessment rates by 2 basis points until the Deposit Insurance Fund (DIF) achieves the FDIC’s long-term goal of a reserve ratio of 2% of insured deposits. The FDIC’s long-term goal for the reserve ratio of insured deposits. Source: FDIC.

Compliance 100

Compliance FDIC Community Bank Community 100

PYMNTS

JANUARY 10, 2019

FDIC) was founded in 1933 that an entire year went by without a bank going under. The reasons: economic expansion, President Donald Trump’s corporate tax changes and regulations put in place after the recession that are improving the risk at banks. Citing Bloomberg, CNBC noted that the largest U.S.

Industry 153

Industry FDIC US Regulation 153

PYMNTS

DECEMBER 16, 2020

“We’ve designed our platform to be incredibly user-friendly, which is especially important when you consider our ultimate goal is to bring cryptocurrency and digital payments to the mainstream. customers to activate their FDIC-insured BlockCard bank accounts. dollars between all of their accounts.”.

cryptocurrency 267

cryptocurrency FDIC User Experience Security 267

Abrigo

JANUARY 4, 2023

Although yet to be considered mainstream by most, cryptocurrency as an investment and payment method has become more commonplace. The Federal Bureau of Investigation (FBI) states that crypto is becoming the preferred payment method for many types of scams—and not just on the dark web, where crypto is used to fund illegal activity. .

social media 195

social media Fraud cryptocurrency Trends 195

Abrigo

MARCH 25, 2020

Key Takeaways Banking regulators say short-term, COVID-19-related loan modifications shouldn't automatically be categorized as TDRs. Regulators also announced other guidance tied to reporting and risk-based capital rules. Regulators also announced other guidance tied to reporting and risk-based capital rules.

FDIC 150

FDIC Regulation Exercises Community 150

Abrigo

MARCH 20, 2020

The FDIC recently reiterated that financial institutions should determine whether loans affected by COVID-19 should be reported as TDRs. FDIC Issues Reminder of TDRs. FDIC, OCC, FED. FDIC, OCC, FED. It’s not a way for us to mask problems.”. Learn more. Will COVID-19 modifications be TDRs? CECL Accounting.

How To 195

How To FDIC Policies Course 195

Abrigo

NOVEMBER 22, 2021

Banks and credit unions extending payments on vehicle loans, personal loans, or other consumer loans had to ensure they provided accurate disclosures in compliance with federal and state consumer protection laws. Major consumer loan compliance regulations. Regulation Z, which implements the Truth in Lending Act (TILA).

Compliance 195

Compliance Lending Risk Management Regulation 195

Payments Source

DECEMBER 20, 2018

The Office of the Comptroller of the Currency has gotten the ball rolling for financial technology firms trying to operate a national platform, but the FDIC and Federal Reserve should act to remove other policy roadblocks.

FDIC 62

FDIC Regulation Fintech Policies 62

CFPB Monitor

JANUARY 20, 2022

We also discuss the potential implications of the current CFPB’s interest in buy-now-pay-later and its inquiry into large technology companies that offer payment services. Other topics include the potential impact of the recent leadership turmoil at the FDIC and expectations for activity by state regulators and attorneys general.

FDIC 78

FDIC Industry Leadership Report 78

PYMNTS

OCTOBER 11, 2017

The Independent Community Bankers of America (ICBA), the trade group for community banks, is calling on the Federal Deposit Insurance Corporation (FDIC) to deny a federal deposit insurance application by payment terminal company Square.

Groups 102

Groups FDIC Community Bank Community 102

PYMNTS

MARCH 26, 2020

FDIC), National Credit Union Administration and Office of the Comptroller of the Currency said small-dollar loans can play a key role in meeting credit needs because of temporary cash flow problems, unexpected expenses or loss of income during this period of economic stress.

FDIC 130

FDIC Meeting Regulation Lending 130

Bank Innovation

APRIL 24, 2019

Secretary of the Treasury Steven Mnuchin said today that he prefers private over government solutions when it comes to collecting and using consumer data for financial products and services, speaking at a fintech conference hosted here by the FDIC.

Data 170

Data FDIC Washington Conference 170

Abrigo

OCTOBER 28, 2022

Takeaway 1 Signs point to increased loan modifications and loan workouts, and regulators have urged financial institutions to work prudently with borrowers. . Meanwhile, regulators are focusing fresh attention on prudent credit risk management of loans, especially CRE, and loan modifications in general. CRE loan accommodations.

Management 195

Management Risk Management Policies Lending 195

CFPB Monitor

MARCH 26, 2020

The CFPB, OCC, FDIC, Federal Reserve, and NCUA have issued a joint statement “to specifically encourage” banks, savings associations, and credit unions “to offer responsible small-dollar loans to both consumers and small businesses” in response to the COVID-19 outbreak.

FDIC 78

FDIC Lending National Examples 78

Payments Source

MARCH 18, 2020

In signing off on deposit insurance for the payments giant and student loan servicer, the FDIC sanctioned the first new industrial loan companies in over a decade.

FDIC 85

FDIC Industry Payments Company 85

Payments Source

MARCH 18, 2020

In signing off on deposit insurance for the payments giant and student loan servicer, the FDIC sanctioned the first new industrial loan companies in over a decade.

FDIC 83

FDIC Industry Payments Company 83

CFPB Monitor

AUGUST 29, 2019

In this podcast, we discuss the FDIC’s observations about its “most salient” consumer compliance exam findings during 2018, including issues relating to Overdraft Programs, Real Estate Settlement Procedures Act (“RESPA”) Section 8, Regulation E, “Skip-A-Payment” or Deferment Loan Programs, and Lines of Credit. (..)

Compliance 60

Compliance FDIC Regulation Payments 60

PYMNTS

JULY 1, 2019

Facebook’s announcement of Libra late last month has spurred greater regulatory oversight of cryptocurrencies, with a particular eye on who may be bringing those cryptos into the larger payments ecosystem. And, you’d be forgiven for thinking that regulatory news tied to commerce and payments would be termed “all Facebook, all the time.”

cryptocurrency 100

cryptocurrency Regulation social media FDIC 100

CFPB Monitor

MAY 22, 2020

The Federal Reserve, OCC, FDIC, and NCUA have issued “ Interagency Lending Principles for Offering Responsible Small-Dollar Loans.” Marketing and customer disclosures that comply with applicable laws and regulations and provide information in a clear, conspicuous, accurate, and customer-friendly manner.”.

FDIC 78

FDIC Policies Lending Guidelines 78

Independent Banker

OCTOBER 1, 2022

In the case of a cyber event, first-party coverage often pays for costs such as forensics and analytics to understand the scope of a breach, attorney fees to manage legal exposures, notifications for employees and customers, ransom payments, data restoration and business interruption costs. Regulators paying closer attention to cyber risks.

Montana 152

Montana Policies Resources FDIC 152