CFPB Monitor

MARCH 30, 2020

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes the following key provisions that affect financial institutions and regulation of financial institutions: Section 4003 – Emergency Relief and Taxpayer Provisions. Section 4010 – Temporary Hiring Flexibility.

Regulation 122

Regulation United States Community Bank National 122

CFPB Monitor

OCTOBER 25, 2022

While creditors are allowed to price loans differently based on objective differences in creditworthiness, New York’s Fair Lending Law prohibits discrimination against protected classes for the granting, withholding, extending, renewing of credit or in the fixing of interest rates, terms or conditions of any form of credit.

New York 78

New York Lending Community Bank Community 78

PYMNTS

JULY 16, 2018

New rules may loom for technology providers pertaining to privacy — on a national level. In another nod toward privacy, Microsoft wants to see government regulation of facial recognition technology. In the banking sector at large, lenders are lending and shadow banks might be, too. Facial Recognition’s Need for Legislation?

National 100

National California Regulation United States 100

Perficient

NOVEMBER 22, 2022

Members of the Army and Air National Guard, provided they have been called to respond to a national emergency and their period of active duty is more than 30 days in a row. Active duty commissioned officers of the Public Health Service or the National Oceanic and Atmospheric Administration. All active-duty Reserve personnel.

National 275

National United States America Lending 275

Abrigo

APRIL 6, 2022

Takeaway 2 The change includes an obligation to inform regulators of a “notification incident” ASAP and no later than 36 hours after a reportable event occurs. On April 1, 2022, new computer-security incident notification requirements for banks and their service providers take effect in the United States.

Security 195

Security Regulation District of Columbia United States 195

Abrigo

JULY 1, 2022

Human trafficking has long been a global concern and has officially become one of the eight national anti-money laundering and counter-terrorism priorities for the United States. The United Nations reports that there are approximately 40.3 million people across the globe who are victims of human trafficking.

Training 195

Training Fraud National Exercises 195

Abrigo

JULY 16, 2021

Takeaway 2 Regulations haven't been written, but there are steps community financial institutions can take now to prepare. FATF is the global watchdog for AML/CFT activity, and it is important to note that the United States shows full support in global efforts by their recent priorities release. How to prepare. financial system.

Community 195

Community Regulation Training Policies 195

Abrigo

AUGUST 30, 2016

According to Sageworks’ Bank Information resource there are nearly 12,000 community banks and credit unions across the United States. One of the overarching themes was providing small banks and credit unions a larger voice in determining economic policy and regulation criteria that will allow for growth.

Community Bank 150

Community Bank Community United States Policies 150

PYMNTS

APRIL 15, 2019

In the United States, there’s a bit of concentration here, as 29 percent of shadow banking is tied to the country, at $15 trillion in assets. The Question of Regulation. Dimon said leveraged lending and student lending are “growing rapidly … and deteriorating rapidly.” During the Congressional hearing, Rep.

Lending 175

Lending United States Survey System 175

Abrigo

FEBRUARY 8, 2022

Takeaway 2 NBFIs should ensure their AML programs are sound and pass the scrutiny of FinCEN and their primary regulators. Takeaway 3 The FinCEN Priorities specifically state that each priority applies to NBFIs in addition to traditional financial institutions. . Stay up to date on regulations affecting NBFIs and other BSA trends.

Compliance 195

Compliance Training Regulation Fraud 195

PYMNTS

JULY 20, 2017

Noreika notes that the initiative will be good for making the United States’ banking system more flexible and responsive. The OCC has been critiqued pretty heavily by state regulators since the proposal first surfaced a year ago.

Online 100

Online Regulation United States National 100

Abrigo

MARCH 17, 2022

The Stress Test Scenarios for Big Banks Are Useful for Smaller Institutions' Own Tests Banking regulators recently released the 2022 scenarios for upcoming stress tests by the biggest banks. The stress test scenarios present hypothetical levels on common national level economic factors. Related Subhead.

Capital 195

Capital Regulation Risk Management Community 195

PYMNTS

JUNE 28, 2016

not really that surprising, given that it is the country that the United State declared independence from. Those shocks included LendingClub come-apart as the spark and increasingly interested looking pack of regulators coming to call. Marketplace lending, in short, did not need more fireworks. Online lenders in the U.K.

Lending 100

Lending National Marketing Online 100

Abrigo

SEPTEMBER 20, 2023

Given the current economic climate in the United States, it is essential to understand the effect personal financial security has on 1 st -party fraud. Recognizing the gravity of the situation, the Financial Crimes Enforcement Network (FinCEN) identified fraud as a national priority. Staying on top of fraud is a full-time job.

Fraud 195

Fraud Trends Cards Software 195

PYMNTS

MARCH 16, 2016

Although the CFPB has claimed, in many cases, that it allows many smaller banks and credit unions to be exempt from many of the regulations, the congressional members have expressed fear that the bureau may not be doing enough to ensure those smaller financial institution aren’t unnecessarily regulated.

Community Bank 100

Community Bank Community CA Regulation 100

PYMNTS

JANUARY 8, 2019

With the investment, which is from Investa Wahana Group, the company seeks to invest in possible acquisitions, strategic investments and peer-to-peer lending. In addition, the company reportedly plans to buy back some of its stock “subject to the rules and regulations of the SEC,” according to the report.

Regional 128

Regional blockchain Mobile United States 128

PYMNTS

SEPTEMBER 8, 2017

percent of the nation’s express delivery market in the first six months of 2017, reports said. Analysts say the trend is the result of tightened regulations at home, especially those impacting alternative lending startups. “An The IPO could see the company valued at up to $5.7 trillion in revenue last year.

United States 100

United States Google Fintech Maine 100

PYMNTS

JUNE 24, 2016

Walmart, however, is the most visited retailer in the United States with 140 million shoppers per week stepping inside its stores – and with the vast majority of them with smartphones in tow. Online lending . When the regulators come marching in, getting out of the way is usually a better idea. A pretty clear-cut sizzle.

Lending 101

Lending Online South Dakota North Dakota 101

PYMNTS

SEPTEMBER 11, 2019

And at least some of those firms – Monzo among them – are applying for banking licenses in the United States. In addition, passporting can help companies expand services across nations. Last week, money transfer company B2B Pay said it plans to become a regulated financial institution and is raising money to pursue licensure.

Digital Banking 160

Digital Banking Millennials Mobile Regulation 160

PYMNTS

APRIL 19, 2016

Kennedy School of Government — said that regulations and legislation tied to the credit industry have had a number of unintended consequences. Though the report focused on the impact of regulations on credit at the consumer level, there are indeed impacts felt within the small business arena, too. million new originations annually.

Cards 100

Cards Regulation United States Lending 100

Filene

AUGUST 18, 2016

Let’s cut to the chase—here are 3 different views on the impact of payday lending. Any way you slice or dice it, this dish leaves a bitter taste: If it were a country, the "Empire of Payday Lending" would be the 104th largest economy in the world.*. Payday Lending is the 104th Largest Economy in the World.

Lending 28

Lending Wisconsin Regulation Meeting 28

CFPB Monitor

MAY 20, 2015

Chambers USA has once again ranked the Ballard Spahr LLP Consumer Financial Services (CFS) Group in the highest tier nationally in the category of Financial Services Regulation: Consumer Finance (Compliance and Litigation). ” Group Co-leader Jeremy Rosenblum is known “a very good, talented lawyer.” Washington, D.C.

Groups 60

Groups Atlanta United States Washington 60

PYMNTS

SEPTEMBER 15, 2017

Of course, banks have to be run with safety and soundness to protect those deposits, but they also have myriad public mandates, like fair lending, anti-money laundering and customer privacy. Lending money beyond what people can bear is the hallmark of predatory lending, she emphasized, and that’s not going to help the customer.

Fintech 198

Fintech System Lending Cards 198

CFPB Monitor

DECEMBER 7, 2022

The hearing was held to discuss historical and ongoing discrimination in the financial services industry, and the roles of Congress and regulators in addressing these issues. Lisa Rice, President and CEO, National Fair Housing Alliance; Mr. Marc H. The witnesses included: Ms.

Community 78

Community Compliance Industry National 78

CFPB Monitor

SEPTEMBER 21, 2020

The CFPB has taken a significant step towards issuing regulations to implement Section 1071 of the Dodd-Frank Act by releasing an outline of the proposals it is considering in preparation for convening a small business review panel (Panel). Factoring is not generally considered subject to the ECOA or Regulation B.).

Data 125

Data Regulation Meeting Report 125

CFPB Monitor

MARCH 3, 2017

” It further emphasized that this unintended inclusion of credit unions has created an environment whereby “credit unions can no longer afford to review and comply with hundreds of regulations totaling thousands of pages.” On February 28, 2017, B. ”

United States 60

United States System Regulation National 60

CFPB Monitor

NOVEMBER 24, 2020

The OCC notes that, in the case of energy industries, the terminated services were not limited to lending “where risk factors might justify not serving a particular client,” but also included advisory and other services unconnected to credit or operational risk. Comments on the proposal are due by January 4, 2021.

Operations 78

Operations Analysis Industry Policies 78

CFPB Monitor

OCTOBER 6, 2022

OppFi’s complaint recites that prior to 2019, the Bank entered into a contractual arrangement with OppFi (Program) pursuant to which the Bank uses OppFi’s technology platform to make small-dollar loans to consumers throughout the United States (Program Loans). The identity of the real lender was not at issue.

California 78

California FDIC Analysis Utah 78

CFPB Monitor

JUNE 25, 2020

On May 20, 2020, the OCC issued a final rule to “strengthen and modernize” its existing Community Reinvestment Act (“CRA”) regulations. These banks conduct a majority of all CRA activity in the United States. This is the second in a series of five blog posts about the final rule. Qualifying Activities.

Community 97

Community Lending Meeting Retail 97

Independent Banker

FEBRUARY 24, 2016

It’s yet another disturbing proposal from the National Credit Union Administration to bureaucratically finagle its way around Congress and federal law. Talk about your captive regulator! Basically, all air-breathing mammals in the United States would qualify to be credit union members. By Camden R. So here we go again.

South Dakota 70

South Dakota North Dakota Montana Wyoming 70

Gonzobanker

DECEMBER 14, 2023

Honorable Mentions – while this was a quiet year for M&A, we tip our hat to Atlantic Union’s acquisition of American National Bank and Eastern Bank’s acquisition of Cambridge Bank. The Bank Regulator Working for Merchants Award! Seems like maybe this has been forgotten when it comes to these regulations.

Fintech 195

Fintech Community Regional Technology 195

CFPB Monitor

JUNE 15, 2020

On May 20, 2020, the OCC issued a final rule to “strengthen and modernize” its existing Community Reinvestment Act (“CRA”) regulations. The preamble to the OCC’s final rule states that covered banks “conduct a majority of all CRA activity in the United States.”

Community 60

Community FDIC Lending Examples 60

Jeff For Banks

NOVEMBER 7, 2015

Me to a community banker: Why don't you offer more options than real estate secured lending to help fund early stage businesses? What I hear most often is that community banks take deposits from people and businesses in their community and lend it to people and businesses in that same community. You read it right: 100%. Seems risky.

Community Bank 60

Community Bank Community Baltimore Lending 60

Tomorrow's Transactions

JANUARY 23, 2017

Now what this passporting might mean is anyone’s guess, since this is just a newspaper story based on gossip, but I think it might be a little more complex to arrange than it seems at first because of the nature of banking regulation in the United States. This seems anachronistic.

Payments 30

Payments Regulation National New York 30

Lex Sokolin

OCTOBER 14, 2020

How many Libertarians do you think there are in the United States? And this realization takes us to Lending Club. Peerless Lending Lending Club represents an era of Fintech credit. A private equity firm here and there, to package up all those Lending Club notes and smooth out the risks. Everyone, right?

Lending 52

Lending User Experience Google United States 52

Lex Sokolin

DECEMBER 25, 2019

Ethereum’s decentralized lending and trading are floating around 2,500 daily users. On the other hand, there are only 8,000 Registered Financial Advisors in the United States and even fewer hedge funds, private equity firms, and family offices. The lending product above is a bit more complicated.

blockchain 52

blockchain Bitcoin Software Lending 52

Lex Sokolin

DECEMBER 31, 2020

is 20 million consumers deep in a neobanking app in the United States. The predecessor article is also pretty good , stating? A long take that nobody in DeFi will read, but there is a deep grain of insight here about the failure of P2P lending and crowdfunding models. Google has come to Banking. They all (i.e.,

Fintech 52

Fintech Bitcoin blockchain Google 52