PYMNTS

JULY 12, 2018

New York’s Department of Financial Services is recommending that online lenders are subjected to the same scrutiny and regulations that traditional banks face. Cuomo on June 1, 2017, required DFS to study online lending in New York State and submit a report of its findings. Superintendent Maria T.

Online 100

Online New York Lending Regulation 100

Abrigo

APRIL 6, 2022

Takeaway 1 Financial institutions must revise their incident response and business continuity procedures to meet new requirements by May 1, 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.

Security 195

Security Regulation District of Columbia United States 195

CFPB Monitor

NOVEMBER 10, 2020

” The statement highlighted the financial, legal, consumer protection, and operational risks that will result from LIBOR’s expected discontinuation. In the new statement, the agencies emphasize that they are not endorsing a specific replacement rate for LIBOR for loans.

Regulation 78

Regulation FDIC New York Lending 78

PYMNTS

JANUARY 29, 2020

As online lending platforms proliferate among the SMB borrowing community, however, experts warn that a lack of regulation means these companies rarely publicly reveal interest rates and fees. “We have seen small businesses destroyed by online lending.” ” Knowing Their Options. . ” Knowing Their Options.

Lending 136

Lending New York Online New Jersey 136

PYMNTS

AUGUST 16, 2019

Axos Bank parent company Axos Financial has rolled out out commercial banking operations across new markets in the U.S., “The nation’s two largest metropolitan areas are home to a majority of our commercial lending and banking clients,” said Greg Garrabrants, president and CEO of Axos, in a statement.

Los Angeles 101

Los Angeles New York FDIC Lending 101

PYMNTS

MAY 6, 2019

The news came Thursday (May 2) that, per a ruling in federal court in New York, the State Department of Financial Services can move forward with a suit that looks to derail national bank charters for FinTech companies. The national licenses would let FinTechs lend money and paychecks to consumers. lakh (roughly $1.6

National 165

National Fintech New York Exercises 165

PYMNTS

SEPTEMBER 18, 2018

In addition, the “digital sandbox” will, in part, focus on regulatory compliance and — as is typical of such testing environments — allow an operating license to be granted in the wake of a proven business model. While In New York, New York…. Startup accelerators are in place. Open Banking, APIs In The UK.

Fintech 166

Fintech New York US National 166

Abrigo

JUNE 5, 2023

Data-driven decisions for managing financial institution risk while driving growth and increasing efficiency are especially important given the recent failures of Silicon Valley Bank, First Republic Bank, and Signature Bank of New York. Regulators review them to assess safety and soundness.

Report 195

Report Risk Management Capital Data 195

PYMNTS

JUNE 17, 2019

The dispute over the Office of the Comptroller of the Currency ‘s (OCC’s) national bank charter, which became available to FinTech firms last year, has reportedly caused technology conglomerates to shy away from a tool that aims to provide nonbank firms with a more streamlined way to operate on a national level.

Google 142

Google National Fintech Regulation 142

PYMNTS

SEPTEMBER 17, 2019

While short-term lending in general has a pretty rough reputation, the pawn loan is the most ill-regarded arena in an already unloved category of consumer lending. The loan amount a borrower can get from a pawnbroker is determined solely by the value of the item itself; as in most forms of short-term lending, there is no credit check.

Ohio 151

Ohio Lending Iowa South Dakota 151

PYMNTS

JULY 2, 2020

Payroll card provider Global Cash Card has reportedly lost its legal battle against the New York Department of Labor, which had imposed regulations on payroll card companies in an effort to protect employees against unfair fees. ADP Eyes Payroll Card Adoption Jump. In a collaboration with U.K.

Cards 208

Cards New York Capital Compliance 208

PYMNTS

OCTOBER 24, 2019

First, a bit of background: The goal has been — and if things are indeed put to rest with a recent court decision — to standardize a patch quilt of regulations that must be satisfied by FinTechs on a state-by-state basis. By way of example, FinTechs must cobble together money transmitter licenses from each state in which they operate.

Fintech 101

Fintech FDIC New York National 101

PYMNTS

JANUARY 22, 2020

Below, PYMNTS examines the latest in commercial card innovation, regulation and disruption. bank NatWest is augmenting its small business (SMB) lending offering through a new partnership with small business prepaid card provider Soldo. Visa, Sabre Pair For Virtual Travel Cards. NatWest Bolsters SMB Loans With Cards.

Cards 131

Cards New York Lending Strategy 131

CFPB Monitor

JANUARY 9, 2019

(According to the OCC, in deciding whether to grant a charter, its focus is on ”the proposed institution’s prospects and whether it will operate in a safe and sound manner.”). In September 2018, the New York Department of Financial Services (DFS) filed a second in a New York federal district court to block the OCC’s issuance of SPNB charters.

Fintech 60

Fintech Regulation New York National 60

PYMNTS

OCTOBER 26, 2018

state bank regulators said it filed a complaint in the U.S. ” The bank charters would allow FinTechs to operate on a national level rather than having to obtain state-level licenses one by one. .” Reports in Reuters on Thursday (Oct. The body of U.S.

District of Columbia 156

District of Columbia National Fintech New York 156

PYMNTS

DECEMBER 15, 2017

Today in PYMNTS’ data, small- and medium-sized businesses (SMBs) have won the alternative financial venture capital (VC) funding rounds, millions of SMBs are in operation in the U.S. — 30 million | Higher end estimation of the number of SMBs in operation in the U.S. today, according to the United States Small Business Administration.

Data 109

Data New York City eBook US 109

PYMNTS

AUGUST 20, 2018

Three months in, the European Union’s General Data Protection Regulation still stymies some firms seeking to comply with new rules and regulations governing data protection and privacy. The waiting comes as the long-running debate over state vs. federal oversight over FinTechs and charters may play out through new chapters.

Fintech 101

Fintech Survey Regulation Resources 101

Jeff For Banks

DECEMBER 9, 2020

On October 29, 2020, the New York State Department of Financial Services (DFS) issued a letter to all depositories and non-depositories regulated by them regarding climate change and financial risks. In her letter , Linda Lacewell, the DFS superintendent, said she expected regulated depositories under DFS supervision to: 1.

Lending 78

Lending Regulation Community National 78

Gonzobanker

MAY 8, 2015

The annual LendIt conference was held last month at Times Square in New York City and GonzoLender descended boldly on the scene to evaluate the mysterious underbelly of digital lending. The lending attack on community banks and credit unions has been waged. LENDING VERTICALS. Consumer Lending.

Conference 60

Conference Lending Community Bank Community 60

PYMNTS

APRIL 27, 2020

On Monday (April 27), The New York Times reported that well-funded startups, some of them flush with recent investment rounds, had also applied and received federal loans under PPP. Just get the work done.”. They view it as free money.”.

Columbus 149

Columbus Ohio Capital New York 149

Independent Banker

DECEMBER 31, 2021

Regulators haven’t yet broached the subject with them. That’s followed by residential mortgage lending (36.3%), small business lending (32.1%), commercial and industrial (C&I) lending (30%) and agricultural lending (23.6%). Another community bank structured a new entity in a similar way, Silveria says.

Community Bank 144

Community Bank Community Lending Louisiana 144

CFPB Monitor

SEPTEMBER 10, 2020

Thereafter, “using its existing lending operations and personnel, LoanMart commenced ‘marketing’ and ‘servicing’ auto title loans purportedly made by CCBank, a small Utah-chartered bank operating out of Provo, Utah.” Thus, both the OCC and FDIC have adopted regulations rejecting the Second Circuit’s Madden decision.

Utah 78

Utah California FDIC West Virginia 78

Banking 2020

JANUARY 20, 2015

As a recent article in The New York Times points out, the issue is taking on greater urgency than ever before because of the flood of new technologies designed for exactly this purpose. Implementing technologies such as those used by startups will mean revamping almost all of their operating practices.

Technology 40

Technology Lending social media Analytics 40

Independent Banker

MARCH 31, 2022

Lucas White: We need to continue to differentiate community banks and educate policymakers on why tiered and proportionate regulation is necessary. We need to make sure people remember that and have it reflected in laws and regulations that affect our industry. Bank Operations and Payments chair Alice P.

Community Bank 239

Community Bank Community Industry Texas 239

PYMNTS

AUGUST 28, 2017

As the Sinatra tune goes (a bit paraphrased) … New York: If you can make it there in cybersecurity, you can make it anywhere. The financial services industry is girding for the new regulations by the New York State Department of Financial Services (DFS), which take effect as of Aug.

New York 142

New York Regulation Bitcoin United States 142

CFPB Monitor

MAY 6, 2019

The OCC also argued that the NYDFS’s claims were untimely because it can no longer challenge the OCC’s long-standing regulation (12 C.F.R. The OCC argued that the NYDFS’ complaint failed to state an APA claim because this regulation is entitled to deference under the U.S. e)(1)) interpreting the term “business of banking” in the NBA.

Fintech 68

Fintech New York National Regulation 68

Bobsguide

MARCH 28, 2022

Dubai, UAE, London, UK, New York, US – March 28, 2022 – Finastra today published a market assessment report: ‘Banking as a Service: Outlook 2022 | Paving the way for Embedded Finance’. Key findings include: • More than 80% of regulated financial services providers expect the overall BaaS market to grow. .

Innovation 60

Innovation Lending social media Retail 60

BankUnderground

JANUARY 27, 2021

One key message stands out: banks that are more rooted in their market are much more likely to continue lending when faced with the economic fallout from such shock. Banks with access to central bank liquidity continued or even expanded their lending. A pandemic or natural disaster can impact lending in several ways.

Lending 68

Lending Study Marketing Capital 68

Jeff For Banks

APRIL 25, 2014

September 2004, driving from a meeting in New York, on the grossly miss-titled Cross Bronx Expressway, Nathan Stovall, a reporter from SNL Financial gave me a call. The question: What was up with an upstate New York bank? Read: We need to be bigger and have more capital to keep up with regulation and the industry.

Community 95

Community New York Indiana Connecticut 95

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

Independent Banker

OCTOBER 31, 2021

Regulators implement ICBA-supported three-year transition. Curt Allison, The Fountain Trust Company’s chief lending officer, says his bank’s software program has been collecting data since Dec. A similar story comes from Jill Sung, president and CEO of $338 million-asset Abacus Federal Savings Bank in New York City.

Community Bank 91

Community Bank Community Software New York City 91

Gonzobanker

OCTOBER 24, 2018

Name the rule, reg or newly formed regulator, and the common bond is that they were all born out of bankers not policing their own industry. March 2017 – Wells failed the OCC community lending test, the Feds uncovering “violations across multiple lines of business within the bank” and “significant harm to customers.” Dodd-Frank.

San Francisco 151

San Francisco Industry America Compliance 151

PYMNTS

SEPTEMBER 2, 2019

Regulators are taking a closer look at financial apps that allow workers to access their pay early. But regulators from New York and 10 other states aren’t convinced. As for the subpoena from regulators, Palaniappan explained “it’s a new model. We welcome their questions.”.

Regulation 173

Regulation New York Lending Industry 173

PYMNTS

JULY 31, 2017

Regulators are reportedly inquiring about how a lawyer for wealthy customers of Wells Fargo came to access so large a trove of customer information. Regulators have reportedly informally reached out to the attorneys involved in the lawsuit underlying the release of information to figure out how the data breach happened.

Taxes 100

Taxes Data Security Report 100

Gonzobanker

DECEMBER 17, 2021

Lots of tech and operations to clean up, it appears, but no solid bank is better qualified than the team from Minneapolis. CAP COM and SEFCU in New York come to together to create an $8 billion cooperative organization. We salute a legend of lending and credit union leadership. Acronym of the Year. Has to be M-O-E.

Fintech 148

Fintech Strategy Leadership Lending 148

CB Insights

FEBRUARY 20, 2020

Today, 22 of those companies have become unicorns, 17 have exited, and none have shuttered operations. All told, they raised over $15B in 2019, in addition to forging new high-profile partnerships, spinning off new ventures, and evolving their products and strategies. Click to enlarge. .

Fintech 80

Fintech US Lending Cards 80

PYMNTS

OCTOBER 20, 2018

If we had a nickel for every mobile wallet that had come and gone in that time period, we would at this point be larger than The New York Times. All ideas, even really good ideas, have unintended consequences – in innovation, in regulation and in deployment – and one person’s brilliant idea can be another’s big problem in the making.

Innovation 177

Innovation Payments Cards Retail 177