PYMNTS

OCTOBER 11, 2020

Santander Bank has announced three high-level appointments, two overseeing lending operations and another overseeing marketing, according to a press release. Giancarlo Marchesi was named head of Consumer Lending, a new role at Santander. 2 and is coming from CVS, Santander stated in its news release. Smith holds a B.S.

Lending 160

Lending New York Virginia Boston 160

CFPB Monitor

OCTOBER 25, 2022

Following up on a threat it made back in 2018 , the New York State Department of Financial Services (DFS) announced on October 6, 2022 that it entered into a consent order with Rhinebeck Bank (“Rhinebeck”) to settle discrimination claims involving discretionary dealer markups on retail installment contracts with minority borrowers.

New York 78

New York Lending Community Bank Community 78

PYMNTS

MAY 20, 2016

In the latest chapter of the Lending Club drama, on Thursday (May 19), it came to light that New York’s highest-ranking financial regulator has launched an official inquiry into the online alternative lender. The requested New York information dates back to 2013.

Lending 100

Lending Regulation New York Course 100

Bank Innovation

FEBRUARY 17, 2017

In his recent 2017 budget proposal, Governor Andrew Cuomo outlined a few changes that might be in store for New York State fintechs, particularly online lenders. The Empire State really wants to be in charge of the fintech sandbox—and it wants the OCC out already. These changes include expanding the Read More.

New York 218

New York Fintech Online Compliance 218

PYMNTS

AUGUST 8, 2019

The New York State Department of Financial Services (NYDFS) has announced it will lead a multi-state investigation into alleged violations of state regulations of the short term lending industry, specifically in the area of payroll advances. Many people living paycheck to paycheck already make more than median income.”.

Puerto Rico 134

Puerto Rico Regulation New York South Dakota 134

CFPB Monitor

JANUARY 6, 2021

On December 23, 2020, New York Governor Andrew Cuomo signed into law S 5470 – B , which requires consumer-like disclosures for “commercial financing” transactions of $500,000 or less. New York’s commercial financial law (NYCFL) states that it takes effect on the 180 th day after becoming law, which is June 21, 2021.

New York 78

New York Regulation Security Payments 78

CFPB Monitor

NOVEMBER 16, 2021

On November 1, New York Governor Hochul signed into law amendments (S.5246-A/A.6247-A) 6247-A) to the New York Community Reinvestment Act (NYCRA) that expand the NYCRA’s coverage to non-depository mortgage lenders. Expansion of CRA coverage. The amendments are effective November 1, 2022.

New York 78

New York Community Regulation Data 78

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

JANUARY 6, 2021

joined seven states in suing a bank regulator over a rule they fear could encourage predatory lending by stopping them from leveling state laws against exploitative interest rates, Reuters said. New York Attorney General Letitia James said the new rule would have an opposite effect of what the OCC said it was for.

Regulation 181

Regulation US Washington New York 181

CFPB Monitor

JULY 1, 2021

First, they represent the first effort by a state regulator to pursue the dealer finance charge issue against an assignee of retail installment contracts that we are aware of. The consent orders do not specify the analytical method used to arrive at these disparity figures.

New York 78

New York Retail Lending Analytics 78

American Banker

MARCH 4, 2024

Long Island-based New York Community Bancorp has a large concentration in loans on New York City apartment buildings with rent restrictions. Property values in that sector have tanked amid higher interest rates, inflation and 2019 revisions to state law.

New York City 74

New York City New York Regulation Community 74

PYMNTS

DECEMBER 30, 2019

30) said a lack of regulation in the online SMB lending arena is raising concerns over sky-high fees and interest rates, sparking a bigger conversation about expanding borrower protections beyond consumers. But recent reports in the Wall Street Journal Monday (Dec. percent for its annual rates in the quarter that ended September. “A

Lending 131

Lending Online California New York 131

PYMNTS

SEPTEMBER 5, 2019

Regulators recently announced plans to take a closer look at the early wage access industry, but as demand among the workforce for such FinTech solutions continues to rise, experts are encouraging lawmakers to get on board with a new normal of payroll. Regulators Step In. Defenders Weigh In.

Regulation 122

Regulation Lending New York Fintech 122

PYMNTS

MAY 3, 2019

Regulators from New York got the nod from a judge to move forward with their lawsuit aimed at stopping FinTechs from offering banking services on a national level. Regulators in New York want to prevent federal government agencies from granting FinTechs national licenses enabling them to loan and send money like a bank.

Fintech 156

Fintech New York National Regulation 156

PYMNTS

MARCH 20, 2017

According to Yi Huiman, chairman of the world’s largest bank as measured by assets, the Industrial and Commercial Bank of China, the practice has become a top-level concern due to the increase in poorly regulated lending. Shadow banking “is not subject to full regulation, or any regulation at all,” Yi told the New York Times. “We

Lending 100

Lending New York Regulation System 100

PYMNTS

APRIL 5, 2019

Silicon Valley-based financial services startup Earnin has potentially run afoul of New York State regulators with its payday advance product for consumers. New York is one of 15 states where payday lending has been banned and interest rates have been capped at 25 percent.

Regulation 100

Regulation New York Lending Millennials 100

CFPB Monitor

SEPTEMBER 11, 2019

New York Department of Financial Services (NYDFS) Superintendent, Linda A. Lacewell, recently wrote an Opinion Article in the New York Daily News, addressing the student lending industry.

Lending 60

Lending New York Maine Regulation 60

PYMNTS

SEPTEMBER 14, 2018

To challenge the Office of the Comptroller of the Currency (OCC)’s decision to allow online payment companies and lenders to have national bank charters, the top banking regulator in New York is suing the federal government. Of that total, 8,664 were New York business customers and 226,656 were New York individual customers.

New York 173

New York Fintech Lending Regulation 173

Abrigo

OCTOBER 31, 2022

FinCEN reissued Geographic Targeting Orders to include two new metropolitan areas. Real estate lending BSA training should include GTO guidance , specifically on how to identify red flags at loan origination. Real estate lending BSA training should include the GTOs guidance. BSA Rules and Regulation. Expanded efforts.

New York City 195

New York City Las Vegas District of Columbia San Antonio 195

American Banker

JANUARY 4, 2024

The governor's proposed license for buy now/pay later lending adds momentum to the efforts to rein in the fast-growing and unregulated product.

New York 39

New York Lending Compliance Regulation 39

CFPB Monitor

JUNE 15, 2022

The California Department of Financial Protection and Innovation (DFPI) has issued final regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans and merchant cash advances. .

California 78

California Regulation CA Utah 78

PYMNTS

JANUARY 31, 2020

30) against Citizens Bank over alleged violations of the Truth In Lending Act (TILA). For several years, the bank also violated TILA and Regulation Z by not providing credit card counseling referrals to customers who called and asked for that service on Citizens’ toll-free number. It filed the complaint in the U.S.

Rhode Island 116

Rhode Island Lending Cards New York 116

PYMNTS

APRIL 26, 2018

Chinese officials have reportedly taken measures to monitor and potentially crack down on the nation’s banks’ risky lending practices, reports in Reuters said Wednesday (April 25). We have to focus,” he told The New York Times last year. “If Officials will stay at those branches and monitor how loans are assessed, reports noted.

Lending 122

Lending New York Regulation Report 122

PYMNTS

DECEMBER 12, 2017

Demand for corporate finance helped propel China’s banks to new lending records in November, according to news from Reuters on Monday (Dec. billion in new loans during the month, the publication said, citing data from the People’s Bank of China. Chinese banks provided $169.27

Lending 100

Lending New York Regulation Survey 100

Abrigo

DECEMBER 18, 2023

Critical capital Should CRE lending be off the table? Recent headlines may lead bankers to believe that shunning commercial real estate lending is the safest path to limit or avoid credit risk, given stresses on CRE and regulatory concerns. But that might not be the best move for your financial institution or your community.

Risk Management 222

Risk Management Management Lending Capital 222

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

PYMNTS

OCTOBER 9, 2020

New York City-based FinTech startup Clair has raised $4.5 million in seed funding to disrupt payday lending schemes and help gig workers and freelancers get paid instantly. The crackdown on payday lending has been in the works for years, but nothing concrete has yet disrupted the industry in a way that would benefit consumers.

New York City 254

New York City Lending New York Fintech 254

PYMNTS

MARCH 7, 2018

According to American Banker , analysts agree with the company’s CFO, Terry Dolan, who made the prediction at an industry conference in New York this week. “We Bancorp admitted that it failed to look into certain suspicious customer accounts, as well as concealed key information from its regulator. In addition, U.S.

Regulation 100

Regulation Minneapolis New York Conference 100

CFPB Monitor

APRIL 14, 2021

The California Department of Financial Protection and Innovation (DFPI) has issued modifications to its proposed regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans and merchant cash advances.

CA 78

CA Regulation California New York 78

PYMNTS

JULY 24, 2019

New York’s Department of Financial Services (DFS) has launched a new Research and Innovation Division that will be responsible for licensing and supervising virtual currencies. None of the information on the database, which held 86 million lines of daily updating records of the lending platform, was encrypted.

Regulation 108

Regulation Bitcoin New York Online 108

American Banker

OCTOBER 6, 2022

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New York 36

New York Regulation Lending Compliance 36

American Banker

JULY 28, 2023

Large financial institutions have "meaningful but manageable" loan volumes to industries that are most likely to see declines in output and profit after climate-friendly regulations take hold, new research shows.

New York 36

New York Industry Regulation Management 36

American Banker

JULY 31, 2020

The Conference of State Bank Supervisors, banking law scholars and consumer advocacy organizations filed amicus briefs siding with the New York State Department of Financial Services in its court battle with the federal regulator.

Regulation 79

Regulation Groups New York Conference 79

Abrigo

NOVEMBER 12, 2020

Real estate lending BSA training should include GTO guidance. The newest order include s : Boston Chicago Dallas-Fort Worth Honolulu Las Vegas Los Angeles Miami New York City San Antonio San Diego San Francisco Seattle . BSA Rules and Regulation. BSA Rules and Regulation. Learn More.

Las Vegas 195

Las Vegas New York City San Antonio San Diego 195

Jeff For Banks

MAY 20, 2017

And regulators are getting anxious. and New York Community Bancorp called off their planned merger. Today, I read an American Banker article on how a multi-billion dollar bank is going to ramp up its business lending. How significant was CRE lending to the souring of bank loan portfolios?

Lending 60

Lending Regulation Community Community Bank 60

PYMNTS

MAY 28, 2019

The Federal Trade Commission has launched an investigation into the merchant cash advance industry just days after FTC Commissioner Rohit Chopra called on the watchdog to tackle unfair small business lending practices. “The FTC is the sole federal regulator and enforcer in the small business financing marketplace,” he said.

Washington 140

Washington New York Lending Regulation 140

American Banker

JUNE 30, 2020

The New York State Department of Financial Services issued a letter Tuesday reminding lenders of amendments to the state's Community Reinvestment Act, under which banks are evaluated on how they meet the credit needs of businesses owned by women and minorities.

New York 72

New York Regulation Lending Community 72