PYMNTS

DECEMBER 20, 2017

Wells Fargo has announced that Mary Mack will lead its consumer lending unit. According to The Wall Street Journal , this new role will be in addition to Mack’s current role overseeing the retail bank. She replaces Franklin Codel , who was fired in November for critical comments he made about regulators to a former employee.

Lending 108

Lending Retail Training Regional 108

CFPB Monitor

SEPTEMBER 22, 2022

The public comment period for the notice of proposed rulemaking (“NPRM”) regarding the Motor Vehicle Dealers Trade Regulation Rule (the “Rule”) closed on September 15, 2022 after the FTC declined in August to extend it.

Regulation 148

Regulation Groups Customer Experience Retail 148

BankInovation

JANUARY 19, 2022

The online lending platform acquired Golden Pacific Bank as a path to getting the full-fledged banking license, the regulator said in a statement on Tuesday. […]. SoFi Technologies Inc., the financial firm led by former Twitter Inc. banking charter.

Regulation 96

Regulation Lending Online Technology 96

Bank Innovation

APRIL 16, 2020

EST, Bank Innovation will host a Zoom meeting for subscribers titled “Regulators’ and Financial Institutions’ Pandemic Responses: What Do We Know, What Can We Know, and When Can We Know It?” On Tuesday at 12 p.m.

Meeting 273

Meeting Regulation Innovation Fintech 273

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 29, 2018

Banks, faced with low business growth and fierce competition in the industry, are offering business loans with sweeter terms, which is worrying some regulators. That doesn’t mean the regulators aren’t stepping in. The regulator wouldn’t say which banks received the citations.

Regulation 101

Regulation Lending Industry Analysis 101

Abrigo

FEBRUARY 2, 2015

The banking industry has seen a steady stream of media attention since 2008, much of it in the form of stories about data breaches linked to major retailers or mega banks’ profits. Two recent surveys addressing the community banking landscape have pointed to increasing regulations as the primary cause of stress for these institutions.

Community Bank 150

Community Bank Community Regulation Survey 150

Abrigo

DECEMBER 5, 2023

AML Compliance Ten qualities of a successful BSA officer Hiring a Bank Secrecy Act (BSA) Officer for a financial institution involves looking for a unique experience level and skillset that ensures compliance with the BSA and related regulations. But what makes an exceptional BSA Officer?

Training 221

Training Compliance Regulation Software 221

Perficient

NOVEMBER 10, 2023

Retail banks respond to the Federal Reserve’s short-term interest rate adjustments with corresponding changes in lending and deposit rates. Transaction Accounts Regulators classify transaction accounts under the Monetary Control Act of 1980 and the Federal Reserve Regulation D for federal reserve requirements on deposit liabilities.

Risk Management 221

Risk Management United States FDIC Compliance 221

Abrigo

AUGUST 8, 2021

Independent Loan Review Systems in Banking Banking regulators have outlined expectations for effective, independent loan review and credit risk review. . The change reflects regulators’ expectations that financial institutions will develop loan review or credit review systems tailored to their specific risks and circumstances.

System 195

System Lending Policies Regulation 195

PYMNTS

NOVEMBER 4, 2020

trillion was chasing the Ant Group IPO, with retail bids coming in at 870 times over the value of the shares on offer, according to the news outlet. Chinese regulators are also growing concerned about the breakneck growth of Ant Group’s lending business. A collective $2.7

Lending 240

Lending Groups Regulation Marketing 240

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

Bank Innovation

JANUARY 31, 2020

This week, the Consumer Financial Protection Bureau filed suit against Citizens Bank, alleging violations of the Truth in Lending Act (TILA), including implementing Regulation Z and the Credit Card Accountability Responsibility and Disclosure Act.

Cards 259

Cards Lending Regulation Management 259

CFPB Monitor

JULY 29, 2022

and related entities (collectively, “Harris Jewelry”), a national jewelry retailer that markets and sells military-themed gifts, to resolve their lawsuit which alleged that Harris Jewelry had engaged in unlawful sales and credit practices targeting servicemembers. State regulators may also supervise MLA requirements pursuant to state law).

National 78

National Retail Regulation New York 78

PYMNTS

DECEMBER 9, 2019

Also, as big tech moves into the financial services industry, regulators call for more “vigilant monitoring” of its data use. Regulators Call for ‘Vigilant Monitoring’ of Big Tech’s Financial Data Use. How can a retail giant like Sam’s Club appeal to all types of customers? Goldman Plans to Launch Robo Advisor Next Year.

Regulation 131

Regulation Data Apple Payments 131

PYMNTS

MAY 25, 2016

regulators suggesting that lenders do not finance corporations with an already hefty debt load. Reports by Financial Times said on Tuesday (May 24) that Wells Fargo vowed to continue to lend to businesses that have significant outstanding debt against the guidance of U.S. financial regulators. “We have certain processes.

Lending 100

Lending Regulation America US 100

CFPB Monitor

SEPTEMBER 14, 2020

The report discusses the Bureau’s examinations in the areas of consumer reporting, debt collection, deposits, fair lending, mortgage servicing, and payday lending that were completed between September 2019 and December 2019. Violations of Regulation E requirements regarding qualifying notices of EFTA errors. Fair lending.

Lending 78

Lending Report Regulation Exercises 78

PYMNTS

FEBRUARY 23, 2020

The banking firm has been talking with London regulators about the idea, according to The Financial Times on Saturday (Feb. The operation will likely include savings and lending products, and it comes just two years after U.S. JPMorgan Chase tapped an ex-regulator , Clive Adamson, to head up the efforts to launch the digital bank.

Digital Banking 255

Digital Banking Lending Regulation Operations 255

CFPB Monitor

MAY 6, 2021

According to the factual allegations in the OCFR’s Charge Letter : The Bank offers in-store retail credit financing as well as store-branded credit cards to Maryland consumers.

Maryland 78

Maryland Lending Missouri FDIC 78

PYMNTS

SEPTEMBER 20, 2016

CFO Lending , a U.K. s markets regulator that it has to return to customers $44.4 “Since then, we have worked closely with CFO Lending and are now satisfied with their progress and the way that they have addressed their previous mistakes.” The move against CFO Lending comes at a time when the U.K.’s

Lending 100

Lending Course Regulation Retail 100

CFPB Monitor

OCTOBER 20, 2021

A group of 96 organizations and individuals, who describe themselves as consisting of “consumer, labor, civil rights, legal services, faith, community and financial organizations and academics,” have sent a letter to the CFPB urging the Bureau to regulate fee-based earned wage access (EWA) products as credit subject to the Truth in Lending Act.

Regulation 78

Regulation Groups Analysis Lending 78

NCR

MARCH 7, 2018

Another area is large retailers, with the likes of Walmart and Amazon able to gain deep insights into their users through factors such as purchase history and loyalty programs. However, these firms have long been barred from offering full financial services in the US due to regulations mandating the separation of commerce and banking.

Regulation 53

Regulation Retail Community Bank Community 53

PYMNTS

AUGUST 12, 2020

regulators, a move that would put the firms into conflict with secrecy laws in China. ” Lufax , which hopes to raise $3 billion with its IPO, has shifted away from peer-to-peer lending to focus on wealth management and retail lending. stock exchanges will have to conform to U.S.

US 147

US United States Lending Regulation 147

South State Correspondent

AUGUST 21, 2023

By relying on retail CDs, banks cannibalize their lower cost of retail funding and increase their deposit beta. As deposits reprice faster than loans, banks with more retail interest-bearing accounts will experience more funding strains and lower NIM.

Community Bank 195

Community Bank Community Capital Analysis 195

PYMNTS

JUNE 21, 2016

Online clothing retailer, ModCloth, has been stepping up its efforts recently to lobby for passage of H.R. 4445, a bill that would allow the Federal Trade Commission to develop regulations and guidelines over the use of Photoshop and other image-altering programs in advertising.

Retail 102

Retail Guidelines Survey Lending 102

Chris Skinner

FEBRUARY 24, 2017

In fact, saying ‘fintech’ is like saying ‘retailer.’ But what exactly are they retailing and, in the fintech sense, what areas of finance are these companies automating? It is no longer this big bucket of finance and technology. This gets interesting as we now have a market that is spreading its wings into lots of different areas.

Fintech 342

Fintech Regulation Technology Analytics 342

Perficient

JULY 11, 2022

Buy now, pay later (BNPL) is a type of point-of-sale installment loan that partners with retailers to allow consumers to pay for their purchases in multiple equal payments. When online shopping, if a retailer has a partnership with a BNPL platform, the customer can choose it as their payment method when placing their order at checkout.

Fintech 474

Fintech Trends South Dakota Apple 474

PYMNTS

APRIL 22, 2016

The consortium has a one-year time horizon through which FT said efforts would be fostered to “crack down” on fraudulent activity across a number of payment types, such as peer-to-peer lending and crowdfunding.

Regulation 100

Regulation social media Fintech Lending 100

PYMNTS

MARCH 8, 2019

Because of these new regulations, however, businesses of all types are seeing their relationships with their customers change. Additionally, third-party providers and retail merchants are showing greater interest in how data transparency, which is mandated by open banking and PSD2, may give them a larger stake in customer relationships.

Lending 135

Lending Data Security Regulation 135

PYMNTS

JANUARY 18, 2021

Plus, big banks’ Q4 earnings showed that the pandemic’s impact on critical lending and spending wasn’t as bad as first feared. Ant Group Overhauling Operations to Satisfy Chinese Regulators. Retail 2021: The Five Things Retailers Should Be Talking About at NRF This Week. Biden Taps FTC’s Rohit Chopra to Head CFPB.

Payments 146

Payments Regulation Analytics Groups 146

BankUnderground

NOVEMBER 27, 2020

Eight decades later, the debate still rages on: should retail and investment banking be separated, as Glass-Steagall required? In a recent paper , we shed new light on the consequences of this type of regulation by examining the recent UK ‘ring-fencing’ legislation. How does ring-fencing affect bank behaviour?

Lending 109

Lending Retail Groups Maine 109

PYMNTS

JUNE 4, 2019

Crowdfunding platforms, or peer-to-peer (P2P) lenders, are going to face tougher regulations in the U.K. The new rules will start in December, and are a response to the FCA forcing P2P lending platform Lendy into administration, which is when a company is insolvent and in trouble with creditors.

Lending 122

Lending Regulation Marketing Retail 122

PYMNTS

SEPTEMBER 17, 2018

Amid China’s efforts in recent months to boost small business activities – notably through initiatives that focused on small business lending in that country – Alibaba Group’s Taobao expanded its Maker Festival to be global in scope, with a spotlight on the youngest of entrepreneurs. The September event, which spanned Sept.

Millennials 134

Millennials Lending Retail Trends 134

Bank Innovation

MARCH 10, 2016

Is there a way to prevent regulators from derailing a bank’s fintech initiatives? Jill Castilla, president and CEO of Citizens Bank of Edmond, located in Edmond, Okla., says there is.

Regulation 150

Regulation Fintech Community Strategy 150

PYMNTS

OCTOBER 8, 2018

The impact of Europe’s General Data Protection Regulation ( GDPR ) continues to take shape roughly five months after taking effect, and Facebook could be on the hook for billions of dollars in fines tied to a data breach of about 50 million user accounts. Crypto Regulations. community banks and small business lending.

United States 174

United States Regulation cryptocurrency Cleveland 174

Celent Banking

MARCH 6, 2015

Next week I will be moderating a panel discussion at American Banker´s Retail Banking Conference in Austin about the competitive pressures of community institutions. prepaid services, P2P lending, etc.). Banking Events American Banker Retail Banking Retail Banking Conference'

Conference 100

Conference Retail Community Austin 100

PYMNTS

NOVEMBER 4, 2020

Tens of millions of Americans are now going online to buy everything from groceries to retail products, but a cookie-cutter approach to digital innovation won’t ring the register. Ant’s IPO Journey Faces Regulatory Hill — Is Lending In Crosshairs? NEW DATA: Five Payments Innovations For Winning The Digital-First Shopper.

California 196

California Payments blockchain Lending 196