CFPB Updates Policy For Civil Investigative Demands

PYMNTS

The Consumer Financial Protection Bureau (CFPB) has announced changes to policies on Civil Investigative Demands (CIDs), which are investigational subpoenas issued by the CFPB. CFPB Civil Investigative Demands investigation law enforcement News policy violation What's Hot

Gearing Up New Operations

Independent Banker

When Leto took the executive helm last year of Bryn Mawr Trust’s parent company, it was operating a very small insurance agency that was hardly making money. “We General Highlighting Operations & Management

Kenya Gets Ready To Unveil Sandbox Policy

PYMNTS

In Kenya, the Capital Markets Authority (CMA) has issued its “FinTech Sandbox Guidance Note,” which is now finalized as policy. The first step is one that takes in market-specific operators within a number of spaces, including robo-advisors, crowdfundng and algorithmic trading.

UK Government Won’t Delay ‘Loan Charge’ Policy

PYMNTS

Her Majesty’s Revenue and Customs (HMRC) has refused to delay a “loan charge” policy for tens of thousands of individuals in the U.K. The policy has not been well-received, and has even been linked to two suicides in the country.

WeWork Calls For Looser Loan Policies For Co-Working Tenants

PYMNTS

We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future.”. A WeWork executive is calling for real estate lenders to be more flexible when it comes to their co-working tenants. “It’s

New Report Finds Credit Unions Operate with ‘Scant Regard’ for Statutory Mission

ABA Community Banking

The post New Report Finds Credit Unions Operate with ‘Scant Regard’ for Statutory Mission appeared first on ABA Banking Journal. Community Banking Newsbytes Policy Credit unions

Farmhouse Market’s Remotely Operated, 24/7 Grocery Store

PYMNTS

The pair ultimately designed a concept that could operate without any on-site staff to solve this quandary. “We Farmhouse Market does not have an open-door policy, however, and instead relies on a variety of security technologies.

Bank exam “hot spot”: Inflating policy limits to avoid scrutiny

Abrigo

The desire to avoid examiner scrutiny may tempt some financial institutions to set the bar high when it comes to credit and liquidity risk management policy limits, but regulators are discouraging this approach. Do established policy limits reflect true risk tolerance?

Bitcoin Daily: Gemini Exchange Joins Silvergate Exchange Network; UK’s National Liberal Party Reveals Crypto Policy

PYMNTS

While our industry is accustomed to cryptocurrencies operating 24/7/365 (like email), fiat currencies have for the most part remained shackled to ‘banking hours’ or ‘business hours.’ ’ SEN is an important step toward changing this,” Joshua Rawlins, managing director of financial operations at Gemini, wrote in a blog post. The current policy is a non-policy.

China Fiscal Policy At Odds With SMB Lending

PYMNTS

China is struggling to bridge its small businesses to financing for growth, with broader fiscal policy at odds with the initiative, according to reports. The publication pointed to the government’s conflicting policy of stricter lending rules as one reason why efforts to boost small business loan volumes hasn’t taken off. “It is hard for a bank to handle credit policy now,” said the manager, according to the publication.

Senator Mark Warner Drops New Policy Proposals For Regulating Tech

PYMNTS

Virginia Senator Mark Warner, vice chairman of the Senate Intelligence Committee, released a policy paper detailing 20 options for the government to start regulating big tech a lot more closely. There’s nothing like hovering near the $1 trillion market cap to cause policy makers to suspect that you must be doing something wrong. The team at Facebook is not having a great week, as it seems all of its recent data scandal chickens have come home to roost.

FDIC settles Operation Choke Point lawsuit

CFPB Monitor

The FDIC has announced that it has entered into a settlement of the lawsuit filed against it and the OCC in 2014 by a trade group and several payday lenders challenging “Operation Choke Point” — a federal enforcement initiative involving the FDIC, OCC and other federal agencies.

FDIC 63

Otting Reverses Policy And Lets Bank Examiners Stay

PYMNTS

Bank examiners can stay in house, a policy where they work inside the institutions they supervise. . 6) that he would reverse the policy already in place at the regulator. Reuters reported that Otting was reversing a policy that had been set in place under the presidential administration of Barack Obama. That’s according to an announcement by the Comptroller of the Currency, Joseph Otting , who said Wednesday (Dec.

Are Decentralized Exchanges part of the Bottom-up decentralized monetary policy?

Daily Fintech

It was 2 days before Christmas that Lykke publicly announced it had to switch to a centralized operational model! Lykke Changes Operational Mode. Up to then, Lykke could claim to have been the only exchange that was semi-decentralized and charging no commissions to its users.

A Tale of Two China (Tech Firm) Policies?

PYMNTS

This missive from Trump, launched Sunday, comes in the wake of ZTE’s decision to stop its “major operating activities” – a decision that itself comes in the wake of the Trump administration’s order of a seven year ban on U.S In international relations, policy and politics and business can combine in combustible ways. When a big firm shuts down, it’s not every day a sitting president lobbies to get it un-shut.

Public Policy Predictions 2019: Regulatory Reforms Ahead

FICO

While many believe that the partisan divide will grow in 2019, this does not mean that all bank-related public policy proposals will be stuck in neutral. The post Public Policy Predictions 2019: Regulatory Reforms Ahead appeared first on FICO

EU requires crypto operators to strengthen AML policies

The Paypers

(The Paypers) The European Council has adopted an AML directive that requires cryptocurrency exchanges operators to perform the same level of client due diligence as banks do

FDIC hires counsel to investigate now defunct Operation Choke Point

CFPB Monitor

On November 15, 2018, in response to a November 7, 2018 letter from Republican Senators , FDIC Chairman Jelena McWilliams announced that the FDIC has engaged outside counsel to investigate the Obama-era Operation Choke Point, under which the FDIC and other government agencies pressured banks not to do business with payday lenders. That internal policy is in furtherance of her deep investment in “transparency and accountability at the FDIC.”.

FDIC 43

The (Un)Certainty Of eCommerce Sales Taxes

PYMNTS

And yet, tax policy remains a bit of a patch quilt. Add taxes, then, to the list of everyday operating concerns for the SMB, on top of examining online conversion rates, worrying whether payments are being settled in a timely manner and considering shipping costs.

Taxes 209

Car Commerce Tracker: Self-Driving Tech Companies Weigh In On California Policy

PYMNTS

sales operations. Apple, for one, is hoping that California will work to toughen some of its current self-driving road test policies. In a letter made public last Friday, Apple proposed changes to a draft policy the state of California is working to develop, suggesting the state revise how self-driving technologies companies go about reporting disengagements. Another big week in the developing connected car space.

CFPB finalizes no-action policy for innovative financial products

CFPB Monitor

Consent Orders, Informal Guidance, and the New No-Action Letter Policy” Register here. The CFPB has issued a final policy statement on issuing “no-action” letters (NAL) for innovative financial products or services. The CFPB’s statement that the final policy was released on its website on February 18, 2016 presumably means that the final policy became effective immediately. The final policy statement substantially follows the CFPB’s proposal. Alan S. Kaplinsky.

Rosemary Berkery Returns to UBS in New Policy Role

American Banker

operations after a medical leave. UBS executive Rosemary Berkery has returned to the Swiss company's U.S. breaking_news people womenin-banking consumer-finance national-regional

China Mandates Citizens Scan Faces To Get New Phone Service

PYMNTS

China has implemented a new policy requiring citizens who want new phone service to scan their faces to verify identities instead of simply presenting ID cards, according to a report in The Wall Street Journal.

CFPB finalizes product sandbox proposal and changes to trial disclosure, no-action letter policies; discloses plans to propose interpretive letter program

CFPB Monitor

The CFPB has finalized its proposed revisions to its Policy to Encourage Trial Disclosure Programs” (TDP Policy) and policy on “no-action” letters (NAL Policy) and has also finalized its proposal to create a new “product sandbox” policy. NAL Policy.

PayPal CEO Takes Stance On Hate Groups

PYMNTS

He added that one of the most visible implementations of its values to date came in the spring of 2016, when PayPal canceled plans to build new operations in Charlotte after the state banned gender-neutral bathrooms.

Groups 179

Central Bank of Iran unveils fintech policy

The Paypers

(The Paypers) The Central Bank of Iran has published a document on policies related to the operation of fintechs

Independent audit recommends updates to CFPB privacy policies

CFPB Monitor

The CFPB has released a report for 2016 prepared by KPMG LLP of its independent audit of selected CFPB operations and budget. With regard to the CFPB’s asset management process, KPMG found that controls over the identification and documentation of information technology-related inventory items were not operating effectively to provide reasonable assurance that all IT assets are properly identified, tagged, and logged accurately onto the inventory tracking spreadsheet. Barbara S.

Independent audit recommends updates to CFPB privacy policies

CFPB Monitor

The CFPB has released a report for FY 2015 prepared by KPMG LLP of its independent audit of selected CFPB operations and budget. KPMG recommended that the CFPB complete the reconciliation and update its privacy policies to include such procedures and options. Barbara S. Mishkin. An annual independent audit is required by the Dodd-Frank Act. The report dated December 18, 2015 reflects work performed by KPMG during the period June 15, 2015 to November 24, 2015.

The OCC Highlights 4 Key Risks The Federal Banking System Is Facing

Perficient Financial Servies

The findings indicate that the four main risks financial services companies are facing revolve around strategic, credit, operational, and compliance risks. Operational risk is high as banks adapt business models, transform technology and operating processes, and respond to increasing cybersecurity threats.

Republican Senators seek action from FDIC to ensure end of Operation Choke Point

CFPB Monitor

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.”. Operation Choke Point” was a federal enforcement initiative involving various agencies, including the DOJ, OCC, FDIC, and Fed.

FDIC 43

Agricultural Alert!

Independent Banker

Crop insurance “has a target on its back,” says Mark Scanlan, ICBA’s senior vice president for agriculture and rural policy. Producers use the federal crop insurance program extensively to manage risk on their operations.”. Advocacy & Policy Highlighting Legislation

ABA Calls for ‘Top-to-Bottom’ Assessment of Credit Union Industry

ABA Community Banking

In a letter to the National Credit Union Administration board and inspector general today, the American Bankers Association called for a “top-to-bottom assessment” of whether the credit union industry is living up to its statutory mandate to operate not-for-profit and serve people of “small means.”.

House Republicans ask CFPB and banking agencies to disclaim “Operation Choke Point”

CFPB Monitor

Six Republican members of the House Financial Services Committee, including Chairman Jeb Hensarling, have sent identical letters to the CFPB , OCC, Fed and NCUA asking each agency to “publicly disclaim [its] past, present, and future involvement in Operation Choke Point or any similar operation.” CFPB General CFPB operation choke point Barbara S. Mishkin.

FDIC 43

Washington Watch

Independent Banker

It also promised to provide qualified mortgage status to balloon loans originated and held in portfolio by “small creditors” operating predominantly in rural or underserved areas. Advocacy & Policy Industry Insight Regulation / Compliance Viewpoints Washington Watch

Stand Up. Step Up. Speak Up

Independent Banker

In its essence, Stetter says, grassroots public policy advocacy is communicating ideas and opinions to members of Congress, as well as to the regulatory agencies, to influence their decision- making for the better. Advocacy & Policy Highlighting Member Grassroots

A Part in the Process

Independent Banker

Courtney Schoenborn, who oversees ICBPAC’s operations, says it is important to support candidates who understand the issues important to community bankers and their employees. Advocacy & Policy Member Grassroots slide

A Part in the Process

Independent Banker

Courtney Schoenborn, who oversees ICBPAC’s operations, says it is important to support candidates who understand the issues important to community bankers and their employees. Advocacy & Policy Highlighting Member Grassroots

Huawei Looks To Trademark Its Own OS Globally

PYMNTS

Huawei is looking to trademark its “Hongmeng” operating system (OS) in at least nine countries and Europe after the company was placed on a blacklist in the U.S. State Department’s Director for International Communications Policy, told reporters in Brussels, according to Reuters.

Washington Watch

Independent Banker

It also promised to provide qualified mortgage status to balloon loans originated and held in portfolio by “small creditors” operating predominantly in rural or underserved areas. Advocacy & Policy Industry Insight Regulation / Compliance Viewpoints Washington Watch

Capstone Conference

Independent Banker

Eleven employees—a mix of loan officers, underwriters and servicers; branch, operations and IT managers; and treasury services and human resources personnel—are going this month. “It’s General Operations & Management slide

Citi On Treasury’s Real-Time Reality

PYMNTS

To that end, said Ron Chakravarti, Treasury Advisory Group head at Citi, the role of the treasury management team in optimizing cash on a day-to-day basis is changing as real-time operations (and payments) increasingly command attention.

Course 186

Auto finance company agrees to change dealer compensation policy to settle CFPB and DOJ fair lending claims

CFPB Monitor

The settlement includes AHFC’s agreement to change its auto dealer compensation policy, pay $24 million in restitution, and distribute $1 million towards the administration and operation of a consumer financial education program. Barbara S. Mishkin.

Fed Holds Line on Rate Hikes, But Concerns Linger

PYMNTS

Thus, less investment to go around to sink into new operations and staff. Economy bank stocks Consumer Spending earnings federeal reserve fiscal policy GDP Gross domestic product infrastructure spending Interest Rates janet yellen News Ripple effects stock market trump administrationLast Wednesday, at its most recent meeting, the Federal Reserve held back on raising interest rates. The move, or in this case, non-move, had been widely expected.