CFPB Monitor

MAY 22, 2020

The final rule applies to national banks and federal savings associations. Although the OCC’s proposed revisions were issued jointly with the FDIC, the FDIC did not join in the final rule. The final rule is effective October 1, 2020 but sets mandatory compliance dates based on the applicable performance standards.

FDIC 78

FDIC Lending Retail Compliance 78

CFPB Monitor

JUNE 29, 2020

The FDIC has issued its widely anticipated final rule resolving the uncertainty caused by the Second Circuit’s Madden v. The FDIC’s Notice of Proposed Rulemaking (“NPR”) was published the same week as an OCC proposed rule intended to address the same issue for national banks under Section 85. On July 20, 2020, from 12:00 p.m.

FDIC 60

FDIC National Analysis Regulation 60

Abrigo

NOVEMBER 29, 2021

The Consumer Financial Protection Bureau (CFPB) in 2020 ordered TD Bank, N.A. To remain competitive, some of the nations’ largest banks have introduced new products. Ally Bank has not only eliminated overdraft fees, but refunded overdraft fees between March and June 2020 as a goodwill gesture to customers challenged by the pandemic.

Community Bank 195

Community Bank Community FDIC Trends 195

CFPB Monitor

AUGUST 7, 2020

On July 31, 2020, the Office of the Comptroller of the Currency (OCC) approved the national bank charter application of Varo Bank, N.A., team — the first consumer fintech to receive a national bank charter. As other fintechs mature and grow nationally, the message from the federal banking system is: come on in.

Fintech 78

Fintech FDIC Utah National 78

CFPB Monitor

MARCH 30, 2020

Section 4008 of the CARES Act authorizes the Federal Deposit Insurance Corporation (FDIC) to establish a debt guarantee program to guarantee the debt of solvent insured depository institutions and depository institution holding companies. All such programs shall terminate not later than December 31, 2020.

Regulation 122

Regulation United States Community Bank National 122

Abrigo

MARCH 25, 2020

The FDIC chairman had earlier asked FASB to exclude coronavirus-related modifications from being labeled a concession when determining a TDR, saying that while regulators encouraged working with borrowers, institutions worried modifications would trigger a TDR classification. Fine-Tuning ALM Strategies for 2020. Learn More.

FDIC 150

FDIC Regulation Exercises Community 150

CFPB Monitor

AUGUST 20, 2020

Since early June 2020 when cries for racial justice resulted in a period of social unrest in the U.S., FFIEC : On June 5, 2020, the members of the FFIEC (FDIC, OCC, Federal Reserve Board (“FRB”), CFPB, NCUA and the State Liaison Committee) issued an unprecedented statement on the importance of financial inclusion.

Regulation 78

Regulation FDIC Community Lending 78

CFPB Monitor

MAY 18, 2022

After moving alone in 2020 to reform its Community Reinvestment Act (CRA) regulation, the Office of the Comptroller of the Currency (OCC) has joined the Federal Deposit Insurance Corporation (FDIC) and Federal Reserve Board in issuing a joint notice of proposed rulemaking setting forth proposed amendments to their regulations implementing the CRA.

FDIC 78

FDIC Regulation Community Lending 78

CFPB Monitor

DECEMBER 19, 2019

The OCC and FDIC have issued a joint proposal to revise their regulations implementing the Community Reinvestment Act (CRA). Although the Federal Reserve, OCC and FDIC, are the primary CRA regulators, the Fed did not join the proposal and presumably will issue a separate proposal. On January 29, 2020, from 12 p.m.

FDIC 78

FDIC Regulation Community Retail 78

Jeff For Banks

JANUARY 14, 2021

A mid-2020 survey performed by Cornerstone Advisors showed that 51% of retail customers that opened a new bank account within the last three months did so at a large, national bank. When I made that speech in 2008, there were approximately 8,500 FDIC-insured financial institutions and today that is around 5,000, a 40% decline.

Community Bank 130

Community Bank Community FDIC Strategy 130

Abrigo

JUNE 4, 2019

The Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Board of Governors of the Federal Reserve System (FRB), and the Office of the Comptroller of the Currency (OCC) have put out a joint statement addressing many frequently asked questions about the new standard.

Policies 186

Policies Capital Report FDIC 186

CFPB Monitor

MAY 22, 2020

The Federal Reserve, OCC, FDIC, and NCUA have issued “ Interagency Lending Principles for Offering Responsible Small-Dollar Loans.” The OCC has rescinded that bulletin and issued a new bulletin (2020-25) that reflects the new interagency guidance. Section 85) governs the interest national banks may charge.

FDIC 78

FDIC Policies Lending Guidelines 78

Independent Banker

JUNE 30, 2022

Using FDIC data for 2021, we calculated a lender score out of 100 for each community bank. American Bank, National Association. Classic Bank, National Association. The First National Bank In Sioux Falls. Dakota Community Bank & Trust, National Association. The Miners National Bank of Eveleth. By Ed Avis.

Community Bank 172

Community Bank Community National Philadelphia 172

CFPB Monitor

SEPTEMBER 10, 2020

In 2019, California enacted AB-539, the Fair Access to Credit Act (FACA), which, effective January 1, 2020, limits the interest rate that can be charged on loans of $2,500 to $10,000 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate. The FDIC has not yet proposed a similar rule.

Utah 78

Utah California FDIC West Virginia 78

Gonzobanker

MAY 4, 2020

I like this bank-acquiring-fintech deal (similar to City National Bank’s August acquisition of FilmTrack and 2018 acquisition of Exactuals). LendingClub/Radius Bank: The acquisition of Radius Bank would bring an FDIC-approved, low-cost source of deposits and broader banking services to LendingClub. Unnamed Industry Heavy, March 2020.

Fintech 109

Fintech FDIC Capital Community Bank 109

CFPB Monitor

JANUARY 19, 2022

federal district court in December 2020 seeking to block the OCC from granting a national bank charter to Figure Technologies Inc. The OCC indicated that in connection with this amendment, the bank organizers will apply to the FDIC for deposit insurance, and Figure Technologies, Inc. Section 5.20(e)(1)

Technology 78

Technology National FDIC Fintech 78

CFPB Monitor

JUNE 12, 2020

Section 27, which applies to state banks, is patterned after Section 85 of the National Bank Act, which applies to national banks. In Madden , the Second Circuit ruled that a purchaser of charged-off debts from a national bank was not entitled to the benefits of the preemption of state usury laws under Section 85. to 1:00 p.m.

Colorado 78

Colorado FDIC Analysis National 78

MyBankTracker

NOVEMBER 19, 2020

Why we like it: Earn one of the nation’s top money market rates with no monthly fees. The post CIT Bank 2020 Review first appeared on MyBankTracker. Deposit Insurance Fund (DIF): Protecting Deposits in Addition to FDIC Insurance. CIT Bank Money Market Account. Related Articles. How to Find Your Bank’s Routing Number.

Banking 2020 52

Banking 2020 ATM Online Marketing 52

Independent Banker

APRIL 30, 2022

Brazos National Bank. Douglas National Bank. FSNB, National Association. Pioneer Trust Bank, National Association. AMG National Trust Bank. HNB National Bank. The bank issued 2,182 PPP loans in 2020 and 2021. Leader Bank, National Association. BNC National Bank. By William Atkinson.

Community Bank 172

Community Bank Community Montana Taxes 172

CFPB Monitor

APRIL 13, 2022

The GAO states that from 2010 through 2020, the CFPB, Federal Reserve, FDIC, and OCC have issued or rescinded at least 19 actions related to small-dollar loans, including rulemakings and policy statements.

Report 78

Report Lending FDIC Regulation 78

CFPB Monitor

JULY 22, 2020

Less than two months after issuing its final “ Madden fix” rule , the OCC has now issued a proposed rule to address when a national bank or federal savings association should be considered the “true lender” in the context of a third party relationship. Presumably, we will soon see a proposed “true lender” rule from the FDIC.

National 78

National Lending Exercises FDIC 78

Jeff For Banks

DECEMBER 10, 2024

The first bank to crack the Top 5 over $50 billion did so in 2020. The FDIC designated SVB as systemically important. They were under an FDIC consent order from 2014 through 2020 relating to their BSA and OFAC compliance and their relationship with third parties seeking access to the banking system.

Las Vegas 70

Las Vegas Lending Community Bank North Carolina 70

MyBankTracker

AUGUST 6, 2020

Sources: FDIC. 2020, March). 2017 FDIC National Survey of Unbanked and Underbanked Households. The average monthly maintenance fees for checking accounts are based on the most basic offerings from Bank of America, Chase, Wells Fargo, Citibank, and U.S. Bank (configured with the option to receive paper statements).

Survey 52

Survey FDIC United States Study 52

CFPB Monitor

OCTOBER 6, 2022

In 2019, California enacted AB 539 which, effective January 1, 2020, limited the interest rate that can be charged on loans less than $10,000 but more than $2,500 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate. The identity of the real lender was not at issue.

California 78

California FDIC Analysis Utah 78

CFPB Monitor

MARCH 15, 2022

In 2019, California enacted AB 539 which, effective January 1, 2020, limited the interest rate that can be charged on loans of $2,500 to $10,000 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate. Section 7.4001(e).

California 78

California Innovation Utah West Virginia 78

CFPB Monitor

NOVEMBER 29, 2021

Importantly, a national bank or federal savings association wishing to engage in any of the activities described above must notify in writing its supervisory regulator, and should not engage in such activities until it receives written notification of the supervisor’s “non-objection.”

Compliance 78

Compliance cryptocurrency Regulation FDIC 78

Abrigo

JUNE 2, 2021

AML Act of 2020: Key Steps to Take Now for BSA Readiness. BSA Rules and Regulation. BSA Training. Customer Due Diligence. Hot Topics: How to Prepare for Your Next BSA Exam. Learn More. BSA Rules and Regulation. Learn More. BSA Training. FATF Updates Grey List: What Does This Mean for Your BSA Program? Learn More.

How To 195

How To Training Compliance Policies 195

Jeff For Banks

OCTOBER 15, 2021

Retiree: That's Not So Funny To the retiree that prefers the safe haven of FDIC insured deposits held at the local bank that lends it out locally, this is a serious issue. Worse, in 14 of the 21 years from 2000 through 2020, the inflation rate has been higher than the Fed Funds rate. Taxes go down? I made a funny.

Taxes 78

Taxes FDIC Guidelines Policies 78

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. On June 22, 2020, from 12:00 p.m. The final rule is effective on October 1, 2020. to 1:00 p.m. ” In the webinar, we will be joined by special guest Kenneth H. 1204, Jan.

Community 60

Community FDIC Lending Examples 60

CFPB Monitor

JULY 14, 2022

In 2019, California enacted AB 539 which, effective January 1, 2020, limited the interest rate that can be charged on loans less than $10,000 but more than $2,500 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate.

California 78

California Innovation Utah Texas 78

CFPB Monitor

APRIL 22, 2021

The agencies are the Comptroller of the Currency, Farm Credit Administration, FDIC, Federal Reserve Board, and National Credit Union Administration (Agencies). The proposed Q&As will supplement the proposed Q&As issued by the Agencies in July 2020.

Policies 60

Policies Compliance Meeting Regulation 60

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. The final rule is effective October 1, 2020 but sets mandatory compliance dates based on the applicable performance standards. This is the second in a series of five blog posts about the final rule.

Community 97

Community Lending Meeting Retail 97

CFPB Monitor

NOVEMBER 22, 2022

The Federal Reserve, FDIC, and OCC should finalize the interagency guidance for banks on managing risks associated with third-party relationships that was proposed in July 2021. This would serve the goal of establishing a clear and consistently applied supervisory framework for third-party relationships, including bank/fintech relationships.

Fintech 78

Fintech Report Data Lending 78

FICO

DECEMBER 13, 2019

In the Philippines (another emerging market where VC dollars for online lending are pouring in), the National Privacy Commission is investigating hundreds of complaints from consumers about lending apps leveraging their personal data to shame them into making their payments. A Prediction for the 2020s.

Regulation 52

Regulation Fintech Lending Branding 52

MyBankTracker

DECEMBER 4, 2020

Opening an account means that you’ll receive a competitive interest rate that’s higher than the national average. SaveBetter accounts are FDIC-insured. Betterment Everyday Cash Reserve Account Review 2020: Worth the Market-Leading S. A high-yield savings account with Ponce Bank solves this problem.

Mobile 52

Mobile Online FDIC Management 52

Filene

JULY 18, 2018

The lack of access to culturally relevant, fair, dignified – and vital – financial education, products and services is made worse by a cloudy legislative commitment to fixing the nation’s broken immigration system. The FDIC says more than 45 percent of Hispanic households were unbanked or underbanked in 2015.

Community 28

Community Study Resources Lending 28

CFPB Monitor

MAY 7, 2020

In 2019, the Bureau referred three ECOA matters to the DOJ, with such matters involving (1) a pattern or practice of redlining in mortgage origination based on race, (2) discrimination based on public assistance in mortgage origination, and (3) discrimination based on race and national origin in auto origination. On May 20, 2020, from 12 p.m.

Lending 78

Lending Report FDIC Policies 78