CFPB Monitor

APRIL 26, 2021

The Attorney Generals of the six states and District of Columbia who filed a lawsuit against the FDIC to set aside its “ Madden -fix” rule have filed a motion for summary judgment in the case. Cross-motions for summary judgment have been filed in that case and oral argument on the motions is scheduled for May 7, 2021.

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FDIC District of Columbia California Regulation 78

CFPB Monitor

MAY 26, 2021

The FDIC has filed a motion for summary judgment in the lawsuit filed by the Attorney Generals of six states and District of Columbia to set aside the FDIC’s “ Madden -fix” rule. The filing also includes the FDIC’s opposition to the summary judgment motion filed by the AGs.

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FDIC District of Columbia Regulation California 78

CFPB Monitor

MAY 11, 2021

The FDIC’s settlement with Umpqua Bank announced yesterday involved collection practices connected with commercial equipment financing offered by the bank’s wholly-owned subsidiary. First, it is an example of the FDIC taking a UDAP enforcement action based on collection practices, which has not been a common theme of FDIC actions in the past.

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FDIC Lending Trends Regulation 78

Abrigo

MARCH 17, 2022

The Stress Test Scenarios for Big Banks Are Useful for Smaller Institutions' Own Tests Banking regulators recently released the 2022 scenarios for upcoming stress tests by the biggest banks. The Federal Reserve Board, OCC, and FDIC provided two hypothetical scenarios: baseline and severely adverse. Related Subhead.

Capital 195

Capital Regulation Risk Management Community 195

CFPB Monitor

AUGUST 23, 2022

The FDIC has issued new supervisory guidance (FIL-40-2022) on multiple non-sufficient funds (NSF) fees arising from the re-presentment of the same unpaid transaction. In the guidance, the FDIC addresses potential risks arising from multiple re-presentment NSF fees, risk mitigation practices, and the FDIC’s supervisory approach. .

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FDIC Compliance System Regulation 78

CFPB Monitor

JULY 23, 2021

The FDIC has filed its reply in support of its motion for summary judgment in the lawsuit filed by a group of state attorneys general to set aside the FDIC’s “ Madden -fix” rule. The reply responds to the AGs’ opposition to the FDIC’s summary judgment motion. Oral argument on the motions is scheduled for August 6, 2021.

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FDIC California Compliance Tools 78

CFPB Monitor

DECEMBER 28, 2020

The FDIC has issued a final rule setting forth the conditions it will impose and the commitments it will require to approve a deposit insurance application from an industrial bank or industrial loan company (collectively, ILC) whose parent company is not subject to consolidated supervision by the Federal Reserve Board (FRB).

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FDIC Industry Policies Company 78

CFPB Monitor

MAY 17, 2021

On May 19, 2021, the House Financial Services Committee will hold a hearing , “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions.” The scheduled witnesses are: Todd Harper, Chairman, National Credit Union Administration.

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Regulation FDIC National Community 78

CFPB Monitor

APRIL 7, 2022

The FDIC has issued the March 2022 edition of Consumer Compliance Supervisory Highlights which includes a description of some of the most significant consumer compliance issues identified by FDIC examiners during consumer compliance examinations conducted in 2021. Fair lending.

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FDIC Compliance Lending Regulation 78

CFPB Monitor

DECEMBER 14, 2021

The CFPB has published its Fall 2021 rulemaking agenda as part of the Fall 2021 Unified Agenda of Federal Regulatory and Deregulatory Actions. Those items remained inactive throughout former Director Kraninger’s tenure and continue to be listed as inactive for purposes of the Fall 2021 agenda.

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Lending FDIC Regulation Data 78

CFPB Monitor

MARCH 17, 2021

On March 15, 2021, the FDIC’s Office of Minority and Women Inclusion (OMWI) released a Financial Institution Letter regarding diversity self-assessments. The FDIC’s request mirrors those by shareholder activists to obtain greater disclosure from corporate boards on the efficacy of their diversity programs.

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FDIC CA Policies Compliance 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.

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FDIC Regulation Community Lending 78

Abrigo

JUNE 11, 2021

Takeaway 1 Regulators stress sound risk management practices that include the ability to identify and measure interest rate risk (IRR). Regulators have repeatedly stressed the importance of sound risk management practices that include the ability to identify and measure interest rate risk. FDIC) noted in its 2021 Risk Review.

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How To Risk Management Analysis Kansas City 195

Abrigo

JANUARY 4, 2023

Of that group of users, the Federal Trade Commission (FTC) reports that since the beginning of 2021 through the first quarter of 2022, more than 46,000 people have reported losing over $1 billion in crypto scams. banking regulators recently warned financial institutions that dealing with cryptocurrency exposes them to an array of risks. "The

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social media Fraud cryptocurrency Trends 195

CFPB Monitor

DECEMBER 22, 2020

The FDIC has issued a final rule that establishes a new framework for analyzing whether deposits made through deposit arrangements qualify as “brokered deposits” and amends the methodology for calculating the interest rate restrictions that apply to less than well capitalized insured depository institutions (IDIs). Brokered Deposits.

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FDIC Capital National Regulation 78

CFPB Monitor

OCTOBER 21, 2021

The CFPB, Federal Reserve Board, FDIC NCUA, OCC, in conjunction with the state bank and state credit union regulators, jointly issued a statement on managing the transition away from LIBOR (Joint Statement). The Joint Statement indicates that in March 2021, the FCA announced that the one-week and two-month U.S.

Regulation 78

Regulation Management FDIC Risk Management 78

PYMNTS

AUGUST 4, 2020

In an announcement, the bank said it would work with Google to debut a co-branded, FDIC-insured, digital-only bank account next year. To that end, BBVA was one of six banks that said on Monday (Aug.

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Google Digital Banking Course Branding 298

CFPB Monitor

NOVEMBER 10, 2020

The Fed, FDIC, and OCC have issued a “ Statement on Reference Rates for Loans ” that addresses replacement rates for the London Inter-Bank Offered Rate (LIBOR). In June 2020, the CFPB proposed amendments to Regulation Z to address the discontinuation of LIBOR.

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Regulation FDIC New York Lending 78

CFPB Monitor

NOVEMBER 11, 2021

The agencies explain that they believe the temporary flexibility is no longer needed “because servicers have had sufficient time to adjust their operations by, among other things, taking steps to work with consumers affected by the COVID-19 pandemic and developing more robust business continuity and remote work capabilities.”.

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Compliance Regulation FDIC Meeting 78

CFPB Monitor

FEBRUARY 23, 2022

Yesterday, eight federal agencies joined together to issue an “ Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B ” (Interagency Statement). The agencies consist of the CFPB, FDIC, OCC, Federal Reserve Board, NCUA, HUD, DOJ, and FHFA.

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Regulation Lending Compliance FDIC 78

Independent Banker

OCTOBER 1, 2022

Regulators paying closer attention to cyber risks. Bank regulators have become keenly aware of how a cyber event could impact the financial stability of a bank, bank customers and also bank employees,” says Jared Gentile, assistant vice president, bond and specialty insurance at Travelers.

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Montana Policies Resources FDIC 152

Cisco

JULY 12, 2022

A number of our financial institution customers are regulated by multiple, and different, regulatory bodies. The 2021 Updates in the Architecture, Infrastructure, and Operations book. The Federal Financial Institutions Examination Council—or better known as the FFIEC—is a formal U.S. In the U.S. Hardware and Software Lifecycles.

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Regulation FDIC System Software 71

American Banker

JUNE 8, 2023

The FDIC gave Cadence Bank in Mississippi the highest possible rating on its most recent Community Reinvestment Act evaluation. Cadence was the product of a 2021 merger completed just months after the acquired bank settled a federal lending discrimination case.

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Mississippi FDIC Lending Community 74

CFPB Monitor

JUNE 22, 2022

After announcing in 2021 their intent to work collaboratively to update the CRA regulations to achieve a more consistent framework, revisions to the CRA’s implementing regulations were recently proposed by the three U.S. banking regulators (the “2022 Joint Notice” or the “Proposal”). 2022 Joint Notice.

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Regulation Community Lending Retail 78

CFPB Monitor

APRIL 19, 2021

Tomorrow, April 20, the House Financial Services Committee is scheduled to mark-up a series of bills that include a bill dealing with debt collection and two bills dealing with the diversity and inclusion practices of banks and other federally-regulated entities. Debt collection.

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Regulation Policies FDIC Lending 78

Abrigo

FEBRUARY 8, 2024

billion was lost to fraud through social media between January 2021 and June 2023. While interacting with friends and family online can be a fun pastime, social platforms are a feeding ground for fraudsters. According to the FTC , $2.7 Romance scams , fake profiles , and deepfakes are growing at an alarming rate.

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Fraud Resources social media Software 195

CFPB Monitor

JANUARY 5, 2021

According to the complaint, Figure, through a subsidiary, is currently licensed in 49 states and the District of Columbia as a mortgage lender, consumer lender, and/or debt collector and intends to begin engaging in new money transmission activities in early 2021 through another subsidiary. 7.4007, 7.4008, 34.4)

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Conference Technology District of Columbia FDIC 78

Abrigo

MARCH 13, 2023

Historic collapse SVB is different from other financial institutions The FDIC closure and assumption of Silicon Valley Bank (SVB) – the largest bank failure since 2008 – is a stark reminder that when a crisis occurs, it can spread as fast as a wildfire in dry fields with a strong wind. Well, we know now that is simply not the case.

Strategy 195

Strategy Lending Security Analysis 195

Independent Banker

JULY 31, 2022

Locality Bank, a digital-first community bank serving south Florida that opened in January, is run by industry veterans with such successful track records that regulators signed off on their application for a charter in less than a year. Location: Fort Lauderdale, Fla. That’s no small feat for any de novo, especially during a pandemic.

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Florida Community Bank Community FDIC 91

CFPB Monitor

AUGUST 31, 2021

The OCC, FDIC, and Federal Reserve Board have issued a guide that is intended to assist community banks in conducting due diligence when considering relationships with financial technology (fintech) companies (Guide). Information security program and information systems.

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Community Bank Community Fintech Company 78

CFPB Monitor

MAY 4, 2021

In the third complaint, CSBS also asks the court to declare that the OCC’s preemption regulations (12 C.F.R. In its motion to dismiss, the OCC calls this new claim “a thinly veiled attempt to bootstrap a challenge to the OCC’s Preemption Regulations to the pending Figure Application.” 7.4007, 7.4008, 34.4)

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Technology National Regulation FDIC 78

CFPB Monitor

MAY 6, 2021

In addition, legal challenges to the OCC and FDIC “ Madden -fix” rules and the OCC’s “true lender” rule continue to create uncertainty for participants. The new Maryland matter demonstrates that participants in bank model programs continue to face state licensing threats.

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Maryland Lending Missouri FDIC 78

CFPB Monitor

JULY 6, 2022

The preamble to the CFPB’s Fall 2021 rulemaking agenda , which represented the CFPB’s first rulemaking agenda under Director Chopra, indicated that it was not necessarily reflective of his priorities. The Bureau issued a NPRM in August 2021 and the comment period ended on January 6, 2022.

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Lending Regulation FDIC Data 78

CFPB Monitor

JANUARY 19, 2022

In its press release announcing the withdrawal , the OCC stated that in December 2021, Figure Technologies amended its charter application for Figure Bank, National Association, to offer FDIC-insured deposit accounts. Consolidated supervision will help ensure risks do not build outside of the sight and reach of federal regulators.

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Technology National FDIC Fintech 78

Jeff For Banks

AUGUST 14, 2022

The FDIC's quarterly Supervisory Insights for Summer 2011 had a list! But in January 2021, the new OCC announced it would pause the "Fair Access" rule that was intended to prevent another Operation Choke Point. What were disfavored industries? Because we are going after "climate related businesses." Not politicians or bureaucrats.

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Operations Lending Industry FDIC 78

CFPB Monitor

DECEMBER 21, 2021

The consent order includes the statement that LoanMart, by entering into the consent order, “neither admits nor denies that it has violated any California law or regulation.”

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California Utah FDIC Regulation 78

CFPB Monitor

NOVEMBER 29, 2021

Federal banking regulators have been busy in this space. Accordingly, “it is important that [the Agencies] provide coordinated and timely clarity where appropriate to promote safety and soundness, consumer protection, and compliance with applicable laws and regulations, including [AML] and illicit finance statute and rules.”

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Compliance cryptocurrency Regulation FDIC 78