American Banker

SEPTEMBER 6, 2023

To help meet its compliance challenges, the company's board added a former FDIC regional director. The consumer lender's stock price has fallen more than 30% since its disclosure of a looming regulatory action, which was followed by the sudden departure of its CEO.

FDIC 81

FDIC Compliance Regional Meeting 81

CFPB Monitor

AUGUST 3, 2023

Yesterday, we published a blog post in which I urged the CFPB to agree to extend the relief granted by the Texas federal district court in the lawsuit challenging the CFPB’s final small business lending rule (Rule) to all entities covered by the Rule.

Texas 78

Texas Lending FDIC Compliance 78

Perficient

JULY 12, 2023

Often an organization will have a state-charted non-member bank, which has the FDIC as its primary federal regulator. The guidance emphasizes that using third parties, especially those using new technologies, may present elevated risks to banking organizations and their customers, including operational, compliance, and strategic risks.

Management 221

Management Risk Management Regulation Compliance 221

Abrigo

MAY 19, 2023

WATCH Takeaway 1 Loan review officers must figure out how to adhere to the FDIC’s guidance on loan review and credit risk review systems. Takeaway 2 Examining the following objectives and evaluating your loan review system based on them can ensure regulatory compliance.

System 195

System Regulation How To Lending 195

CFPB Monitor

JUNE 13, 2022

One issue raised in the RFI is “to what extent should the CFPB be consulted by the FDIC when considering the convenience and needs factor and should that consultation be formalized?”. Whether the FDIC finds these arguments persuasive is yet to be seen.

FDIC 78

FDIC Groups Community Meeting 78

CFPB Monitor

JUNE 18, 2019

Last week, the FDIC published its Consumer Compliance Supervisory Highlights that provides observations about its consumer compliance supervision activities in 2018. The FDIC’s anonymized exam findings include: Overdraft Programs. Real Estate Settlement Procedures Act (“RESPA”) Section 8 Violations.

FDIC 60

FDIC Compliance Regulation Training 60

CFPB Monitor

MAY 22, 2020

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. The final rule applies to national banks and federal savings associations.

FDIC 78

FDIC Lending Retail Compliance 78

Abrigo

AUGUST 3, 2015

According to a recent survey by the American Bankers Association (ABA), more than 46 percent of respondents had to reduce offerings for loan or deposit accounts, or other services, at their bank because of regulatory compliance burdens. The news isn’t all bad for community banks, though.

Compliance 150

Compliance Community Bank Community Survey 150

Gonzobanker

JUNE 14, 2023

Cross River Bank recently found itself in hot water with the FDIC when the agency declared that the bank engaged in unsafe or unsound banking practices in relation to its compliance with fair lending laws and regulations, specifically the Equal Credit Opportunity Act and the Truth-in-Lending Act.

Compliance 109

Compliance FDIC Strategy Fintech 109

American Banker

DECEMBER 23, 2019

The board- and management-level handing of CRE concentration was the chief concern of FDIC examiners, making up more than 56% of all the supervisory recommendations regulators made in the two-year period.

FDIC 54

FDIC Lending Regulation Management 54

CFPB Monitor

OCTOBER 20, 2016

On October 17, the FDIC released revised interagency Military Lending Act (MLA) examination procedures for use in connection with consumer credit transactions occurring on or after October 3, 2016. The FDIC also provided guidance on its initial supervisory expectations for examinations relating to MLA compliance.

FDIC 60

FDIC Compliance Training Lending 60

CFPB Monitor

OCTOBER 26, 2023

Although the final rule is effective April 1, 2024, the compliance date for the majority of the rule’s provisions is January 1, 2026. . Continue Reading

Community 78

Community FDIC Compliance Regulation 78

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. However, in the current rising interest rate environment in the United States since 2022, loan rates have adapted more rapidly than deposit rates.

Risk Management 221

Risk Management United States FDIC Compliance 221

CFPB Monitor

MAY 6, 2021

The OCFR claims that the Bank’s failure to hold the required lending licenses makes the loans unenforceable and prohibits Atlanticus/Fortiva from collecting any amounts on the loans. 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.

Maryland 78

Maryland Lending Missouri FDIC 78

Bank Innovation

JULY 31, 2018

It’s good news for fintechs in lending and payments that want a federal banking license, the Office of Comptroller of the Currency (OCC) has started accepting applications starting today. The fintech charter does not require deposit insurance from the FDIC, per a recommendation from the Treasury Department.

Fintech 218

Fintech FDIC Lending Payments 218

PYMNTS

APRIL 7, 2016

On the logic that everything is easier when taken on with a team, the big names in marketplace lending are joining forces and forming their own nonprofit trade association. The CEOs of Funding Circle, Lending Club and Prosper have announced the launch of the Marketplace Lending Association (MLA).

Lending 100

Lending San Francisco FDIC Regulation 100

CFPB Monitor

SEPTEMBER 2, 2016

The American Bankers Association, joined by six other prominent industry trade groups, is seeking a six-month extension of the date by which depository institutions must comply with the Military Lending Act (MLA) final rule adopted by the Department of Defense (DoD) in July 2015 that dramatically expanded the scope of the MLA’s coverage.

Compliance 79

Compliance Groups Lending FDIC 79

CFPB Monitor

AUGUST 31, 2023

The DOJ opened its investigation of ABOK after receiving a referral from the FDIC. The Department of Justice (DOJ) announced that it has entered into a settlement with American Bank of Oklahoma (ABOK) to resolve allegations that ABOK engaged in unlawful redlining in Tulsa, Oklahoma.

Tulsa 88

Tulsa Oklahoma FDIC Lending 88

PYMNTS

MARCH 30, 2020

trillion stimulus package passed last week included an allowance for banks to put off compliance with the credit losses accounting standard until either the end of the year or the end of the coronavirus national emergency, whichever comes earlier.

Report 166

Report US FDIC National 166

Independent Banker

JANUARY 26, 2016

The FDIC has released a proposal to indemnify the banks with assets less than $10 billion from the costs of raising the Deposit Insurance Fund reserve ratio from 1.15 The FDIC could vote on the proposal as early as next month. Has your community bank faced increased Farm Credit System non-farm lending in its marketplace?

FDIC 70

FDIC Community Bank Community Lending 70

American Banker

OCTOBER 2, 2024

chair Martin Gruenberg said an FDIC study proves relationship-driven lending practices remain crucial to small business lending and economic stability, despite technological advancements in the banking industry. Federal Deposit Insurance Corp.

FDIC 31

FDIC Lending Study Industry 31

Abrigo

MARCH 2, 2023

Community banks and the entire banking industry face downside risks from inflation, rising market interest rates, and continued geopolitical uncertainty, the FDIC said recently in its quarterly report. Perhaps executives think delaying or cutting spending on technology to make lending more efficient will affect only their staff.

Technology 195

Technology Lending Community Software 195

CFPB Monitor

SEPTEMBER 2, 2016

The request was made in a letter to the CFPB, the Fed, the FDIC, the OCC, and the NCUA (Agencies). ” The trade groups note that it was not until last week, on August 26, 2016, that the DoD published in the Federal Register an interpretive rule to provide guidance regarding compliance with the July 2015 final rule.

Compliance 60

Compliance Groups Lending FDIC 60

CFPB Monitor

MARCH 26, 2020

The CFPB, OCC, FDIC, Federal Reserve, and NCUA have issued a joint statement “to specifically encourage” banks, savings associations, and credit unions “to offer responsible small-dollar loans to both consumers and small businesses” in response to the COVID-19 outbreak.

FDIC 78

FDIC Lending National Examples 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. ” Click here to register. Our thoughts.

FDIC 78

FDIC Regulation Community Retail 78

Abrigo

AUGUST 6, 2021

according to FFIEC and FDIC data. Community banks are critical to ag lending and small business lending. Technology can help streamline and automate many manual lending processes, reduce compliance costs, and enhance risk management. In the recent publication, Community Banks’ Ongoing Role in the U.S.

Community Bank 195

Community Bank Community Kansas City Lending 195

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.

Mississippi 74

Mississippi FDIC Lending Community 74

American Banker

OCTOBER 31, 2024

New Jersey officials want both the acquirer of its remains, Fulton Bank, and the FDIC to assume some responsibility. Republic First Bank allegedly discriminated against minority borrowers before it went under in April.

New Jersey 68

New Jersey FDIC Community Bank Community 68

Bank Innovation

JULY 29, 2019

On the heels of digital banking startup Varo Money applying for a banking license with the Federal Deposit Insurance Corporation (FDIC) earlier this month, another fintech firm with its toes in charter waters seems poised to jump in.

FDIC 253

FDIC Digital Banking Fintech Online 253

Independent Banker

SEPTEMBER 25, 2014

This is particularly true for community banks preparing to undergo their next regulatory safety and soundness or compliance examination. As David Barr, spokesperson for the FDIC, points out, “a vast majority of community banks remain well-rated and exhibit satisfactory corporate governance programs and compliance management systems.”.

Compliance 101

Compliance Regulation Community Bank Community 101

Abrigo

DECEMBER 22, 2023

keep me informed watch SVB: Early lessons for all financial institutions from Silicon Valley Bank’s failure 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.

Risk Management 221

Risk Management Regulation Management Lending 221

Perficient

NOVEMBER 30, 2021

As always, the regulators’ main concern was to promote safety and soundness, consumer protection, and compliance with applicable laws and regulations, including anti-money laundering (AML) and illicit finance statutes and rules. Ancillary custody services. Facilitation of customer purchases and sales of crypto assets.

cryptocurrency 309

cryptocurrency Regulation Policies Compliance 309

CFPB Monitor

MAY 22, 2020

The Federal Reserve, OCC, FDIC, and NCUA have issued “ Interagency Lending Principles for Offering Responsible Small-Dollar Loans.” In that statement, the agencies indicated that they were “working on future guidance and lending principles for responsible small-dollar loans.”.

FDIC 78

FDIC Policies Lending Guidelines 78

Abrigo

AUGUST 8, 2021

The Federal Reserve, the OCC, the NCUA, and the FDIC repeatedly pointed out that the nature of loan review or credit risk review at a given bank or credit union will vary. Larger or more complex institutions might have credit risk review functions entirely separate from their lending functions. Reviewing lending staff’s risk ratings.

System 195

System Lending Policies Regulation 195

CFPB Monitor

AUGUST 24, 2020

Supreme Court, a Colorado appellate court (after any chance for appeal has run) or the FDIC adopts a “true lender” test that differs from the safe harbor). As licensees, the fintechs must submit annual compliance reports to the Colorado Administrator. Avant and Marlette Funding are currently licensed.)

Colorado 78

Colorado Fintech Online Lending 78

Abrigo

JANUARY 8, 2016

The GAO acknowledged that community banks, credit unions and their professional industry associations reported increased compliance burdens and reduced activity in specific business activities, such as certain mortgage lending, as a result of Dodd-Frank.

Regulation 150

Regulation FDIC Survey Community Bank 150

American Banker

SEPTEMBER 21, 2023

Board's Vice Chair Travis Hill urged his fellow regulators Thursday to delay implementing new banking regulations until interest rates stabilize, saying rushed rules amid precarious economic conditions could impact consumer lending.

Regulation 41

Regulation FDIC Lending Policies 41