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. Stablecoins are cryptocurrencies that attempt to peg their market value to some external reference.

cryptocurrency 309

cryptocurrency Regulation Policies Compliance 309

CFPB Monitor

JUNE 30, 2022

Of special note, the OCC also believes compliance risk is “heightened” for Bank Secrecy Act/Anti-Money Laundering (BSA/AML) and Office of Foreign Assets Control (OFAC) compliance because of world events and compliance staffing concerns. BSA/AML Compliance Risks. Cybersecurity Risks.

Compliance 78

Compliance Fraud Technology Operations 78

Abrigo

MAY 10, 2021

Takeaway 3 Aite Group assessed client references to evaluate vendors of loan origination systems and important features. Basic functions of a loan origination system When evaluating a loan origination system, lenders are rightly concerned with three major areas: the customer or member experience sound lending practices efficiency.

System 195

System Lending Analysis Software 195

American Banker

JUNE 26, 2024

Last year, the CFPB referred 18 matters to the Department of Justice and initiated 28 fair lending examinations or targeted reviews, the highest number of such actions by the agency ever.

Lending 36

Lending Compliance Regulation 36

ForwardBanker

JULY 25, 2019

In June 2017, the Alternative Reference Rates Committee (ARRC) selected the Secured Overnight Financing Rate (SOFR) as the replacement for USD LIBOR. SOFR is based on the overnight interest rate received for lending cash against Treasury securities. The post Reference rates and the LIBOR sunset: Cause for concern?

Lending 28

Lending Security US New York 28

Abrigo

APRIL 21, 2023

Focus loan reviews on risk in the portfolio Continuous loan review monitoring helps banks and credit unions ensure credit review systems support safe and sound lending. discussed how they use continuous monitoring in their efforts to ensure safe and sound lending practices.

Lending 195

Lending Risk Management Software System 195

Abrigo

AUGUST 6, 2021

Community bank” typically refers to financial institutions under $10 billion in assets and a focus on their local communities, although there are no explicitly stated criteria. Community banks are critical to ag lending and small business lending. according to FFIEC and FDIC data. In fact, one in five U.S. Digitalization.

Community Bank 195

Community Bank Community Kansas City Lending 195

CFPB Monitor

JUNE 14, 2021

Two leaders of the CFPB’s Fair Lending Office – Patrick Ficklin, Fair Lending Director, and Charles Nier, Senior Fair Lending Counsel – recently published an article advocating for broader use of special purpose credit programs (“SPCPs”) by creditors.

Lending 78

Lending Regulation Study Washington 78

Abrigo

AUGUST 8, 2021

Larger or more complex institutions might have credit risk review functions entirely separate from their lending functions. It also monitors compliance with applicable regulations and laws. Reviewing lending staff’s risk ratings. Other banks or credit unions might outsource the credit risk review function to a third party.

System 195

System Lending Policies Regulation 195

CFPB Monitor

JULY 8, 2019

The CFPB’s annual fair lending report covering its 2018 activities was published in today’s Federal Register. In addition to discussing the symposium and Data Point report in the section on “Access to Credit,” the new fair lending report discusses conducting supervisory reviews of alternative credit scoring models.

Lending 60

Lending Report Policies Compliance 60

CFPB Monitor

DECEMBER 13, 2021

The report discusses the Bureau’s examinations in the areas of credit card account management, debt collection, deposits, fair lending, mortgage servicing, payday lending, prepaid accounts, and remittances that were completed between January 2021 and June 2021. Fair lending. Payday lending. Prepaid accounts.

Lending 78

Lending Cards Regulation Payments 78

South State Correspondent

JULY 29, 2024

We provided both a robust set of filters and some “Quick Filters” to create a customized list of conferences to review if you just want conferences around payments or compliance. Having us add your conference link to our page alone makes your conference rank higher in searches due to the referred traffic.

Conference 195

Conference Las Vegas Tools Training 195

Abrigo

AUGUST 5, 2024

Real-time verification systems : Integrated systems cross-reference check details with real-time databases, ensuring that counterfeit and duplicate check deposits are flagged and investigated promptly. By recognizing subtle patterns and anomalies, machine learning enhances the detection process.

How To 195

How To Fraud Training Software 195

CFPB Monitor

MAY 31, 2019

The joint status report filed on May 17 stated that that the comment period for the Bureau’s proposals to rescind the Payday Rule’s ATR provisions and to delay the compliance date for the ATR provisions closed on, respectively, May 15 and March 18.

Texas 60

Texas Compliance Report Groups 60

CFPB Monitor

MAY 3, 2016

The CFPB has issued a report covering its fair lending activities during 2015. The report states that in 2015, CFPB fair lending supervisory and public enforcement actions required institutions to provide approximately $108 million in remediation. It also notes that in 2015, the CFPB referred 8 matters to the Department of Justice.

Lending 60

Lending Report Compliance Data 60

Abrigo

JUNE 4, 2020

“Eight weeks at the beginning of this PPP process may have seemed sufficient, but with states opening back up at various paces and staging and delays of the businesses openings referred to as non-essential, the longer covered period is a welcome update.’” 15 due to compliance with requirements or guidance from the U.S. SBA Lending.

Lending 195

Lending Risk Management Management Community 195

Abrigo

JUNE 5, 2023

This report requires (and therefore improves) communication between the credit and lending area of the bank or credit union and those responsible for liquidity management. Visualizing the institution’s lending footprint can lead to improved targeting of growth areas.

Report 195

Report Risk Management Capital Data 195

CFPB Monitor

APRIL 29, 2015

The CFPB has issued a fair lending report covering its fair lending activities during 2014. The report states that in 2014, CFPB fair lending supervisory and public enforcement actions required institutions to provide approximately $224 million in remediation.

Lending 60

Lending Report Policies Compliance 60

Abrigo

JANUARY 24, 2021

In addition, even though those who long sought a streamlined process for loans of $150,000 or less loans often referred to it as “blanket forgiveness” or “automatic forgiveness,” Form 3508S has important requirements for the loan to be fully forgiven. CRE Lending. Lending & Credit Risk. CRE Lending. CRE Lending.

Lending 195

Lending Risk Management Management Payments 195

Abrigo

DECEMBER 30, 2019

Institutions must create a strong culture of compliance. Creating a Culture of Compliance. One of the more important takeaways from 2019 is that all institutions, regardless of size or risk profile, must have a strong culture of compliance, as directed by FinCEN’s advisory in 2014. Looking back to strengthen your BSA program.

Training 195

Training Compliance Leadership Fraud 195

CFPB Monitor

MAY 12, 2015

In a new compliance bulletin ( Bulletin 2015-02 ), the CFPB “reminds” creditors of their obligation not to discriminate against applicants because their income includes vouchers from the Section 8 Housing Choice Voucher (HCV) Homeownership program.

Compliance 60

Compliance Regulation Policies Training 60

CFPB Monitor

APRIL 27, 2020

The report states that the Bureau “is continuing to make progress” on its proposed rulemaking to rescind the Payday Rule’s ability-to-repay (ATR) provisions and references the Bureau’s statement in its Fall 2019 rulemaking agenda that it expected to take final action on the proposal in April 2020.

Groups 78

Groups Report Compliance Texas 78

CFPB Monitor

FEBRUARY 26, 2019

The FTC has sent its annual letter to the CFPB reporting on the FTC’s activities related to compliance with the Equal Credit Opportunity Act and Regulation B. Interagency fair lending task force. By way of example, the FTC references a blog post about the need to provide financial education to servicemembers. B protections.

Report 87

Report Study Analytics Lending 87

CFPB Monitor

FEBRUARY 24, 2020

FTC has sent its annual letter to the CFPB reporting on the FTC’s activities related to compliance with the Equal Credit Opportunity Act and Regulation B. The FTC continues to be a member of the Interagency Task Force on Fair Lending along with the CFPB, DOJ, HUD, and the federal banking agencies.

Report 78

Report Policies Big Data Regulation 78

CFPB Monitor

MAY 3, 2016

As we have reported , the CFPB issued a final rule, which became effective on January 1, 2016, revising the definitions of “small creditor” and “rural areas” under Regulation Z of the Truth in Lending Act (TILA). The factsheet and chart can be found under “Quick references” on the CFPB Compliance & Guidance page, at this link.

Resources 60

Resources Compliance Regulation Lending 60

Jeff For Banks

APRIL 4, 2024

Such as direct lending funds, and insurance companies. Shadow Banking refers to banking-like operations that take place outside of the mainstream banking industry. As well as compliance, fraud, credit, reconciliations, reporting, and other risk mitigation that is currently performed in a resource intensive way.

Banking Trends 110

Banking Trends Trends Millennials Oregon 110

CFPB Monitor

NOVEMBER 22, 2022

While the report does not address “true lender” challenges in bank/fintech lending relationships, it does discuss the risk of “so-called ‘rent-a-charter’ schemes that market themselves as innovative fintech lending platforms, but operate with essentially the same harmful business model as a traditional payday lender.”

Fintech 78

Fintech Report Data Lending 78

PYMNTS

JUNE 11, 2018

Change across the regulatory compliance landscape is de rigueur, and global in scope. Also in Australia, and apropos to small business lending, Prospa delayed issuing additional shares on the country’s stock exchange, in part due to pressure from financial services regulators in that country. Closer to home, in the U.S.,

Regulation 100

Regulation Community Bank Lending Industry 100

PYMNTS

MARCH 26, 2018

Those that are retiring include Jim Richards, head of financial crimes risk management, Kevin Oden, head of operational risk and compliance, Keb Byers, enterprise risk head and Vic Albrecht, community banking risk group head. However, the FI can still lend and take deposits. All are retiring in April, May or June.

Risk Management 100

Risk Management Management Compliance Groups 100

CFPB Monitor

NOVEMBER 4, 2022

FHFA focuses on appraisals that report a valuation lower than the contract sales price of the home, which the FHFA refers to as an “undervaluation.” Lenders selling loans to Fannie Mae and Freddie Mac must submit appraisal information in the UAD format. . The FHFA also notes that in 2021 on a national basis, 15.2%

North Carolina 78

North Carolina Charlotte Compliance National 78

PYMNTS

FEBRUARY 14, 2018

Wells can still lend and take deposits. In reference to corporate governance, Wells has two months to boost board oversight and compliance efforts. The move is unprecedented, as the Fed has never before placed limits on how large a company can get.

Regulation 100

Regulation Conference Compliance Lending 100

CFPB Monitor

FEBRUARY 10, 2021

With regard to fair lending enforcement, the letter highlights two developments: The FTC brought one fair lending enforcement action in 2020 in federal court against a New York City car dealer and its general manager. As usual, the letter contains sections on research and policy developments, as well as educational efforts.

Report 78

Report New York City Lending Regulation 78

CFPB Monitor

AUGUST 5, 2019

The status report references the CFPB’s proposal to revise the Payday Rule to rescind the rule’s ability-to-repay (ATR) provisions in their entirety and its final rule delaying the compliance date for the ATR provisions until November 19, 2020. The order directed the parties to file another joint status report by August 2.

Groups 60

Groups Report Compliance Texas 60

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.”. Federal law (12 U.S.C.

FDIC 78

FDIC Policies Lending Guidelines 78

CFPB Monitor

MARCH 4, 2019

The court directed the parties to file the status report by March 1 when, in November 2018 on its own initiative , it granted a stay of the Payday Rule’s August 19, 2019 compliance date and continued in force its stay of the lawsuit.

Groups 68

Groups Report Compliance Texas 68

Abrigo

APRIL 7, 2022

Instead, remember that if your institution’s process is reasonable, defensible, and based on accurate and available data , compliance will not be an issue. What if our lending footprint is very small and not affected by macroeconomic factors such as unemployment? A straightforward single or two-factor model can suffice. Whitepaper.

Policies 195

Policies Data Examples Lending 195

CFPB Monitor

OCTOBER 4, 2022

A previous version of these procedures referenced the Regulation Z definition of “private education loans” which differs from the Truth in Lending Act definition.

Policies 146

Policies Compliance Payments Training 146