CFPB Monitor

APRIL 8, 2021

On April 1, 2021, the FDIC’s final rule issued in December 2020 revising its brokered deposits regulation became effective. The final rule also requires a third party relying on either of two Designated Exceptions (referred to as the “25 percent test” and the “enabling transactions test”) to provide written notice to the FDIC.

FDIC 78

FDIC Resources Regulation Compliance 78

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). The agencies stress that banks should include fallback language that provides for the use of a “robust fallback rate” if the initial reference rate is discontinued.

Regulation 78

Regulation FDIC New York Lending 78

CFPB Monitor

DECEMBER 14, 2020

FDIC Chairman Jelena McWilliams recently stated that the FDIC is not contemplating a rulemaking “at this time” similar to the OCC’s proposed fair access rule issued last month. McWilliams was asked whether the FDIC supported the OCC’s proposal and was contemplating issuing a similar proposal.

FDIC 78

FDIC Training Regulation Operations 78

Abrigo

MARCH 20, 2020

The FDIC recently reiterated that financial institutions should determine whether loans affected by COVID-19 should be reported as TDRs. FDIC Issues Reminder of TDRs. Financial institutions may refer to Accounting Standards Code (ASC) 310-40 (formerly Financial Accounting Standards Board (FASB) Statement No. Learn more.

How To 195

How To FDIC Policies Course 195

Abrigo

APRIL 23, 2015

A similar bill, commonly referred to as the Small Bank Exam Cycle Reform Act of 2015 , was introduced by Rep. During exams, banks and credit unions often receive varying levels of criticism depending on their location, asset size and federal regulator. Scott Tipton, R-Colo., in the House of Representatives in March.

Community Bank 150

Community Bank Community Survey FDIC 150

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.

FDIC 78

FDIC Regulation Community Retail 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). Appropriateness of alternative reference rates. Fallback language.

Regulation 78

Regulation Management FDIC Risk Management 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.

FDIC 78

FDIC Compliance Lending Regulation 78

Abrigo

AUGUST 8, 2021

Independent Loan Review Systems in Banking Banking regulators have outlined expectations for effective, independent loan review and credit risk review. . The change reflects regulators’ expectations that financial institutions will develop loan review or credit review systems tailored to their specific risks and circumstances.

System 195

System Lending Policies Regulation 195

PYMNTS

OCTOBER 31, 2016

According to the report, the banking regulator said the data breach had to do with a former employee at the agency removing more than 10,000 records without receiving authorization to do so. The OCC said that, once it found the data breach, it referred the case to the Treasury Department’s Inspector General’s office.

Data 100

Data FDIC Policies Report 100

CFPB Monitor

NOVEMBER 10, 2016

The other FFIEC members are the Fed, FDIC, NCUA, OCC, and State Liaison Committee. The Federal Financial Institutions Examination Council (FFIEC), whose members include the CFPB, has finalized guidance setting forth a revised uniform interagency consumer compliance rating system (CCRS).

Compliance 120

Compliance System Regulation FDIC 120

Insights on Business

MARCH 5, 2019

Reducing costs but appeasing regulators seems like an oxymoron, yet, many AML compliance and operations leaders are being asked to do just that. The question is, how to do this, while keeping the regulators happy? Even better, regulators have recently begun encouraging the application of these techniques.

Regulation 70

Regulation Compliance Analysis Innovation 70

CFPB Monitor

MAY 22, 2020

The Federal Reserve, OCC, FDIC, and NCUA have issued “ Interagency Lending Principles for Offering Responsible Small-Dollar Loans.” Marketing and customer disclosures that comply with applicable laws and regulations and provide information in a clear, conspicuous, accurate, and customer-friendly manner.”.

FDIC 78

FDIC Policies Lending Guidelines 78

CFPB Monitor

MARCH 9, 2017

The bill has been referred to the Senate Committee on Homeland Security and Governmental Affairs. 3502(5), must submit proposed and final regulations constituting a “significant regulatory action” to OIRA for review prior to publication in the Federal Register.

FDIC 96

FDIC Regulation Analysis Policies 96

CFPB Monitor

JULY 7, 2022

Also, its legislative history refers to the Bureau’s antidiscrimination authority in the context of ECOA and HMDA, while referring to the Bureau’s UDAAP authority separately. For example, Dodd-Frank discusses “unfairness” and “discrimination” as two separate concepts and defines “unfairness” without mentioning discrimination.

Groups 145

Groups West Virginia Policies Virginia 145

PYMNTS

JANUARY 9, 2018

In July 2017, the Federal Deposit Insurance Corporation (FDIC) held a meeting with a group of community bankers which told officials about the competitive pressures they’re facing from FinTechs. The FDIC’s Advisory Committee on Community Banking offered a platform through which community bankers could highlight these challenges.

Community Bank 131

Community Bank Community Fintech Lending 131

American Banker

JANUARY 16, 2020

The two agencies cited geopolitical tensions in issuing the warning and best practices tips, though they stopped short of referring directly to the recent U.S. clashes with Iran.

FDIC 55

FDIC Risk Management Management Regulation 55

CFPB Monitor

JANUARY 5, 2021

In the new complaint, CSBS challenges the OCC’s authority to create “a new special-purpose national bank charter for nonbank companies” which it refers to as a “Nonbank Charter.” In the new complaint, CSBS also asks the court to declare that the OCC’s preemption regulations (12 C.F.R. 7.4007, 7.4008, 34.4)

Conference 78

Conference Technology District of Columbia FDIC 78

CFPB Monitor

NOVEMBER 2, 2020

The CFPB, OCC, Federal Reserve, FDIC, and NCUA have issued a proposed rule on the role of supervisory guidance. The proposed rule would codify the Statement, with clarifying changes, as an appendix to a new subpart added to the regulations of each agency.

Regulation 78

Regulation FDIC Compliance Risk Management 78

CFPB Monitor

JANUARY 24, 2022

In its press release , the OCC stated that its approval “brings SoFi, a large fintech, inside the federal bank regulatory perimeter, where it will be subject to comprehensive supervision and the full panoply of bank regulations, including the Community Reinvestment Act.

National 78

National Fintech Company FDIC 78

Jeff For Banks

OCTOBER 5, 2020

The bank in reference was Enloe State Bank, a $37 million in total assets, one-branch bank based in Cooper, Texas, population 1,969. She hid them from the Board and regulators with assistance from unnamed co-conspirators." The FDIC issued this guidance in June 2011. "The bank's on fire!" Call 9-1-1!"

FDIC 78

FDIC Fort Worth Dallas Fraud 78

CFPB Monitor

OCTOBER 18, 2022

These accounts promise consumers returns paid in additional units of crypto that are sometimes referred to as “yield” and quoted in terms of “APY,” thereby suggesting a stable, predictable return. He noted that the FDIC and Federal Reserve have adopted a similar approach, helping to maintain a level playing field across the banking system.

Regulation 78

Regulation FDIC DC System 78

Abrigo

SEPTEMBER 5, 2023

As the FDIC said recently: Exceptions to policy should be few in number and properly justified, approved, and tracked. Generally speaking (subject to Regulation B), business loans should be guaranteed by the principals of the borrower. Get details in "A guide to implementing credit policy."

Policies 195

Policies Lending Risk Management Examples 195

Jeff For Banks

AUGUST 1, 2016

Conventional wisdom puts the blame on regulators. The regulators deny this. If a bank has a business model that is unique, or serves a narrow constituency, regulators push back in the name of concentration risk, or untried business models. Today, regulators still favor plain old business models. Not so today.

FDIC 60

FDIC New Hampshire Regulation Capital 60

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). Banks are instructed to reference relevant guidance from the agencies that is listed in a footnote.

Community Bank 78

Community Bank Community Fintech Company 78

Independent Banker

SEPTEMBER 25, 2014

Federal regulators say, not always. And there are valid circumstances for engaging objective, outside experts to audit and review their risk management and compliance activities, but placating regulators is not one of them. 36% for interpreting regulations. For the regulators, the key word is “independence.”

Community Bank 70

Community Bank Compliance Risk Management Community 70

CFPB Monitor

JUNE 12, 2020

In the Colorado case, the court noted that Section 27 only refers to banks but makes no reference to non-bank entities. 735 (1996), that an OCC regulation interpreting Section 85 is entitled to deference. Indeed, the U. Supreme Court previously held , in Smiley v. Citibank , 517 U.S.

Colorado 78

Colorado FDIC Analysis National 78

Jeff For Banks

FEBRUARY 3, 2010

In the 1992 classic movie My Cousin Vinny, Joe Pesci referred to his clients as “yutes”. But the FDIC has approximately 5,000 employees and examines about 5,160 banks (see [link] That’s almost one to one. I understand the FDIC also manages the insurance fund and has a consumer protection arm. Bear with me, I have a point.

FDIC 60

FDIC Conference Analysis Lending 60

CFPB Monitor

AUGUST 5, 2021

This past Tuesday, Acting Comptroller of the Currency Michael Hsu appeared as a witness at the Senate Banking Committee’s hearing, “ Oversight of Regulators: Does our Financial System Work for Everyone? ”. Community Reinvestment Act.

Data 78

Data FDIC Community Analysis 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.”

Compliance 78

Compliance cryptocurrency Regulation FDIC 78

Jeff For Banks

MARCH 27, 2010

Regulators have been particularly harsh to those banks whose business plans call for other-than-traditional deposit acquisition. If your bank has brokered deposits, Internet deposits, jumbo CDs, rewards checking, and in some cases CDARs, a regulator near you may be calling to order you to seek more traditional funding.

Indiana 60

Indiana FDIC Strategy Regulation 60

Gonzobanker

FEBRUARY 1, 2024

For the bankers we talked with, acknowledging challenges—think NIM, credit, regulation, election uncertainty, unemployment and CRE—while portraying resilience created quite a few compelling narratives throughout the event. Five Hundred? (Oh

Conference 88

Conference FDIC Arizona Industry 88

CFPB Monitor

NOVEMBER 12, 2018

The Interagency Statement was issued jointly by the Fed, FDIC, NCUA, OCC and CFPB with the stated purpose of “explain[ing] the role of supervisory guidance and to describe the agencies’ approach to supervisory guidance.”. Section 1818(b)(1) but would not include a generic or conclusory reference to “safety and soundness.”

Groups 60

Groups FDIC Regulation Policies 60

BankBazaar

APRIL 19, 2023

What have the regulators done? After the collapse, the governments and regulators across the world are checking for SVB exposure in their corporate and banking sectors. While the government is trying its hard to pacify investors’ fears, regulators are trying to find new buyers to take over SVB’s domestic lending portfolio.

US 78

US United States FDIC Regulation 78

PYMNTS

SEPTEMBER 25, 2017

In truth, SoFi’s odds were probably never incredibly strong – the FDIC has turned down this type of application multiple times in the past. “So, The FDIC won’t act in a vacuum,” an unnamed source told Reuters. For most regulators, management is the single most important issue.”. Now, they become almost impossible,” Levitt noted.

FDIC 108

FDIC Data Policies Report 108

CFPB Monitor

MARCH 15, 2022

The complaint references the California Attorney General’s failed attempt to invalidate the FDIC’s Madden -fix rule which is codified at 12 C.F.R. While non-bank participants have been the focus of these state attacks, bank participants could also face increased scrutiny from their regulators. Section 160.110(d).

California 78

California Innovation Utah West Virginia 78

CFPB Monitor

MAY 19, 2016

” The other agencies are the OCC, Fed, FDIC, and NCUA. The guidance refers to a discrepancy that results in a customer being credited with less than the full amount deposited as “a detriment to the customer” that “benefits the financial institution, if not appropriately reconciled.” Culhane, Jr.

Policies 60

Policies Regulation Compliance FDIC 60