CFPB Monitor

OCTOBER 15, 2018

Addressing the Mortgage Bankers Association (MBA) 2018 Annual Convention in Washington, DC on October 15, 2018, BCFP Acting Director Mick Mulvaney advised that regulation by enforcement is dead, and that he does not care much for regulation by guidance either. Mulvaney a copy of the letter, drawing laughs from the audience.

Regulation 96

Regulation DC Lending Washington 96

Independent Banker

SEPTEMBER 26, 2014

That is why we are calling on regulators to make the most of the latest mandatory review of federal banking rules. The agencies are required to study their regulations for dead weight every 10 years under the Economic Growth and Regulatory Paperwork Reduction Act of 1996. Starting fresh. Community Bankers Chosen as CFPB Advisors.

Washington 70

Washington Fort Worth Regulation Community Bank 70

PYMNTS

MARCH 25, 2019

A federal judge late last week ordered a stay on the August 2019 compliance date tied to the “ payday lending rule ” mandated roughly two years ago by the Consumer Financial Protection Bureau (CFPB).

Lending 128

Lending Illinois Compliance Chicago 128

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. PRRAC is a civil rights law and policy organization based in Washington, D.C.

Lending 78

Lending Regulation Study Washington 78

PYMNTS

DECEMBER 14, 2018

Just days after New York Attorney General (AG) Barbara Underwood announced an investigation into possible misconduct among merchant cash-advance (MCA) firms against small business (SMB) borrowers, The Washington Post reported that state legislators are vowing to push for change in the industry. The publication said on Thursday (Dec.

New York 139

New York Lending Washington Analysis 139

PYMNTS

NOVEMBER 26, 2020

With regulators cracking down in China, FinTech leaders are scrambling for capital and trying to plan their futures, Bloomberg reported Wednesday (Nov. And those lending in multiple provinces would have to have 5 billion yuan in registered capital at a minimum. The report said Alibaba has used such practices, among other companies.

Industry 152

Industry DC Regulation Washington 152

American Banker

MAY 20, 2020

Four federal agencies offered guidance Wednesday on how to offer products that compete against payday loans without incurring Washington's wrath. The announcement could spark the rebirth of deposit advances, which were regulated out of existence during the Obama administration.

Regulation 83

Regulation Washington How To FDIC 83

PYMNTS

MAY 28, 2019

The Federal Trade Commission has launched an investigation into the merchant cash advance industry just days after FTC Commissioner Rohit Chopra called on the watchdog to tackle unfair small business lending practices. The FTC’s Chopra spoke at a forum in Washington, D.C. ”

Washington 140

Washington New York Lending Regulation 140

PYMNTS

FEBRUARY 5, 2019

I think it is pretty obvious when you read stories about the payday lending industry – and how it goes wrong for customers – that consumers need a better alternative,” Onward Financial Founder Ronnie Washington said. In an effort to innovate a solution to these cash flow challenges, Washington founded Onward Financial.

Washington 178

Washington Kansas City Lending Kansas 178

Bank Innovation

APRIL 25, 2019

WASHINGTON, D.C. Both regulators said proving the necessary capital and profitability have been particularly difficult for […].

Fintech 186

Fintech FDIC Washington Conference 186

CFPB Monitor

APRIL 15, 2016

The interest of federal regulators in marketplace lending continues to grow. In July 2015, the Treasury Department issued a request for information regarding online marketplace lending and, in February 2016, the FDIC published an article highlighting the risks for banks that partner with marketplace lenders.

Lending 60

Lending FDIC Washington Financial Technology 60

Independent Banker

DECEMBER 31, 2022

Community bankers have proven vocal advocates on numerous issues facing our industry, including pushing to advance a cannabis banking safe harbor, close the industrial loan company loophole, oppose an extension of Durbin Amendment restrictions to credit cards and shape the debate over the regulation of crypto assets. My Top Three.

Community Bank 218

Community Bank Community Hawaii Washington 218

CFPB Monitor

NOVEMBER 28, 2022

In announcing this request, “Enhancing Public Data on Auto Lending,” the CFPB stated: Financial markets and policymakers have long had access to granular mortgage data that has provided insight into patterns in lending and risk. But, despite its size, we know much less about the auto lending market.

Data 147

Data Marketing Lending Trends 147

CFPB Monitor

NOVEMBER 12, 2018

This afternoon, Pew Charitable Trusts will host an event in Washington, D.C. focusing on Ohio’s Fairness in Lending Act. Enacted in July 2018, the Act places new limitations on payday loans including an interest rate cap, a limit on the total cost of a loan, and other structural restrictions.

Ohio 68

Ohio Lending Colorado Washington 68

FICO

OCTOBER 4, 2016

The potential of alternative data in consumer lending decisions continues to be a hot topic in Washington, D.C., CRA regulations provide various methods of evaluating bank performance, corresponding to differences in institutions’ asset sizes, structures and operations.

Lending 74

Lending Data Community FDIC 74

Independent Banker

SEPTEMBER 25, 2014

The better prepared, the less likely they are to run afoul of the continually shifting regulations. Regulators and industry consultants agree that community banks are generally doing a great job handling their regulatory oversight and requirements. Be aware of existing or emerging risk concerns. increased operational risks.

Compliance 101

Compliance Regulation Community Bank Community 101

Jeff For Banks

AUGUST 2, 2014

My firm will occasionally provide feedback on correspondence to our clients'' regulators. I thought about what we should have said to the regulator, versus the sweet words I was encouraging our client to use. Below is a sample letter to your regulator, saying it like you mean it. Today we did just that. Truth is, I haven''t.

Regulation 89

Regulation DC FDIC Analytics 89

Filene

SEPTEMBER 30, 2016

After monitoring the ongoing conversation around the CFPB proposed regulations on Payday lending and other types of high cost installment loans, Filene takes a unanimous stance on the issue: Educate yourself on the proposed regulations, form an opinion, and submit a comment! The need for small dollar lending is huge.

Lending 28

Lending Regulation Innovation Community 28

American Banker

DECEMBER 30, 2020

Bank regulators traditionally steer clear of more divisive debates in a polarized Washington. But some observers worry acting Comptroller Brian Brooks has gone too far by wading into issues such as public health orders and banks' decisions to curtail services to the gun and fossil fuel industries.

Washington 83

Washington Regulation Industry Lending 83

American Banker

JUNE 29, 2016

WASHINGTON -- The Federal Deposit Insurance Corp. is launching a survey this month to collect data on the small business lending practices of insured banks.

Survey 40

Survey Lending FDIC Washington 40

PYMNTS

APRIL 9, 2020

I think they’re missing a step there in Washington,” Edwards said. So we have to take that into consideration of the amount of money we know we’ve got to lend out just keep our normal lending business going,” Speight said. Bankers want to lend this money out; small businesses desperately need it. Edwards said.

Lending 285

Lending Capital Washington Risk Management 285

PYMNTS

JANUARY 31, 2019

is set to see its first new community bank in decades, as the Federal Deposit Insurance Corporation (FDIC) lent its approval for MOXY Bank to launch in Washington, D.C. The bank is one of several newly proposed community banks in the region, with goals of disrupting the financial services landscape, including business and corporate banking.

Community Bank 122

Community Bank Community FDIC Marketing 122

American Banker

NOVEMBER 7, 2016

WASHINGTON – The Federal Reserve's periodic survey of bank loan officers indicates that a decline in banks' share of commercial and industrial lending activity is likely related to nonbanks' ability to outcompete on both price and loan terms.

Lending 47

Lending Washington Survey Industry 47

CFPB Monitor

OCTOBER 10, 2016

On October 13, 2016, the Brookings Institute will hold an event in Washington, D.C. ” Among the questions to be addressed are whether “regulation and policy inhibit innovation and skew benefits toward the well-to-do.” titled: “ How to make fintech work for all Americans.”

Fintech 60

Fintech FDIC Policies Washington 60

CFPB Monitor

OCTOBER 24, 2023

The Department of Justice (DOJ) announced a settlement agreement with Washington Trust Company, of Westerly (WTC) to resolve claims that WTC redlined majority Black and Hispanic neighborhoods in Rhode Island. for its peer lenders, and on average 46.5%

Rhode Island 158

Rhode Island Washington Community Marketing 158

PYMNTS

JUNE 24, 2016

This week it was Minnesota, and then yesterday Walmart really got warmed up and announced the expansion of their new payments service in: Michigan, Virginia, the Carolinas, Indiana, Iowa, Kentucky, Nebraska, North Dakota, South Dakota, Tennessee, Louisiana, Missouri, Mississippi and Washington, D.C. Online lending . Costco Card.

Lending 101

Lending Online South Dakota North Dakota 101

The Financial Brand

OCTOBER 24, 2021

Financial institutions must scrutinize marketing, branching and lending strategies as Attorney General targets redlining in mortgage credit. The post Justice Department Sets Major Fair-Lending Enforcement Push appeared first on The Financial Brand - Banking Trends, Analysis & Insights.

Lending 32

Lending Banking Trends Analysis Trends 32

PYMNTS

NOVEMBER 12, 2020

This is something that could make a bad situation worse,” Adam Slater, lead economist for Oxford Economics in London, told The Washington Post. Adding to the problem, the Post reported, is the fact that the looming threat of bankruptcies and defaults has already caused banks to tighten lending. No Quick Fix. The Government’s Response.

New York City 227

New York City New York Missouri Philadelphia 227

PYMNTS

MAY 8, 2020

Most small businesses don’t have a lending relationship with a bank. Other ideas include more government action regarding competitive regulation. In Washington State, Frey said that “for every $1 it invests in a Main Street program, there is a $13 return to the public coffer” in the form of taxes and fees.

Maine 142

Maine Groups San Francisco Lending 142

CFPB Monitor

NOVEMBER 6, 2019

The named plaintiff is a 54-year-old woman living in Washington D.C. While it is highly debatable whether the Equal Credit Opportunity Act or other fair lending laws apply to social media advertising of this nature, regulators take the position that they do, and they sometimes explore these issues in examinations.

social media 60

social media Lending Washington California 60

PYMNTS

JULY 31, 2019

The merchant cash advance is considered the payday loan for many in the small business lending market — and that’s not necessarily a good thing. Regulators have taken note. In May, the Federal Trade Commission launched an investigation into the MCA industry and allegations of its unfair lending practices.

Lending 162

Lending Washington Technology Security 162

CFPB Monitor

OCTOBER 27, 2022

On October 18, 2022, the Federal Trade Commission (“FTC”) announced a settlement with a Washington, D.C.-area Earlier that same month, the CFPB announced it would exercise its supervisory authority under the Consumer Financial Protection Act to scrutinize discriminatory conduct as an unfair practice independent of federal fair lending laws.

Groups 78

Groups Exercises Lending Policies 78

PYMNTS

APRIL 5, 2017

As a new administration settles into Washington, D.C., Looking at bank and financial regulation closer to home, Dimon stated that the Financial Stability Oversight Council, which traces its gestation from the Dodd-Frank Act, should be revamped, adding that corporate taxes in the U.S.

Taxes 115

Taxes United States Washington Policies 115

Abrigo

JULY 12, 2021

The message sent by FATF has been well received in Washington, and the hard work mandated by the AML Act of 2020 and FATF recommendations has begun. BSA Rules and Regulation. Lending & Credit Risk. AML Professionals and executives alike, hold on tight. It looks to be a busy upcoming year ahead. Learn more. BSA Training.

Training 195

Training Policies United States Report 195

Jeff For Banks

JUNE 20, 2017

So what am I talking about, that deposit insurance is why banks don't do like FinTech lending firms and use alternatives to the FICO score in underwriting consumer credits? They have to find out later, after a bureaucrat in Washington does a white paper. I got news for our lawmakers and regulators.

Data 60

Data FDIC Regulation Washington 60

CFPB Monitor

JULY 23, 2015

The Federal Trade Commission will be holding a workshop in Washington, D.C. October 30, 2015 to explore the growing use of online lead generation in various industries, including consumer lending. It will be interesting to see if the government regulators participating in the workshop include a CFPB representative.

Washington 60

Washington Regulation Lending Industry 60

CFPB Monitor

SEPTEMBER 29, 2016

The Securities and Exchange Commission has announced that it will host a public forum in Washington, D.C. The panels will discuss issues such as blockchain technology, automated investment advice or robo-advisors, online marketplace lending and crowdfunding, and how they may impact investors.

Innovation 60

Innovation Fintech Washington blockchain 60