Federal Cannabis SAFE Banking Act Bill Gains Steam with Backing from Michigan Financial Institutions and Government


House of Representatives passed the Secure and Fair Enforcement Banking Act of 2019 (“Safe Act”), which would prohibit regulators from terminating or limiting either deposit or share insurance of a financial institution for doing business with a cannabis company.

Agencies Seek Wide Range of Views on Financial Institutions’ Use of Artificial Intelligence

Consumer Finance

Five federal financial regulatory agencies are gathering insight on financial institutions’ use of artificial intelligence (AI).


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Key Digital Questions Financial Institutions Should Obsess About

Fico Collections

With the impact of COVID-19, banks and financial institutions are forced to accelerate the development and deployment of their digital capabilities as access to remote channels moved from choice to necessity.

Financial Regulators Update Examiner Guidance on Financial Institutions’ Information Technology Architecture, Infrastructure, and Operations

Consumer Finance

The Federal Financial Institutions Examination Council (FFIEC) today issued a new booklet in the FFIEC Information Technology Examination Handbook series, titled “Architecture, Infrastructure, and Operations.”. Press release

Banking Regulatory Agencies Seek Information on Financial Institutions’ Use of Artificial Intelligence

Troutman Sanders

Five federal banking regulatory agencies are gathering information and comments on financial institutions’ use of artificial intelligence (AI), including machine learning. All Entries Consumer Financial Protection Bureau (CFPB) Featured Posts State Attorneys General, CFPB, and FTC

Consumer Financial Protection Bureau Encourages Financial Institutions and Debt Collectors to Allow Stimulus Payments to Reach Consumers

Consumer Finance

On March 17, 2021, Consumer Financial Protection Bureau Acting Director Dave Uejio issued a statement regarding consumers’ access to Economic Impact Payment funds distributed through the American Rescue Plan.

Rep. Waters Announces Assignments for House Fin’l Services Subcommittees

Account Recovery

the chairwoman of the House Financial Services Committee, yesterday announced the representatives who will chair the committee’s six subcommittees. Compliance House Financial Services Committee Rep. Maxine Waters Subcommittee on Consumer Protection and Financial Institutions

New York’s Department of Financial Services Issues Regulation for Financial Institutions to Provide Relief to Consumers Suffering Financial Hardship Resulting from COVID-19 Pandemic

Consumer Finance Watch

directing institutions regulated by New York’s Department of Financial Services (“NY DFS”) to provide financial relief to New York consumers experiencing financial hardship as a result of the pandemic. defines a “Regulated Institution” as “any New York regulated banking organization as defined under New York Banking Law and any New York regulated mortgage servicer entity subject to the authority of the Department.” Wayne Streibich , Diana M. Eng , Andrea M.

COVID-19 Collections Impact Bulletin: State Responses (December 2020 Update)

Burr Forman

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection.

Filing a Proof of Claim in Bankruptcy: What You Need to Know


Banking & Financial Institutions Business & Tax bankruptcy Bankruptcy Code bankruptcy protection claimant creditor filing a proof of claimWhen a company files for bankruptcy and it owes you money, it means you have a “claim” in the debtor’s bankruptcy proceedings.

CFPB Rescinds Series Of Policy Statements To Ensure Industry Complies With Consumer Protection Laws

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) announced today it is rescinding seven policy statements issued last year that provided temporary flexibilities to financial institutions in various consumer financial markets, including the mortgage, credit reporting, credit and prepaid card markets.

2020 HMDA Data on Mortgage Lending Now Available

Consumer Finance

Today, the Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2020 were published on the Federal Financial Institutions Examination Council’s HMDA Platform for approximately 4,400 HMDA filers. The published data contain loan-level information filed by financial institutions, modified to protect privacy.

Agencies Extend Comment Period on Request for Information on Artificial Intelligence

Consumer Finance

Five federal financial regulatory agencies announced today they will extend the comment period on the request for information on financial institutions’ use of artificial intelligence (AI) until July 1, 2021.

Daily Digest – June 28. Nevada Regulator Answers Questions About New Law; Industry Seizes on Footnote in SCOTUS Ruling to Make Case for Hunstein Rehearing

Account Recovery

But, thanks to some questions submitted to the Financial Institutions Division of the Nevada Department of Business and Industry, … The post Daily Digest – June 28.

New York’s COVID-19 Eviction and Foreclosure Prevention and Small Businesses Acts Extended to August 31, 2021—What You Need to Know

Consumer Finance Watch

Eng, and Alina Levi Lenders, mortgage servicers, and other financial institutions should take note that New York State passed legislation extending the protections set forth in the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 … Continue reading → Consumer Financial Protection Legislative Developments coronavirus COVID-19 New York pandemicWayne Streibich, Diana M.

Consumer Financial Protection Bureau Issues Interpretive Rule on Authority to Resume Examinations Regarding the Military Lending Act

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) issued an interpretive rule today that explains the basis for its authority to examine supervised financial institutions for risks to active duty servicemembers and their dependents (i.e.

U.S. Supreme Court Holds “Autodialer” Definition under the TCPA Is Limited to Equipment Using a Random or Sequential Number Generator

Consumer Finance Watch

Roberts Financial institutions, debt collectors, and consumer-facing businesses should take note that the United States Supreme Court has ruled that the definition of an “autodialer” under the Telephone Consumer Protection Act, as written, requires … Continue reading → Consumer Financial Protection Litigation Developments SCOTUS consumer protection TCPA Telephone Consumer Protection ActWayne Streibich, Diana M. Eng, and Andrea M.

Is identity theft protection worth the cost?


Dealing with the aftermath of financial identity theft is time-consuming, costly, and stressful. If you are a victim, you could spend untold hours on phone calls to credit card companies and your financial institution to cancel unauthorized accounts.

TrueAccord Featured in Aite Group’s Spotlight on Disruptive Fintech

True Accord

With automated communications and the consumer’s ability to self-serve, TrueAccord collection agents can service 80,000 accounts at a time, compared to the typical 1,000 to 2,500 accounts that a traditional agent manages on behalf of the financial institution client.

Banks Plan on Issuing Cards to People With No Credit Scores

Account Recovery

A day after it was reported that more consumers are paying off their credit balances than at any point this century, a number of financial institutions are planning on sharing data to help consumers without credit scores gain access to credit cards and other types of loans, according to a published report.

What to Do if Chime or Other Neobanks Close Your Account

Nerd Wallet

But a recent report highlights some risks of entrusting money to neobanks, financial tech companies that partner with established financial institutions to provide banking services.

Micro Bilt - Untitled Article

Micro Bilt

Identity verification has become an essential component for many of today’s businesses, especially financial institutions and e-commerce companies.

TrueAccord Welcomes Laura Marino, Chief Product Officer, and Charles Deutsch, General Manager of Financial Services

True Accord

Banks, lenders, and other financial players are accelerating their digital transformation roadmaps, shortening years’ worth of development into mere months, in an attempt to service consumers at scale while managing the complexities of our new normal and the limitations of outdated infrastructure.

Bankruptcy Court Denies Section 546(e) Safe Harbor Protection in Fraudulent Transfer Action


a financial institution [or] a transfer made by or to (or for the benefit of) a. financial institution. Merrill Lynch then sold the notes to various institutional investors.

Nevada Regulator Answers Questions About New Medical Debt Collection Law

Account Recovery

As evidenced by a recently held webinar on AccountsRecovery.net, there are a lot more questions than answers about a soon-to-be-enacted medical debt collection law in Nevada.

CFPB Updates Electronic Fund Transfers FAQs

Troutman Sanders

On June 4, the Consumer Financial Protection Bureau (CFPB) issued a frequently asked question and answer guide. The final FAQ asks how a financial institution determines the consumer’s liability, if any.

Calif. AG Issues Warning That Child Tax Credits are Exempt From Garnishments

Account Recovery

A month before the federal Child Tax Credit payments start landing in the bank accounts of individuals across the country, the Attorney General of California issued a warning to financial institutions, creditors, and debt collectors that it is illegal to seize those funds to pay individual debts under a state executive order.

Cyber-Security Awareness Month & Phishing FINRA

Burr Forman

FinCEN and OFAC opened cyber-security awareness month with Advisories on financial-institution involvement in the processing of ransomware payments. Ransomware payments typically involve multiple financial institutions, for example: A depository institution’s wire transfer to a convertible-virtual-currency (“CVC”) exchange – a money-service business (“MSB”) – before sending to the perpetrator’s wallet, where the laundering process begins. Phishing FINRA .

Best SBA Lenders of 2021

Nerd Wallet

Most SBA loans are issued by banks, credit unions and other financial institutions, not the government. The best lenders have substantial experience with these small-business loans, so you get effective help during the application process and hopefully increase your chances of approval.

Best Banks and Credit Unions of 2020

Nerd Wallet

NerdWallet spent more than 200 hours comparing and rating dozens of financial institutions to identify those with the best deposit accounts. Top Overall Banks: Seven financial institutions earned excellent marks in both our.

Former Simple Customers Undergo Rough Transition to BBVA

Nerd Wallet

In early 2021, popular financial institution Simple announced that it would be closing and that all customer accounts would become bank accounts under its parent bank, BBVA.

CMS Services Launches Free Terms & Conditions Database With Agreements From Hundreds of Creditors Nationwide

Account Recovery

Penn. AG Announces Enforcement Action Over ‘Aggressive’ Collection Practices

Account Recovery

The Attorney General of Pennsylvania announced yesterday that it had entered into a voluntary agreement with a financial institution which will require the institution to stop engaging in what the AG described as “aggressive” debt collection practices.

6 Best Credit Unions for Business Accounts in 2021

Nerd Wallet

These nonprofit, membership-based financial institutions often get high marks for customer satisfaction compared with banks. A credit union can be a good choice for a business account if there are locations near you and you can qualify to join.

6 Best Banks for Small Business in California

Nerd Wallet

We took some of the work off your plate by evaluating dozens of financial institutions to find the best banks for small business in California. There are more than 400 banks and credit unions operating in California.