What is a community financial institution?

Kasasa

You might think a community financial institution only serves a small rural town, like you might find in Kershaw, South Carolina, or Fort Dodge, Iowa. But a community financial institution is more than a single branch in one town.

FinCEN Deputizes Financial Institutions in Hunt for Environmental Crimes

Burr Forman

The Financial Crimes Enforcement Network (“FinCEN”) unit of the U.S. Department of the Treasury called this week for the nation’s financial institutions to be on the lookout for money flows indicative of environmental crimes.

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FTC Amends “Safeguards Rule” for Covered Financial Institutions

Troutman Sanders

On October 27, the Federal Trade Commission (FTC) announced a final rule (Final Rule), amending the Standards for Safeguarding Customer Information (Safeguards Rule) under the Gramm-Leach-Bliley Act (GLBA) as it applies to covered financial institutions.

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

Fraser

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).

West Virginia treasurer joins with 15 other states to warn financial institutions of ‘woke capitalism’

Collection Industry News

In a press release and video released last week, Moore and financial officers in 15 other states wrote an open letter to the U.S. I’m announcing a multistate coalition of state treasurers and state financial officers to push back against the woke capitalism that is happening in this country right now,” Moore said in the video statement. Source: site.

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.

FFIEC Issues Guidance on Authentication and Access to Financial Institution Services and Systems

Troutman Sanders

Identifying risks from, and implementing mitigating controls for, a data aggregator or customer-permissioned entity’s (CPE) access to a financial institution’s information systems.

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

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

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.

Bill Seeks to Keep Operation Choke Point From Happening Again

Account Recovery

A bill has been introduced in the Senate that seeks to prohibit financial institutions from denying services to law-abiding businesses, such as companies in the accounts receivable management industry, as a means of ensuring crackdowns like Operation Choke Point never happen again.

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

Fraser

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.

How to Benefit From Corporate Pledges to Minority Businesses

Nerd Wallet

Many are being invested in other financial institutions — particularly community development financial institutions, whose services include making.

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.

New York Further Extends the COVID-19 Emergency Eviction and Foreclosure Prevention and Small Businesses Acts to January 15, 2022, but Provides a Way to Challenge Hardship Declarations

Consumer Finance Watch

Wayne Streibich, Diana M.

Bank Suspends Collection Activities in Wake of Widening ‘Issues’

Account Recovery

The largest bank in Denmark — also one of the largest financial institutions in Europe — announced yesterday that it has suspended all of its debt collection activities and has earmarked $8 million in compensation and restitution for nearly 8,000 customers from whom it overcollected for years.

Banks 79

Nevada FID to Hold Workshop on Medical Collection Regs

Account Recovery

The Financial Institution Division (FID) of Nevada’s Department of Business and Industry will be holding a virtual workshop on Tuesday, October 26 at 1pm ET to solicit comments from interested persons about regulations related to SB248, a new medical debt collection law that went into effect earlier this year.

Capital One to End Overdraft Fees on Customer Accounts

Nerd Wallet

Capital One announced today that it will do away with overdraft and nonsufficient funds fees on its retail accounts, making it the latest in a growing number of banks, neobanks and other financial institutions that are working to ease the cost of consumer banking.

U.S. Supreme Court Blocks Enforcement of a Limited Part of New York’s COVID-19 Emergency Eviction and Foreclosure Prevention Act

Consumer Finance Watch

Wayne Streibich, Diana M.

Is identity theft protection worth the cost?

Kasasa

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.

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.

Why Identity Verification Is So Important for Digital Care of Finances

Micro Bilt

Whether you're a financial institution, a private lender, you can't be too careful when it comes to verifying the identity of your customers. We all love the convenience of making purchases, opening accounts, and applying for jobs from our computers or smartphones. But at the same time, it makes identity verification that much more important for business owners.

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.

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.

Credit Card Limits Back on Rise For Most Types of Consumers: CFPB

Account Recovery

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

PBWT

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.

What Is a Bank?

Nerd Wallet

A bank is a financial institution with a license to hold and lend money. This article provides information for educational purposes. NerdWallet does not offer advisory or brokerage services, nor does it recommend specific investments, including stocks, securities or cryptocurrencies.

Banks 74

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.

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.

Survey: Most Like Their Bank; What To Seek if You Don’t

Nerd Wallet

According to a new NerdWallet survey, just over half of American banking consumers (53%) say they’re very satisfied with their current primary bank — defined as the bank that they use most often — while others feel only somewhat satisfied (30%) or unsatisfied (17%) with this financial institution.