Compliance

Will CFPB advisory opinions offer clarity, or give companies a pass?

07/01/20

The agency has proposed letting firms seek specific guidance, which can be applied to other institutions. But consumer groups worry the plan circumvents formal rulemaking.

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Netflix to deposit $100M in Black-owned banks; OCC warns on compliance risks

07/01/20

The company seeks to help funnel more loans to minority businesses and consumers; the regulator says short-staffed banks are having trouble handling new government programs.

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Referendum on data privacy coming to California in November

06/28/20

Two years after a consumer protection law changed how banks and other companies handle customer information, a new proposal aims for more sweeping reforms.

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Supervision: Sharp focus on tech capability, customer well-being

06/23/20

The pandemic will accelerate the drive toward a supervision process in which both regulators and banks will need the digital tools that enable sophisticated remote exams. Expect a heightened focus, too, on customers' financial health.

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CFPB gives mortgage servicers relief to help struggling homeowners

06/23/20

A new CFPB rule will expedite the forbearance and loss-mitigation process for consumers suffering financial hardship from the pandemic.

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Digital dollar seems inevitable, but details remain fuzzy

06/11/20

The push for a public option to digitize government payments has gotten stronger, and the discussion has moved on from whether it should happen to how it should happen.

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Trade orgs say FHLBank targets may increase small member participation

06/10/20

Groups representing community banks and credit unions generally support the new percentage-based goals set by the Federal Housing Finance Agency.

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New York state expands feedback program for fintech startups

06/09/20

The Department of Financial Services is going live with DFS FastForward, which aims to help innovators in finance, healthcare and insurance consult directly with regulators on specific compliance issues.

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Karen Peetz to join Citi in newly created role

06/03/20

The veteran banker will serve as chief administrative officer, with responsibilities that include strengthening Citi’s data architecture, creating greater consistency in its dealings with regulators and enhancing its efforts to combat money laundering.

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The little-noticed power grab in regulators’ small-dollar guidance

06/02/20

An interagency notice meant to encourage lenders to offer small consumer loans also provides federal agencies too much say on what constitutes “reasonable” pricing.

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