Compliance

De novo started by gamblers rolls dice on banking them

07/30/20

Lexicon Bank in Las Vegas, whose chairman was a professional gambler, is actively courting poker players to open deposit accounts for their tournament winnings.

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Lenders shouldn't waver on monitoring early payment defaults

07/30/20

The key word is "temporary" with the FHA's quality control waiver expiring and not likely to be renewed.

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Congress, keep AML reform in the defense spending bill

07/29/20

Legislation that would force transparency around company ownership would be better than another burdensome anti-money-laundering rule.

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Nonbanks face new disclosure rules on small-business loans in N.Y.

07/24/20

Similar to a law passed two years ago in California, legislation headed to the New York governor’s desk would require fintech and other nonbank lenders to uniformly disclose total cost of capital, APR and other metrics to potential borrowers.

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HSBC promotes Lowthian to head of U.S. compliance

07/23/20

Longtime executive Christine Lowthian had been serving as interim chief compliance officer at HSBC Bank USA since April.

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New Jersey bank hit with consent order tied to BSA compliance

07/14/20

Unity Bancorp must improve its policies and procedures, and increase staff training, for following Bank Secrecy Act and anti-money laundering laws.

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The reprieve on Libor won’t last forever. Lenders need to prepare.

07/13/20

Regulators can only delay the move to a new interest rate index alternative for so long.

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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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