PYMNTS

SEPTEMBER 29, 2016

For a while, it looked like the CEO of Wells Fargo, John Stumpf, and head of community banking, Carrie Tolstedt, would escape the ramifications of the pressure tactics allegedly used on the bank’s employees to meet unreasonable sales targets. 41 million | The amount that Stumpf will forfeit from unvested equity awards. $19

CFPB 66

CFPB Credit Cards Community Banks Accounts 66

PYMNTS

SEPTEMBER 12, 2016

Wells Fargo agreed to pay the largest penalty ever imposed by the Consumer Financial Protection Bureau (CFPB) — $185 million — and it will be the bank’s shareholders who ultimately have to pay the piper and the cost of that settlement. The CFPB called Tolstedt out on her role in the affair.

Consumer Financial Protection Bureau (CFPB) 57

Consumer Financial Protection Bureau (CFPB) CFPB Community Banks Settlement 57

PYMNTS

SEPTEMBER 15, 2016

In an effort to bridge what is increasingly being known as the “inclusion gap” for minorities, Visa is finding promise in supporting products for financial inclusion in the credit union and community bank portfolio. We now have products being tested in more than 30 community banks and credit unions around the country,” Meloche said.

Financial Inclusion 76

Financial Inclusion Credit Union Underserved Non-Bank 76

Finovate

MAY 6, 2024

FDIC and CFPB have issued multiple consent orders to banks, citing their BaaS relationships as the cause. regulators– the Board of Governors of the Federal Reserve System, the FDIC, and the OCC– have published a new third party risk management guide for community banks.

Regulations 52

Regulations Community Banks FDIC Due Diligence 52

PYMNTS

APRIL 8, 2016

The head of the CFPB, Richard Cordray, said during testimony on The Hill yesterday (April 7) that FinTech companies will likely be a significant presence in making payday loans (or smaller dollar loans) to consumers. But wait a moment. Within the payments space, there was, and remains, some red meat to chew over (or, if you prefer, seitan).

CFPB 40

CFPB Credit Union Rules Regulations 40

PYMNTS

SEPTEMBER 20, 2016

Wells Fargo is far from the first bank to be fined by the CFPB. JPMorgan Chase, Citibank and GE Capital are just a quick listing of the banks that have been ordered to pay out multiple hundreds of millions by the CFPB. Bank of America’s ordered payout by the CFPB was clocked in at nearly $800 million.

CFPB 54

CFPB White Collar Crime Accounts Credit Cards 54

PYMNTS

JANUARY 22, 2018

Of the $177 million in the fund, $145 million will be earmarked for CFPB expenses. The legislation would include, among other things, reforms aimed at easing restrictions on mid-sized and community banks. It may be too early to tell just what the impact of PSD2 and Open Banking might be. Also here in the U.S.,

Legal 49

Legal CFPB Payment APIs and Integration Money Laundering 49

Global Fintech & Digital Assets

DECEMBER 21, 2023

The Guidance applies to all OCC-regulated institutions, including national banks, federal savings associations, covered savings associations, and federal branches and agencies of foreign banking organizations. The OCC also highlighted that the Guidance applies to community banks engaging in (or considering engaging in) BNPL lending.

OCC 59

OCC BNPL Electronic Fund Transfer Act (EFTA) Federal Trade Commission 59

Tearsheet

MARCH 27, 2024

This shows that growing on-demand pay services can serve as an incentive for community banks to adopt RTP services, given that they can offer a competitive edge for these banks. The RTP network has been positioning itself to take center stage when it comes to facilitating on-demand wages.

Instant Payments 64

Instant Payments RTP Consumer Financial Protection Bureau (CFPB) Junk Fees 64

Fintech Labs Insights

SEPTEMBER 8, 2015

So whether or not a small business is currently seeking capital , down the road most hope to grow, so the POTENTIAL to tap more funding is a huge factor when selecting a bank. It’s why small businesses have long sought to establish quality relationships with community banks or larger FIs.

Small Business 27

Small Business ACH P2P CFPB 27

Fintech Labs Insights

AUGUST 1, 2016

Bankjoy offers developers a banking API for a modern, real-time, holistic interface for credit unions and community banks. Backbase offers 60-second onboarding for financial services companies to accelerate customer acquisition with a simple, fast, and seamless omni-channel onboarding journey.

Online and Mobile Banking 20

Online and Mobile Banking Payment APIs and Integration Advisors API 20

PYMNTS

JANUARY 17, 2019

The relationship between the House Financial Services Committee and the Consumer Financial Protection Bureau (CFPB) is about to change. But of central interest for Waters was the CFPB – particularly how it had run while under Interim Director Mick Mulvaney. She said that she also plans to check in on FinTech firms.

CFPB 53

CFPB Consumer Financial Protection Bureau (CFPB) Shutdown Governance 53

PYMNTS

OCTOBER 6, 2017

But today, the journey came to an end as the CFPB has offered its final ruling on the future of the payday and title lending industry in this country. That destruction is necessary, according to CFPB director Richard Cordray. Notably, we have no intention of disrupting lending by community banks and credit unions,” Cordray noted.

CFPB 51

CFPB Regs Rules Credit Union 51

PYMNTS

OCTOBER 6, 2017

But today, the journey came to an end as the CFPB has offered its final ruling on the future of the payday and title lending industry in this country. That destruction is necessary, according to CFPB director Richard Cordray. Notably, we have no intention of disrupting lending by community banks and credit unions,” Cordray noted.

Rules 40

Rules CFPB Credit Union Regulations 40

PYMNTS

APRIL 9, 2016

Dimon went on to discuss, at some length, the “mission-critical” services that big banks can supply are the types of things “regional and community banks simply cannot do.”. But it is incumbent on said CFPB Director to meet with Congress semi-annually to report on his agency’s progress. So then the argument broke out.

CFPB 40

CFPB Regulations On-Demand Innovation 40

PYMNTS

JUNE 14, 2017

Senate Democrats would be willing to see some changes made to Dodd-Frank in order to give small banks and credit unions some relief from the banking regulation’s tougher rules. Warren further noted that many of the “too big to fail” banks have actually gotten bigger, and that means regulatory editing is needed. Warren said.

Laws 40

Laws Credit Union Regulations CFPB 40

PYMNTS

MARCH 13, 2017

Trump, speaking at a meeting Thursday (March 9) with community bankers, along with National Economic Council Director Gary Cohn and Treasury Secretary Steve Mnuchin, said community banks are critical to the economic health of their communities and to providing small businesses with access to capital.

Consumer Financial Protection Bureau (CFPB) 40

Consumer Financial Protection Bureau (CFPB) Community Banks CFPB Small Business 40

PYMNTS

MARCH 10, 2017

In the continuing faceoff between the Trump administration and the Consumer Financial Protection Bureau (CFPB), the American Banker stated that President Donald Trump “deeply impressed” a group of community bankers at a Thursday meeting. As has been previously reported, the director’s own term is set to expire next year.

Consumer Financial Protection Bureau (CFPB) 40

Consumer Financial Protection Bureau (CFPB) Community Banks CFPB Rules 40