FTC Amends Safeguards Rule to Require Non-Banking Financial Institutions to Report Data Security Breaches -
“Amendment will require non-bank financial institutions to report when they discover that information affecting...more
11/8/2023
/ Artificial Intelligence ,
Banks ,
Beneficial Owner ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Transparency Act ,
Credit Unions ,
Data Breach ,
Data Security ,
Debit Cards ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Fees ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Interest Rates ,
Non-Bank Lenders ,
Reporting Requirements ,
Safeguards Rule ,
State and Local Government
Community Banks Renew Fight Against ILCs -
“ICBA reiterates opposition to non-bank-owned lenders’ applications to the FDIC, naming GM, Ford, Rakuten.”
Why this is important: The Independent Community Bankers of...more
2/22/2023
/ Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Divestment ,
FDIC ,
Federal Reserve ,
Fees ,
Financial Institutions ,
FinTech ,
Fossil Fuel ,
Internet ,
Investment ,
Lenders ,
Stress Tests
US Senators Ask SoFi About Its Banking Law Compliance =
“Four U.S. senators have signed a letter to SoFi Technologies CEO Anthony Noto expressing concerns about the online personal finance company and online bank’s digital...more
12/7/2022
/ American Bankers Association ,
Bank Holding Company ,
Banking Sector ,
Banks ,
Biden Administration ,
Commercial Bankruptcy ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Credit Cards ,
Cryptocurrency ,
Digital Currency ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Non-Bank Lenders ,
Overdraft Fees ,
Regulatory Agenda ,
Regulatory Oversight ,
Scams
House Passes Cannabis Banking Bill -
"The House passed the same bill in 2019 by a similar margin, but it stalled in what was then the GOP-controlled Senate."
Why this is important: The Safe Banking Act, if passed, will...more
5/10/2021
/ Banking Sector ,
Banks ,
Cannabis-Related Businesses (CRBs) ,
CARES Act ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Loan Forgiveness ,
OCC ,
Paycheck Protection Program (PPP) ,
Payday Loans ,
SBA ,
True Lender
The Federal Reserve Board ("FRB") began publishing the Secured Overnight Financing Rate ("SOFR") in April. This rate was developed to be a more reliable benchmark than LIBOR, which lost credibility a few years ago when it was...more
5/4/2018
/ Banking Sector ,
Banks ,
Federal Reserve ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Interest Rates ,
Investors ,
Libor ,
Loans ,
Market Manipulation ,
Repurchases ,
Secured Overnight Funding Rate (SOFR) ,
U.S. Treasury
We interviewed Michelle Crook, CFO of the Bank of Botetourt, and Chris Snodgrass, CFO for Bank of Marion, for our Community Banking Excellence this quarter. We wanted to know what primary forces are affecting chief financial...more
In This Issue:
- Another Perspective: David Barksdale, President and Chief Executive Officer, Carolina Premier Bank:
For the past several months, David Barksdale has been leading the charge at Carolina Premier...more
A few weeks ago, a writer for a banking magazine asked my top five challenges to a successful bank merger. That is a loaded question! The challenges to complete a merger agreement, the challenges to close the merger, and the...more
In This Issue:
- Another Perspective
- Facing Merger Challenges. In 5, 4, 3, 2, 1....
- Real Property 101 for Community Bankers in the Spilman Footprint
- Facet One of Social Media and Community Banks - Employees...more
Many community banks have been under fire recently. Added regulatory burdens, additional disclosure responsibilities, cleaning up bad loans, streamlining the organization, staying ahead of cybersecurity threats, and, perhaps...more
In This Issue:
- Another Perspective
- From the Editor
- Executive Compensation: It May be Limiting Your Choices
- Community Banks Adding Prepaid Products Face New Imperatives
- Discharge, Debt Buyers and...more
We interviewed Lyn Hayth, President and CEO of the Bank of Botetourt, for Community Banking Excellence this issue. Lyn has been a banker for more than 30 years. His bank, with about $312 million in assets and $248 million in...more
Many community bankers have looked surprised at the “internationalization” of our banking rules. Standards coming out of the Basel Committee, particularly the Basel III Capital Rules, do not seem to fit community banks. The...more
In This Issue:
- Another Perspective: Robert T. Braswell, President and Chief Executive Officer Carolina Bank:
Mr. Robert T. Braswell is President and Chief Executive Officer of Carolina Bank. He has served in...more
Margo Channing (Bette Davis) in “All About Eve” famously said, “Fasten your seatbelts, it’s going to be a bumpy night!” Does that sum up the status of future community bank merger activity? Maybe so.
Many financial...more