Rhode Island Banking Division Announces Move to State Examination System
Licensees in Rhode Island will be able to track supervisory activity on the state system launched last year.
4/29/2021 8:00 AM
LicensingNewsStateCompliance
The Rhode Island Division of Banking will soon start using the State Examination System (SES) to conduct supervisory activities such as examinations and commencement of administrative actions, share consumer complaints and other supervisory activities with licensees.
The division sent out a notice to licensees April 13 with information on the impact to companies in the accounts receivable management industry, including efficiencies in understanding the status of supervisory activity and the ability to securely respond to regulator requests with easy document upload features.
Headlines
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Proposed Rule Would Establish Mandatory Terms for Tax Allocation Agreements
Other Developments: Paycheck Protection Program and Qualified Mortgages
1. CFPB Takes Steps to Avoid a Possible Wave of Home Mortgage Loan Foreclosures
The CFPB has issued guidance to mortgage servicers, including banks that service mortgage loans for third-party noteholders, that the CFPB expects servicers to dedicate sufficient resources and staff to reduce avoidable foreclosures in coming months. According to the guidance issued on April 1, Compliance Bulletin 2021-02, the CFPB believes consumer home mortgage borrowers needing loss mitigation assistance as the COVID-19 foreclosure moratoriums and forbearances end will face heightened risks of foreclosure. The CFPB’s guidance urges mortgage servicers to dedicate resources and staff to ensure that they can
Wednesday, April 28, 2021
The Agriculture Improvement Act of 2018 ( Farm Bill ) became law more than two years ago, decriminalizing hemp and its derivatives and opening the door for American farmers, manufacturers and retailers to create and explore new commercial markets for the crop and its products.
Since then, the market for cannabinoids has exploded, including cannabidiol or CBD products. Other sectors of the industry are also seeing a new wave of growth and development within their ranks, including new market opportunities and commercial traction for food, fiber, and industrial uses of the crop.
Like any other industry, hemp businesses need traditional banking and financial services to continue their success. But obtaining reliable deposit account services, commercial loans, and merchant services has proven to be a challenge for the industry. Many banks and credit unions have opted out of the market due to perceived difficulties, expenses, and risks w
Date
27/04/2021
The New York State Department of Financial Services (“the Department” or “DFS”) today released a report on the Department’s investigation of the New York’s financial services industry’s response to the supply chain attack of the information technology (“IT”) company SolarWinds (“the SolarWinds Attack”). During the SolarWinds Attack, hackers corrupted routine software updates that were downloaded onto thousands of organizations’ information systems.
“This incident confirms that the next great financial crisis could come from a cyber attack,” said Superintendent of Financial Services Linda A. Lacewell. “Seeing hackers get access to thousands of organizations in one stroke underscores that cyber attacks threaten not just individual companies but also the stability of the financial industry as a whole.”
Weekly Fintech Focus
FDIC discusses its fair lending activities in the most recent edition of its Consumer Compliance Supervisory Highlights.
US and EU engage in a joint regulatory forum to discuss international coordination on financial regulation and operational resiliency.
BCBS publishes its principles for operational resilience for banks, including a focus on third-party outsourcing relationships with financial technology companies.
Financial regulators seek comment on model risk management guidance.
CSBS seeks comment on a revamp of the nationwide licensing system.
FDIC Consumer Compliance Supervisory Highlights Fair Lending Risks
The Federal Deposit Insurance Corporation (FDIC) has issued the March 2021 edition of its Consumer Compliance Supervisory Highlights. The publication was established to highlight consumer compliance issues identified in 2020. This publication consists of a summary of supervisory observations related to consumer protection laws and best practices