CFPB Monitor

JANUARY 25, 2021

Unless Rakuten’s most recent application is granted before that date, Rakuten’s FDIC insurance application, if approved by the FDIC, would subject Rakuten to the terms of the Rule. Rakuten’s first FDIC deposit insurance application was filed in July 2019, and was withdrawn in March 2020.

FDIC 78

FDIC Utah America Financial Technology 78

PYMNTS

OCTOBER 28, 2019

Small business (SMB) online lending company BlueVine is expanding its financial services with the launch of BlueVine Business Banking. 28) at the Money20/20 conference, BlueVine Business Banking connects small businesses to checking account services and a debit card: the BlueVine Business Debit Mastercard. Announced on Monday (Oct.

Cards 101

Cards FDIC Meeting Online 101

PYMNTS

SEPTEMBER 21, 2020

In a nod to those technologies, the increasing pivot toward online transactions and cross-border commerce mandates that, as Philipp Pointner, chief product officer at Jumio, told PYMNTS , “it’s important to leverage biometric-based technology to really prove your customer is who they say they are.

Fraud 347

Fraud Report System FDIC 347

PopularBank

DECEMBER 1, 2021

Costs of paying by mail vs. online and mobile banking. On the other hand, mobile and online bill pay from Popular Bank is free and available 24/7. The Federal Reserve Bank of Boston reports that bills represent about 30 percent of overall consumer payments, with most bills being paid by using a card or electronic methods.

Online 98

Online Mobile Fraud Boston 98

PYMNTS

JULY 24, 2019

High-yield checking and savings are now being offered by online wealth advisor Betterment as a way to attract new customers. . Profits from the new offerings will come from debit card interchange fees, the article said. Like other FinTechs, Betterment will partner with FDIC-insured institutions since it doesn’t have a bank charter.

Fintech 162

Fintech FDIC National Online 162

PYMNTS

NOVEMBER 2, 2020

Across the last 10 years, he said, a range of players have entered the online investing market, leveraging features such as commission-free trading, fractional investment and minimum accounts. Ganu offered up a use case as illustration: The user who deposits a hypothetical $1,000 into their Finch account receives a Finch debit card.

Millennials 221

Millennials Fintech Course FDIC 221

PYMNTS

JANUARY 26, 2021

The company's crypto debit card, BlockCard , has seen 500 percent growth in usage rates, measured year over year. The company also offers an FDIC-insured checking account to help spur crypto-friendly banking, Johnson noted. They may or may not have had an online presence. But over time, with Amazon , they changed their game.”.

cryptocurrency 256

cryptocurrency Bitcoin blockchain FDIC 256

PYMNTS

JULY 25, 2019

Other options, such as credit cards and payment apps like Venmo , are increasingly gaining traction. FDIC) estimated that 6.5 In this case, prepaid cards can serve as a payments alternative to traditional banking offerings like checks, and more technology-driven ones like real-time bank deposits.”.

Payments 189

Payments Innovation Examples Cards 189

PYMNTS

DECEMBER 12, 2019

Online brokerage startup Robinhood has introduced a cash management service that will give customers 1.8 We’ll still have existing revenue streams, and, in addition, we’ll add revenue from interchange on debit card transactions. percent interest on any money they don’t have in stocks, Bloomberg reported on Wednesday (Dec.

FDIC 135

FDIC Millennials Management Fintech 135

PYMNTS

JUNE 13, 2017

Which means it really doesn’t come as all that huge a surprise that as of June 6th, SoFi had applied for a new (de novo) bank charter according to the FDIC. Instead, SoFi as a bank will exist so it can “provide its customers an FDIC insured NOW account and a credit card product. SoFi has confirmed the news.

FDIC 100

FDIC Utah Millennials ATM 100

PYMNTS

NOVEMBER 12, 2020

FDIC) study found that the number of unbanked U.S. A focus now on unbanked and underbanked Americans takes advantage of momentum in the digital payments space as more connected and interoperable services come online. Because for those with a smartphone but not a bank account or charge card, life is extra tough right now.

Mobile 202

Mobile Study Tools FDIC 202

PYMNTS

NOVEMBER 14, 2019

There’s a lot of competition to capture the $6 trillion in online payments for U.S. Marketplaces and their partners want to satisfy consumers who are comfortable with the convenience of online shopping. According to an FDIC study , 6.5 It’s easy to get caught up in the hype of new sharing economy platforms. “ percent of U.S.

Payments 124

Payments United States Online Google 124

Bank Innovation

APRIL 9, 2018

insurance for balances, a debit card for cash withdrawals […]. Well, according to a report by the Wall Street Journal, the payments company has been reaching out to certain customers to add certain banking features PayPal is offering. Through the PayPal digital wallet, the payments platform is offering Federal Deposit Insurance Corp.

Cards 249

Cards Payments Report Company 249

Abrigo

JANUARY 22, 2015

Over the first half of 2014, these banks, with an approval rate of just under 60 percent, beat out large national banks (31 percent), large regional banks (45 percent) and online lenders (38 percent). The most popular financing products for which small businesses applied included lines of credit, business loans, credit cards and SBA loans.

Community Bank 150

Community Bank Community Regional Cleveland 150

PYMNTS

APRIL 29, 2019

Last week Robinhood, the company behind the free mobile trading app, filed an application to open an online bank that would be FDIC insured and offer high rates on savings and low rates on credit cards. Marcus, the online lending unit of Goldman Sachs, uses Infosys for its core banking platform, the report noted.

FDIC 112

FDIC New York Mobile Online 112

Abrigo

JANUARY 4, 2023

"The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector," read a joint statement from the Federal Reserve, FDIC, and the OCC. SIM-Swap scams: SIM-swap scams occur when someone obtains a copy of your cellphone's SIM card to access your phone data.

social media 195

social media Fraud cryptocurrency Trends 195

PYMNTS

MARCH 18, 2019

The accounts come with debit cards, digital payments and free check cashing, but do not allow overdrafts.”. According to the Federal Deposit Insurance Corporation (FDIC), the percentage of unbanked Americans fell to its lowest level since the 2007-2009 financial crisis. a month and no minimum balance,” according to Reuters.

America 175

America Survey FDIC System 175

PYMNTS

JULY 14, 2020

“Given how much the demand for installments is increasing, we are also using the already existing parts of the credit system today to scale installment payments with every [Visa] card across the board,” Cetin Duransoy , Visa ’s global head of installment solutions, told PYMNTS. Fast and Furious BNPL Action. The account comes with 1.30

Lending 130

Lending FDIC Minneapolis Utah 130

Abrigo

FEBRUARY 8, 2024

Takeaway 2 Client fraud education at financial institutions should include takeaways that explain how to protect themselves from phishing and tips for staying secure online. While interacting with friends and family online can be a fun pastime, social platforms are a feeding ground for fraudsters. According to the FTC , $2.7

Fraud 195

Fraud Resources social media Software 195

CFPB Monitor

NOVEMBER 21, 2016

The final Prepaid Card Rule requires not only so-called “packaging” or short form disclosures prior to acquisition of the prepaid card account, but also that a long form disclosure be provided to the consumer. Tristram Q.

Cards 60

Cards FDIC Comparison Retail 60

PYMNTS

JUNE 19, 2020

FDIC: US Banks See Chargebacks Soar, Profits Tank Due To Pandemic. The newest Cross-Border Merchant Friction Index explores which checkout features international online shopping retailers can prioritize when they design their checkouts. Visa, Facebook Link Up For P2P Payments, eCommerce On WhatsApp. The profits just hit $18.5

Payments 151

Payments United States FDIC Retail 151

PYMNTS

MARCH 30, 2020

government’s $2 trillion stimulus package allows a number of entities — FDIC banks, credit unions and, most notably for this discussion, FinTechs such as Kabbage — to make loans to smaller firms. percent per credit card transaction until June 2020. The urgency, and speed, of Kabbage’s situation comes even as the U.S.

Lending 151

Lending FDIC Fintech Report 151

CFPB Monitor

NOVEMBER 23, 2016

The CFPB’s Final Rule on prepaid cards includes, in addition to the long form disclosure requirements discussed in our November 21st blog post , highly detailed requirements for providing “preacquisition” disclosures to consumers of the basic terms of the prepaid card account. Tristram Q.

Cards 60

Cards ATM Groups FDIC 60

MyBankTracker

JUNE 12, 2020

The IRS has sent out the Economic Impact Payment (EIP) in the form of a debit card to qualifying taxpayers who may not have a bank account to receive direct deposit or to deposit a mailed stimulus check. As these taxpayers receive their EIP debit cards, they may be wondering how to access their money without getting hit by a bunch of fees.

Cards 52

Cards How To ATM Puerto Rico 52

Jeff For Banks

DECEMBER 10, 2024

The FDIC designated SVB as systemically important. They were under an FDIC consent order from 2014 through 2020 relating to their BSA and OFAC compliance and their relationship with third parties seeking access to the banking system. It has also struck an agreement with MasterCard to provide pre-paid card services.

Las Vegas 70

Las Vegas Lending Community Bank North Carolina 70

CB Insights

AUGUST 3, 2021

California-based Mercury is an online banking platform that offers a suite of financial services such as FDIC-insured bank accounts, physical and virtual cards, and cash management for startups, e-commerce stores, and angel investors, among others. HOW’S THE COMPANY PERFORMING?

Digital Banking 73

Digital Banking Company FDIC California 73

PYMNTS

OCTOBER 12, 2018

But for 27 percent of American consumers who are unbanked or underbanked, according to the FDIC , things aren’t nearly as seamless. Loading cash into a PayPal account for use online – for shopping or for paying bills – is now immediately available at all approximate 4,500 Walmart stores (not counting Sam’s Club) nationwide.

ATM 158

ATM FDIC Payments Online 158

PYMNTS

OCTOBER 17, 2017

An industrial bank is an FDIC-insured depository institution that is generally subject to the same banking laws and regulations as any other bank charter type, with the important exception of the Bank Holding Act of 1956. ILCs are used to form industrial loan companies, better known as industrial banks. And those can take a while.

Industry 108

Industry Fintech FDIC Community Bank 108

PYMNTS

JULY 16, 2018

This week, the lucky winner is Macy’s , which disclosed to the world that hackers had obtained names and passwords of online customers — and might have accessed credit card numbers and expiration dates as well. As Queen famously sang, another one bites the dust — or as modified for the modern era, another one bites the breach.

Cards 100

Cards Data Retail Digital Banking 100

Fintech Labs Insights

DECEMBER 2, 2024

Integration with Accounting Software : Seamless integration with major accounting platforms (QuickBooks Online, Oracle NetSuite, Microsoft Dynamics 365 Business Central, Sage Intacct). Instant Expense Submission : Submit expenses on the go with proper coding, reducing errors.

Cards 15

Cards Payments Conference Case Study 15

PYMNTS

OCTOBER 13, 2016

Kabbage offers a variety of loans up to $100,000 with types scaling from SBA and Small Business Credit Cards, to Online and Peer-to-Peer, to Equipment and Inventory, to Payroll and Professional Loans. It’s evolved its product list to include the ‘Kabbage Card’ and ‘Karrot Personal Loans.’. Fees range from 1.5

Regulation 100

Regulation Lending US FDIC 100

PYMNTS

OCTOBER 30, 2019

The company said it will allow customers that have a current account or card product with any of 20 major high-street banks, challenger banks or card issuers to connect those accounts into their Coconut platforms to streamline financial data entry for augmented money management.

Lending 102

Lending Fintech America Data 102

MyBankTracker

APRIL 27, 2021

FDIC insured. Without these operational expenses, online banks such as CIT Bank often provide more value to consumers. Online transfers/ACH: $0. FDIC Insurance. Luckily, CIT Bank is an FDIC-insured bank, which means deposits are insured up to $250,000 per depositor per account ownership type. Debit card access.

ATM 52

ATM FDIC Mobile Cards 52

MyBankTracker

DECEMBER 7, 2020

This online business checking account is best for small- to medium-sized businesses with simpler banking needs and a low-cost account to keep their business finances separate from personal finances. You’ll get a free debit card that offers free ATM withdrawals at any MoneyPass ATM location.

ATM 52

ATM FDIC Cards Examples 52

American Banker

OCTOBER 19, 2023

Consumers with Discover cards spent less on travel and everyday purchases, but more on entertainment, driving loan growth in the third quarter. The company also benefited from the Fed's enforcement of online debit-routing rules, but these boons couldn't offset investor concerns over its issues with the FDIC and its CEO search.

Compliance 36

Compliance Trends FDIC Cards 36

Fintech Labs Insights

FEBRUARY 13, 2025

However, when it comes to trusting someone with your money, many small business owners prefer to deal with companies embedded in the local economy, even if it means not getting the latest online banking features or the best interest rate. The list below are the biggest national brands offering small business banking services.

Cards 15

Cards Conference America FDIC 15

PYMNTS

OCTOBER 1, 2018

The DOJ investigation centered on whether LendingClub had – between January 2009 to September 2010 – misled its FDIC-insured loan originator, WebBank , leading the bank to underwrite over 200 loans that did not conform to the bank’s lending requirements. The DOJ Finding.

Lending 135

Lending Fraud Management San Francisco 135