PYMNTS

MARCH 19, 2020

The Federal Deposit Insurance Corporation ( FDIC ) gave the green light to an application from the FinTech firm Square to create a de novo industrial bank in Utah, the agency said on Wednesday (March 18). FDIC staff found that Square satisfied each of the statutory factors required for approval, subject to certain conditions.

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FDIC Utah San Francisco Capital 276

ABA Community Banking

NOVEMBER 5, 2024

The FDIC has released a new online tool to help financial institutions, investors and others identify neighborhoods that could benefit from banking services. The post FDIC debuts online tool to promote creation of minority banks appeared first on ABA Banking Journal.

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FDIC Tools Online Community Bank 52

PYMNTS

JUNE 29, 2020

FDIC) is considering nixing its quarterly reports of banks in an attempt to modernize the way data is handled. To do so, the FDIC is going about a new competition among 20 data and technology firms to try and find the best way to move forward, WSJ reported. Recently, the FDIC also eased up the Volcker Rule.

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FDIC Report Regulation Data 221

PYMNTS

OCTOBER 19, 2020

The number of Americans without bank accounts is expected to spike again in the wake of the coronavirus pandemic after hitting a low last year, according to a new report by the Federal Deposit Insurance Corp (FDIC). percent in 2019, the lowest since the FDIC began tracking this stat in 2009. The unbanked rate jumped to 8.6

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FDIC US America Survey 187

ABA Community Banking

NOVEMBER 12, 2024

households were unbanked in 2023, according to the FDIC’s National Survey of Unbanked and Underbanked Households, which also explored bank account access trends and cryptocurrency adoption. The post FDIC: Percentage of unbanked households dropped slightly in 2023 appeared first on ABA Banking Journal. Roughly 4.2%

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FDIC Survey cryptocurrency National 52

Abrigo

SEPTEMBER 13, 2021

Banking Trends from the FDIC's 2Q Report Net interest margin reached a new record low, but positive signs emerged in lending. Summary of the Latest FDIC Quarterly Profile. FDIC) released the latest Quarterly Banking Profile recently, and it has some helpful information on industry trends. Banking Data. Interestingly, 64.1%

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FDIC Lending Capital Trends 195

Abrigo

DECEMBER 13, 2019

The FDIC released a manual on Formal and Informal Enforcement Actions. The FDIC released its manual on Formal and Informal Enforcement Actions. For the first time, the FDIC released its manual on Formal and Informal Enforcement Actions to provide greater transparency to those processes. Key Takeaways.

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FDIC Capital Regulation Lending 195

PYMNTS

MARCH 18, 2020

The Federal Deposit Insurance Corporation ( FDIC ) is setting new regulations for FinTechs and industrial banks that will enhance transparency and establish record-keeping requirements, the agency said on Tuesday (March 17). In 1987, parent banks were allowed to bypass FDIC oversight and regulations. .

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FDIC Fintech Industry Regulation 142

Bank Innovation

JULY 17, 2019

Varo Money, the 4-year-old digital banking startup with 750,000 users and $600 million in deposits, has applied for a banking license with the Federal Deposit Insurance Corporation (FDIC) this week. The company confirmed this development as part of a $100 million Series C fundraising round announced on Tuesday.

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FDIC Digital Banking Company Capital 244

CFPB Monitor

SEPTEMBER 7, 2023

The Federal Deposit Insurance Corporation has announced that it is launching a new Banker Engagement Site (BES) this month through FDIC connect to serve as the primary tool for exchanging examination planning and other information for consumer compliance and Community Reinvestment Act (CRA) activities. (The

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FDIC Tools Compliance Community 78

ABA Community Banking

OCTOBER 2, 2024

Only 3% of banks fully automate the small-business lending process, and only for very small loans, and most borrowers are located within 40 miles of a bank branch, according to an FDIC survey. The post FDIC survey: Bank branches remain vital part of small-business lending appeared first on ABA Banking Journal.

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FDIC Survey Lending Community Bank 52

PYMNTS

JUNE 17, 2020

According to the Federal Deposit Insurance Corporation (FDIC), over half of all banks ended up reporting a decline in profits, and 7.3 In addition, the total number of problem banks the FDIC was watching rose for the first time since 2011, with 54 firms in the first quarter, up from 51. billion, Reuters wrote. billion, Reuters wrote.

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FDIC US Lending Report 203

CFPB Monitor

SEPTEMBER 25, 2023

The FDIC has filed motion to dismiss the lawsuit filed in July 2023 in a Minnesota federal district against the FDIC and its Chairman seeking to invalidate the FDIC’s supervisory guidance on charging multiple non-sufficient funds (NSF) fees for the same unpaid item. See out prior blog here.

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FDIC Minnesota 78

Payments Dive

OCTOBER 2, 2023

The agreement, issued last week, addresses “shortcomings” in Discover Bank’s compliance management system for consumer protection laws, the company said.

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FDIC Compliance System Management 259

CFPB Monitor

APRIL 11, 2023

Director Chopra, who is also a board member of the Federal Deposit Insurance Corporation, focused his messaging on the need to better educate consumers regarding when their deposits are and are not insured by the FDIC. Continue Reading

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FDIC Industry Washington 146

American Banker

DECEMBER 21, 2023

finalized rules governing display of the FDIC logo Wednesday, requiring a new digital FDIC sign on online banking platforms beginning in 2025, conspicuous physical signs in nontraditional bank facilities and explicit labeling of insured and non-deposit products. The Federal Deposit Insurance Corp.

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FDIC Online Compliance Regulation 85

Bank Innovation

FEBRUARY 14, 2020

In this episode, editors discuss the following news developments: The implications of banking startup Varo’s FDIC approval; How U.K. Welcome to the latest episode of our Weekly Wrap series, for the week ending Friday, Feb. card startup Curve opened a New York City office in advance of its U.S. launch; and Wells Fargo’s […].

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FDIC New York City New York US 243

PYMNTS

MARCH 15, 2020

Waters wrote to Jelena McWilliams , chairwoman of the Federal Deposit Insurance Corporation (FDIC) , requesting the agency wait until new regulatory proposals on ILC charters are given the OK before any more of the charters are passed through. Because of that, retail businesses can have them.

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FDIC Industry Company Meeting 140

Bank Innovation

JULY 25, 2017

Varo applied for a banking charter from the Federal Deposit Insurance Corporation (FDIC), as well as for a charter from the Office of the Comptroller of the Currenc, in the hopes of forming “Varo Bank,” the mobile banking startup announced today. Want a national bank that’s mobile-only? So does Varo Money.

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FDIC National Mobile Regulation 351

ABA Community Banking

APRIL 24, 2024

The FDIC named four new bankers as members of the agency's Minority Depository Institutions Subcommittee. The post FDIC names four bankers to MDI subcommittee appeared first on ABA Banking Journal.

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FDIC Community Bank Policies Community 52

CFPB Monitor

DECEMBER 29, 2022

On December 13, 2022, the FDIC issued a request for comment on a proposal to modernize the regulations governing use of the FDIC’s official signage and advertising of FDIC-insured status by insured depository institutions (IDIs), and to clarify regulations issued.

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FDIC Regulation 78

ABA Community Banking

APRIL 26, 2024

The FDIC announced five new members of the agency’s Advisory Committee on Community Banking. The post Five named to FDIC community banking advisory committee appeared first on ABA Banking Journal.

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FDIC Community Bank Community 52

CFPB Monitor

FEBRUARY 24, 2023

Earlier this month, the Federal Deposit Insurance Corporation (FDIC) issued cease-and-desist letters to a cryptocurrency exchange and a fintech , demanding that each of these entities immediately stop making false and misleading statements about FDIC coverage of their financial products. Continue Reading

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FDIC cryptocurrency Fintech Marketing 78

CFPB Monitor

MAY 1, 2023

The OCC has issued a new bulletin and the FDIC has issued new supervisory guidance directed to their supervised institutions to address “authorize positive, settle negative” (APSN) overdraft fee practices. The OCC bulletin also addresses non-sufficient funds (NSF) fee practices.

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FDIC 78

Payments Dive

JULY 20, 2023

The card company also disclosed during its latest earnings report that a pricing issue affected merchants and merchant acquirers, some of whom will get refunds.

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FDIC Cards Report Company 195

CFPB Monitor

AUGUST 4, 2022

The FDIC has issued an “Advisory to FDIC-insured institutions Regarding Deposit Insurance and Dealings with Crypto Companies ” to address the agency’s concerns regarding misrepresentations about FDIC deposit insurance by certain crypto companies. The FDIC identifies two issues that can create customer confusion.

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FDIC Risk Management Policies Regulation 78

CFPB Monitor

MAY 19, 2021

The Federal Deposit Insurance Corporation (FDIC) recently issued a notice of proposed rulemaking (NPR) and request for information (RFI) addressing “False Advertising, Misrepresentation of Insured Status and Misuse of the FDIC’s Name or Logo”.

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FDIC Regulation Fintech Examples 88

ABA Community Banking

APRIL 27, 2022

The FDIC has appointed seven new members to its Advisory Committee on Community Banking. The post FDIC names new community banking committee members appeared first on ABA Banking Journal. Twelve of 19 on the panel are with ABA member banks.

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Community Bank FDIC Community Policies 105

CFPB Monitor

JANUARY 31, 2023

The FDIC has announced that it is extending by 45 days the comment period for proposed changes to its signage and advertising rule. Several banking trade groups sent a letter to the FDIC requesting the 45-day extension. Originally set for February 21, the comment deadline is extended to April 7, 2023. Continue Reading

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FDIC Groups 78

American Banker

JUNE 3, 2024

In this month's roundup of top banking news: a Supreme Court ruling on CFPB funding, TD Bank's money laundering woes, an FDIC workplace probe reveals a culture of misconduct and more.

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FDIC Cyber Security System Policies 90

American Banker

JUNE 21, 2024

found shortcomings in the living wills of Bank of America, Citigroup, Goldman Sachs and JPMorgan Chase, although the FDIC deemed Citi's resolution plan as "deficient." The Federal Reserve and the Federal Deposit Insurance Corp.

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FDIC America Policies Compliance 78

American Banker

JUNE 28, 2024

The company says the FDIC's "pause letters" to banks and denial of Freedom of Information Act requests are illegal.

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FDIC Company Bitcoin cryptocurrency 78

CFPB Monitor

AUGUST 3, 2022

On July 25, 2022, the FDIC issued Financial Institution Letter (FIL)-34-2022 announcing updates to Chapters 1 and 4 of its Formal and Informal Enforcement Actions Manual (Manual). The Manual includes updates to the minimum standards for the FDIC’s termination of cease-and-desist and consent orders.

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FDIC Compliance Regulation Regional 78

CFPB Monitor

AUGUST 23, 2022

The FDIC has issued new supervisory guidance (FIL-40-2022) on multiple non-sufficient funds (NSF) fees arising from the re-presentment of the same unpaid transaction. In the guidance, the FDIC addresses potential risks arising from multiple re-presentment NSF fees, risk mitigation practices, and the FDIC’s supervisory approach. .

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FDIC Compliance System Regulation 78

American Banker

OCTOBER 8, 2024

21 to provide feedback on the FDIC's proposed rule on brokered deposits that could lead to higher costs for some insured depositories. Banks now have until Nov.

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FDIC Regulation Compliance 36

CFPB Monitor

MAY 4, 2023

The FDIC recently announced that it has entered into a Consent Order with Cross River Bank (CRB or Bank) to resolve FDIC charges that the Bank engaged in unsafe or unsound practices related to its fair lending compliance. (The The Consent Order was issued in March 2023 but not made public until the end of last month.) .

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FDIC Compliance Fintech Lending 78

American Banker

JUNE 6, 2024

A Minnesota trade group and its co-plaintiff, Lake Central Bank, signaled that they plan to appeal a district court's dismissal of their lawsuit against the FDIC. The case involves the agency's guidance on nonsufficient funds fees.

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Minnesota FDIC Groups Policies 67