Bank Innovation

JANUARY 26, 2020

Grasshopper opened in May 2019 after securing FDIC and OCC approval, a rare distinction for a digital-only bank. Jeremy Shure, global head of Grasshopper’s early-stage practice, told Bank Innovation that the company serves founders where the banking industry […].

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New York City FDIC New York Innovation 243

CFPB Monitor

MARCH 27, 2019

The FDIC has announced that Leonard Chanin joined the agency on March 18 as Deputy to the Chairman. Leonard will also provide advice on the FDIC’s efforts to promote innovative financial services technologies.

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FDIC Community Regulation Groups 113

South State Correspondent

MARCH 3, 2025

In 1985, there were 14,417 FDIC banking charters. With deregulation in 1980, innovation and efficiency were now held in the highest regard. With deregulation and against a backdrop of increasing bank failures, the FDIC deposit insurance was raised from $40,000 to $100,000, and the ceiling savings rate was phased out.

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FDIC Trends Management ATM 195

PYMNTS

OCTOBER 15, 2018

Where there are underserved consumers looking to enter the digital ecosystem, there are innovators big (and, in some cases, very big ) and small looking to serve them. Lots to manage, lots of warning lights to watch – and a lot of consumers awaiting risk-proofed innovations.

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Innovation Data FDIC Management 152

PYMNTS

MARCH 26, 2020

Square also made the jump into officially becoming a bank this week, with the award of an ILC banking license by the FDIC. But the FinTechs, Baird noted, are adapting and innovating around that issue. LendingClub, on the other hand, started life as a FinTech, but will become a bank after buying one earlier this year.

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Innovation Fintech Data Examples 241

BankInovation

OCTOBER 1, 2020

The Federal Deposit Insurance Corporation (FDIC) has taken steps to promote fintech partnerships and diversity and inclusion within the financial services industry, both internally at the FDIC and among the institutions it regulates, FDIC Chairwoman Jelena McWilliams said during the LendIt Fintech USA 2020 conference Wednesday.

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FDIC Fintech Innovation Conference 98

Payments Dive

APRIL 8, 2022

The regulator said it supports safe and sound innovations, but is concerned that the risks associated with crypto assets and crypto-related activities are not well understood.

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FDIC Regulation Innovation 195

Bank Innovation

JULY 29, 2019

On the heels of digital banking startup Varo Money applying for a banking license with the Federal Deposit Insurance Corporation (FDIC) earlier this month, another fintech firm with its toes in charter waters seems poised to jump in.

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FDIC Digital Banking Fintech Online 253

Bank Innovation

OCTOBER 4, 2019

The FDIC-insured savings account is offered through custodian MVB Bank. The 12-year-old personal finance company, which is now worth $4 billion, announced the savings account product this week, which will roll out to U.S. customers on Oct. The company, however, is partnering with a network of […].

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FDIC Company Customer Experience 268

Bank Innovation

OCTOBER 4, 2019

The FDIC-insured savings account is offered through custodian MVB Bank. The 12-year-old personal finance company, which is now worth $4 billion, announced the savings account product this week, which will roll out to U.S. customers on Oct. The company, however, is partnering with a network of […].

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FDIC Company Customer Experience 267

Bank Innovation

JUNE 3, 2019

Varo Money has been striving to get a banking charter for three years. 31, 2018, the digital-only challenger bank finally received conditional approval from the Office of the Comptroller of the Currency. It’s still unclear, however, if the Federal Deposit Insurance Corporation will grant the final approval.

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FDIC Regulation Operations Compliance 170

PYMNTS

SEPTEMBER 30, 2020

Co-signed by the American Bankers Association, Bank Policy Institute, Independent Community Bankers of America and The Clearing House, the letter argues that banks and non-bank technology firms are both already embracing innovation in customer service offerings. FDIC), the states and the courts.

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Regulation National System Industry 349

Bank Innovation

FEBRUARY 12, 2020

As of January, there were 3,989 in-store branches of FDIC-insured institutions housed within retail stores, a decrease of 2.3% In-store branches are satellite bank branches located inside large retail spaces, such as supermarkets or chains like Walmart and Safeway. since June 30, 2019, and 6.5%

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FDIC US Retail Digital Banking 243

Bank Innovation

JANUARY 19, 2018

Varo, a mobile banking startup that provides an FDIC-insured bank […]. The funds will go towards marketing its service as well as for laying “the foundation” to become a bank, company CEO Colin Walsh told TechCrunch.

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National FDIC Mobile Marketing 225

Bank Innovation

JULY 31, 2018

The fintech charter does not require deposit insurance from the FDIC, per a recommendation from the Treasury Department. It’s good news for fintechs in lending and payments that want a federal banking license, the Office of Comptroller of the Currency (OCC) has started accepting applications starting today.

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Fintech FDIC Lending Payments 218

PYMNTS

MARCH 10, 2020

Joust, which was a finalist for the 2020 SXSW Innovation Awards, said it will offer any affected users zero payment processing fees on its FDIC-insured free bank account. Joust is a banking app targeting freelancers and small businesses. SXSW was canceled on March 6 due to concerns over the spread of the coronavirus.

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Austin FDIC Apple Google 256

Bank Innovation

APRIL 25, 2019

Fintechs are having trouble facing reality when it comes to obtaining bank charters, FDIC Chairman Jelena McWilliams and Comptroller of the Currency Joseph Otting said here at the FDIC’s Fintech and the Future of Banking conference on Wednesday. WASHINGTON, D.C.

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Fintech FDIC Washington Conference 186

Abrigo

OCTOBER 30, 2024

In addition, he noted, a recent consent order from the FDIC required an institution with assets below $1 billion to ‘establish satisfactory quality control procedures over the alert clearing and investigation process. Abrigo Advisors expect this emphasis on quality control will be a theme during exams —even at smaller institutions.

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Compliance Training System Management 221

CFPB Monitor

JUNE 15, 2022

Four Democratic members of the California state legislature recently sent a letter to the Federal Deposit Insurance Corporation (FDIC) urging the agency to take action against FDIC-supervised banks that partner with non-bank lenders to originate high-cost installment loans.

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FDIC California West Virginia North Carolina 78

PYMNTS

DECEMBER 10, 2018

The statement gave a nod to “private sector innovation” that can use tech to detect and report financial crimes such as money laundering and terrorist financing. According to the statement, the agencies said they would consider bank pilot programs. This would be the first boost in 25 years.

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Regulation Fintech FDIC Innovation 172

CFPB Monitor

APRIL 22, 2019

This Wednesday April 24th, the Federal Deposit Insurance Corporation and Duke University’s Fuqua School of Business and Innovation and Entrepreneurship Initiative will host a conference titled “ Fintech and the Future of Banking ” in Arlington, Virginia.

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FDIC Conference Arlington Fintech 68

American Banker

MARCH 9, 2021

Community banks with meager tech budgets need help identifying the right systems for institutions their size and finding good partners, says Sultan Meghji, who recently joined the Federal Deposit Insurance Corp. in this newly created role.

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FDIC Community Bank Innovation Community 98

Bank Innovation

APRIL 24, 2019

Secretary of the Treasury Steven Mnuchin said today that he prefers private over government solutions when it comes to collecting and using consumer data for financial products and services, speaking at a fintech conference hosted here by the FDIC.

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Data FDIC Washington Conference 170

Bank Innovation

JULY 11, 2019

German challenger bank N26 has partnered with San Diego-based Axos Bank to offer an FDIC-insured checking account and Visa debit card for U.S. The products, announced on Thursday, are now available to about 100,000 customers who were on the waitlist for the U.S. version of the app. The company said customers can sign up […].

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San Diego Cards FDIC US 186

Bank Innovation

MAY 30, 2019

The three-year-old company, which has so far raised $42 million in funding, on Thursday launched Tally Save, a free app that analyzes users' spending patterns and automatically puts spare funds into an FDIC-insured savings […].

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FDIC Management Company Lending 186

Bank Innovation

JULY 14, 2016

How Chinese spies hacked into computers at the Federal Deposit Insurance Corporation from 2010 until 2013 -- and American government officials tried to cover it up.

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FDIC Video Security 150

Bank Innovation

JULY 24, 2019

The New York-based company this week rolled out two new products: a savings account, which is available now, with a market-leading 2.69% APY and that’s FDIC-insured […].

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FDIC New York Marketing Company 170

Bank Innovation

JULY 24, 2019

The New York-based company this week rolled out two new products: a savings account, which is available now, with a market-leading 2.69% APY and that’s FDIC-insured […].

FDIC 170

FDIC New York Marketing Company 170

Abrigo

MARCH 18, 2025

Payment system types, trends, and fraud risks Understanding how payment systems function, the different types in use, and the associated risks is critical for financial institutions to be able to balance innovation with security. Key topics covered in this post: What is a payment system? Need short-term fraud or AML staffing relief?

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System Payments Fraud Regulation 195

Bank Innovation

MARCH 21, 2016

It’s been a year since the Federal Deposit Insurance Corporation (FDIC) conditionally approved a de novo charter for Primary Bank. Based in Bedford, New Hampshire, the new Primary Bank raised an astounding $29 million after obtaining approval for its charter on March 17th of 2015. But Primary Bank was not the Read More.

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New Hampshire FDIC Operations Capital 150

PYMNTS

OCTOBER 25, 2019

The Commodity Futures Trading Commission ( CFTC ), Federal Deposit Insurance Corporation ( FDIC ), Office of the Comptroller of the Currency ( OCC ), and the Securities and Exchange Commission ( SEC ) have announced that they are joining the Global Financial Innovation Network ( GFIN ).

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Colorado Regulation Innovation Wyoming 102

CFPB Monitor

FEBRUARY 12, 2024

On February 2, 2024, three Republican members of the House Financial Services Committee sent a letter to Federal Deposit Insurance Corporation (“FDIC”) Chair Martin Gruenberg expressing concern regarding what the congressmen perceive to be the FDIC’s attempts to reduce engagement with industry participants on financial technology and innovation.

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Innovation FDIC Regulation Financial Technology 78

BankInovation

OCTOBER 1, 2020

The Federal Deposit Insurance Corporation (FDIC) has taken steps to promote fintech partnerships and diversity and inclusion within the financial services industry, both internally at the FDIC and among the institutions it regulates, FDIC Chairwoman Jelena McWilliams said during the LendIt Fintech USA 2020 conference Wednesday.

FDIC 52

FDIC Fintech Innovation Conference 52

CFPB Monitor

NOVEMBER 15, 2018

The FDIC’s issuance of the RFI signals that the FDIC intends to follow suit. Innovation. Unlike the FDIC, the OCC did not issue an RFI in advance of issuing its bulletin. In addition, it invites comment on the structure of small-dollar credit products offered by FDIC-supervised institutions. Challenges.

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FDIC Lending National Examples 60

CFPB Monitor

AUGUST 1, 2018

The FDIC has not yet responded.

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FDIC Regulation Innovation Resources 68

Payments Source

OCTOBER 9, 2018

Fintechs can get what they need from a traditional bank charter with the FDIC, as long as the agency is willing to play ball and step up its approach to innovation.

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Fintech FDIC Innovation Regulation 98

ABA Community Banking

JUNE 6, 2024

On the latest episode of the ABA Banking Journal Podcast, Anthony Sharett, president of Pathward, discusses how his FDIC-insured bank works alongside depository institutions to expand offerings that enhance financial inclusion and reach the unbanked.

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Innovation FDIC Branding Community Bank 59