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FDIC issues “Madden fix” rule addressing state bank loan interest rates after assignment

CFPB Monitor

The FDIC has issued its widely anticipated final rule resolving the uncertainty caused by the Second Circuit’s Madden v. The FDIC’s Notice of Proposed Rulemaking (“NPR”) was published the same week as an OCC proposed rule intended to address the same issue for national banks under Section 85. Midland Funding decision.

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FDIC Chair’s recent interview gives insight into FDIC’s agenda

CFPB Monitor

McWilliams stated that the FDIC’s top priorities included: (1) reducing regulatory burden on community banks; (2) increasing the speed with which the FDIC reviews charter and deposit insurance applications; and (3) assisting banks to introduce new financial products that serve underserved communities.

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Varo Is First FinTech to Receive Full-Service Charter from the OCC

CFPB Monitor

On July 31, 2020, the Office of the Comptroller of the Currency (OCC) approved the national bank charter application of Varo Bank, N.A., team — the first consumer fintech to receive a national bank charter. As other fintechs mature and grow nationally, the message from the federal banking system is: come on in. Varo Bank, N.A.’s

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Environmental, Social and Governance (ESG) and Climate Risk Investing – You must be kidding me?!

Perficient

Governance factors focus on the organization’s leadership, transparency, accountability, and adherence to ethical business practices.” Social factors consider a company’s treatment of employees, diversity and inclusion practices, community relations, and involvement in socially responsible initiatives.

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Popular Association Banking’s Molly Hime to Retire. Carlos Hernandez Named New Division Manager.                                       

PopularBank

Molly has been with Popular Bank since 2005 and was instrumental in growing PAB into a $2 Billion loan portfolio business and the national platform it is today. Under her leadership, the team has quadrupled in size and has originated more than $5 Billion in association loans as well as more than $1.6 Billion in deposits.

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The Death of the Community Bank

Jeff For Banks

A mid-2020 survey performed by Cornerstone Advisors showed that 51% of retail customers that opened a new bank account within the last three months did so at a large, national bank. When I made that speech in 2008, there were approximately 8,500 FDIC-insured financial institutions and today that is around 5,000, a 40% decline.

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10 Top Banking Podcasts You Should be Listening to

Abrigo

Guests and Marksberry typically talk leadership, life, and advice for listeners, all while telling stories of their journeys to leadership in the financial sector. It is a living-room-chat style podcast with other credit union executives, consultants, and business owners from Colorado and elsewhere around the world.

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