Bank Innovation

JULY 31, 2018

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. The fintech charter does not require deposit insurance from the FDIC, per a recommendation from the Treasury Department.

Fintech 218

Fintech FDIC Lending Payments 218

Bank Innovation

JULY 9, 2018

It plans to reapply with the FDIC, but did not reveal […]. Payment processor Square has withdrawn its application to become a deposit-taking bank, a move similar to online lender Social Finance or SoFi, which withdrew its application last fall.

FDIC 210

FDIC Online Payments Operations 210

PYMNTS

MARCH 26, 2020

But as of 2020, it is a subject upon which seasoned experts can disagree, in a world where traditional banks and FinTechs are operating in parallel in the market – and, in many cases, are offering similar services for consumers. But the FinTechs, Baird noted, are adapting and innovating around that issue. Baird said. “As

Innovation 241

Innovation Fintech Data Examples 241

PYMNTS

APRIL 24, 2020

Yet demand for contactless payments and digital, automated financial solutions means FinTech funding may not take as hard of a hit as other startup segments. however, funding for FinTechs actually increased to $3.7 B2B FinTech investments appear to be relatively strong, too. As an FDIC insured bank in the U.S.,

Fintech 193

Fintech Capital Security FDIC 193

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.

Regulation 172

Regulation Fintech FDIC National 172

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.

Fintech 98

Fintech FDIC Innovation Regulation 98

Bank Innovation

DECEMBER 31, 2018

Bank Innovation’s five picks for companies that made noise in fintech this year may not include any banks, but it does include a company owned by a collection of them. Indeed, as far as innovation is concerned, 2018 was the year of the fintechs and nonbanks -- some friendlier to the traditional players than others. […].

Company 199

Company Fintech Innovation FDIC 199

PYMNTS

JUNE 10, 2019

Its new FinTech team could ultimately have more than 100 workers. The company’s push into FinTech will help broaden its lead over rival service Lyft, and its offerings will look to help increase customer engagement and loyalty. Many FinTech outfits use a small group of institutions like Celtic Bank or Cross River for banking products.

Fintech 214

Fintech San Francisco FDIC New York 214

CFPB Monitor

SEPTEMBER 14, 2021

Last week, the Federal Reserve Board published a paper on partnerships between community banks and fintech companies, “Community Bank Access to Innovation through Partnerships.” The Fed’s publication of the paper is another indication of the increased attention that regulators are paying to bank relationships with fintechs.

Fintech 78

Fintech Community Bank Community FDIC 78

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.

FDIC 253

FDIC Digital Banking Fintech Online 253

PYMNTS

MAY 27, 2020

The pandemic has accelerated the digital roadmap for everyone in financial services, giving rise to more innovation in the past few months than had been seen over the course of several years. HMBradley offers FDIC-insured accounts through Hatch Bank based in California, and rates of about 3 percent on its savings accounts.

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Fintech Innovation Digital Banking FDIC 236

American Banker

FEBRUARY 1, 2024

s stance on innovation, and said they were worried about the impact that would have on the bank examination process. Top House Financial Services Committee Republicans questioned the Federal Deposit Insurance Corp.'s

FDIC 72

FDIC Innovation Policies Compliance 72

CFPB Monitor

AUGUST 7, 2020

a wholly-owned subsidiary of fintech Varo Money, Inc. The approved application is for a full-service charter, not the OCC’s controversial FinTech charter that is currently the subject of ongoing litigation. team — the first consumer fintech to receive a national bank charter. The water’s fine!”. Varo Bank, N.A.’s

Fintech 78

Fintech FDIC Utah National 78

PYMNTS

NOVEMBER 1, 2018

The ongoing struggle, supposedly existential in nature, that pits upstart, relatively young FinTech firms against arrogantly complacent banks for supremacy in this new and growing world of digital payments and commerce. And that is a bank – one with FDIC insurance and safeguards that keep their money safe. Trust in Banks. Why is that?

Fintech 191

Fintech UX Mobile FDIC 191

Bank Innovation

FEBRUARY 18, 2019

Aura, a San Francisco-based fintech offering affordable loans to low to moderate-income households, wants to partner with banks to offer those loans to consumers who have traditionally been unable to secure them from larger institutions.

San Francisco 186

San Francisco Fintech Innovation Security 186

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.

Data 170

Data FDIC Washington Conference 170

PYMNTS

OCTOBER 22, 2019

announced that it is partnering with Evolve Bank & Trust , an FDIC-insured financial services organization, to offer a full suite of customizable credit, debit, prepaid and DDA products. Its partnership with ic2 will include the latest innovations in credit cards, prepaid cards, debit cards, and a host of core-banking solutions.

Fintech 100

Fintech FDIC ATM Cards 100

BankInovation

JUNE 3, 2021

As banks, fintechs and financial institutions grapple with how to implement artificial intelligence (AI), the U.S. Federal Deposit Insurance Corporation (FDIC) is exploring how to shepherd such integrations while also assimilating changes in the agency’s internal tech stack.

FDIC 90

FDIC Innovation How To Fintech 90

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.

Regulation 349

Regulation National System Industry 349

The Financial Brand

FEBRUARY 10, 2020

Fintech's patience paying off as it nears final hurdles, setting stage for major new digital banking competitor. The post FDIC Greenlights Mobile-First Fintech Varo Money for Deposit Insurance appeared first on The Financial Brand.

FDIC 33

FDIC Mobile Fintech Digital Banking 33

ABA Community Banking

NOVEMBER 20, 2019

Regulators need to understand the pressures that banks face to innovate and support those efforts, FDIC Chairman Jelena McWilliams said today. The post McWilliams: Regulators Need to Support Bank Innovation Efforts appeared first on ABA Banking Journal.

Regulation 45

Regulation Innovation FDIC Community Bank 45

CFPB Monitor

JUNE 12, 2019

Democratic Senators Elizabeth Warren and Doug Jones have sent a letter to the CFPB, Federal Reserve, OCC, and FDIC expressing concern that fintech and traditional lenders using algorithms in their underwriting processes are engaging in unlawful discrimination. Such algorithms are often referred to as “artificial intelligence.”).

FDIC 111

FDIC Fintech Lending Innovation 111

PYMNTS

JANUARY 7, 2021

In today’s top news in digital-first banking, California FinTech Green Dot is rolling out the GO2bank mobile banking to help cash-strapped individuals, while stimulus checks are reportedly posing challenges for some users of H&R Block and TurboTax. Green Dot Introduces GO2bank To Help Cash-Strapped Consumers.

California 142

California FDIC Regional Taxes 142

PYMNTS

MARCH 19, 2020

FDIC Approves Square for Banking License. The Federal Deposit Insurance Corporation (FDIC) granted Square a banking license to operate a de novo industrial bank in Salt Lake City. FinTech leader Fiserv has acquired independent software vendor Bypass Mobile, an innovator in the point-of-sale systems arena.

FDIC 130

FDIC Utah Payments Mobile 130

CFPB Monitor

OCTOBER 10, 2016

titled: “ How to make fintech work for all Americans.” ” Speakers include industry representatives and an FDIC representative. ” Among the questions to be addressed are whether “regulation and policy inhibit innovation and skew benefits toward the well-to-do.”

Fintech 60

Fintech FDIC Policies Washington 60

Abrigo

MAY 5, 2022

Breaking Banks Breaking Banks , billed as the #1 global fintech podcast and radio show, began in 2013 and is hosted by media firm Provoke.fm. Weekly episodes highlight innovators and industry players driving innovation in the financial services industry. keep me informed.

Community 195

Community Lending Maine Resources 195

PYMNTS

MARCH 7, 2017

Aiming to back and support FinTech startups focused on the underserved, Accion International and VC Quona Capital raised $141 million in funding. According to a report , the funding came from multiple institutional investors in support of FinTech startups that focus on those who are shutout of traditional banking systems around the globe.

FDIC 100

FDIC Capital Fintech Analytics 100

CFPB Monitor

NOVEMBER 22, 2022

The report attributes the risk that such schemes will arise to bank/fintech relationships that “lack proper regulatory oversight or principles for responsible lending.”

Fintech 78

Fintech Report Data Lending 78

American Banker

JULY 1, 2020

Jelena McWilliams explains the agency's decision to enlist the help of tech innovators to modernize a reporting process that the coronavirus epidemic has exposed as outdated.

FDIC 75

FDIC Report Innovation Community Bank 75

CFPB Monitor

SEPTEMBER 27, 2016

Republican Congressman Patrick McHenry, Vice Chair of the House Financial Services Committee, has introduced the “ Financial Services Innovation Act of 2016 ,” which is intended to provide a streamlined regulatory process for innovative fintech products and greater certainty about compliance requirements.

Fintech 60

Fintech Innovation Compliance Policies 60

The Financial Brand

FEBRUARY 10, 2020

Fintech's patience paying off as it nears final hurdles, setting stage for major new digital banking competitor. The post FDIC Greenlights Mobile-First Fintech Varo Money for Deposit Insurance appeared first on The Financial Brand.

FDIC 15

FDIC Mobile Fintech Digital Banking 15

ABA Community Banking

JANUARY 31, 2022

The outgoing FDIC chairman discusses bank innovation, FDITech, post-COVID exams and the agency's COVID response in part one of this interview. The post Podcast: Exit Interview with Jelena McWilliams, Part 1 appeared first on ABA Banking Journal.

FDIC 52

FDIC Innovation Taxes Community Bank 52

Fintech Labs Insights

JUNE 23, 2023

Rewind to 2019 and there were more than 50 fintech/insurtech accelerators. And only 7 of those are fintech market specialists. Here is our curated list of accelerators actively looking for fintech startups. Ranked more or less by their total portfolio of fintech graduates.

San Francisco 15

San Francisco Fintech Charlotte CA 15

BankInovation

JULY 17, 2020

Fintechs looking to expand beyond their Bay Area or New York City headquarters have welcomed an unlikely visitor in recent years: Utah Gov. Gary Herbert. “The The governor is a great salesperson,” said Val Hale, executive director for the Utah Governor’s Office of Economic Development.

Utah 83

Utah New York City Fintech California 83

CFPB Monitor

JULY 14, 2022

The California Department of Financial Protection and Innovation (DFPI) has filed its opposition to Opportunity Financial, LLC’s (OppFi) Demurrer to the DFPI’s cross-complaint.

California 78

California Innovation Utah Texas 78

Bank Innovation

DECEMBER 27, 2018

Bank Innovation's list of people to watch in 2019 include the head of a large bank, the head of a community bank, a regulator, an investor with money to burn and the head of one of the biggest fintechs in the industry. The people on the list were chosen by BI's editors and are listed in […].

Community Bank 170

Community Bank Community Regulation Innovation 170

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. Innovating into the teeth of a recession may be a tough proposition, or baptism by fire — only time will tell.

Lending 151

Lending FDIC Fintech Operations 151