CFPB Monitor

JUNE 29, 2020

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.

FDIC 60

FDIC National Analysis Regulation 60

CFPB Monitor

AUGUST 13, 2018

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.

FDIC 68

FDIC Community Lending Guidelines 68

CFPB Monitor

DECEMBER 8, 2022

Because this allows a commercial or fintech company to own or acquire an ILC, the absence of consolidated supervision of ILC parent companies by the Federal Reserve Board is characterized by ILC critics as a dangerous “loophole” in safety and soundness oversight of ILC parent companies. . 5301) (e.g.

FDIC 78

FDIC Company Industry Regulation 78

PYMNTS

SEPTEMBER 30, 2020

The House committee held a hearing on the idea after Acting Comptroller of the Currency Brian Brooks in July proposed a new special purpose national banking charter for payments companies. The agency first proposed a special banking charter for FinTechs in 2014 that would limit pushback from the Federal Deposit Insurance Corp.

Regulation 349

Regulation National System Industry 349

Gonzobanker

MAY 4, 2020

All the capital flowing into the digital fintech space is helping to solve banking industry challenges. As the industry’s appetite for digital technology grows, the capital that’s been flowing into mostly digital-focused fintech is solving real industry challenges right now. SoFi/Galileo: This $1.2 customer impact.

Fintech 109

Fintech FDIC Capital Community Bank 109

Payments Source

DECEMBER 20, 2018

The Office of the Comptroller of the Currency has gotten the ball rolling for financial technology firms trying to operate a national platform, but the FDIC and Federal Reserve should act to remove other policy roadblocks.

FDIC 62

FDIC Regulation Fintech Policies 62

PYMNTS

JULY 24, 2019

The average national yield of savings accounts is 0.10%, whereas Betterment’s annual yield is 2.69%. Like other FinTechs, Betterment will partner with FDIC-insured institutions since it doesn’t have a bank charter. Betterment is among several FinTech startups that have launched deposit account products. .

Fintech 162

Fintech FDIC National Online 162

PYMNTS

JANUARY 9, 2018

“Community banks are much better positioned to provide personalized service to small business customers; large national banks simply aren’t equipped or motivated to do so.”. INTRUST Bank recently announced it is also taking part in the trend of collaborating with FinTechs.

Community Bank 131

Community Bank Community Fintech Lending 131

PYMNTS

JANUARY 31, 2019

is set to see its first new community bank in decades, as the Federal Deposit Insurance Corporation (FDIC) lent its approval for MOXY Bank to launch in Washington, D.C. The FDIC’s announcement said a private placement offering will raise at least $25 million for the bank ahead of its launch. Bloomberg listed Casey G.

Community Bank 122

Community Bank Community FDIC Marketing 122

CFPB Monitor

JANUARY 19, 2022

federal district court in December 2020 seeking to block the OCC from granting a national bank charter to Figure Technologies Inc. The lawsuit represented the CSBS’s third challenge to the OCC’s authority to issue special purpose national bank (SPNB) charters to non-depository fintech companies or to uninsured deposit-taking fintechs.

Technology 78

Technology National FDIC Fintech 78

CFPB Monitor

JANUARY 5, 2021

federal district court to block the OCC from granting a national bank charter to Figure Technologies Inc. federal district court challenging the OCC’s authority to issue special purpose national bank (SPNB) charters to non-depository fintech companies. The Conference of State Bank Supervisors (CSBS) has filed a lawsuit in D.C.

Conference 78

Conference Technology District of Columbia FDIC 78

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

ABA Community Banking

SEPTEMBER 8, 2021

Vast Bank recently became the first nationally chartered, FDIC-insured bank to offer crypto banking. Banks of all sizes are hearing from many customers that they want exposure to the fast-growing but volatile cryptocurrency market. The post How a Community Bank Launched a Retail Crypto Platform appeared first on ABA Banking Journal.

Community Bank 64

Community Bank Community Retail FDIC 64

CFPB Monitor

MAY 6, 2019

In doing so, the court found that the term “business of banking” as used in the National Bank Act (NBA) “unambiguously requires receiving deposits as an aspect of the business.”. National Resources Defense Council, Inc. The court’s textual analysis started with a review of the powers of national banks under the NBA.

Fintech 68

Fintech New York National Regulation 68

American Banker

FEBRUARY 10, 2020

but it has now moved within a few steps of obtaining what has eluded fintech firms of late: a green light from banking regulators. It was Varo's second try with the Federal Deposit Insurance Corp.,

FDIC 56

FDIC Regulation Fintech National 56

CFPB Monitor

MAY 16, 2019

As a result, it would not provide an alternative for fintech companies that are considering filing an application with the OCC for a special purpose national bank (SPNB) charter or for an industrial bank charter in a state such as Utah, that permits such charters. For more on the proposal, see the attached discussion.

Utah 68

Utah Fintech New York National 68

American Banker

MARCH 5, 2020

But proposals for a national usury law divide even Democrats, some of whom are concerned about restricting credit. Most states have some kind of pricing limit on consumer loans.

National 60

National FDIC Lending Regulation 60

CFPB Monitor

MAY 4, 2021

federal district court seeking to block the OCC from granting a national bank charter to Figure Technologies Inc. The lawsuit represents CSBS’s third challenge to the OCC’s authority to issue special purpose national bank (SPNB) charters to non-depository fintech companies. 7.4007, 7.4008, 34.4) ”). (In

Technology 78

Technology National Regulation FDIC 78

PYMNTS

AUGUST 7, 2019

Without a regulatory mandate, many in the financial services and FinTech space believe that competition will — and already has — nudged the industry toward embracing data integrations across platforms and service providers in the name of better banking experiences. Bank participation is key to promoting open banking in the U.S.,

Fintech 181

Fintech Strategy Resources Payments 181

CFPB Monitor

SEPTEMBER 10, 2020

Because CCBank is a state-chartered FDIC-insured bank located in Utah, Section 27(a) of the Federal Deposit Insurance Act authorizes CCBank to charge interest on its loans, including loans to California residents, at a rate allowed by Utah law regardless of any California law imposing a lower interest rate limit.

Utah 78

Utah California FDIC West Virginia 78

PYMNTS

AUGUST 16, 2019

“The nation’s two largest metropolitan areas are home to a majority of our commercial lending and banking clients,” said Greg Garrabrants, president and CEO of Axos, in a statement. and offer clients FDIC-insured accounts. The bank announced Thursday (Aug.

Los Angeles 101

Los Angeles New York FDIC Lending 101

Abrigo

NOVEMBER 29, 2021

To remain competitive, some of the nations’ largest banks have introduced new products. Noninterest income drove 20% of community banks' net operating revenue in 2019, down from 22% in 2012, according to a recent FDIC study. Examples include PNC's Low Cash Mode , which gives customers a 24-hour grace period to avoid overdraft fees.

Community Bank 195

Community Bank Community FDIC Trends 195

Independent Banker

JUNE 30, 2022

Using FDIC data for 2021, we calculated a lender score out of 100 for each community bank. American Bank, National Association. Classic Bank, National Association. The First National Bank In Sioux Falls. Dakota Community Bank & Trust, National Association. By Ed Avis. Methodology. Ag Lender Score. Mason City.

Community Bank 172

Community Bank Community National Philadelphia 172

PYMNTS

APRIL 24, 2019

Of course, those more than beat the national average on checking accounts, which is currently at a 0.08 In addition, Wealthfront works with FDIC-insured partner banks — including East West Bank , New York Community Bank and others — to hold customers’ deposits. In addition, Ally Bank and Barclays have high-yield offerings that earn 2.2

FDIC 108

FDIC New York Community Bank Course 108

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. Some recent episode titles: “Secret Sauce for Deeper Relationships & What’s So Nifty About NFTs” and “Fintech Investment and Growth Opportunities.” keep me informed.

Community 195

Community Lending Maine Resources 195

CFPB Monitor

OCTOBER 19, 2020

Chris also raised the possibility that the Madden -fix rules adopted by the OCC and FDIC and the OCC’s proposed true lender rule could be reversed or eroded and that there could be less interest in moving forward with special purpose national bank charters for fintechs or payments companies.

Leadership 78

Leadership FDIC Exercises Lending 78

FICO

DECEMBER 13, 2019

The guiding ethos of fintech (and really any industry portmanteau ending in ‘tech’) is move fast and break things. The most prominent villain for fintech companies is regulation. And when fintechs and challenger banks aren’t constrained by regulation (as they mostly are in the U.S. Generally this ethos is presented as a virtue.

Regulation 52

Regulation Fintech Lending Branding 52

Gonzobanker

FEBRUARY 1, 2024

The FDIC Approved This Ad How many times did we hear a speaker admonish the audience to “be sure and sign up for the FDIC notification list.” Joint presentations between bankers and fintechs abounded, showcasing collaborative initiatives. Five Hundred? (Oh

Conference 88

Conference FDIC Arizona Industry 88

CFPB Monitor

JUNE 18, 2020

He also indicated that he expects the FDIC to soon finalize its proposed rule to address the uncertainty created by Madden for loans originated by state banks and to partner with the OCC in formulating a “true lender” proposed rule.

FDIC 78

FDIC Fintech Policies Online 78

CFPB Monitor

JUNE 20, 2022

It found no support for the argument in the CFPA and noted that while the CFPA prohibits establishment of a national usury rate, the CFPB had not done so in CashCall because each state’s usury and licensing laws still applied. Nonbank/bank partnerships are currently under siege from several directions.

FDIC 78

FDIC California Texas Fintech 78

CFPB Monitor

SEPTEMBER 9, 2020

Ballard Spahr LLP has submitted a comment letter to the OCC in support of its proposed rule , “National Banks and Federal Savings Associations as Lenders” (the “Proposed Rule”). Three virtually identical Federal Interest Statutes govern interest that may be charged by Banks: Section 85 of the National Bank Act (“NBA”), 12 U.S.C. §

FDIC 78

FDIC National South Dakota Lending 78

PYMNTS

DECEMBER 7, 2020

The legislation would also cover stablecoins that are “denominated in United States dollars or pegged to the United States dollar, or denominated in or pegged to another national or state currency.”. Casting a Wide Net . That’s a pretty wide net, as it would cover any number of stablecoins pegged to single currencies or baskets of currencies.

Regulation 192

Regulation United States Cleveland cryptocurrency 192

PYMNTS

NOVEMBER 18, 2019

recorded its fourth bank failure this year — the first collapse of financial institutions since 2017, per Federal Deposit Insurance Corp (FDIC) data. 1 when City National Bank of New Jersey closed its three branches. The most recent failure was on Nov. Elavon Spends $300M For Sage Pay.

System 100

System New Jersey Payments Apple 100

PYMNTS

FEBRUARY 19, 2019

The remarks were made at a conference, focusing on the issue of “financial deserts,” involving the struggle for rural communities to feel the benefits of overall national economic strength and a declining unemployment rate. making it one of the nation’s first new community banks in years.

Marketing 108

Marketing Community Community Bank Industry 108

Jeff For Banks

JUNE 20, 2017

The banking system is stable, which is critical to national and state economies. So what am I talking about, that deposit insurance is why banks don't do like FinTech lending firms and use alternatives to the FICO score in underwriting consumer credits? And because deposit insurance is a national program, so should they.

Data 60

Data FDIC Regulation Washington 60

CFPB Monitor

OCTOBER 29, 2020

The OCC has issued a final rule to address when a national bank or federal savings association should be considered the “true lender” in the context of a partnership with a third party. The “true lender” rule interprets the provisions of the National Bank Act (NBA), the Federal Reserve Act, and the Home Owners’ Loan Act (HOLA) (12 U.S.C.

National 60

National Lending Exercises FDIC 60

Independent Banker

APRIL 30, 2022

Brazos National Bank. Douglas National Bank. FSNB, National Association. Pioneer Trust Bank, National Association. AMG National Trust Bank. HNB National Bank. Leader Bank, National Association. BNC National Bank. Stearns Bank National Association. By William Atkinson. Philadelphia.

Community Bank 172

Community Bank Community Montana Taxes 172