CFPB Monitor
AUGUST 25, 2020
The plain language of the governing federal statute applies only to interest that an FDIC-insured state bank may charge. Allegedly, the FDIC’s rule represents an expansion of the FDIA’s preemption of state law interest rate caps by extending the preemption to assignees of loans originated by such banks.
CFPB Monitor
OCTOBER 27, 2022
The CFPB has told two courts, an Illinois federal district court and the Ninth Circuit, that the Fifth Circuit panel decision holding that the Bureau’s funding mechanism is unconstitutional is “neither controlling nor correct” and “mistaken.” . The CFPB addressed the panel’s decision in Community Financial Services Association v.
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Independent Banker
JUNE 30, 2022
According to Kientz, if an HOA has an FDIC-insured bank account of more than $250,000, it often takes multiple banks to manage the funds—but Academy Bank can handle accounts of that size on its own. Two bank charters (which doubles FDIC coverage). Collateralized deposits (which feature deposit insurance beyond FDIC limits).
PYMNTS
NOVEMBER 23, 2020
Figure, said Cagney, can offer some of its products in New Yok — but not in, say, Illinois. Drilling down into the charter itself, Cagney told Webster that “this is a full national charter — not a FinTech charter, but one where we are not directly collecting FDIC insured deposits or partnering with a bank to do that.”
MyBankTracker
APRIL 27, 2021
FDIC insured. FDIC Insurance. Luckily, CIT Bank is an FDIC-insured bank, which means deposits are insured up to $250,000 per depositor per account ownership type. Luckily, CIT Bank is an FDIC-insured bank, which means deposits are insured up to $250,000 per depositor per account ownership type. Competitive savings rate.
American Banker
JULY 13, 2016
Millennium Bank is said to have been the target of an enforcement action related to its work with the pot industry. The episode shows why many banks remain reluctant to serve the fast-growing cannabis industry.
Independent Banker
APRIL 30, 2022
Using FDIC data, we took into account pre-tax return-on-assets (ROA) figures from the past three years, with the most recent year weighted at 3x, second most recent year at 2x and third most recent year at 1x. William Atkinson is a writer in Illinois. Ed Avis is a writer in Illinois. How we compiled these rankings.
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