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.

FDIC 113

FDIC Community Regulation Groups 113

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 Payment processor Square has withdrawn its application to become a deposit-taking bank, a move similar to online lender Social Finance or SoFi, which withdrew its application last fall.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

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.

FDIC 195

FDIC Regulation Innovation 195

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

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.

Innovation 152

Innovation Data FDIC Management 152

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.

FDIC 68

FDIC Conference Arlington Fintech 68

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 […].

New York City 243

New York City FDIC New York Innovation 243

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.

FDIC 60

FDIC Lending National Examples 60

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.

Innovation 241

Innovation Fintech Data Examples 241

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.

FDIC 98

FDIC Community Bank Innovation Community 98

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.

FDIC 170

FDIC Regulation Operations Compliance 170

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 ).

Colorado 102

Colorado Regulation Innovation Wyoming 102

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

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

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%

FDIC 243

FDIC US Retail Digital Banking 243

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 […].

FDIC 268

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 […].

FDIC 267

FDIC Company Customer Experience 267

BankInovation

JUNE 3, 2021

Federal Deposit Insurance Corporation (FDIC) is exploring how to shepherd such integrations while also assimilating changes in the agency’s internal tech stack. Starting June 14, Sultan Meghji, the FDIC’s inaugural chief innovation officer, and the supervisory body’s tech lab, […].

FDIC 90

FDIC Innovation How To Fintech 90

American Banker

MARCH 14, 2022

(..)

FDIC 69

FDIC Innovation 69

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.

Fintech 186

Fintech FDIC Washington Conference 186

CFPB Monitor

AUGUST 1, 2018

The FDIC has not yet responded.

FDIC 68

FDIC Regulation Innovation Resources 68

CFPB Monitor

MARCH 15, 2022

In 2019, California enacted AB 539 which, effective January 1, 2020, limited the interest rate that can be charged on loans of $2,500 to $10,000 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate.

California 78

California Innovation Utah West Virginia 78

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

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

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 76

FDIC Report Innovation Community Bank 76

BankInovation

JUNE 4, 2021

companies, Sultan Meghji, the FDIC’s new chief innovation officer, told BAN. In this week’s episode of "The Buzz," Bank Automation News tackles the question of what banks can expect from regulatory agencies when it comes to deploying artificial intelligence (AI) in financial services. AI may offer a competitive advantage for U.S.

Innovation 98

Innovation Company FDIC Compliance 98

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

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

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

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 […].

San Diego 186

San Diego Cards FDIC US 186

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.

Fintech 218

Fintech FDIC Lending Payments 218

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 […].

FDIC 186

FDIC Management Company Lending 186

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

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.

Austin 256

Austin FDIC Apple Google 256

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.

National 225

National FDIC Mobile Marketing 225

The Paypers

MAY 2, 2023

First Republic Bank (FRB) has fallen over, but the Federal Deposit Insurance Corporation (FDIC) is closed by the California Department of Financial Protection and Innovation.

FDIC 36

FDIC California Regulation Innovation 36

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