Bank Innovation

JANUARY 26, 2020

New York City-based Grasshopper Bank is geared toward startups, with a focus on pain points for founders. Grasshopper opened in May 2019 after securing FDIC and OCC approval, a rare distinction for a digital-only bank.

New York City 243

New York City FDIC New York Innovation 243

CFPB Monitor

AUGUST 25, 2020

The central allegations in the new complaint generally track those made in the lawsuit against the OCC. The plain language of the governing federal statute applies only to interest that an FDIC-insured state bank may charge. The FDIC’s rule purports to regulate activities of non-banks which are beyond the FDIC’s jurisdiction.

FDIC 78

FDIC District of Columbia North Carolina Illinois 78

PYMNTS

FEBRUARY 1, 2021

Manhasset, New York-headquartered Apple Bank For Savings will have to pay a $12.5 Apple Bank for Savings was accused of failing to comply with the Bank Secrecy Act, according to the Federal Deposit Insurance Corporation (FDIC) per WSJ. Apple Bank is chartered in New York and has locations across the state.

Apple 150

Apple FDIC New York Compliance 150

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

BankInovation

APRIL 28, 2023

First Republic Bank shares fell as much as 54% in extended New York trading on speculation that it would be seized by regulators, as regional US lenders are pressured by deposit drains and weakening investments.

San Francisco 52

San Francisco FDIC New York Regional 52

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. to 1:00 p.m.

FDIC 60

FDIC National Analysis Regulation 60

American Banker

MAY 17, 2023

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New York 36

New York Community Bank FDIC Community 36

Perficient

FEBRUARY 16, 2022

Now, we will share and analyze the findings made by researchers Gordon Liao and John Caramichael at the Federal Reserve Bank of New York. Although not stated, FDIC insurance of stablecoin deposits would almost have to be required. Further Reading.

New York 294

New York cryptocurrency Security FDIC 294

TheGuardian

MARCH 17, 2023

SVB Financial Group filed for chapter 11 protection on Friday in New York bankruptcy court where administrators will set about selling off assets to meet creditors claims. Continue reading.

Company 73

Company FDIC New York Groups 73

PYMNTS

MAY 15, 2019

The surge comes after the announcement that XRP is now available to New York residents, which has brought in a new influx of funds. And SFOX is partnering with New York-based M.Y. FDIC) — the FDIC-insured accounts will be linked to a crypto prime dealer. SFOX’s partnership with M.Y.

Samsung 191

Samsung blockchain Bitcoin FDIC 191

The Paypers

APRIL 4, 2023

bunq , an online banking startup, has filed an application for a US banking licence with the FDIC in the state of New York.

US 41

US FDIC New York Online 41

PYMNTS

OCTOBER 24, 2019

But Federal Deposit Insurance Corporation (FDIC) coverage — which protects deposits — proved a sticking point this week. District Court for the Southern District of New York ruled Monday (Oct. Can’t get the charter without FDIC coverage. CSBS will support New York DFS as its case proceeds.”

Fintech 101

Fintech FDIC New York National 101

PYMNTS

JULY 15, 2020

said Revolut is its first customer for its new product, the Paxos Crypto Brokerage. According to New York-based Paxos, the API-based solution is designed to enable companies to “integrate cryptocurrency buying, selling, holding and sending capabilities into their own applications.”. Revolut made its U.S.

US 233

US cryptocurrency FDIC Compliance 233

PYMNTS

JUNE 10, 2019

If Uber did provide a bank account, it would likely link up with an existing FDIC-insured bank instead of acquiring its own charter. Currently, Uber is also looking to expand its headquarters in New York and find a larger space, potentially as large as 300,000 square feet.

Fintech 214

Fintech San Francisco FDIC New York 214

CFPB Monitor

NOVEMBER 12, 2020

The team will be led by Leandra English , who is currently with the New York Department of Financial Services. Banking and Securities Regulators (includes FDIC, Federal Reserve, NCUA). Gary Gensler , who is with the Massachusetts Institute of Technology, will serve as team leader. As our blog readers may recall, Ms.

FDIC 97

FDIC Massachusetts New York Policies 97

PYMNTS

DECEMBER 5, 2018

New York-based Signature Bank is rolling out a digital payments platform powered by blockchain that enables real-time payments for corporate customers. The bank said the New York State Department of Financial Services has provided approval for the platform, and deposits held within Signet are eligible for FDIC insurance.

blockchain 159

blockchain Payments New York FDIC 159

CFPB Monitor

MARCH 6, 2020

Leonard is currently serving as Deputy to FDIC Chairman Jelena McWilliams and will continue in that position while serving as CFPB Acting Deputy Director. According to Bloomberg Law , beginning on March 9, Leonard Chanin will serve as part-time CFPB Acting Deputy Director.

New York City 78

New York City FDIC New York Regulation 78

PYMNTS

NOVEMBER 12, 2020

Even if a COVID-19 vaccine is finalized in the next few months, that wouldn’t provide immediate relief to New York City’s comatose $4 billion hotel mortgage sector, the Financial Times reported. FDIC) currently considers 356 banks to be “concentrated” in commercial real estate based on the ratio of CRE loans they hold.

New York City 227

New York City New York Missouri Philadelphia 227

PYMNTS

AUGUST 16, 2019

Axos Bank parent company Axos Financial has rolled out out commercial banking operations across new markets in the U.S., and offer clients FDIC-insured accounts. It was the latest example of the bank-FinTech collaboration trend expanding across borders to help FinTechs enter new geographic markets and comply with local regulations.

Los Angeles 101

Los Angeles New York FDIC Lending 101

American Banker

FEBRUARY 2, 2021

The FDIC fined the New York bank $12.5 million for ignoring previous orders to clean up its act; economists say the program hasn’t saved that many jobs to justify the expense.

FDIC 42

FDIC New York Apple 42

Abrigo

AUGUST 3, 2017

The FDIC paper The Entry, Performance, and Risk Profile of De Novo Banks published in April 2016 reports that the number of de novo bank failures and acquisitions annually has drastically declined since 2010, primarily due to the fact that new bank formations have become nearly inexistent.

Oklahoma City 150

Oklahoma City FDIC Handbook Oklahoma 150

CFPB Monitor

NOVEMBER 1, 2018

Our discussion focuses on New York and Connecticut fair lending developments involving auto finance, a private redlining lawsuit, and the FDIC’s recent report on the use of digital footprint data for credit underwriting. In this week’s podcast, we discuss several of those developments and their broader implications.

Lending 79

Lending Connecticut FDIC New York 79

American Banker

SEPTEMBER 13, 2016

New York Gov. Andrew Cuomo on Tuesday announced the proposal of a state regulation requiring banks to develop and maintain a cybersecurity program. The plan, the first of its kind in the nation, could have far-reaching effects on some of the nation's largest banks.

New York 28

New York National Regulation Cyber Security 28

CFPB Monitor

JANUARY 5, 2021

For purposes of the complaint, CSBS uses the term “Nonbank Charter” to refer to both a SPNB charter issued to a non-depository institution and a full service national bank charter issued to a depository or non-depository institution that is not insured by the FDIC.

Conference 78

Conference Technology District of Columbia FDIC 78

PYMNTS

OCTOBER 21, 2020

A New York-based startup is shaking up the stodgy world of banking by offering customers a chance to win prizes as an incentive to save money. But unlike lotteries where you buy tickets – which Moelis calls the worst bet you can make – Yotta’s savings accounts are FDIC-insured through its partner Evolve Bank & Trust.

FDIC 232

FDIC New York Tools Marketing 232

Bank Innovation

MAY 31, 2019

New York-based Grasshopper Bancorp, which opened for business to a select group of entrepreneurs and investors earlier this month, this week raised $116 million from investors, including T. Rowe Price Group, Patriot Financial Partners and Endeavour Capital Advisors.

New York 186

New York Groups Capital FDIC 186

PopularBank

AUGUST 31, 2022

Popular Bank is an FDIC-insured Minority Depository Institution (MDI) , serving clients in New York, New Jersey, and South Florida. In 2021, Popular Bank’s Easy Access Checking received Bank On certification from the Cities for Financial Empowerment Fund, providing consumers with a low-cost, quality banking product.

New Jersey 52

New Jersey Florida FDIC New York 52

PYMNTS

APRIL 29, 2019

Last week Robinhood, the company behind the free mobile trading app, filed an application to open an online bank that would be FDIC insured and offer high rates on savings and low rates on credit cards. Robinhood ran into trouble with regulators and was forced to remove all material on the product from its website.

FDIC 112

FDIC New York Mobile Online 112

CFPB Monitor

NOVEMBER 10, 2020

The Fed, FDIC, and OCC have issued a “ Statement on Reference Rates for Loans ” that addresses replacement rates for the London Inter-Bank Offered Rate (LIBOR). The Committee is a group of private-market participants convened to ensure a successful transition from LIBOR.).

Regulation 78

Regulation FDIC New York Lending 78

PYMNTS

APRIL 24, 2019

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

FDIC 108

FDIC New York Community Bank Course 108

PYMNTS

MARCH 4, 2019

As had been reported late last month, in New York City, the city council held a hearing centered on a bill that would ban stores and restaurants from being able to refuse to accept cash. In terms of the New York legislation (Intro. In terms of the New York legislation (Intro.

Retail 129

Retail New York City New York New Jersey 129

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

Independent Banker

NOVEMBER 21, 2021

If it opens its doors as planned in January 2022, Walden Mutual Bank will be the first new mutual bank charter in New Hampshire in a century and the country’s first new mutual charter in five decades. Cummings says Walden Mutual’s mission is to support New England’s emergence as a leader in sustainable and local food.

Community 170

Community New Hampshire New York Millennials 170

PYMNTS

JULY 21, 2019

And surprisingly, South Dakota is one of the largest holders of institutional assets in the country, more than $3 trillion, according to the FDIC — three times the size of New York, followed only by Ohio.”. In other news, a retired couple in Australia have lost $900,000 due to a cryptocurrency scam.

South Dakota 134

South Dakota Bitcoin cryptocurrency Ohio 134

PYMNTS

JULY 14, 2020

percent annual percentage yield (APY), an optional auto-deposit, no fees or minimums, and security as “Affirm Savings is FDIC-insured and accounts are held by our bank partner, Cross River Bank, member FDIC,’” a statement said. The account comes with 1.30

Lending 130

Lending FDIC Minneapolis Utah 130

Fintech Labs Insights

MAY 8, 2015

The investment comes as itBit announces that it has won approval as a New York State trust company. This makes itBit the only federal and New York state compliant, U.S.-chartered Accounts will be dollar-denominated and FDIC-insured. chartered and managed bitcoin exchange.

New York 12

New York San Jose FDIC Bitcoin 12