CFPB Monitor

AUGUST 7, 2020

On July 31, 2020, the Office of the Comptroller of the Currency (OCC) approved the national bank charter application of Varo Bank, N.A., a wholly-owned subsidiary of fintech Varo Money, Inc. team — the first consumer fintech to receive a national bank charter. team — the first consumer fintech to receive a national bank charter.

Fintech 78

Fintech FDIC Utah National 78

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. On July 20, 2020, from 12:00 p.m.

FDIC 60

FDIC National Analysis Regulation 60

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. Unnamed Industry Heavy, March 2020.

Fintech 109

Fintech FDIC Capital Community Bank 109

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

Payments Source

DECEMBER 31, 2019

With fintech firms seemingly stuck in neutral in their efforts to gain banking charters, alternative state licensing options could get another look in 2020.

Fintech 87

Fintech FDIC Regulation 87

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

CFPB Monitor

SEPTEMBER 10, 2020

In 2019, California enacted AB-539, the Fair Access to Credit Act (FACA), which, effective January 1, 2020, limits 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. The FDIC has not yet proposed a similar rule.

Utah 78

Utah California FDIC West Virginia 78

CB Insights

AUGUST 3, 2021

Mercury , a fintech company, has raised $120M in a Series B. California-based Mercury is an online banking platform that offers a suite of financial services such as FDIC-insured bank accounts, physical and virtual cards, and cash management for startups, e-commerce stores, and angel investors, among others. Want the full post?

Digital Banking 73

Digital Banking Company FDIC California 73

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. percent per credit card transaction until June 2020. The urgency, and speed, of Kabbage’s situation comes even as the U.S.

Lending 151

Lending FDIC Fintech Report 151

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

American Banker

DECEMBER 30, 2019

With fintech firms appearing stuck in neutral in their efforts to seek bank charters from federal regulatory agencies, observers say state licensing options could be in vogue again in 2020.

Fintech 50

Fintech FDIC Regulation 50

PYMNTS

NOVEMBER 20, 2020

The move, it noted, comes as consumers are increasingly turning to digital channels to manage their banking lives — a shift that the bank confirmed in a statement has only gotten more rapid in 2020 since the pandemic set in. The bank announced 65 branch closings in the first two weeks of July 2020 alone. Wells Fargo, the U.S.

Metro 222

Metro Massachusetts FDIC Trends 222

Abrigo

NOVEMBER 29, 2021

The Consumer Financial Protection Bureau (CFPB) in 2020 ordered TD Bank, N.A. Ally Bank has not only eliminated overdraft fees, but refunded overdraft fees between March and June 2020 as a goodwill gesture to customers challenged by the pandemic. to pay $122 million in and civil penalties and restitution to more than 1.4

Community Bank 195

Community Bank Community FDIC Trends 195

CFPB Monitor

FEBRUARY 3, 2020

The leadership and priorities of the CFPB, OCC, FDIC, and FTC have changed under the Trump Administration. The second panel will feature OCC and FDIC representatives. I am again co-chairing the event, as I have for the past 24 years. I will co-moderate both. The first panel will feature a discussion among CFPB and FTC representatives.

New York City 78

New York City San Francisco FDIC Chicago 78

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

PYMNTS

NOVEMBER 12, 2020

FDIC) study found that the number of unbanked U.S. A recent Federal Deposit Insurance Corp. consumers will likely start rising again as a result of the pandemic recession. Keeping these consumers engaged in the broader financial system is essential to the collective good. New approaches are about simplicity.

Mobile 202

Mobile Study Tools FDIC 202

CFPB Monitor

OCTOBER 19, 2020

For our webinar last week, “What a Blue Wave in the November 2020 Elections Could Mean for the Consumer Financial Services Industry,” we were joined by special guest Isaac Boltansky, Director of Policy Research at Compass Point Research & Trading.

Leadership 78

Leadership FDIC Exercises Lending 78

PYMNTS

JULY 14, 2020

PYMNTS Provider Ranking of Alternative Credit Apps tracks activity in the space, where the top five players have held steady throughout 2020. Silicon Valley FinTech Affirm is also a regular in the top 5 this year. Taking it from No.1 The account comes with 1.30

Lending 130

Lending FDIC Minneapolis Utah 130

Celent Banking

NOVEMBER 17, 2015

The lack of “just right” solutions for many small business financial problems has been a golden opportunity for FinTech firms. In the FinTech space, much of the focus is on consumer-oriented solutions like Mint for financial management, Venmo for P2P payments, and Prosper for social lending.

Report 100

Report FDIC Lending Fintech 100

CFPB Monitor

JULY 15, 2021

The Federal Reserve, FDIC, and OCC have released proposed guidance for banking organizations on managing risks associated with third-party relationships, including relationships with financial technology-focused entities such as bank/fintech sponsorship arrangements.

Risk Management 78

Risk Management Management FDIC Compliance 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. A Prediction for the 2020s.

Regulation 52

Regulation Fintech Lending Branding 52

CFPB Monitor

AUGUST 5, 2021

Mr. Hsu referenced his previously-announced plans to rescind the OCC’s CRA rule and for the OCC to work with the FDIC and Federal Reserve Board on a joint rulemaking to “strengthen and modernize” the CRA. In 2020, the OCC launched the “Roundtable for Economic Access and Change,” known as “Project REACh.” Community Reinvestment Act.

Data 78

Data FDIC Community Analysis 78

CFPB Monitor

NOVEMBER 9, 2020

PLI’s 25th Annual Consumer Financial Services Institute will take place on December 7-8, 2020 by live webcast. The second panel will feature OCC and FDIC representatives. I am again co-chairing the event, as I have for the past 24 years. The first panel will feature a discussion among CFPB and FTC representatives.

FDIC 78

FDIC Regulation Leadership Data 78

Fintech Labs Insights

SEPTEMBER 3, 2020

At one time or another, every consumer fintech company wonders if they should buy a bank. But most fintech startups want to buy a ticket to the financial rails, not a large customer base. But we haven’t seen a pre-revenue, basically a stealth fintech startup, buy a bank. The 18 Fintech Startups in the 2020 INC 500.

Fintech 15

Fintech FDIC Oakland Minnesota 15

Fintech Labs Insights

JANUARY 15, 2021

Rho has positioned itself for the more sophisticated business touting its $75M in deposit insurance (via a network of FDIC-insured banks), QuickBooks integration, accounts payable tools (ala Bill.com), low-cost FX and global transfers and even access to venture debt providers. 125 Fintech Unicorns of the 21st Century (YE 2020).

Fintech 15

Fintech UX Austin FDIC 15

Fintech Labs Insights

APRIL 6, 2023

Are we about to see a rush of fintech startups serving the interest-sensitive small business market? Case in point: Just days after the Feds took over SVB, Mercury was in market with its Mercury Vault, offering $5 million in FDIC insurance by distributing balances across 20 insured banks. 95,000 6 Meow * 11 4.3% 550 reviews) 2.

Digital Banking 15

Digital Banking Online FDIC San Francisco 15

Abrigo

SEPTEMBER 14, 2022

Financial institutions, fintech companies, and other small business lenders will need to begin collecting a wide array of small business lending data under the Consumer Financial Protection Board’s (CFPB) proposed small business lending data collection rule. FDIC Releases Formal and Informal Enforcement Actions Manual. Proposed Rule.

Lending 195

Lending Data Regulation Community 195

Fintech Labs Insights

JUNE 26, 2023

Are we about to see a rush of fintech startups serving the interest-sensitive small business market? Case in point: Just days after the Feds took over SVB, Mercury was in the market with Mercury Vault , offering $5 million in FDIC insurance by distributing balances across 20 insured banks. Maybe, maybe not.

Digital Banking 15

Digital Banking Online FDIC San Francisco 15

Fintech Labs Insights

JANUARY 15, 2021

Rho has positioned itself for the more sophisticated business touting its $75M in deposit insurance (via a network of FDIC-insured banks), QuickBooks integration, accounts payable tools (ala Bill.com), low-cost FX and global transfers and even access to venture debt providers. 33 Fintech Conferences & Events for 2021. AZLO (BBVA).

Fintech 15

Fintech UX Austin FDIC 15

Fintech Labs Insights

NOVEMBER 10, 2023

Leading Digital Consumer Banks (United States)* ranked by our FAB score (Fintech Attention Barometer**) Company FAB Score** Founded HQ Web Visits (Oct ’23) TrustPilot Score TrustPilot Reviews Funding ($M) 1 Wise (Transferwise) 10581 2011 London 38,100,000 4.2 8,860 $2,300 6 Upgrade 1426 2016 SF 3,013,000 4.5

Digital Banking 15

Digital Banking Online Atlanta Las Vegas 15

CFPB Monitor

JULY 14, 2022

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

California 78

California Innovation Utah Texas 78

CFPB Monitor

MAY 19, 2022

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

California 78

California Utah United States FDIC 78

CFPB Monitor

APRIL 19, 2022

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

California 78

California Innovation Utah United States 78

CFPB Monitor

OCTOBER 13, 2020

The comment period for the Proposed Rule closed on September 3, 2020. Avant, LLC, a fintech that recently settled the State of Colorado’s challenge to its lending program, expressed strong support for the “simple and straightforward” bright-line test proposed by the OCC.

Lending 60

Lending Colorado FDIC National 60

Fintech Labs Insights

MAY 24, 2021

Security features (account freeze, real-time transaction notifications, FDIC insured). Raised $25M (in 2020) ( Crunchbase ). Independent 4-min product demo and review ( posted 25 Aug 2020 ): 4,300 views. Fintech Winners: Watch 6 Finovate “Best of Show” Startups from 2021. app store ratings (actually 4.7

Taxes 15

Taxes United States FDIC ATM 15

Fintech Labs Insights

MAY 24, 2021

Security features (account freeze, real-time transaction notifications, FDIC insured). Raised $25M (in 2020) ( Crunchbase ). Independent 4-min product demo and review ( posted 25 Aug 2020 ): 4,300 views. Related: Watch 12 Fintech Startups Pitch at Startupbootcamp Amsterdam Demo Day (May 2021 update)). in Apple store, 4.5

Taxes 15

Taxes United States FDIC ATM 15

CB Insights

JANUARY 5, 2021

Meanwhile, Canada’s CIBC reported that the number of customers over 65 signing up for digital banking services had more than tripled in April 2020. Source: FDIC. For more, take a look at our State Of Fintech Q3’20 report. Alternative services can be costly. Many may never bank in the same way again.

Digital Banking 98

Digital Banking US Online FDIC 98