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OCC Highlights, AML & CRA Risks

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Additionally, the recent rule by the OCC, the Federal Reserve, and the FDIC strengthens and modernizes Community Reinvestment Act (CRA) regulations. The effective date of the new rule is April 1, 2024, with key provisions taking effect on January 1, 2026, and January 1, 2027. Banks

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Neobank Joust Targets Freelancers With New App

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Joust accounts are also FDIC-insured and are combined with a merchant account. and by 2027, more than 50 percent of the country’s workforce is anticipated to freelance in some manner, according to 2019 data by Upwork and the Freelancers Union. There are approximately 57 million freelancers in the U.S.

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Neobank Joust Raises $2.6M To Improve Freelancer Payments

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The bank combines an FDIC-insured account and a merchant account and accepts a variety of payments. There are 57 million freelancers in the country, and about half of the American workforce will do some type of freelance work by 2027. Joust believes this segment of the population is being underserved.

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