CFPB Monitor

JANUARY 25, 2021

Unless Rakuten’s most recent application is granted before that date, Rakuten’s FDIC insurance application, if approved by the FDIC, would subject Rakuten to the terms of the Rule. Rakuten’s first FDIC deposit insurance application was filed in July 2019, and was withdrawn in March 2020.

FDIC 78

FDIC Utah America Financial Technology 78

PYMNTS

JANUARY 13, 2021

All eyes are on the small business community in the commercial card world as industry players increasingly explore how card products can help Main Street recovery and stay in business. Small Business Card Use On The Rise. Use of a charge card similarly grew year over year from 23 percent to 31 percent.

Cards 167

Cards Apple FDIC Samsung 167

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 Payment processor Square has withdrawn its application to become a deposit-taking bank, a move similar to online lender Social Finance or SoFi, which withdrew its application last fall.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

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

PYMNTS

JUNE 29, 2020

In today’s top news, Germany’s deputy finance minister wants to restructure accounting firm regulations, and consumers are turning away from travel rewards cards. FDIC) is looking to modernize bank reporting. Consumers Sour On Travel Rewards Cards. FDIC Looks To Modernize Bank Reporting.

FDIC 142

FDIC Cards Payments Regulation 142

Abrigo

DECEMBER 2, 2014

To provide a report card on industry status and performance, the FDIC publishes a Quarterly Banking Profile. The FDIC maintains a problem bank list, defined as “institutions with financial, operational or managerial weaknesses that threaten their continued financial viability.”

Community Bank 207

Community Bank FDIC Community Industry 207

PYMNTS

JANUARY 7, 2021

Talk Android posts a letter from the company in which it says there will be "no immediate impact" to accounts and that users don't need to do anything right now, with their funds housed in FDIC insured accounts with BBVA. And, the company says it wants to make the transition "as smooth as possible" for customers.

FDIC 336

FDIC Google User Experience Lending 336

PYMNTS

FEBRUARY 24, 2016

That growth, the FDIC said, came mainly from a $6.8 More than half of the 6,182 institutions that reported to the FDIC showed growth year over year in earnings in the latest quarter. The Federal Deposit Insurance Corp. said on Tuesday (Feb. billion in the last quarter, which was up 11.9 percent from the previous year.

FDIC 100

FDIC Community Bank Maine Community 100

PYMNTS

MAY 23, 2019

Zero, a company that aims to modernize credit cards for the millennial generation, has raised $20 million in a Series A funding round, according to a report. The company plans to market its card to credit-wary millennials who want to avoid getting into a deep debt cycle, but who also want the incentives of owning a credit card.

Cards 135

Cards Millennials FDIC ATM 135

PYMNTS

DECEMBER 16, 2020

Plus, Barclaycard is launching a Barclaycard Precisionpay Go system to let companies issue virtual cards for the online business expenses for employees. . The rollout makes Quontic “the first FDIC insured financial institution in the U.S. to go live with a Bitcoin Rewards debit card,” according to an announcement. Aeldra’s U.S.

Bitcoin 157

Bitcoin FDIC Cards California 157

CFPB Monitor

MAY 22, 2020

Although the OCC’s proposed revisions were issued jointly with the FDIC, the FDIC did not join in the final rule. The final rule removes credit cards and overdraft products from the “consumer loans” for which banks can receive CRA credit. The final rule applies to national banks and federal savings associations.

FDIC 78

FDIC Lending Retail Compliance 78

CFPB Monitor

SEPTEMBER 23, 2019

I don’t understand why Professor Levitin is attacking the OCC and FDIC for filing an amicus brief in an “obscure small business bankruptcy case to which a bank was not even a party.” The brief was an exceptional piece of drafting and analysis and the banking agencies do not deserve to be denigrated for a supposed lack of class here.

FDIC 60

FDIC National System Analysis 60

CFPB Monitor

SEPTEMBER 23, 2019

I don’t understand why Professor Levitan is attacking the OCC and FDIC for filing an amicus brief in an “obscure small business bankruptcy case to which a bank was not even a party.” The brief was an exceptional piece of drafting and analysis and the banking agencies do not deserve to be denigrated for a supposed lack of class here.

FDIC 60

FDIC National System Analysis 60

PYMNTS

DECEMBER 10, 2019

N26 partners with Axos Bank to offer a Visa debit card and FDIC-insured checking account. Since the initial product launch in 2015, N26 has reached more than 3.5 million customers in 25 markets in Europe. N26 started rolling out in the U.S.

Digital Banking 131

Digital Banking Cards US FDIC 131

CFPB Monitor

OCTOBER 20, 2016

On October 17, the FDIC released revised interagency Military Lending Act (MLA) examination procedures for use in connection with consumer credit transactions occurring on or after October 3, 2016. The FDIC also provided guidance on its initial supervisory expectations for examinations relating to MLA compliance.

FDIC 60

FDIC Compliance Training Lending 60

PYMNTS

JULY 20, 2017

Holders of the new prepaid card from Netspend will rack up frequent flyer miles for every dollar they spend on qualifying purchases. The MileagePlus GO Visa Prepaid Card is the only prepaid card to let customers earn United Airlines’ United MileagePlus reward miles. The card is FDIC-insured through Republic Bank & Trust Co.

Cards 100

Cards Austin FDIC Texas 100

Payments Source

MARCH 7, 2018

The major prepaid card issuer agreed to the penalty to settle allegations that it had charged higher fees than what was disclosed to customers.

FDIC 63

FDIC Cards 63

American Banker

JULY 20, 2023

Discover Financial Services' stock tumbled after revealing a new FDIC consent order regarding consumer compliance. Separately, the financial institution also copped to misclassifying certain credit card accounts into its highest merchant-pricing tier beginning in 2007.

FDIC 69

FDIC Compliance Cards Payments 69

Payments Source

FEBRUARY 19, 2021

Brex currently relies on bank partners to offer credit cards and cash management accounts to small and midsize businesses. It is looking to charter its own FDIC-insured institution to be a direct provider.

Resources 87

Resources FDIC Fintech Cards 87

Independent Banker

DECEMBER 31, 2022

The FDIC approved a final rule to increase initial base deposit insurance assessment rates by 2 basis points until the Deposit Insurance Fund (DIF) achieves the FDIC’s long-term goal of a reserve ratio of 2% of insured deposits. The FDIC’s long-term goal for the reserve ratio of insured deposits. Source: FDIC.

Compliance 100

Compliance FDIC Community Bank Community 100

American Banker

FEBRUARY 19, 2021

Brex currently relies on bank partners to offer credit cards and cash management accounts to small and midsize businesses. It is looking to charter its own FDIC-insured institution to be a direct provider.

Resources 99

Resources FDIC Fintech Cards 99

PYMNTS

MAY 28, 2020

Hispanic immigrants have access to actual banking services, the release states, citing an FDIC survey. A survey by Welcome Technologies of 10,000 immigrants found that only 44 percent used credit cards and 54 percent had savings accounts, the release states.

Mobile 248

Mobile US FDIC Survey 248

PYMNTS

OCTOBER 19, 2020

The release says the mobile app will also come with a prepaid debit card that can be used anywhere. and comes with other benefits like off-cycle payments, patented checks and optional prepaid debit cards, allowing workers full access to their pay through those solutions. The new solution is compliant with wage laws across the U.S.

FDIC 140

FDIC Resources Cards Payments 140

CFPB Monitor

OCTOBER 17, 2022

Last week, the CFPB released its eleventh annual report to Congress on college credit card agreements. The annual report is mandated by the CARD Act. The CARD Act requires mandatory reporting to the CFPB by card issuers on agreements with institutions of higher learning or certain affiliated organizations (such as alumni associations).

Cards 78

Cards Report Regulation FDIC 78

Bank Innovation

DECEMBER 10, 2016

Bank depositors get tax-payer funded insurance in many jurisdictions (such as FDIC in America) in case a bank goes bankrupt. People paying by Credit Card can fight back against a fraudulent charge. Your Bitcoin in Mt.Gox or BitFinex….buyer buyer beware. Once you send those Bitcoin it is like handing over cash…buyer Read More.

Bitcoin 150

Bitcoin FDIC Taxes America 150

PYMNTS

JUNE 9, 2020

percent 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,” per the announcement. The Affirm Savings account comes with 1.30 As a result, it claims that many hope to steer clear of them.

FDIC 151

FDIC Millennials Google Payments 151

PYMNTS

JULY 26, 2019

FDIC) and the state of Utah for an industrial loan company (ILC) charter. The company also wants to give members a credit card to make purchases in the future and also earn rewards. . “We ILCs can sidestep banking company holding requirements while still getting FDIC guarantees on deposits, which means that retail firms can have them.

Fintech 192

Fintech Utah US FDIC 192

PYMNTS

NOVEMBER 9, 2020

percent in 2019, its lowest rate in a decade since the FDIC first began tracking this statistic in 2009. Another FDIC report found that 31 percent of American consumers are now using peer-to-peer (P2P) mobile wallet apps, for example. This represents a noted reversal from trends of the past decade.

Tools 203

Tools Mobile FDIC Examples 203

CFPB Monitor

FEBRUARY 4, 2015

Tasca Today, the CFPB entered a consent order that requires subprime credit card company, Continental Finance Company, LLC (“Continental”), to refund an estimated $2.7 million to consumers who were charged alleged illegal credit card fees. million in consumer funds deposited during 2013 were not FDIC insured.

Cards 60

Cards FDIC Company Security 60

PYMNTS

JUNE 10, 2019

Uber has about 93 million active users around the world, and the majority use Uber Cash or a credit card to pay for rides or food. This would line up with Uber’s existing products like Uber Cash, Uber Rewards or its credit card. Uber Cash provides discounts when users fund its electronic wallet.

Fintech 214

Fintech San Francisco FDIC New York 214

American Banker

OCTOBER 19, 2023

Consumers with Discover cards spent less on travel and everyday purchases, but more on entertainment, driving loan growth in the third quarter. The company also benefited from the Fed's enforcement of online debit-routing rules, but these boons couldn't offset investor concerns over its issues with the FDIC and its CEO search.

Compliance 36

Compliance Trends FDIC Cards 36

PYMNTS

FEBRUARY 7, 2020

“We’ll still have existing revenue streams, and, in addition, we’ll add revenue from interchange on debit card transactions. The Robinhood cash management feature is offered in partnership with a bank, and includes debit cards, and, critically, deposits backed by the Federal Deposit Insurance Corporation (FDIC).

United States 150

United States FDIC Millennials cryptocurrency 150

CFPB Monitor

MAY 17, 2021

Fed Vice Chair Quarles is expected to be questioned about the Fed’s proposed revisions to its Durbin Amendment rule regarding card-not-present transactions and FDIC Chair McWilliams is expected to be questioned about the FDIC’s rule regarding deposit insurance applications from industrial banks or industrial loan companies.

Regulation 78

Regulation FDIC National Community 78

PYMNTS

DECEMBER 23, 2020

The teenager with a Fortnite habit who manages to clean out Dad’s checking account via the debit card linked to the gaming account. The company offers FDIC-insured bank accounts and a Visa -branded payment cards for teens (aged 13-18) with budgeting features and other financial education tools built in. 2021 And Beyond.

Fintech 322

Fintech Cards FDIC Lending 322

PYMNTS

JULY 15, 2020

with an app and debit card, is expanding its range of services into the realm of cryptocurrency trading with a big assist from Paxos. debut in March, teaming up with Metropolitan Commercial Bank to offer FDIC -insured accounts that can be opened and accessed through smartphones. In a Wednesday (July 15) press release, Paxos Trust Co.

US 233

US cryptocurrency FDIC Compliance 233

Payments Source

JANUARY 7, 2021

American Express is reportedly under investigation by a top federal agency exploring allegations of unethical sales tactics by the company’s small-business credit card sales representatives.

Cards 77

Cards Report FDIC Compliance 77

CFPB Monitor

JULY 6, 2015

In its new report containing its findings from a survey of prepaid card users, The Pew Charitable Trusts urges the CFPB’s “speedy adoption” of its proposed prepaid card rule. Most prepaid card users do not want the option to overdraw their accounts.

Cards 60

Cards FDIC Survey National 60