South State Correspondent

APRIL 16, 2024

In this article, we highlight the details of these digital wallets and provide bankers with five marketing campaigns to bring these deposits back on balance sheet. Banks should have campaigns ready to go and then launch an email campaign marketing the bank’s safety, soundness, control, and liquidity.

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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).

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PYMNTS

FEBRUARY 7, 2020

Robinhood , the investment app that upended its market by elimination of commissions on stock trades is bringing its brand of disruption to the United Kingdom. Robinhood made money and picked up business without focusing on the rules,” said Tyler Gellasch, executive director of trade association Healthy Markets Association in a statement. “As

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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. We’re proud to offer financial market infrastructure that supports an open, digital financial future.”. European FinTech Revolut, which recently debuted in the U.S. Revolut made its U.S.

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PYMNTS

JANUARY 10, 2019

banks had something to cheer about in 2018: Not one bank went under, putting a spotlight on the strength of the banking market. FDIC) was founded in 1933 that an entire year went by without a bank going under. The bank also said it will help government workers who could miss a payment on a car, credit card or mortgage.

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PYMNTS

SEPTEMBER 18, 2020

On a day that saw a stock market rout – particularly on the tech-heavy NASDAQ, which was down a percent – in at least some areas of finance, investors remain sanguine. Perhaps “overly optimistic” might be the mindset that marks private markets. Regional players like BankUnited have even smaller market caps (at about $2 billion).

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MyBankTracker

JUNE 12, 2020

The IRS has sent out the Economic Impact Payment (EIP) in the form of a debit card to qualifying taxpayers who may not have a bank account to receive direct deposit or to deposit a mailed stimulus check. As these taxpayers receive their EIP debit cards, they may be wondering how to access their money without getting hit by a bunch of fees.

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PYMNTS

JUNE 10, 2020

The company said that Wave Money will include a debit card, business bank account and mobile app. With those features, owners of companies can deposit funds, make purchases using the debt card and supervise all of their activities in the system’s mobile app.

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PYMNTS

MAY 4, 2020

Robinhood Markets, coming off a new $280 million funding round backed by Sequoia Capital, has seen its value and services expand during the coronavirus pandemic, according to a Reuters report. More market turmoil has also driven people’s interest. The company, launched in 2013, is now valued at $8.3

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PYMNTS

DECEMBER 16, 2020

resident and non-resident international clients of Aeldra can open an FDIC-insured U.S. account with a Global Mastercard Debit Card in five minutes on a mobile device. This feature builds a global platform to address a forecasted $20 billion market, according to the announcement.

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PYMNTS

NOVEMBER 2, 2020

Across the last 10 years, he said, a range of players have entered the online investing market, leveraging features such as commission-free trading, fractional investment and minimum accounts. Ganu offered up a use case as illustration: The user who deposits a hypothetical $1,000 into their Finch account receives a Finch debit card.

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PYMNTS

APRIL 24, 2020

With social distancing and an economic downturn the new reality for many markets around the world, venture capital is expected to slow significantly. The company aims to connect small businesses and startups to corporate cards that would normally only be available to larger businesses that are able to provide a personal guarantee.

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Fintech Labs Insights

APRIL 4, 2023

Within days of the fall of Silicon Valley Bank, challenger small-business banking provider Mercury , was in market with a timely solution to deposit insurance stress. The new Mercury Vault ( company announcement , 13 March 2023 ) includes $5M of FDIC insurance (achieved by shipping deposits in excess of $250k to a network of 20 banks).

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PYMNTS

JULY 16, 2019

In the continued linkups between banks and FinTech upstarts, new markets beckon across various borders. Among the latest examples, N26 , which is a digital-only bank based in Europe, has entered the US market through partnership with Axos Bank in order to offer FDIC insured accounts.

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PYMNTS

SEPTEMBER 18, 2020

On a day that saw a stock market rout – particularly on the tech-heavy NASDAQ, which was down a percent – in at least some areas of finance, investors remain sanguine. Perhaps “overly optimistic” might be the mindset that marks private markets. Regional players like BankUnited have even smaller market caps (at about $2 billion).

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Abrigo

JANUARY 4, 2023

Crypto market a perfect environment for fraud. The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector," read a joint statement from the Federal Reserve, FDIC, and the OCC. Growing popularity.

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PYMNTS

JULY 14, 2020

That alternative method of paying for purchases “on credit” got a boost with news this week that Visa Installments , a new point-of-sale (POS) credit solution, is being rolled out in pilot markets across the U.S. This follows a pilot rollout in Russia last month. Fast and Furious BNPL Action. The account comes with 1.30

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PYMNTS

JULY 24, 2019

Profits from the new offerings will come from debit card interchange fees, the article said. Like other FinTechs, Betterment will partner with FDIC-insured institutions since it doesn’t have a bank charter. By collaborating with FinTechs, banks can bring a solution to market faster and offer it themselves.

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PYMNTS

JUNE 13, 2017

Which means it really doesn’t come as all that huge a surprise that as of June 6th, SoFi had applied for a new (de novo) bank charter according to the FDIC. Instead, SoFi as a bank will exist so it can “provide its customers an FDIC insured NOW account and a credit card product. SoFi has confirmed the news.

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PYMNTS

JULY 11, 2019

And, according to the announcement, N26 partners with Axos Bank to offer a Visa debit card and FDIC-insured checking account. million customers in 24 markets in Europe. Its mobile app and debit card come with many features that the company says “empower customers to take control of their finances.”

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PYMNTS

JULY 25, 2019

market as an example of the co-existence and collision of cash and digital payments. Other options, such as credit cards and payment apps like Venmo , are increasingly gaining traction. FDIC) estimated that 6.5 The challenge comes when payment preferences vary widely from market to market,” Ives said.

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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. This is Robinhood’s second attempt to enter the banking market after missteps caused the company to retreat late last year.

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PYMNTS

AUGUST 14, 2019

But these gripes still exist: Many banks often rely on a business owner’s credit score to underwrite a business loan, for instance, while business owners themselves will often use personal credit cards to make company purchases. Last October, the Federal Deposit Insurance Corporation (FDIC) released a report that suggested the U.S.

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PYMNTS

NOVEMBER 30, 2018

According to The Next Web , Jared Rice defrauded investors out of $4 million after he claimed the company would become the “first decentralized banking platform” — offering FDIC -insured accounts and banking services, as well as Visa -branded credit cards and other cryptocurrency services. Now, it’s happening with blockchain.”

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Gonzobanker

FEBRUARY 1, 2024

We can’t sleep on non-bank competition, bigger banks controlling even greater market share, or big tech and embedded finance. many we talked with in the halls acknowledged that credit quality remains a wild card to start the year. Old Ways Won’t Open New Doors While we can’t predict the future, we sure can prepare for it.

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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.).

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PYMNTS

APRIL 24, 2019

percent interest rate, while money market accounts return an average 0.21 In addition, Wealthfront works with FDIC-insured partner banks — including East West Bank , New York Community Bank and others — to hold customers’ deposits. There are also plans to launch direct deposits and a debit card by the end of the year.

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CFPB Monitor

MAY 6, 2021

According to the factual allegations in the OCFR’s Charge Letter : The Bank offers in-store retail credit financing as well as store-branded credit cards to Maryland consumers. In addition, legal challenges to the OCC and FDIC “ Madden -fix” rules and the OCC’s “true lender” rule continue to create uncertainty for participants.

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MyBankTracker

DECEMBER 7, 2020

To sweeten the deal: Your account balance (up to $100,000) earns a market-leading interest rate. Earn a Market-Leading Interest Rate. You’ll get a free debit card that offers free ATM withdrawals at any MoneyPass ATM location. Outgoing wire transfers: $15 FDIC-Insured. Outgoing wire transfers: $15 FDIC-Insured.

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Abrigo

NOVEMBER 29, 2021

Noninterest income associated with the housing markets such as securitization, trading, and real estate slowed significantly during the financial crisis and beyond. Noninterest income drove 20% of community banks' net operating revenue in 2019, down from 22% in 2012, according to a recent FDIC study.

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PYMNTS

JANUARY 26, 2021

And they really are ready to go to market.”. The company's crypto debit card, BlockCard , has seen 500 percent growth in usage rates, measured year over year. The company also offers an FDIC-insured checking account to help spur crypto-friendly banking, Johnson noted.

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PYMNTS

NOVEMBER 23, 2020

Figure Pay, he said, with the ability to scan QR codes at checkout, is predicated on the concept of using a blockchain payment rail in lieu of interchange as the network is built out — and across a swath of merchants as large as Walmart and small as localized farmers’ markets (in a type of “barbell” approach) upon initial launch early next year.

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MyBankTracker

AUGUST 5, 2020

PSECU is a Pennsylvania-based credit union with a digital-first approach that allows it to provide attractive products and services – rivaling the best on the market. And PSECU offers a long list of products that can rival the best on the market. The most notable are: Founder’s Rewards Card. cash rewards (minimum 1.5%

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PYMNTS

JUNE 19, 2020

FDIC: US Banks See Chargebacks Soar, Profits Tank Due To Pandemic. Enterprises of all sizes, however, are tapping into the debt markets – a move that could make a corporate landscape full of zombie companies. The pandemic has strengthened mobile payments in India and set them to soon overtake card payments.

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PYMNTS

DECEMBER 7, 2020

Companies that seek to issue stablecoins will have to get approval from the Fed, the FDIC and other regulators at least six months prior to launch. That regulation would bring frameworks and supervision (of data and regulatory requirements) directly into the coins themselves.

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PYMNTS

NOVEMBER 14, 2019

According to an FDIC study , 6.5 Specifically, Amazon PayCode is rolling out in the United States to make it easier for shoppers who don’t want to pay with credit cards. Prepaid cards for Singapore: Gaming company Razer recently partnered with card network Visa to facilitate payments to the region’s unbanked consumers.

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Fintech Labs Insights

OCTOBER 14, 2021

The startup, launched in 2017, found early product-market fit and has become one of the fintech darlings of the past few years. High-limit (non-revolving) charge cards (based on bank account balance, not founder(s) personal credit history. Money-market account. FDIC insured deposits ($250k). Emigrant Bank — Card issuer.

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