BankInovation

NOVEMBER 29, 2021

The Federal Deposit Insurance Commission (FDIC) recently made available the demos of its first FDITECH Sprint, a contest held in September that focused on reaching unbanked customers via fintech solutions.

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FDIC Fintech Google System 98

BankInovation

OCTOBER 1, 2020

The Federal Deposit Insurance Corporation (FDIC) has taken steps to promote fintech partnerships and diversity and inclusion within the financial services industry, both internally at the FDIC and among the institutions it regulates, FDIC Chairwoman Jelena McWilliams said during the LendIt Fintech USA 2020 conference Wednesday.

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FDIC Fintech Innovation Conference 52

American Banker

JULY 20, 2020

The agency's request for information seeks comment on the idea of the FDIC partnering with a standards-setting organization to develop best practices for technology firms, among other things.

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FDIC Fintech Technology Community Bank 90

Independent Banker

MARCH 31, 2022

A secure, open-loop, cost-saving, customer-accessible, multiplatform P2P payments network might sound too good to be true, but community bank consortium Alloy Labs Alliance hopes to achieve just that with the CHUCK payment rail. A different kind of peer-to-peer payment service is now available, “built by community banks for community banks.”.

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Community Bank Community Payments Meeting 91

Jack Henry

DECEMBER 9, 2021

Investments in financial technology have been increasing for years, but the events of the last 18 months have created a new sense of urgency for community banks and credit unions to fine-tune their digital strategies across the spectrum of various fintech investments.

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Strategy Digital Strategies FDIC Community Bank 148

Perficient

DECEMBER 27, 2023

Navigating AML and OFAC Compliance Risks Regarding anti-money laundering (AML) and Office of Foreign Assets Control (OFAC) compliance risks, bank executives must navigate operational and compliance challenges tied to fintech relationships. Manage third-party risks, especially for relationships involving higher-risk or critical activities.

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Compliance FDIC Regulation Fraud 221

CFPB Monitor

DECEMBER 28, 2020

The FDIC has issued a final rule setting forth the conditions it will impose and the commitments it will require to approve a deposit insurance application from an industrial bank or industrial loan company (collectively, ILC) whose parent company is not subject to consolidated supervision by the Federal Reserve Board (FRB).

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FDIC Industry Policies Company 78

CFPB Monitor

SEPTEMBER 14, 2021

Last week, the Federal Reserve Board published a paper on partnerships between community banks and fintech companies, “Community Bank Access to Innovation through Partnerships.” The Fed’s publication of the paper is another indication of the increased attention that regulators are paying to bank relationships with fintechs.

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ABA Community Banking

SEPTEMBER 8, 2021

Vast Bank recently became the first nationally chartered, FDIC-insured bank to offer crypto banking. The post How a Community Bank Launched a Retail Crypto Platform appeared first on ABA Banking Journal. Banks of all sizes are hearing from many customers that they want exposure to the fast-growing but volatile cryptocurrency market.

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Community Bank Community Retail FDIC 64

CFPB Monitor

AUGUST 13, 2018

McWilliams stated that the FDIC’s top priorities included: (1) reducing regulatory burden on community banks; (2) increasing the speed with which the FDIC reviews charter and deposit insurance applications; and (3) assisting banks to introduce new financial products that serve underserved communities. Finally, Ms.

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FDIC Community Lending Guidelines 68

Jeff For Banks

MAY 7, 2016

Recent news of Prosper scaling back and OnDeck Capital's ongoing losses has taken a little shine off of the FinTech apple. Recently a former bank director and active bank stock investor asked me about the rise of FinTechs and how it impacts community banks. But the death of the community bank is exaggerated.

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Community Bank Community Fintech FDIC 60

CFPB Monitor

JANUARY 24, 2022

In its press release , the OCC stated that its approval “brings SoFi, a large fintech, inside the federal bank regulatory perimeter, where it will be subject to comprehensive supervision and the full panoply of bank regulations, including the Community Reinvestment Act. In addition, the parent company of SoFi Bank, N.A.,

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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. SoFi/Galileo: This $1.2 customer impact.

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Fintech FDIC Capital Community Bank 109

PYMNTS

MAY 27, 2020

And, they said, traditional players can find competitive strength by linking up with firms that had previously been viewed as foes (that would be FinTechs). HMBradley offers FDIC-insured accounts through Hatch Bank based in California, and rates of about 3 percent on its savings accounts.

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Fintech Innovation Digital Banking FDIC 236

American Banker

OCTOBER 23, 2020

The assertion by former Goldman Sachs executive Gary Cohn that smaller banks won't be viable in a high-tech world overlooks their success in partnering with fintechs, according to the Independent Community Bankers of America.

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Community Community Bank America Fintech 74

PYMNTS

OCTOBER 11, 2017

The Independent Community Bankers of America (ICBA), the trade group for community banks, is calling on the Federal Deposit Insurance Corporation (FDIC) to deny a federal deposit insurance application by payment terminal company Square. This isn’t the first time the group has opposed a deposit insurance application.

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Groups FDIC Community Bank Community 102

PYMNTS

OCTOBER 17, 2017

An industrial bank is an FDIC-insured depository institution that is generally subject to the same banking laws and regulations as any other bank charter type, with the important exception of the Bank Holding Act of 1956. But, as SoFi and now Square have demonstrated, the interest is there, and the FinTechs aren’t going away.

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Industry Fintech FDIC Community Bank 108

Abrigo

MAY 5, 2022

Other podcasts might be internationally based and of little interest to community financial institutions or credit unions based in the U.S. Main Street Banking: A Podcast for Community Bankers 8. Breaking Banks Breaking Banks , billed as the #1 global fintech podcast and radio show, began in 2013 and is hosted by media firm Provoke.fm.

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Community Lending Maine Resources 195

PYMNTS

SEPTEMBER 30, 2020

Co-signed by the American Bankers Association, Bank Policy Institute, Independent Community Bankers of America and The Clearing House, the letter argues that banks and non-bank technology firms are both already embracing innovation in customer service offerings. FDIC), the states and the courts.

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Regulation National System Industry 349

American Banker

APRIL 28, 2024

The Federal Deposit Insurance Corp. is arguing that Colorado has the right to establish an interest rate cap that all state-chartered banks must follow. Three industry groups are suing the state in an effort to stop its attempted crackdown.

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Colorado FDIC Groups Industry 36

PYMNTS

AUGUST 3, 2020

BankMobile, BBVA USA, BMO Harris, The Coastal Community Bank, First Independence Bank (a federally designated minority depository institution) and SEFCU will join Citi and Stanford Federal Credit Union in the offering beginning next year. Six additional U.S.

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Google Digital Banking Pennsylvania FDIC 239

Abrigo

FEBRUARY 12, 2020

Despite the painful evolution in retail, many experts expect another year of growth for commercial real estate – and for commercial real estate lenders, including community financial institutions. Community financial institution lenders, however, will want to “pick their spots” for CRE loans this year. Watching for CRE red flags.

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Lending Trends FDIC Survey 195

PYMNTS

FEBRUARY 19, 2019

.” Other critics have raised the issue that the OCC is advising examiners to take community group concerns into consideration separately from their M&A approval processes. ” Now, Powell is also raising concerns about how bank industry consolidation could negatively impact the small business community.

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Marketing Community Community Bank Industry 108

Bank Innovation

DECEMBER 27, 2018

Bank Innovation's list of people to watch in 2019 include the head of a large bank, the head of a community bank, a regulator, an investor with money to burn and the head of one of the biggest fintechs in the industry. The people on the list were chosen by BI's editors and are listed in […].

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Community Bank Community Regulation Innovation 170

Payments Source

APRIL 8, 2019

Community banks are open to working with innovative financial startups, but regulators must ensure they face the same oversight standards as traditional banks.

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Fintech Community Bank Community Regulation 67

PYMNTS

JUNE 20, 2017

The Independent Community Bankers of America, a trade group representing about 6,000 small banks holding almost $5T in assets, is lining up against SoFi, urging the Federal Deposit Insurance Corporation to reject its application to launch a banking unit.

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Utah Indiana America Community 108

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. As FinTech and client-friendly companies come into the banking space, there’s been a rude awakening,” he said. Consumers are fed up.”.

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FDIC New York Community Bank Course 108

NCR

NOVEMBER 15, 2016

Aware of the disruptive changes in how banking products and services are delivered, community banks continue adopting new technologies to keep up with competition and customers’ demand. Will a mobile banking app really help to solve community banks’ challenges or is it just a waste of money? What does it mean for community banks?

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Community Bank Community Mobile Rhode Island 40

CFPB Monitor

AUGUST 5, 2021

Community Reinvestment Act. 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.

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Data FDIC Community Analysis 78

Payments Source

MARCH 17, 2020

On the same day the Federal Deposit Insurance Corp. said it will soon rule on two applications, the agency also proposed benchmarks for all firms that want to own industrial loan companies.

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FDIC Industry Company Community Bank 82

American Banker

JULY 1, 2020

Jelena McWilliams explains the agency's decision to enlist the help of tech innovators to modernize a reporting process that the coronavirus epidemic has exposed as outdated.

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FDIC Report Innovation Community Bank 76

ABA Community Banking

JANUARY 31, 2022

The outgoing FDIC chairman discusses bank innovation, FDITech, post-COVID exams and the agency's COVID response in part one of this interview. The post Podcast: Exit Interview with Jelena McWilliams, Part 1 appeared first on ABA Banking Journal.

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FDIC Innovation Taxes Community Bank 52

Independent Banker

APRIL 30, 2022

Independent Banker’s annual listing top-performing community banks of 2021 alongside interviews with some of the winners. In true community bank fashion, each has its own story to tell and its own path to success. In true community bank fashion, each has its own story to tell and its own path to success. Philadelphia.

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Community Bank Community Montana Taxes 172

American Banker

AUGUST 25, 2023

The small community bank was bought up by crypto-focused investors and quickly repositioned to cater to tech innovators. Is this problematic or perfectly legitimate?

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Community Bank Community Innovation FDIC 68

American Banker

FEBRUARY 10, 2020

The agency released two new manual supplements and other materials to help nonbanks and its own staff better understand application procedures.

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FDIC Community Bank Community Regulation 57

American Banker

JULY 6, 2020

But now the industry’s heavyweights are also taking a hard line in response to an FDIC proposal that would give tech companies a smoother path into the lending business. Small banks have long led the campaign against industrial loan companies, arguing they can be used to violate the separation of banking and commerce.

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FDIC Lending Industry Company 60

Independent Banker

NOVEMBER 25, 2015

A mix of players, FinTech firms pose threats and opportunities. Call them disruptors, upstarts or the voguish FinTech companies. Regardless of the name, nonbank technology firms are wedging themselves between community banks and their customers by offering a slew of traditional and nontraditional banking products. By Kelly Pike.

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Community Bank Community Analytics Lending 70