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FDIC issues final rule on ILC deposit insurance applications

CFPB Monitor

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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Funding Circle Hits $2B In SMB Loan Volume

PYMNTS

Alternative lending firm Funding Circle announced it has reached $2 billion in small business loans facilitated through its platform, a figure that it says exceeds some traditional U.S. Last year, the FDIC warned that the actual value and volume of small business bank loans in the U.S. bank SMB loans.

FDIC 130
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Company.com Integrates SMB Funding Marketplace

PYMNTS

Marketplace lending has emerged as a growing force in the small business lending space, particularly as FinTechs explore ways to connect small businesses with capital without actually providing the financing themselves. a figure it says surpasses that of many traditional institutions in the country.

FDIC 116
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In Banking, The Line Between SMB And Consumer Can Blur

PYMNTS

There is a “blurring in the line between lending to small business and personal credit,” she added. Lenders are increasingly treating small businesses as household borrowers,” she continued, “imposing the stricter conditions on small business lending.”. But that mix is not a smart tactic for managing company spend and finances.

Lending 122
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House Financial Services Committee to mark-up bills dealing with debt collection, diversity and inclusion

CFPB Monitor

Title II, the “Fair Debt Collection Practices Act for Servicemembers Act,” would amend the Fair Debt Collection Practices Act to prohibit debt collectors from threatening a servicemember with a reduction in rank, revocation of a security clearance, or prosecution under the Uniform Code of Military Justice. Debt collection.

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Explained | The current banking crisis in the US and Europe

BankBazaar

This can in turn cause a chain reaction of bank failures as other banks are forced to pay out depositors who have moved their funds to more secure institutions, leading to a broader financial crisis. In the United States, the FDIC provides deposit insurance coverage of up to $250,000 per depositor, per insured bank.

US 78
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CARES Act includes provisions affecting financial institutions and their regulation: some key provisions

CFPB Monitor

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes the following key provisions that affect financial institutions and regulation of financial institutions: Section 4003 – Emergency Relief and Taxpayer Provisions.