FDIC to rescind four policies deemed outdated

BankThink

Regulatory relief Regulatory reform Regulatory guidance Glass-Steagall FDICAs part of an effort to reduce regulatory burden, the agency will retire policy statements from the 1980s and '90s dealing with securities subsidiaries, failed-bank receiverships and other matters.

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Varo’s FDIC application tests uncharted territory

Bank Innovation

Compliance Daily Post 1 Exclusive Open Banking Operations & Best Practices Premium Retail Banking Banking Charter fdic OCC Robinhood Varo MoneyVaro Money has been striving to get a banking charter for three years. On Aug.

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Varo files FDIC application, announces $100m Series C funding

Bank Innovation

Varo Money, the 4-year-old digital banking startup with 750,000 users and $600 million in deposits, has applied for a banking license with the Federal Deposit Insurance Corporation (FDIC) this week.

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Joint CRA plan is no sure thing, FDIC's McWilliams says

BankThink

CRA Trump administration Regulatory reform Jelena McWilliams Joseph Otting FDIC OCC Federal ReserveThe three federal bank regulators often say they want to work together to reform the Community Reinvestment Act.

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Regulators must issue AI guidance or FDIC will: McWilliams

BankThink

The FDIC chief said it is critical to give the industry clarity on using emerging technologies, particularly for the thousands of community banks her agency oversees. Fintech regulations Regtech AML Artificial intelligence Machine learning Jelena McWilliams FDIC FinCEN

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FDIC Names New Advisory Committee Members

ABA Community Banking

The FDIC this week announced the appointment of four new members to its Advisory Committee on Community Banking. The post FDIC Names New Advisory Committee Members appeared first on ABA Banking Journal.

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FDIC: Banks Pull In $237B In 2018

PYMNTS

Amid rising revenues and decreased taxes, the Federal Deposit Insurance Corporation (FDIC) announced on Thursday (Feb. In an announcement , FDIC Chairman Jelena McWilliams said, “Loan balances expanded, net interest margins improved and the number of ‘problem banks’ continued to decline.”.

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Bank industry earnings set yet another record in 2Q: FDIC

BankThink

Policymaking Net interest margin Earnings Lending Jelena McWilliams FDICHigher net interest income and securities gains boosted quarterly profit to $62.6 billion, which was 4% higher from a year earlier. But potential trouble signs from lower interest rates may emerge.

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Regulators can be the glue in bank-fintech partnerships: FDIC chief

BankThink

Fintech regulations Community banking Innovation Data processing Jelena McWilliams FDIC Federal Reserve Bank of St. Jelena McWilliams told community bankers that policymakers should be a resource for banks trying to adopt new technology.

Former FDIC chair joins Fannie Mae's board

BankThink

Career moves GSEs Policymaking Corporate governance FDIC Fannie MaeSheila Bair, who holds board seats at several other organizations, will sit on Fannie's compensation, corporate governance and risk policy committees.

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FDIC to consolidate supervision and resolution activities for large banks

BankThink

The FDIC's new complex institution supervision and resolution division will be operational July 21. Living wills Dodd-Frank SIFIs Jelena McWilliams FDIC OCC

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Will an OCC, FDIC Charter Help Varo Money Become the First National Mobile Bank?

Bank Innovation

Varo applied for a banking charter from the Federal Deposit Insurance Corporation (FDIC), as well as for a charter from the Office of the Comptroller of the Currenc, in the hopes of forming “Varo Bank,” the mobile banking startup announced today. Want a national bank that’s mobile-only?

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Crypto market's traders get something new: FDIC protection

BankThink

The Wild West of cryptocurrency trading is getting something typically associated with the safest of savings accounts: FDIC protection. Cryptocurrencies FDIC

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FDIC announces new finance chief

BankThink

Chief Financial Officer Steve App will be succeeded by Bret Edwards, who is now head of the FDIC's division of resolutions and receiverships. Career moves Failures Policymaking Jelena McWilliams FDIC

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FDIC, payday lenders agree to settle Choke Point lawsuit

BankThink

As part of the deal, the agency summarized its policy on account terminations and issued a letter acknowledging that some employees “acted in a manner inconsistent with FDIC policies with respect to payday lenders.”. Payday lending Lawsuits Financial regulations OCC FDIC Advance America

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FDIC to conduct in-depth review of suspicious Texas bank failure

BankThink

Community banking Failures M&A Capital Fraud losses FDIC TexasAn initial review determined that lax oversight at Enloe State Bank allowed for the origination of more than 100 allegedly fraudulent or fictitious loans.

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FDIC eases requirements on deposit tracking

BankThink

MBS Deposit insurance Deposits Dodd-Frank Regional banks SIFIs Jelena McWilliams FDICThe agency's board voted 3-1 on Tuesday to give large banks additional time to comply with new rules that force them to keep better track of insured deposits.

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FDIC tries to ease small banks' concerns with capital rule revamp

BankThink

Regulatory relief Regulatory reform Minimum capital requirements Community banking Jelena McWilliams FDICRegulators have redefined a simplified capital measure for community banks following criticism that their 2018 proposal did not go far enough.

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FDIC Seeks Public Comment On Banks And Small-Dollar Loans

PYMNTS

The Federal Deposit Insurance Corporation (FDIC) announced that it is has issued a request for public comments related to small-dollar lending by financial institutions. ” Recent research from the FDIC shows 20 percent of U.S. With that in mind, the FDIC suggests that in 2017, 14.8

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Minority-owned banks' performance has significantly improved: FDIC

BankThink

The number of minority depository institution charters is declining even as their financial performance is going up, according to a new study by the FDIC. CDFIs Law and regulation Community banking Jelena McWilliams FDIC

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Lukewarm reception for FDIC plan to ease deposit rate limits

BankThink

Regulatory relief Regulatory reform Interest rates Deposits Community banking Jelena McWilliams FDIC ICBAThe agency is trying to update its rate-cap policy for institutions that fall below "well-capitalized."

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Leonard Chanin joins FDIC

CFPB Monitor

The FDIC has announced that Leonard Chanin joined the agency on March 18 as Deputy to the Chairman. In that capacity, he will advise Chairman Jelena McWilliams on consumer protection issues, including further expanding access to banking services for unbanked and underbanked consumers, strengthening consumer research functions at the FDIC, and building upon the activities of the FDIC Advisory Committee on Economic Inclusion. FDIC Federal CFS Monitor chanin

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Remaking the FDIC by ripping up the rules

BankThink

Jelena McWilliams knows the value of the FDIC’s role in a way most other Americans do not. Women in Banking Deposit insurance Dodd-Frank Fintech Volcker Rule ILCs Jelena McWilliams FDIC Fifth ThirdNow she's in charge as it grapples with difficult questions and sets out to reshape the industry.

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FDIC Proposes Large-Bank Surcharge

Independent Banker

The FDIC has released a proposal to indemnify the banks with assets less than $10 billion from the costs of raising the Deposit Insurance Fund reserve ratio from 1.15 The FDIC could vote on the proposal as early as next month.

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FDIC: Bank Earnings Grow 4.1% Year-on-Year

ABA Community Banking

FDIC-insured banks and savings institutions earned $62.6 increase from the industry’s earnings a year before, the FDIC said today. The post FDIC: Bank Earnings Grow 4.1% billion in the second quarter, a 4.1%

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Details on the FDIC Security Breach by Chinese Spies [VIDEO]

Bank Innovation

Risk Security fdicHow Chinese spies hacked into computers at the Federal Deposit Insurance Corporation from 2010 until 2013 -- and American government officials tried to cover it up.

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First failed bank since 2017 will leave FDIC with hefty price tag

BankThink

Community banking Deposit insurance Failures Policymaking State regulators FDIC TexasRegulators closed The Enloe State Bank in Texas late Friday, marking the first failure in 17 months and the first in the Lone Star State in over five years.

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What's missing from FDIC's brokered deposits notice

BankThink

Deposits Consumer banking Financial regulations Policymaking Jelena McWilliams FDICThe agency’s effort is a good first step to updating brokered deposit rules, but regulators excluded several important considerations in their advance notice of proposed rulemaking.

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FDIC Final Rule Sets Community Bank Leverage Ratio at 9%

ABA Community Banking

The FDIC today approved a final rule allowing community banks with a leverage capital ratio of at least 9% to be considered in compliance with Basel III capital requirements and exempt from the complex Basel Calculation.

McWilliams Outlines FDIC Steps to Strengthen Minority Banks

ABA Community Banking

The FDIC is updating examiner instructions to help strengthen minority depository institutions, FDIC Chairman Jelena McWilliams said today in Washington. The post McWilliams Outlines FDIC Steps to Strengthen Minority Banks appeared first on ABA Banking Journal.

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Fed, OCC, FDIC: US Bank Loan Risk On The Decline

PYMNTS

Federal Reserve, Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) all released a joint report saying that due to a healthy economy, prospects for loan repayment look good.

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Agencies are close to finishing Volcker Rule changes: FDIC's McWilliams

BankThink

Volcker Rule Regulatory relief Regulatory reform Accounting Jelena McWilliams Joseph Otting FDIC Federal Reserve OCCThe head of the Federal Deposit Insurance Corp. previously had said regulators were weighing numerous options for addressing criticism of their 2018 proposal.

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FDIC Issues Proposal on Assessment Credits

ABA Community Banking

The FDIC today proposed to amend its rule that determines when assessment credits can be used. The post FDIC Issues Proposal on Assessment Credits appeared first on ABA Banking Journal. Community Banking Newsbytes Deposit insurance

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Square Will Reapply for Banking License with the FDIC After Last Week’s Withdrawal

Bank Innovation

It plans to reapply with the FDIC, but did not reveal […]. Capital Cards Commerce Exclusive Innovations Lending Mobile Online Open Fintech Operations Payments Celtic bank fdic N26 SoFi SquarePayment 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.

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FDIC approves Florida group's de novo application

BankThink

Organizers of Silver River Community Bank must raise $17 million before opening. Community banking De novo institutions Capital Florida Washington DC

Crapo, Senate Banking GOP probe FDIC on Operation Choke Point

BankThink

Republicans on the Senate Banking Committee expressed concern that FDIC examiners are verbally discouraging banks from working with certain businesses. De-risking Mike Crapo Jelena McWilliams Senate Banking Committee FDIC

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Nonbanks' rapid growth poses risks to industry: FDIC's McWilliams

BankThink

FDIC Chairman Jelena McWilliams questioned whether regulators and banks are fully capturing the emerging risks of a new shadow banking system. Nonbank Servicing systems Fintech Fintech regulations Jelena McWilliams FDIC FSOC Treasury Department

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FDIC approves Atlanta-area de novo

BankThink

Loyal Trust Bank is the seventh proposed bank in 2019 to secure the agency's approval for deposit insurance. Community banking De novo institutions Capital Georgia

5 takeaways on industry’s health, from FDIC’s 1Q report

BankThink

Earnings Lending Community banking Delinquencies Federal Home Loan Banks Policymaking FDICWider net interest margins compared to a year earlier helped make up for a slight decline in loan balances, as nearly two-thirds of banks reported higher profits in the first quarter.

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Agencies closer to joint polices on CRA, small-dollar loans: FDIC head

BankThink

CRA Small-dollar lending Deposit advances Consumer banking Jelena McWilliams Joseph Otting FDIC OCCJelena McWilliams said federal bank regulators could begin "within a week or so" to discuss a draft proposal for reforming the Community Reinvestment Act.

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OCC and FDIC chiefs signal progress on CRA reform

BankThink

CRA Small-dollar lending Payday lending Jelena McWilliams Joseph Otting OCC FDICIn successive speeches, Joseph Otting and Jelena McWilliams expressed hope for a Community Reinvestment Act rule by early next year, and also said regulators should align their small-dollar lending policies.

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FDIC crackdown on brokered deposits goes too far: ABA report

BankThink

Deposits Regulatory reform CDs Regulatory relief Jelena McWilliams Rob Nichols FDIC American Bankers AssociationA legal memo conducted on behalf of the trade group says the agency’s policy goes beyond statutory intent and places undue restrictions on healthy banks.

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FDIC Part 370: Support On-site FDIC Inspections

Perficient Financial Servies

In order to comply with FDIC Part 370, covered institutions will have to implement a change program that encompasses the people, processes, and technology necessary to support on-site FDIC inspections. In addition to the annual certification and report, the FDIC will conduct on-site testing of institutions’ compliance with Part 370. FDIC will be able to view customer PII.

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