INDUSTRY INSIGHTS YOUR PEERS ARE READING
In an internal FDIC document obtained by The Washington Post , it was revealed that the data of 44,000 FDIC customers was breached by an employee who left the agency in February. The memo was distributed on March 18 by FDIC Chief Information Officer and Chief Privacy Officer Lawrence Gross Jr. With the help of technology used to monitor downloads to removable devices, FDIC was able to detect the breach days after the employee left FDIC on February 26. MORE
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. MORE
Customer data Data ownership Fintech Credit scores Credit quality Policymaking Alternative lending FDICA paper released by the agency’s Center for Financial Research says aspects of someone’s digital footprint — including whether they use Apple or Android — help predict likelihood of default. MORE
Deposit insurance Deposits Consumer banking Jelena McWilliams FDICSince the collapse of IndyMac in 2008, the agency has frequently helped to shield depositors over the $250,000 insurance limit from losses. But it’s a policy that was never formalized, and it remains to be seen whether the agency’s new head, Jelena McWilliams, will follow it. MORE
Jelena McWilliams is responding to concerns from Republican members of Congress that FDIC staffers are discouraging banks from doing business with certain industries. De-risking Jelena McWilliams Joseph Otting Mike Crapo FDIC OCC House Financial Services Committee MORE
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. Payment Methods credit earnings FDIC community banks loans What's Hot MORE
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? MORE
Deposit insurance De novo institutions Licenses and charters Regulatory relief Jelena McWilliams FDICThe agency began seeking comments in December through a "request for information" on how to improve the agency's process for considering new deposit insurance applications. MORE
House lawmakers aren’t letting up on the Federal Deposit Insurance Corporation (FDIC) when it comes to how the banking regulator handled notifications following a slew of recent data breaches. The Wall Street Journal reported on Tuesday (May 24) that an investigation led by House lawmakers has uncovered “significant shortfalls” in the FDIC’s cybersecurity policies, which may have left it vulnerable to hackers gaining access to private information and regulatory data. MORE
While existing processes were deemed suitable to handle smaller or slower bank failures, the FDIC realized that it might struggle to pay depositors if a complicated bank failed rapidly. The FDIC is required by law to pay depositors “as soon as possible” after a depository institution fails, while also resolving claims at the lowest possible cost to the Deposit Insurance Fund. The post FDIC Part 370: The Background appeared first on Financial Services. MORE
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.” MORE
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 implement FDIC-required calculations and reports. Once an organization has determined that it is able to meet the requirements of Part 370, it must go about designing their interfaces with the FDIC. The post FDIC Part 370: Implement FDIC-Required Calculations And Reports appeared first on Financial Services. MORE
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. MORE
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 MORE
A group of 13 state attorneys general and the District of Columbia AG have sent a letter to the FDIC commenting on the agency’s request for information on small-dollar lending. The RFI, published in November 2018 , seeks input on “steps the FDIC could take to encourage FDIC-supervised institutions to offer responsible, prudently underwritten small-dollar credit products that are economically viable and address the credit needs of bank customers.”. MORE
The purpose of Part 370 is to improve the FDIC’s ability to fulfill its two mandates related to paying deposit insurance: Pay deposit insurance as soon as possible after the failure of a covered bank; and. The FDIC believes there are unique complications at institutions of that size which make necessary the provisions of Part 370. Restricting access to funds in a covered account until the FDIC has made a coverage determination. Communication with the FDIC. MORE
Each phase of a company’s Part 370 response will have to undergo rigorous testing to ensure that all the regulatory requirements are met and the FDIC’s ongoing testing will produce satisfactory results. — If you are interested in learning more about FDIC Part 370 and how we can help you comply with the rule, please download our comprehensive guide or complete the contact form at the bottom of this page. MORE
The FDIC has issued a request for information that seeks comment on how the FDIC can make its communications with insured depository institutions (IDIs) “more effective, streamlined, and clear.” In addition to IDIs and other financial institutions and companies, the FDIC encourages comments from individual depositors and consumers, consumer groups, and other members of the financial services industry. Comments must be received by the FDIC by December 4, 2018. MORE
We can help a company gather requirements for Part 370 by: Validating existing Part 370 requirements from the FDIC, as well as interpreting additional guidance as becomes available. — If you are interested in learning more about FDIC Part 370 and how we can help you comply with the rule, please download our comprehensive guide or complete the contact form at the bottom of this page. MORE
Yesterday, the FDIC issued a request for information (RFI) on small-dollar lending, including “steps the FDIC could take to encourage FDIC-supervised institutions to offer responsible, prudently underwritten small-dollar credit products that are economically viable and address the credit needs of bank customers.” (The FDIC supervises state-chartered banks and savings institutions that are not Federal Reserve members.) FDIC State CFS Monitor small dollar MORE
On November 15, 2018, in response to a November 7, 2018 letter from Republican Senators , FDIC Chairman Jelena McWilliams announced that the FDIC has engaged outside counsel to investigate the Obama-era Operation Choke Point, under which the FDIC and other government agencies pressured banks not to do business with payday lenders. That internal policy is in furtherance of her deep investment in “transparency and accountability at the FDIC.”. MORE
A company will need to manage its integrated response to this rule very efficiently and transparently in order to meet deadlines set forth by the FDIC. — If you are interested in learning more about FDIC Part 370 and how we can help you comply with the rule, please download our comprehensive guide or complete the contact form at the bottom of this page. MORE
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. MORE
The Washington Post reported that the FDIC is disclosing to Congress the presence of at least five major data breaches that occurred sometime between now and Oct. Though details are still scarce, the FDIC noted that each case was not of the run-of-the-mill hacking variety. Despite the breaches, the FDIC is maintaining that none of the accessed information was shared illicitly, just as it believes none of the employees downloaded the data with untoward activities in mind. MORE
Fintech regulations Licenses and charters De novo banks Community banking Growth strategies Fintech OCC FDIC Federal Reserve CaliforniaColin Walsh, Varo Money's CEO, learned a lot from his first stab at deposit insurance. Lesson one: Work with one regulator at a time. MORE
congressional subcommittee spent time yesterday (May 12) during a hearing where the FDIC was questioned about a string of data breaches, including two recent incidents that involved 10,000 sensitive and private data records to be downloaded from workers onto storage devices before they left the agency. Upon learning of the breaches, the FDIC also discovered that there were five other incidents where this same behavior had occurred, according to Republican Rep. MORE
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 MORE
— If you are interested in learning more about FDIC Part 370 and how we can help you comply with the rule, please download our comprehensive guide or complete the contact form at the bottom of this page. Data & Analytics Financial Services Integration & IT Modernization Management Consulting Operations Regulatory Compliance Strategy 12 CFR Part 370 Banking Banks compliance FDIC FDIC Part 370 Finance Part 370 Regulatory MORE
“We have actually discouraged banks from innovating,” FDIC Chairman Jelena McWilliams said in announcing a move that other agencies have made. Fintech regulations Capital requirements CRA Cyber security Jelena McWilliams Joseph Otting FDIC OCC Federal Reserve MORE
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. MORE
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. MORE
Continue reading Study Sacks FDIC Fears on Brokered Deposits at Bank Marketing Strategy + Ideas. brokered deposits FDIC Uncategorized MORE
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. MORE
Deposits Consumer banking Lending Jelena McWilliams FDIC American Bankers Association ICBABanks that gather deposits through branches generally pay lower deposit premiums than those that solicit deposits online. So what happens if long-standing restrictions on brokered deposits are relaxed? MORE
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. MORE
The FDIC is seeking comment on how to encourage small-dollar lending at banks, signaling a course change from guidance it issued five years ago restricting such loans. Small-dollar lending Payday lending Jelena McWilliams FDIC OCC MORE
— If you are interested in learning more about FDIC Part 370 and how we can help you comply with the rule, please download our comprehensive guide or complete the contact form at the bottom of this page. The post Data Stewardship For FDIC Part 370 appeared first on Financial Services. Financial Services Regulatory Compliance 12 CFR Part 370 Banking Banks compliance FDIC FDIC Part 370 Finance Part 370 Regulatory MORE
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 MORE
Process design and documentation : Creating and documenting the report-generation and signoff process to ensure verifiable compliance with FDIC requirements. A thoughtful design that anticipates the FDIC’s specific requirements will save a company time and money and allow for a smooth interface with FDIC regulators. Financial Services Regulatory Compliance 12 CFR Part 370 Banking Banks compliance FDIC FDIC Part 370 Finance Part 370 Regulatory MORE
Maintain information required by the FDIC to determine insurance coverage for each deposit account (with certain exceptions). which requires banks with $2 billion in assets and 250,000 deposit accounts (or $20 billion in total assets) to be able to place provisional holds on accounts and supply depositor information to the FDIC in a standardized format. Currently, the FDIC estimates that the 38 largest banks will fall under the rule’s provisions. MORE
Policymaking M&A BB&T SunTrust Federal Reserve FDICThe Federal Deposit Insurance Corp., BB&T’s primary regulator, has a history of going easy on the bank. The combined entity would be better supervised by the central bank, which already oversees SunTrust. MORE
— If you are interested in learning more about FDIC Part 370 and how we can help you comply with the rule, please download our comprehensive guide or complete the contact form at the bottom of this page. Financial Services Regulatory Compliance 12 CFR Part 370 Banking Banks compliance FDIC FDIC Part 370 Finance Part 370 RegulatoryThe first thing any bank has to do in its response to Part 370 is evaluate its current state of readiness. MORE
Deposits Capital requirements Capital Community banking Community banks FDICThe agency’s rate cap for banks that are less than well capitalized contains several flaws and poses problems for community banks. MORE
With increasingly few exceptions, the ranks of the unbanked seem to be on the decline, according to new data released by the FDIC. According to FDIC data, unbanked American consumers peaked toward the end of the Great Recession in 2011 at 8.2 The figures for 2015 represent the best results the survey has seen since the FDIC started keeping track of the data with a biennial survey in 2009 (the share of unbanked Americans was 7.6 MORE
FDIC Related Topics PYMNTS
JANUARY 25, 2019
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.
PYMNTS
NOVEMBER 14, 2018
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
Bank Innovation
JULY 25, 2017
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?
Bank Innovation
JULY 14, 2016
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.
BankThink
FEBRUARY 20, 2019
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.
Bank Innovation
JULY 9, 2018
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.
PYMNTS
APRIL 11, 2016
In an internal FDIC document obtained by The Washington Post , it was revealed that the data of 44,000 FDIC customers was breached by an employee who left the agency in February. The memo was distributed on March 18 by FDIC Chief Information Officer and Chief Privacy Officer Lawrence Gross Jr. With the help of technology used to monitor downloads to removable devices, FDIC was able to detect the breach days after the employee left FDIC on February 26.
PYMNTS
MAY 10, 2016
The Washington Post reported that the FDIC is disclosing to Congress the presence of at least five major data breaches that occurred sometime between now and Oct. Though details are still scarce, the FDIC noted that each case was not of the run-of-the-mill hacking variety. Despite the breaches, the FDIC is maintaining that none of the accessed information was shared illicitly, just as it believes none of the employees downloaded the data with untoward activities in mind.
PYMNTS
MAY 13, 2016
congressional subcommittee spent time yesterday (May 12) during a hearing where the FDIC was questioned about a string of data breaches, including two recent incidents that involved 10,000 sensitive and private data records to be downloaded from workers onto storage devices before they left the agency. Upon learning of the breaches, the FDIC also discovered that there were five other incidents where this same behavior had occurred, according to Republican Rep.
Independent Banker
JANUARY 26, 2016
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.
PYMNTS
MAY 26, 2016
House lawmakers aren’t letting up on the Federal Deposit Insurance Corporation (FDIC) when it comes to how the banking regulator handled notifications following a slew of recent data breaches. The Wall Street Journal reported on Tuesday (May 24) that an investigation led by House lawmakers has uncovered “significant shortfalls” in the FDIC’s cybersecurity policies, which may have left it vulnerable to hackers gaining access to private information and regulatory data.
Long Lasting Ideas
JUNE 28, 2018
Continue reading Study Sacks FDIC Fears on Brokered Deposits at Bank Marketing Strategy + Ideas. brokered deposits FDIC Uncategorized
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. Payment Methods credit earnings FDIC community banks loans What's Hot
Perficient Financial Servies
MAY 3, 2018
Each phase of a company’s Part 370 response will have to undergo rigorous testing to ensure that all the regulatory requirements are met and the FDIC’s ongoing testing will produce satisfactory results. — If you are interested in learning more about FDIC Part 370 and how we can help you comply with the rule, please download our comprehensive guide or complete the contact form at the bottom of this page.
Perficient Financial Servies
MARCH 1, 2018
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.
BankThink
FEBRUARY 13, 2019
Policymaking M&A BB&T SunTrust Federal Reserve FDICThe Federal Deposit Insurance Corp., BB&T’s primary regulator, has a history of going easy on the bank. The combined entity would be better supervised by the central bank, which already oversees SunTrust.
BankThink
OCTOBER 1, 2018
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.
Perficient Financial Servies
FEBRUARY 22, 2018
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 implement FDIC-required calculations and reports. Once an organization has determined that it is able to meet the requirements of Part 370, it must go about designing their interfaces with the FDIC. The post FDIC Part 370: Implement FDIC-Required Calculations And Reports appeared first on Financial Services.
Perficient Financial Servies
APRIL 5, 2018
Process design and documentation : Creating and documenting the report-generation and signoff process to ensure verifiable compliance with FDIC requirements. A thoughtful design that anticipates the FDIC’s specific requirements will save a company time and money and allow for a smooth interface with FDIC regulators. Financial Services Regulatory Compliance 12 CFR Part 370 Banking Banks compliance FDIC FDIC Part 370 Finance Part 370 Regulatory
Perficient Financial Servies
JANUARY 11, 2018
While existing processes were deemed suitable to handle smaller or slower bank failures, the FDIC realized that it might struggle to pay depositors if a complicated bank failed rapidly. The FDIC is required by law to pay depositors “as soon as possible” after a depository institution fails, while also resolving claims at the lowest possible cost to the Deposit Insurance Fund. The post FDIC Part 370: The Background appeared first on Financial Services.
Perficient Financial Servies
MARCH 15, 2018
— If you are interested in learning more about FDIC Part 370 and how we can help you comply with the rule, please download our comprehensive guide or complete the contact form at the bottom of this page. Financial Services Regulatory Compliance 12 CFR Part 370 Banking Banks compliance FDIC FDIC Part 370 Finance Part 370 RegulatoryThe first thing any bank has to do in its response to Part 370 is evaluate its current state of readiness.
BankThink
NOVEMBER 7, 2018
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
BankThink
NOVEMBER 15, 2018
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
Perficient Financial Servies
APRIL 19, 2018
A company will need to manage its integrated response to this rule very efficiently and transparently in order to meet deadlines set forth by the FDIC. — If you are interested in learning more about FDIC Part 370 and how we can help you comply with the rule, please download our comprehensive guide or complete the contact form at the bottom of this page.
BankThink
FEBRUARY 14, 2019
Deposit insurance Deposits Consumer banking Jelena McWilliams FDICSince the collapse of IndyMac in 2008, the agency has frequently helped to shield depositors over the $250,000 insurance limit from losses. But it’s a policy that was never formalized, and it remains to be seen whether the agency’s new head, Jelena McWilliams, will follow it.
CFPB Monitor
OCTOBER 9, 2018
The FDIC has issued a request for information that seeks comment on how the FDIC can make its communications with insured depository institutions (IDIs) “more effective, streamlined, and clear.” In addition to IDIs and other financial institutions and companies, the FDIC encourages comments from individual depositors and consumers, consumer groups, and other members of the financial services industry. Comments must be received by the FDIC by December 4, 2018.
BankThink
FEBRUARY 12, 2019
Deposit insurance De novo institutions Licenses and charters Regulatory relief Jelena McWilliams FDICThe agency began seeking comments in December through a "request for information" on how to improve the agency's process for considering new deposit insurance applications.
BankThink
NOVEMBER 21, 2018
Jelena McWilliams is responding to concerns from Republican members of Congress that FDIC staffers are discouraging banks from doing business with certain industries. De-risking Jelena McWilliams Joseph Otting Mike Crapo FDIC OCC House Financial Services Committee
Perficient Financial Servies
APRIL 12, 2018
— If you are interested in learning more about FDIC Part 370 and how we can help you comply with the rule, please download our comprehensive guide or complete the contact form at the bottom of this page. Data & Analytics Financial Services Integration & IT Modernization Management Consulting Operations Regulatory Compliance Strategy 12 CFR Part 370 Banking Banks compliance FDIC FDIC Part 370 Finance Part 370 Regulatory
CFPB Monitor
JANUARY 24, 2019
A group of 13 state attorneys general and the District of Columbia AG have sent a letter to the FDIC commenting on the agency’s request for information on small-dollar lending. The RFI, published in November 2018 , seeks input on “steps the FDIC could take to encourage FDIC-supervised institutions to offer responsible, prudently underwritten small-dollar credit products that are economically viable and address the credit needs of bank customers.”.
BankThink
JANUARY 30, 2019
Deposits Consumer banking Lending Jelena McWilliams FDIC American Bankers Association ICBABanks that gather deposits through branches generally pay lower deposit premiums than those that solicit deposits online. So what happens if long-standing restrictions on brokered deposits are relaxed?
BankThink
DECEMBER 19, 2018
Deposits Capital requirements Capital Community banking Community banks FDICThe agency’s rate cap for banks that are less than well capitalized contains several flaws and poses problems for community banks.
Perficient Financial Servies
APRIL 26, 2018
We can help a company gather requirements for Part 370 by: Validating existing Part 370 requirements from the FDIC, as well as interpreting additional guidance as becomes available. — If you are interested in learning more about FDIC Part 370 and how we can help you comply with the rule, please download our comprehensive guide or complete the contact form at the bottom of this page.
BankThink
OCTOBER 4, 2018
Customer data Data ownership Fintech Credit scores Credit quality Policymaking Alternative lending FDICA paper released by the agency’s Center for Financial Research says aspects of someone’s digital footprint — including whether they use Apple or Android — help predict likelihood of default.
Perficient Financial Servies
JANUARY 18, 2018
The purpose of Part 370 is to improve the FDIC’s ability to fulfill its two mandates related to paying deposit insurance: Pay deposit insurance as soon as possible after the failure of a covered bank; and. The FDIC believes there are unique complications at institutions of that size which make necessary the provisions of Part 370. Restricting access to funds in a covered account until the FDIC has made a coverage determination. Communication with the FDIC.
BankThink
OCTOBER 23, 2018
“We have actually discouraged banks from innovating,” FDIC Chairman Jelena McWilliams said in announcing a move that other agencies have made. Fintech regulations Capital requirements CRA Cyber security Jelena McWilliams Joseph Otting FDIC OCC Federal Reserve
BankThink
NOVEMBER 14, 2018
The FDIC is seeking comment on how to encourage small-dollar lending at banks, signaling a course change from guidance it issued five years ago restricting such loans. Small-dollar lending Payday lending Jelena McWilliams FDIC OCC
Perficient Financial Servies
MARCH 8, 2018
— If you are interested in learning more about FDIC Part 370 and how we can help you comply with the rule, please download our comprehensive guide or complete the contact form at the bottom of this page. The post Data Stewardship For FDIC Part 370 appeared first on Financial Services. Financial Services Regulatory Compliance 12 CFR Part 370 Banking Banks compliance FDIC FDIC Part 370 Finance Part 370 Regulatory
BankThink
SEPTEMBER 27, 2018
Fintech regulations Licenses and charters De novo banks Community banking Growth strategies Fintech OCC FDIC Federal Reserve CaliforniaColin Walsh, Varo Money's CEO, learned a lot from his first stab at deposit insurance. Lesson one: Work with one regulator at a time.
CFPB Monitor
NOVEMBER 15, 2018
Yesterday, the FDIC issued a request for information (RFI) on small-dollar lending, including “steps the FDIC could take to encourage FDIC-supervised institutions to offer responsible, prudently underwritten small-dollar credit products that are economically viable and address the credit needs of bank customers.” (The FDIC supervises state-chartered banks and savings institutions that are not Federal Reserve members.) FDIC State CFS Monitor small dollar
Sageworks
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.”
Perficient Financial Servies
NOVEMBER 8, 2017
Maintain information required by the FDIC to determine insurance coverage for each deposit account (with certain exceptions). which requires banks with $2 billion in assets and 250,000 deposit accounts (or $20 billion in total assets) to be able to place provisional holds on accounts and supply depositor information to the FDIC in a standardized format. Currently, the FDIC estimates that the 38 largest banks will fall under the rule’s provisions.
CFPB Monitor
DECEMBER 3, 2018
On November 15, 2018, in response to a November 7, 2018 letter from Republican Senators , FDIC Chairman Jelena McWilliams announced that the FDIC has engaged outside counsel to investigate the Obama-era Operation Choke Point, under which the FDIC and other government agencies pressured banks not to do business with payday lenders. That internal policy is in furtherance of her deep investment in “transparency and accountability at the FDIC.”.
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