article thumbnail

Should Congress Increase FDIC Insurance Limits?

South State Correspondent

In the wake of regional bank failures, one potential answer to equity shorting and bank runs is having the FDIC increase deposit insurance. We believe any change to the FDIC insurance coverage should aim to maintain and advance our credit markets. There is no escaping this conclusion: FDIC insurance promotes risk-taking by managers.

FDIC 195
article thumbnail

FDIC Approves Square For Banking License

PYMNTS

The Federal Deposit Insurance Corporation ( FDIC ) gave the green light to an application from the FinTech firm Square to create a de novo industrial bank in Utah, the agency said on Wednesday (March 18). FDIC staff found that Square satisfied each of the statutory factors required for approval, subject to certain conditions.

FDIC 276
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Discover, FDIC reach consent agreement

Payments Dive

The agreement, issued last week, addresses “shortcomings” in Discover Bank’s compliance management system for consumer protection laws, the company said.

FDIC 259
article thumbnail

FDIC Moves to Dismiss Lawsuit Challenging NSF Fee Guidance

CFPB Monitor

The FDIC has filed motion to dismiss the lawsuit filed in July 2023 in a Minnesota federal district against the FDIC and its Chairman seeking to invalidate the FDIC’s supervisory guidance on charging multiple non-sufficient funds (NSF) fees for the same unpaid item. See out prior blog here.

FDIC 78
article thumbnail

FDIC launches new tool for examination planning

CFPB Monitor

The Federal Deposit Insurance Corporation has announced that it is launching a new Banker Engagement Site (BES) this month through FDIC connect to serve as the primary tool for exchanging examination planning and other information for consumer compliance and Community Reinvestment Act (CRA) activities. (The

FDIC 78
article thumbnail

FDIC Looks To Modernize Bank Reporting

PYMNTS

FDIC) is considering nixing its quarterly reports of banks in an attempt to modernize the way data is handled. To do so, the FDIC is going about a new competition among 20 data and technology firms to try and find the best way to move forward, WSJ reported. Recently, the FDIC also eased up the Volcker Rule.

FDIC 221
article thumbnail

7 Highlights from the Latest FDIC Quarterly Banking Profile

Abrigo

Banking Trends from the FDIC's 2Q Report Net interest margin reached a new record low, but positive signs emerged in lending. Summary of the Latest FDIC Quarterly Profile. FDIC) released the latest Quarterly Banking Profile recently, and it has some helpful information on industry trends. Banking Data. Interestingly, 64.1%

FDIC 195