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.”.

FDIC 186

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

FDIC 176

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.

FDIC 153

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

FDIC 63

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?

FDIC 246

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.

FDIC 151

FDIC Hit By ‘Inadvertent’ Major Data Breach

PYMNTS

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.

FDIC 126

There Are Fewer Unbanked Americans, According To The FDIC

PYMNTS

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

FDIC 159

Five ‘Major’ FDIC Breaches Come To Light

PYMNTS

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.

FDIC 148

FDIC In The Data Breach Hot Seat

PYMNTS

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.

FDIC 116

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.

FDIC 130

The FDIC Is In Hot Water Over Cybersecurity

PYMNTS

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.

FDIC 133

FDIC-Backed Institutions Rake In $40.8B In Q4

PYMNTS

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

FDIC 151

Study Sacks FDIC Fears on Brokered Deposits

Long Lasting Ideas

Continue reading Study Sacks FDIC Fears on Brokered Deposits at Bank Marketing Strategy + Ideas. brokered deposits FDIC Uncategorized

FDIC 60

FDIC Part 370 Testing Support

Perficient Financial Servies

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.

FDIC 46

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.

FDIC 43

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.

FDIC 54

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.

FDIC 59

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.

FDIC 81

Banks should improve tech vendor service contracts: FDIC

BankThink

Fintech regulations Vendor management Risk management Data breaches FDICSome contracts are not "adequately" defining which party — the bank or the vendor — is responsible for managing risks, the agency said.

FDIC 53

FDIC and Duke University announce fintech research conference

CFPB Monitor

The FDIC describes the catalyst for the event as the belief that “at the intersection of research and experience lies good public policy.”. The conference features a brief introduction with Treasury Secretary Steven Mnuchin and FDIC Chairman Jelena McWilliams. The FDIC views current advances in payments, credit, and funding as having the potential to transform how banks conduct business and how consumers interact with financial institutions.

FDIC Part 370: Implement FDIC-Required Calculations And Reports

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 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.

FDIC 40

FDIC chief ties personal story to CRA reform effort

BankThink

CRA Digital banking Underbanked Joseph Otting Jelena McWilliams Lael Brainard OCC FDIC Federal ReserveRecounting her family’s financial struggles, Jelena McWilliams said regulatory policy should address the plight of the underbanked.

FDIC 56

FDIC must have full board to rule on BB&T-SunTrust: Sherrod Brown

BankThink

In separate letters to President Trump and the head of the FDIC, the Senate Democrat said the merger cannot be approved until all five seats of the agency's board of directors are filled. M&A Regulatory relief Trump administration Sherrod Brown Jelena McWilliams Senate Banking Committee FDIC BB&T SunTrust

FDIC 46

FDIC Part 370: The Background

Perficient Financial Servies

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.

FDIC 40

FDIC Part 370 Report Design

Perficient Financial Servies

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

FDIC 40

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.

FDIC 57

FDIC Part 370 Readiness Evaluation

Perficient Financial Servies

— 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.

FDIC 40

FDIC Part 370 Program Management

Perficient Financial Servies

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.

FDIC 40

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

FDIC 59

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

FDIC 58

Examiners should stay focused on ‘big picture’: FDIC’s McWilliams

BankThink

The head of the agency said she wants FDIC staff to be proactive with banks that show visible problems, but not “focus more on seeking out dirt than on whether the home is clean.”. Regulatory relief Regulatory actions and programs Compliance Community banking Jelena McWilliams FDIC

FDIC 46

FDIC seeks comment on its communication methods

CFPB Monitor

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.

FDIC 46

BB&T-SunTrust seek FDIC as primary federal regulator

BankThink

The combined bank would be chartered in North Carolina, with the FDIC serving as its lead federal regulator, N.C. M&A Regional banks State regulators Law and regulation Charter conversions BB&T SunTrust FDIC Federal Reserve OCC North Carolina GeorgiaBanking Commissioner Ray Grace says. The merger partners had other options, including the Fed and the OCC.

FDIC 46

Fed, not FDIC, should regulate a merged BB&T-SunTrust

BankThink

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.

FDIC 53

FDIC Issues Guidance on Service Technology Service Provider Contracts

CFPB Monitor

On April 2, 2019, the FDIC issued Financial Institution Letter FIL-19-2019 (the “Letter”) to remind financial institutions about certain contractual provisions and other requirements pertaining to technology service provider contracts. Apparently, during recent routine examinations, the FDIC found several technology service provider contracts that were inadequate under existing guidance. FDIC Federal CFS Monitor Technology information security technology

FDIC 43

FDIC board backs reg relief proposals for foreign banks, living wills

BankThink

Following the Federal Reserve Board, the FDIC signed off on proposed measures to ease resolution planning requirements and tailor supervisory standards for foreign banking companies operating in the U.S. Living wills GSIBs Dodd-Frank Regulatory relief Regulatory reform Minimum capital requirements Jelena McWilliams FDIC Federal Reserve

FDIC 46

FDIC's McWilliams to hire outside counsel over 'Choke Point' concerns

BankThink

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

FDIC 54

Process Reengineering For FDIC Part 370 Compliance

Perficient Financial Servies

— 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

FDIC 43

Look forward, not backward to fix FDIC's flawed brokered deposit rules

BankThink

Deposits Deposit insurance Risk management Financial regulations Policymaking FDICCurrent rules developed in the early 1990s were driven more by politics than facts.

FDIC 48

FDIC’s McWilliams looks to Fifth Third to fill senior leadership jobs

BankThink

Two of three hires announced by the agency come from the Ohio bank, where the FDIC chairman formerly served as a top executive. Career moves Policymaking Regional banks Jelena McWilliams FDIC Fifth Third Bancorp

Ohio 46

Smartphone brand can reflect creditworthiness: FDIC study

BankThink

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.

FDIC 52

Requirements Gathering For FDIC Part 370

Perficient Financial Servies

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.

FDIC 40