INDUSTRY INSIGHTS YOUR PEERS ARE READING
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
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. MORE
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 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
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. MORE
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 MORE
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. MORE
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. MORE
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.”. MORE
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." MORE
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. 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
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. MORE
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. MORE
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. MORE
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 MORE
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. 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 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 MORE
The Wild West of cryptocurrency trading is getting something typically associated with the safest of savings accounts: FDIC protection. Cryptocurrencies FDIC MORE
The FDIC's new complex institution supervision and resolution division will be operational July 21. Living wills Dodd-Frank SIFIs Jelena McWilliams FDIC OCC 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
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. 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
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. MORE
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% 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
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. 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
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. MORE
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. MORE
Law and regulation PTO Corporate governance Jelena McWilliams FDICAll personnel will qualify for up to six weeks of paid leave following the birth, adoption, or foster-care placement of a child in their home, the agency said. MORE
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. MORE
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. 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
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. MORE
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. MORE
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 MORE
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. MORE
FDIC Related Topics BankThink
OCTOBER 10, 2019
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.
Bank Innovation
JUNE 3, 2019
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.
Bank Innovation
JULY 17, 2019
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.
BankThink
OCTOBER 16, 2019
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.
BankThink
AUGUST 2, 2019
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
ABA Community Banking
OCTOBER 9, 2019
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.
PYMNTS
FEBRUARY 22, 2019
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.”.
BankThink
SEPTEMBER 5, 2019
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.
BankThink
OCTOBER 1, 2019
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.
BankThink
AUGUST 21, 2019
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.
BankThink
JUNE 27, 2019
The FDIC's new complex institution supervision and resolution division will be operational July 21. Living wills Dodd-Frank SIFIs Jelena McWilliams FDIC OCC
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?
BankThink
MAY 14, 2019
The Wild West of cryptocurrency trading is getting something typically associated with the safest of savings accounts: FDIC protection. Cryptocurrencies FDIC
BankThink
MAY 9, 2019
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
BankThink
MAY 22, 2019
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
BankThink
SEPTEMBER 26, 2019
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.
BankThink
JULY 16, 2019
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.
BankThink
SEPTEMBER 17, 2019
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.
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
BankThink
JUNE 25, 2019
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
BankThink
AUGUST 20, 2019
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."
CFPB Monitor
MARCH 27, 2019
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
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.
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.
ABA Community Banking
SEPTEMBER 5, 2019
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%
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
MAY 31, 2019
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.
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.
ABA Community Banking
SEPTEMBER 17, 2019
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.
ABA Community Banking
OCTOBER 2, 2019
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.
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.
BankThink
JUNE 12, 2019
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.
ABA Community Banking
AUGUST 20, 2019
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
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.
BankThink
AUGUST 26, 2019
Organizers of Silver River Community Bank must raise $17 million before opening. Community banking De novo institutions Capital Florida Washington DC
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
BankThink
AUGUST 29, 2019
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
BankThink
MAY 29, 2019
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.
BankThink
MAY 29, 2019
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.
BankThink
APRIL 3, 2019
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.
BankThink
MARCH 4, 2019
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.
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.
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