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). Banking bank charter deposits FDIC ILC industrial loans News Square Utah What's Hot

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FDIC seeks industry feedback on the future of remote exams

American Banker

FDIC COVID-19 Exams

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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.

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FDIC: US Bankless Rate Set To Rise

PYMNTS

The number of Americans without bank accounts is expected to spike again in the wake of the coronavirus pandemic after hitting a low last year, according to a new report by the Federal Deposit Insurance Corp (FDIC). percent in 2019, the lowest since the FDIC began tracking this stat in 2009.

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FDIC chief cites legacy systems as 'No. 1' concern for banks

American Banker

FDIC Fintech Risk management

FDIC 75

Will FDIC, OCC follow Fed into global climate group?

American Banker

FDIC Climate change OCC Biden Administration

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Democratic majority on FDIC board spells trouble for ILC hopefuls

American Banker

FDIC ILCs Licenses and charters Biden Administration Fintech regulations

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House Chairs Seek Briefing On FDIC Crisis Readiness During Pandemic

PYMNTS

FDIC) to explain how the agency is preparing for a financial crisis. The lawmakers’ letter to FDIC Chairman Jelena McWilliams, dated April 13, cited an independent report about weaknesses in the Fed’s crisis readiness. Coronavirus Congress economy FDIC News What's Hot

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Listen: How the FDIC and Duke University drive bank innovation

BankInovation

Risk & Security banking innovation cybersecurity fdic Premium

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FDIC review of virtual exams sparks debate on bank supervision's future

American Banker

FDIC COVID-19 Regtech Regulatory reform Exams

FDIC 65

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. 31, 2018, the digital-only challenger bank finally received conditional approval from the Office of the Comptroller of the Currency. It’s still unclear, however, if the Federal Deposit Insurance Corporation will grant the final approval.

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FDIC to Unveil Bank Fund to Invest in Underserved Communities

PYMNTS

One of the things that I heard in the beginning, and in particular for Black banks, was a lack of capital,” FDIC Chair Jelena McWilliams told CNBC. The Federal Deposit Insurance Corp.

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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. Capital & Funding Carousel Premium Product Design Retail Banking fdic OCC Temenos Varo Varo Money Visa

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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. The post 7 Highlights from the Latest FDIC Quarterly Banking Profile appeared first on Abrigo.

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FDIC seeks feedback on banks' crypto plans

American Banker

FDIC Jelena McWilliams Digital currencies

FDIC 43

FDIC has tough task persuading unbanked to deposit stimulus checks

American Banker

FDIC City of Houston, TX Unbanked City of Atlanta, GA Financial inclusion

FDIC 73

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. Exclusive Mobile Payments Startups fdic Financial Regulation Mobile banking OCC OCC charter PayPal SoFi Varo MoneyWant a national bank that’s mobile-only? So does Varo Money.

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FDIC: US Banks See Chargebacks Soar, Profits Tank Due To Pandemic

PYMNTS

According to the Federal Deposit Insurance Corporation (FDIC), over half of all banks ended up reporting a decline in profits, and 7.3 In addition, the total number of problem banks the FDIC was watching rose for the first time since 2011, with 54 firms in the first quarter, up from 51.

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FDIC: Bank Profits Dropped 36.5 Pct In 2020

PYMNTS

percent in 2020 compared to the previous year due to the large volume of money set aside to cover potential losses caused by the coronavirus pandemic, according to a report from the Federal Deposit Insurance Corporation (FDIC). . bank profits fell 36.5

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Brex Offers FDIC Insurance, Adds Chief Legal Officer

PYMNTS

Brex , the San Francisco financial technology startup, is offering FDIC insurance on its no-fee cash management account, the company announced Wednesday (July 22). B2B Payments B2B Brex business banking FDIC News UMB Financial Corp.

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FDIC Launches Mission-Driven Bank Fund

ABA Community Banking

The FDIC today launched its new mission-driven bank fund, through which private investors—including corporations, financial institutions and philanthropic organizations—have the opportunity to support mission-driven banks that support low- and moderate-income, minority and rural communities.

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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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FDIC Proposed Rule and Information Requests Target False Advertising, Use and Misuse of FDIC Name and Logo

CFPB Monitor

The Federal Deposit Insurance Corporation (FDIC) recently issued a notice of proposed rulemaking (NPR) and request for information (RFI) addressing “False Advertising, Misrepresentation of Insured Status and Misuse of the FDIC’s Name or Logo”.

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FDIC asks industry for input about digital assets

American Banker

Digital banking FDIC Jelena McWilliams Cryptocurrencies

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FDIC: Bank Profits Up in Third Quarter as Capital, Liquidity Levels Remain Strong

ABA Community Banking

FDIC-insured banks and savings institutions earned $69.5 increase from a year before, the FDIC reported today in its Quarterly Banking Profile. The post FDIC: Bank Profits Up in Third Quarter as Capital, Liquidity Levels Remain Strong appeared first on ABA Banking Journal.

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FDIC’s new CIO: Fundamental competitive differential offered by AI

BankInovation

Federal Deposit Insurance Corporation (FDIC) is exploring how to shepherd such integrations while also assimilating changes in the agency’s internal tech stack. Starting June 14, Sultan Meghji, the FDIC’s inaugural chief innovation officer, and the supervisory body’s tech lab, […].

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Weekly Wrap: FDIC’s new chief innovation officer weighs in on AI

BankInovation

companies, Sultan Meghji, the FDIC’s new chief innovation officer, told BAN. Compliance & Regulation AI credit decisioning fdic Premium

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House Chairwoman Tells FDIC To Halt ILC Charters

PYMNTS

Waters wrote to Jelena McWilliams , chairwoman of the Federal Deposit Insurance Corporation (FDIC) , requesting the agency wait until new regulatory proposals on ILC charters are given the OK before any more of the charters are passed through.

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FDIC Creates New Office to Support Mission-Driven Banks

ABA Community Banking

The FDIC announced today that it is creating a new office to support its engagement with mission-driven banks, including minority depository institutions and community development financial institution banks.

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FDIC floats certification program for fintechs working with banks

American Banker

The agency's request for information seeks comment on the idea of the FDIC partnering with a standards-setting organization to develop best practices for technology firms, among other things. FDIC Jelena McWilliams Fintech Vendor management Community banks

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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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6 ways the FDIC is fostering fintech innovation, diversity and inclusion

BankInovation

Carousel Compliance & Regulation Innovation Strategy Premium bank charter community banks fdic fintech partnerships Jelena McWilliams LendIt Fintech USA 2020 Minority Depository Institution

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FDIC Seeks Views on Bank Advertising

Banking Exchange

Public’s input sought on potential modernization of advertising and signage rules to better reflect how banks operate Compliance Retail Banking Customers Performance People Compliance Management Compliance/Regulatory Consumer Compliance Feature3 Feature Financial Research Duties Financial Trends.

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FDIC selling controlling stake in Black-owned bank

American Banker

Diversity and equality Community banking

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Bank profits strengthen, but lending remains sluggish

American Banker

FDIC Earnings