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 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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Will FDIC, OCC follow Fed into global climate group?

American Banker

FDIC Climate change OCC Biden Administration

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

American Banker

FDIC Fintech Risk management

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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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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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FDIC seeks feedback on banks' crypto plans

American Banker

FDIC Jelena McWilliams Digital currencies

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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 has tough task persuading unbanked to deposit stimulus checks

American Banker

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

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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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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: 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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FDIC asks industry for input about digital assets

American Banker

Digital banking FDIC Jelena McWilliams Cryptocurrencies

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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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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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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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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’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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Bank profits strengthen, but lending remains sluggish

American Banker

FDIC Earnings

FDIC Updates Statement of Policy on MDIs

ABA Community Banking

The FDIC board today voted to approve an update to its policy statement on minority depository institutions. The statement of policy describes the FDIC’s actions to promote the preservation of MDIs and enhance communication between the agency and minority-owned and managed institutions.

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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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Rakuten files third application for FDIC insurance

CFPB Monitor

Unless Rakuten’s most recent application is granted before that date, Rakuten’s FDIC insurance application, if approved by the FDIC, would subject Rakuten to the terms of the Rule. FDIC Fintech Regulatory and Enforcement rakuten

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FDIC Consumer Compliance Supervisory Highlights includes fair lending issues

CFPB Monitor

FDIC examiners found that the underwriting criteria included the prohibited bases of age and the receipt of public assistance. FDIC examiners identified unmarried co-applicants who received less favorable pricing than similarly-situated married applicants because of the bank’s policy.

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FDIC Names New Advisory Committee Members

ABA Community Banking

The FDIC today announced the appointment of nine new members to its Advisory Committee on Community Banking. The post FDIC Names New Advisory Committee Members appeared first on ABA Banking Journal.

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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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FDIC finishes long-awaited rules on brokered funds, ILCs

American Banker

FDIC Deposits Licenses and charters Fintech regulations Regulatory reliefThe revamp of the brokered deposits framework offers relief to banks and their partners that saw the prior rule as outdated.

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Weekly Wrap: Varo gets FDIC approval, as Curve prepares for US launch

Bank Innovation

In this episode, editors discuss the following news developments: The implications of banking startup Varo’s FDIC approval; How U.K. Welcome to the latest episode of our Weekly Wrap series, for the week ending Friday, Feb. 14, 2020.

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State AGs file opposition to FDIC’s summary judgment motion in lawsuit challenging “Madden-fix” rule

CFPB Monitor

The state attorneys general have filed their opposition to the FDIC’s motion for summary judgment in their lawsuit to set aside the FDIC’s “ Madden -fix” rule. The filing also includes the AGs’ reply to the FDIC’s opposition to their summary judgment motion.

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FDIC Publishes Wide-Ranging Community Banking Study

ABA Community Banking

The FDIC today released a large-scale Community Banking Study that examines community bank performance between year-end 2011 and year-end 2019. The post FDIC Publishes Wide-Ranging Community Banking Study appeared first on ABA Banking Journal.

Square Will Reapply for Banking License with the FDIC After Last Week’s Withdrawal

Bank Innovation

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.

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FDIC announces new resources for brokered deposits regulation

CFPB Monitor

On April 1, 2021, the FDIC’s final rule issued in December 2020 revising its brokered deposits regulation became effective. The FDIC indicated in its announcement that it plans to make available a listing of entities that have submitted notices. Deposit Accounts FDIC brokered deposits

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 files reply in support of its summary judgment motion in lawsuit challenging its “Madden-fix” rule

CFPB Monitor

The FDIC has filed its reply in support of its motion for summary judgment in the lawsuit filed by a group of state attorneys general to set aside the FDIC’s “ Madden -fix” rule. The reply responds to the AGs’ opposition to the FDIC’s summary judgment motion.

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FDIC Seeks Input on Digital Asset Regulation

Banking Exchange

Corporation is the latest regulator to respond to the rapidly growing fintech market Compliance Technology Feature3 Fintech Blockchain Feature Financial Trends Bitcoin Cryptocurrency Compliance Management Compliance/Regulatory. 1Compliance

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