ABA Community Banking

MAY 26, 2023

The FDIC announced the appointment of seven new members to its Advisory Committee on Community Banking The post FDIC names new community banking committee members appeared first on ABA Banking Journal.

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FDIC Community Bank Community Policies 52

Abrigo

DECEMBER 13, 2019

The FDIC released a manual on Formal and Informal Enforcement Actions. The FDIC released its manual on Formal and Informal Enforcement Actions. For the first time, the FDIC released its manual on Formal and Informal Enforcement Actions to provide greater transparency to those processes. Key Takeaways.

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FDIC Lending Regulation Capital 195

CFPB Monitor

MAY 4, 2023

The FDIC recently announced that it has entered into a Consent Order with Cross River Bank (CRB or Bank) to resolve FDIC charges that the Bank engaged in unsafe or unsound practices related to its fair lending compliance. (The The Consent Order was issued in March 2023 but not made public until the end of last month.) .

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FDIC Fintech Lending Compliance 78

CFPB Monitor

FEBRUARY 24, 2023

Earlier this month, the Federal Deposit Insurance Corporation (FDIC) issued cease-and-desist letters to a cryptocurrency exchange and a fintech , demanding that each of these entities immediately stop making false and misleading statements about FDIC coverage of their financial products. Continue Reading

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FDIC cryptocurrency Fintech Marketing 78

PYMNTS

MARCH 18, 2020

The Federal Deposit Insurance Corporation ( FDIC ) is setting new regulations for FinTechs and industrial banks that will enhance transparency and establish record-keeping requirements, the agency said on Tuesday (March 17). In 1987, parent banks were allowed to bypass FDIC oversight and regulations. .

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FDIC Fintech Regulation New York 142

Payments Dive

JUNE 8, 2023

The guidance is aimed at helping banks address the operational, compliance and strategic risks of third-party tie-ups, such as those with fintech firms.

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FDIC Risk Management Fintech Compliance 221

PYMNTS

JULY 22, 2020

Brex , the San Francisco financial technology startup, is offering FDIC insurance on its no-fee cash management account, the company announced Wednesday (July 22). The new feature in Brex Cash allows customers the choice to hold cash savings with FDIC insurance, or invest in Money Market Funds.

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CFPB Monitor

DECEMBER 29, 2022

On December 13, 2022, the FDIC issued a request for comment on a proposal to modernize the regulations governing use of the FDIC’s official signage and advertising of FDIC-insured status by insured depository institutions (IDIs), and to clarify regulations issued.

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FDIC Regulation 78

PYMNTS

APRIL 14, 2020

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. Three top House Democrats have asked the Federal Deposit Insurance Corp.

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FDIC Exercises Policies Report 184

PYMNTS

JUNE 17, 2020

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. billion, Reuters wrote. billion, Reuters wrote.

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FDIC US Lending Report 203

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. The company confirmed this development as part of a $100 million Series C fundraising round announced on Tuesday.

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FDIC Digital Banking Company Capital 244

CFPB Monitor

JANUARY 31, 2023

The FDIC has announced that it is extending by 45 days the comment period for proposed changes to its signage and advertising rule. Several banking trade groups sent a letter to the FDIC requesting the 45-day extension. Originally set for February 21, the comment deadline is extended to April 7, 2023. Continue Reading

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FDIC Groups 78

Bank Innovation

FEBRUARY 14, 2020

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. card startup Curve opened a New York City office in advance of its U.S. launch; and Wells Fargo’s […].

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FDIC New York City New York US 243

PYMNTS

MARCH 15, 2020

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. Because of that, retail businesses can have them.

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FDIC Retail Industry Company 140

Payments Dive

MAY 2, 2023

Under the agency’s targeted coverage scenario, accounts used for payment purposes — specifically, business payment accounts— would merit higher deposit insurance coverage.

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FDIC Payments 221

CFPB Monitor

AUGUST 4, 2022

The FDIC has issued an “Advisory to FDIC-insured institutions Regarding Deposit Insurance and Dealings with Crypto Companies ” to address the agency’s concerns regarding misrepresentations about FDIC deposit insurance by certain crypto companies. The FDIC identifies two issues that can create customer confusion.

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FDIC Risk Management Regulation Policies 78

CFPB Monitor

AUGUST 23, 2022

The FDIC has issued new supervisory guidance (FIL-40-2022) on multiple non-sufficient funds (NSF) fees arising from the re-presentment of the same unpaid transaction. In the guidance, the FDIC addresses potential risks arising from multiple re-presentment NSF fees, risk mitigation practices, and the FDIC’s supervisory approach. .

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FDIC Compliance Regulation Massachusetts 78

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? So does Varo Money.

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FDIC Mobile National Regulation 351

CFPB Monitor

AUGUST 3, 2022

On July 25, 2022, the FDIC issued Financial Institution Letter (FIL)-34-2022 announcing updates to Chapters 1 and 4 of its Formal and Informal Enforcement Actions Manual (Manual). The Manual includes updates to the minimum standards for the FDIC’s termination of cease-and-desist and consent orders.

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FDIC Compliance Regulation Regional 78

ABA Community Banking

APRIL 27, 2022

The FDIC has appointed seven new members to its Advisory Committee on Community Banking. The post FDIC names new community banking committee members appeared first on ABA Banking Journal. Twelve of 19 on the panel are with ABA member banks.

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FDIC Community Bank Community Policies 105

CFPB Monitor

JUNE 15, 2022

Four Democratic members of the California state legislature recently sent a letter to the Federal Deposit Insurance Corporation (FDIC) urging the agency to take action against FDIC-supervised banks that partner with non-bank lenders to originate high-cost installment loans.

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FDIC California West Virginia North Carolina 78

CFPB Monitor

MAY 19, 2021

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 Fintech Regulation Lending 88

ABA Community Banking

APRIL 26, 2023

APSN overdraft fees present risks of unfairness because the consumer cannot reasonably avoid receiving the fees due to the “complicated nature of overdraft processing systems,” FDIC said. The post FDIC: ‘Authorize positive, settle negative’ overdraft fees present risks of unfairness appeared first on ABA Banking Journal.

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FDIC System Community Bank Community 52

CFPB Monitor

FEBRUARY 14, 2022

With Democrats now firmly in control of the FDIC, Acting Chairman Martin Gruenberg released a list of the FDIC’s priorities for 2022.

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FDIC Community System Groups 78

CFPB Monitor

SEPTEMBER 22, 2022

The White House has announced the names of two Republicans who President Biden is nominating to serve as members of the FDIC Board of Directors. The FDIC Board of Directors has five members, two of whom are the Comptroller of the Currency and the CFPB Director. No more than three members can be from the same political party.

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FDIC Policies 78

CFPB Monitor

APRIL 12, 2023

In the March 2023 issue of Consumer Compliance Supervisory Highlights , the FDIC discusses consumer compliance issues identified by its examiners during supervisory activities conducted in 2022 involving referral arrangements, trigger leads, servicemember protections, and fair lending compliance. The issue also looks at complaint trends.

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FDIC Compliance Lending Trends 78

CFPB Monitor

MARCH 28, 2023

After reviewing the circumstances leading to the failure of SVB and historic parallels, we discuss the merits of the regulators’ decision to invoke the Systemic Risk Exception and protect all SVB deposit accounts, notwithstanding the $250,000 FDIC insurance limitation, alternate approaches that regulators might have considered for protecting uninsured (..)

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FDIC Regulation Groups System 78

CFPB Monitor

OCTOBER 13, 2022

We discuss the FDIC’s final rule on misuse of the FDIC name or logo, advisory to insured banks on deposit insurance and dealings with crypto companies, and cease and desist letters to five crypto companies alleging they made false and misleading statements about deposit insurance.

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FDIC Groups Company 78

CFPB Monitor

AUGUST 23, 2022

On August 19, 2022, the FDIC issued cease and desist letters to five crypto companies, alleging they made false and misleading statements about FDIC deposit insurance and demanding immediate corrective action. According to the FDIC’s press release , “[b]ased upon evidence collected., Part 328, Subpart B.

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FDIC cryptocurrency social media Risk Management 78

CFPB Monitor

SEPTEMBER 28, 2022

Giving credit to “the work of the FDIC,” the Senators commented that that “the safety and soundness of the ILC charter has been broadly successful when historically compared to the rest of the banking industry.”

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FDIC Industry Groups Company 78

CFPB Monitor

MARCH 27, 2019

The FDIC has announced that Leonard Chanin joined the agency on March 18 as Deputy to the Chairman. Leonard will also provide advice on the FDIC’s efforts to promote innovative financial services technologies. He is an excellent attorney and brings to the FDIC substantial familiarity with the consumer financial services industry.

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FDIC Regulation Community Innovation 113

CFPB Monitor

JANUARY 24, 2023

In a letter sent earlier this month, the Bank Policy Institute, the American Bankers Association and the Independent Community Bankers of America (the “trade groups”) have asked the FDIC for more time to comment on the agency’s proposal , published in the Federal Register on December 21, 2022, to update its existing regulations governing use and misuse (..)

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FDIC Groups America Regulation 78

Bank Innovation

JULY 9, 2018

It plans to reapply with the FDIC, but did not reveal […]. Payment 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 Payments Online Lending 210

CFPB Monitor

MAY 19, 2022

It also states that representations made by covered persons or service providers about FDIC insurance will typically be material. . As noted above, the CFPB linked its issuance of the Circular to the FDIC’s issuance of a final rule on misuse of the FDIC’s name or logo or misrepresentations about deposit insurance coverage.

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FDIC System Exercises Regulation 78

CFPB Monitor

JANUARY 25, 2021

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. Rakuten’s first FDIC deposit insurance application was filed in July 2019, and was withdrawn in March 2020.

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FDIC Utah America Financial Technology 78

ABA Community Banking

JANUARY 24, 2022

The FDIC today said it has partnered with the nonprofit Operation Hope to promote financial education to minority and women-owned businesses. Through the partnership, Operation Hope will use the FDIC's Money Smart financial education resources to help teach how to do business with the agency.

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FDIC Operations Resources How To 119

CFPB Monitor

MAY 23, 2019

The FDIC has announced that it has entered into a settlement of the lawsuit filed against it and the OCC in 2014 by a trade group and several payday lenders challenging “Operation Choke Point” — a federal enforcement initiative involving the FDIC, OCC and other federal agencies. In July 2017, the D.C.

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FDIC Operations Policies Regional 112