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FDIC Fintech Risk management MORE
The FDIC’s settlement with Umpqua Bank announced yesterday involved collection practices connected with commercial equipment financing offered by the bank’s wholly-owned subsidiary. Debt Collection FDIC Regulatory and Enforcement UDAP collection 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. 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. MORE
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 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. 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. MORE
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. 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
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. MORE
FDIC Digital banking Deposit insurance ATMs Policymaking Branch bankingThe agency said it wants feedback on changing its ubiquitous logo greeting customers at branches and ATMs to address technological changes, shifting consumer behaviors and bank-nonbank partnerships. 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. Capital & Funding Carousel Premium Product Design Retail Banking fdic OCC Temenos Varo Varo Money Visa MORE
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 MORE
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. MORE
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). MORE
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. MORE
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. MORE
FDIC Chairman Jelena McWilliams recently stated that the FDIC is not contemplating a rulemaking “at this time” similar to the OCC’s proposed fair access rule issued last month. McWilliams noted that the FDIC has an “interesting history” on similar issues. MORE
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. MORE
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 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
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 MORE
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. MORE
FDIC Innovation Community bankingCommunity banks with meager tech budgets need help identifying the right systems for institutions their size and finding good partners, says Sultan Meghji, who recently joined the Federal Deposit Insurance Corp. in this newly created role. MORE
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. MORE
FDIC Jelena McWilliams Digital currencies 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 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. MORE
On March 15, 2021, the FDIC’s Office of Minority and Women Inclusion (OMWI) released a Financial Institution Letter regarding diversity self-assessments. Diversity and Inclusion FDIC Regulatory and Enforcement diversity FID-SA OMWI MORE
FDIC Mortgages Corporate governance FHFA Fannie Mae GSEs Freddie MacOne of the top banking regulators during the 2008 financial crisis could have a hand in nudging Fannie Mae out of conservatorship. MORE
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. MORE
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. MORE
The Attorney Generals of the six states and District of Columbia who filed a lawsuit against the FDIC to set aside its “ Madden -fix” rule have filed a motion for summary judgment in the case. 1831d) applies only to interest that an FDIC-insured state bank may charge. MORE
FDIC COVID-19 Jelena McWilliams Dodd-Frank Deposit insuranceThe agency’s insurance fund dipped below its statutory minimum last quarter thanks to the rapid rise in deposits, but officials say it should bounce back without a hike in premiums. MORE
FDIC Artificial intelligence Jelena McWilliams OCC Coronavirus Brian Brooks Law and regulationWhile they are not dramatically opposed, Jelena McWilliams and Brian Brooks have articulated their own ideas on postal banking and the use of artificial intelligence in lending. MORE
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 MORE
FDIC City of Houston, TX Unbanked City of Atlanta, GA Financial inclusion MORE
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. MORE
FDIC Related Topics PYMNTS
MARCH 19, 2020
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
American Banker
MAY 11, 2021
FDIC Jelena McWilliams Digital currencies
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American Banker
APRIL 14, 2021
FDIC Fintech Risk management
PYMNTS
OCTOBER 19, 2020
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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PYMNTS
JUNE 28, 2020
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.
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. Capital & Funding Carousel Premium Product Design Retail Banking fdic OCC Temenos Varo Varo Money Visa
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. Coronavirus Congress economy FDIC News What's Hot
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. 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.
PYMNTS
FEBRUARY 23, 2021
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
American Banker
APRIL 11, 2021
FDIC City of Houston, TX Unbanked City of Atlanta, GA Financial inclusion
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. 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.
|
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.
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). B2B Payments B2B Brex business banking FDIC News UMB Financial Corp.
CFPB Monitor
APRIL 6, 2021
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.
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
ABA Community Banking
APRIL 6, 2021
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.
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. FDIC Fintech Regulatory and Enforcement rakuten
Banking Exchange
APRIL 14, 2021
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.
CFPB Monitor
APRIL 8, 2021
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
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.
CFPB Monitor
MAY 11, 2021
The FDIC’s settlement with Umpqua Bank announced yesterday involved collection practices connected with commercial equipment financing offered by the bank’s wholly-owned subsidiary. Debt Collection FDIC Regulatory and Enforcement UDAP collection
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.
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.
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. 14, 2020.
CFPB Monitor
APRIL 26, 2021
The Attorney Generals of the six states and District of Columbia who filed a lawsuit against the FDIC to set aside its “ Madden -fix” rule have filed a motion for summary judgment in the case. 1831d) applies only to interest that an FDIC-insured state bank may charge.
ABA Community Banking
DECEMBER 16, 2020
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.
American Banker
MARCH 9, 2021
FDIC Innovation Community bankingCommunity banks with meager tech budgets need help identifying the right systems for institutions their size and finding good partners, says Sultan Meghji, who recently joined the Federal Deposit Insurance Corp. in this newly created role.
CFPB Monitor
DECEMBER 14, 2020
FDIC Chairman Jelena McWilliams recently stated that the FDIC is not contemplating a rulemaking “at this time” similar to the OCC’s proposed fair access rule issued last month. McWilliams noted that the FDIC has an “interesting history” on similar issues.
American Banker
DECEMBER 15, 2020
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.
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.
CFPB Monitor
MARCH 17, 2021
On March 15, 2021, the FDIC’s Office of Minority and Women Inclusion (OMWI) released a Financial Institution Letter regarding diversity self-assessments. Diversity and Inclusion FDIC Regulatory and Enforcement diversity FID-SA OMWI
American Banker
NOVEMBER 5, 2020
FDIC Mortgages Corporate governance FHFA Fannie Mae GSEs Freddie MacOne of the top banking regulators during the 2008 financial crisis could have a hand in nudging Fannie Mae out of conservatorship.
American Banker
JUNE 26, 2020
FDIC Artificial intelligence Jelena McWilliams OCC Coronavirus Brian Brooks Law and regulationWhile they are not dramatically opposed, Jelena McWilliams and Brian Brooks have articulated their own ideas on postal banking and the use of artificial intelligence in lending.
American Banker
FEBRUARY 20, 2020
FDIC Digital banking Deposit insurance ATMs Policymaking Branch bankingThe agency said it wants feedback on changing its ubiquitous logo greeting customers at branches and ATMs to address technological changes, shifting consumer behaviors and bank-nonbank partnerships.
American Banker
SEPTEMBER 15, 2020
FDIC COVID-19 Jelena McWilliams Dodd-Frank Deposit insuranceThe agency’s insurance fund dipped below its statutory minimum last quarter thanks to the rapid rise in deposits, but officials say it should bounce back without a hike in premiums.
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