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.

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FDIC: Banks Pull In $237B In 2018

PYMNTS

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.”.

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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. Want a national bank that’s mobile-only?

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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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Crypto market's traders get something new: FDIC protection

BankThink

The Wild West of cryptocurrency trading is getting something typically associated with the safest of savings accounts: FDIC protection. Cryptocurrencies FDIC

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FDIC Seeks Public Comment On Banks And Small-Dollar Loans

PYMNTS

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

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FDIC announces new finance chief

BankThink

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

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Fed, OCC, FDIC: US Bank Loan Risk On The Decline

PYMNTS

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.

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FDIC Proposes Large-Bank Surcharge

Independent Banker

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.

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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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Agencies are close to finishing Volcker Rule changes: FDIC's McWilliams

BankThink

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.

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First failed bank since 2017 will leave FDIC with hefty price tag

BankThink

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.

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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 settles Operation Choke Point lawsuit

CFPB Monitor

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.

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FDIC Part 370: Support On-site FDIC Inspections

Perficient Financial Servies

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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FDIC Part 370 Testing Support

Perficient Financial Servies

Each phase of a company’s Part 370 response will have to undergo rigorous testing to ensure that all the regulatory requirements are met and the FDIC’s ongoing testing will produce satisfactory results. — If you are interested in learning more about FDIC Part 370 and how we can help you comply with the rule, please download our comprehensive guide or complete the contact form at the bottom of this page.

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5 takeaways on industry’s health, from FDIC’s 1Q report

BankThink

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.

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Agencies closer to joint polices on CRA, small-dollar loans: FDIC head

BankThink

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.

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What's missing from FDIC's brokered deposits notice

BankThink

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.

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FDIC Part 370: Implement FDIC-Required Calculations And Reports

Perficient Financial Servies

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 implement FDIC-required calculations and reports. Once an organization has determined that it is able to meet the requirements of Part 370, it must go about designing their interfaces with the FDIC. The post FDIC Part 370: Implement FDIC-Required Calculations And Reports appeared first on Financial Services.

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Remaking the FDIC by ripping up the rules

BankThink

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.

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FDIC’S Quarterly Banking Profile: Bank Performance Remains Strong in Q1

ABA Community Banking

FDIC-insured banks and savings associations earned $60.7 billion from the industry’s earnings a year before, the FDIC said today in its Quarterly Banking Profile. The post FDIC’S Quarterly Banking Profile: Bank Performance Remains Strong in Q1 appeared first on ABA Banking Journal.

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FDIC Part 370: The Background

Perficient Financial Servies

While existing processes were deemed suitable to handle smaller or slower bank failures, the FDIC realized that it might struggle to pay depositors if a complicated bank failed rapidly. The FDIC is required by law to pay depositors “as soon as possible” after a depository institution fails, while also resolving claims at the lowest possible cost to the Deposit Insurance Fund. The post FDIC Part 370: The Background appeared first on Financial Services.

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Study Sacks FDIC Fears on Brokered Deposits

Long Lasting Ideas

Continue reading Study Sacks FDIC Fears on Brokered Deposits at Bank Marketing Strategy + Ideas. brokered deposits FDIC Uncategorized

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FDIC Part 370 Report Design

Perficient Financial Servies

Process design and documentation : Creating and documenting the report-generation and signoff process to ensure verifiable compliance with FDIC requirements. A thoughtful design that anticipates the FDIC’s specific requirements will save a company time and money and allow for a smooth interface with FDIC regulators. Financial Services Regulatory Compliance 12 CFR Part 370 Banking Banks compliance FDIC FDIC Part 370 Finance Part 370 Regulatory

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FDIC Part 370 Readiness Evaluation

Perficient Financial Servies

— If you are interested in learning more about FDIC Part 370 and how we can help you comply with the rule, please download our comprehensive guide or complete the contact form at the bottom of this page. Financial Services Regulatory Compliance 12 CFR Part 370 Banking Banks compliance FDIC FDIC Part 370 Finance Part 370 RegulatoryThe first thing any bank has to do in its response to Part 370 is evaluate its current state of readiness.

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FDIC Part 370 Program Management

Perficient Financial Servies

A company will need to manage its integrated response to this rule very efficiently and transparently in order to meet deadlines set forth by the FDIC. — If you are interested in learning more about FDIC Part 370 and how we can help you comply with the rule, please download our comprehensive guide or complete the contact form at the bottom of this page.

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FDIC Hit By ‘Inadvertent’ Major Data Breach

PYMNTS

In an internal FDIC document obtained by The Washington Post , it was revealed that the data of 44,000 FDIC customers was breached by an employee who left the agency in February. The memo was distributed on March 18 by FDIC Chief Information Officer and Chief Privacy Officer Lawrence Gross Jr. With the help of technology used to monitor downloads to removable devices, FDIC was able to detect the breach days after the employee left FDIC on February 26.

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OCC and FDIC chiefs signal progress on CRA reform

BankThink

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.

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Crapo, Senate Banking GOP probe FDIC on Operation Choke Point

BankThink

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

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FDIC crackdown on brokered deposits goes too far: ABA report

BankThink

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.

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Nonbanks' rapid growth poses risks to industry: FDIC's McWilliams

BankThink

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

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There Are Fewer Unbanked Americans, According To The FDIC

PYMNTS

With increasingly few exceptions, the ranks of the unbanked seem to be on the decline, according to new data released by the FDIC. According to FDIC data, unbanked American consumers peaked toward the end of the Great Recession in 2011 at 8.2 The figures for 2015 represent the best results the survey has seen since the FDIC started keeping track of the data with a biennial survey in 2009 (the share of unbanked Americans was 7.6

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FDIC chief ties personal story to CRA reform effort

BankThink

CRA Digital banking Underbanked Joseph Otting Jelena McWilliams Lael Brainard OCC FDIC Federal ReserveRecounting her family’s financial struggles, Jelena McWilliams said regulatory policy should address the plight of the underbanked.

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Banks should improve tech vendor service contracts: FDIC

BankThink

Fintech regulations Vendor management Risk management Data breaches FDICSome contracts are not "adequately" defining which party — the bank or the vendor — is responsible for managing risks, the agency said.

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Interest income pushes 1Q bank earnings up 9% to $61B: FDIC

BankThink

Earnings Net interest margin Commercial lending Credit cards Interest rate risk Jelena McWilliams FDICMore than 66% of the banks reported a jump in net income during the first quarter but new risks are emerging in interest rates and underwriting, the Federal Deposit Insurance Corp.

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FDIC 2018 Consumer Compliance Supervisory Highlights focuses on overdraft, RESPA, Regulation E, deferment, and finance charge calculation exam findings

CFPB Monitor

Last week, the FDIC published its Consumer Compliance Supervisory Highlights that provides observations about its consumer compliance supervision activities in 2018. The FDIC’s anonymized exam findings include: Overdraft Programs.

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Five ‘Major’ FDIC Breaches Come To Light

PYMNTS

The Washington Post reported that the FDIC is disclosing to Congress the presence of at least five major data breaches that occurred sometime between now and Oct. Though details are still scarce, the FDIC noted that each case was not of the run-of-the-mill hacking variety. Despite the breaches, the FDIC is maintaining that none of the accessed information was shared illicitly, just as it believes none of the employees downloaded the data with untoward activities in mind.

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FDIC In The Data Breach Hot Seat

PYMNTS

congressional subcommittee spent time yesterday (May 12) during a hearing where the FDIC was questioned about a string of data breaches, including two recent incidents that involved 10,000 sensitive and private data records to be downloaded from workers onto storage devices before they left the agency. Upon learning of the breaches, the FDIC also discovered that there were five other incidents where this same behavior had occurred, according to Republican Rep.

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Process Reengineering For FDIC Part 370 Compliance

Perficient Financial Servies

— If you are interested in learning more about FDIC Part 370 and how we can help you comply with the rule, please download our comprehensive guide or complete the contact form at the bottom of this page. Data & Analytics Financial Services Integration & IT Modernization Management Consulting Operations Regulatory Compliance Strategy 12 CFR Part 370 Banking Banks compliance FDIC FDIC Part 370 Finance Part 370 Regulatory

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FDIC's McWilliams to hire outside counsel over 'Choke Point' concerns

BankThink

Jelena McWilliams is responding to concerns from Republican members of Congress that FDIC staffers are discouraging banks from doing business with certain industries. De-risking Jelena McWilliams Joseph Otting Mike Crapo FDIC OCC House Financial Services Committee

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Requirements Gathering For FDIC Part 370

Perficient Financial Servies

We can help a company gather requirements for Part 370 by: Validating existing Part 370 requirements from the FDIC, as well as interpreting additional guidance as becomes available. — If you are interested in learning more about FDIC Part 370 and how we can help you comply with the rule, please download our comprehensive guide or complete the contact form at the bottom of this page.

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Fed, not FDIC, should regulate a merged BB&T-SunTrust

BankThink

Policymaking M&A BB&T SunTrust Federal Reserve FDICThe Federal Deposit Insurance Corp., BB&T’s primary regulator, has a history of going easy on the bank. The combined entity would be better supervised by the central bank, which already oversees SunTrust.

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