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 Defines Bank Regs For FinTechs

PYMNTS

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).

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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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Pandemic prompts FDIC to suspend staff buyouts

American Banker

The voluntary agreements were meant to help the FDIC make staffing changes ahead of a wave of retirements. FDIC Jelena McWilliams Failures Coronavirus Succession planning RecruitingBut concerns about the coronavirus means those plans will be put on hold.

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FDIC sign getting makeover for digital age

American Banker

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.

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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.

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Former FDIC chairman, banking veteran launch bank consulting firm

American Banker

FDIC Consulting Compliance Community banking Regulatory actions and programsWilliam Isaac and Howard Milstein plan to provide advice to U.S. and foreign banks of all sizes.

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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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FDIC to issue proposal on ILCs at agency board meeting

American Banker

FDIC ILCs Square Licenses and charters WalmartA decision by regulators on how to move forward with the controversial charter could have broad implications for fintech firms that want to enter the banking system.

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FDIC approves application for Florida de novo bank

American Banker

FDIC Capital Florida De novo institutions Community banksOrganizers of Coastal Community Bank must raise $19.5 million before opening.

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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ABA Data Bank: FDIC Insurance Fund at Record-High Balance

ABA Community Banking

Since 2007, banks have more than doubled the balance of the FDIC insurance fund that protects deposits to a record $110.3 The post ABA Data Bank: FDIC Insurance Fund at Record-High Balance appeared first on ABA Banking Journal.

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FDIC, OCC issue cybersecurity bulletin amid 'heightened' global risk

American Banker

Cybersecurity Law and regulation Risk management OCC FDICThe two agencies cited geopolitical tensions in issuing the warning and best practices tips, though they stopped short of referring directly to the recent U.S. clashes with Iran.

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FDIC aims to smooth de novo process for nontraditional firms

American Banker

FDIC ILCs Varo Money Licenses and charters Fintech regulations Nonbank De novo institutions Community banksThe agency released two new manual supplements and other materials to help nonbanks and its own staff better understand application procedures.

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FDIC not consistent in assessing impact of rules: Watchdog

American Banker

Compliance Law and regulation Jelena McWilliams FDIC OIGThe agency agreed to most recommendations made by its inspector general but pushed back on some conclusions.

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Varo gets vital FDIC OK for bank charter

American Banker

Digital banking Consumer banking Mobile banking Mobile technology Fintech National banks Colin Walsh Varo Money FDICIt was Varo's second try with the Federal Deposit Insurance Corp.,

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FDIC Releases Formal and Informal Enforcement Actions Manual

Abrigo

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.

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FDIC approves application for proposed Ohio de novo

American Banker

FDIC Capital Community banking Ohio De novo institutionsOrganizers of Riverside Bank of Dublin will need to raise $18 million before opening.

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FDIC Issues Coronavirus-Related FAQs for Banks, Consumers

ABA Community Banking

The FDIC today issued two sets of frequently asked questions addressing banker and consumer concerns related to the coronavirus pandemic. The post FDIC Issues Coronavirus-Related FAQs for Banks, Consumers appeared first on ABA Banking Journal.

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FDIC issues warnings on leveraged lending, CRE concentration

American Banker

The board- and management-level handing of CRE concentration was the chief concern of FDIC examiners, making up more than 56% of all the supervisory recommendations regulators made in the two-year period. Leveraged loans CRE Compliance Risk tolerance FDIC

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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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FDIC Names New Advisory Committee Members

ABA Community Banking

The FDIC this week announced the appointment of four 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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FDIC advises banks to exercise caution with agricultural loans

American Banker

Risk management Policymaking Ag lending Agriculture industry Farm and rural mortgages FDICTo guard against headwinds in the agricultural sector, the Federal Deposit Insurance Corp. recommended that institutions consider the “overall financial status” of farm loan borrowers.

FDIC: Deposit Growth Picks Up Slightly in 2019

ABA Community Banking

While banks continued to see deposit growth over the past year, it lagged the five-year average for annual growth, according to the latest issue of the FDIC Quarterly. The post FDIC: Deposit Growth Picks Up Slightly in 2019 appeared first on ABA Banking Journal.

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FDIC will offer 1,200 voluntary buyouts to prepare for retirement surge

American Banker

FDIC Jelena McWilliams Workforce management Regulatory actions and programs Succession planning Retirement planningThe agency says it is not cutting its workforce but that the new strategy is necessary because it has an unusually high number of workers near retirement age.

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Utah de novo gets conditional OK from FDIC

American Banker

Community banking De novo institutions Capital FDIC UtahOrganizers of Bank of St. George still need to raise $18 million before opening.

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FDIC nears decision on ILC bids as it floats new standards for charter

American Banker

FDIC ILCs Fintech Square Licenses and charters Walmart Community bankingOn the same day the Federal Deposit Insurance Corp. said it will soon rule on two applications, the agency also proposed benchmarks for all firms that want to own industrial loan companies.

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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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Retirement wave could leave FDIC short-staffed in crisis, watchdog warns

American Banker

Financial regulations FDIC Workforce managementThe inspector general also said high turnover at the chief information officer position has limited the agency's ability to modernize its technology.

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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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Fed, FDIC extend comment period for input on Camels ratings

American Banker

Regulatory reform Regulatory guidance Financial regulations Capital Liquidity Federal Reserve FDICThe two agencies have delayed the deadline for the public to respond to a request for information on the rating system used to score banks' overall health.

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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 brokered deposits plan aims to give banks flexibility

American Banker

Deposits Deposit insurance Regulatory relief Regulatory reform Jelena McWilliams FDICThe proposal comes after years of criticism that the current policy stifles innovation and hamstrings banks' ability to raise funds.

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Charges in Equifax hack; Varo Money passes FDIC test

American Banker

FDIC Equifax Fintech Hacking Blockchain Deutsche Bank Deposit insurance M&AFour Chinese military members charged with stealing data of 150 million Americans; fintech can use deposit insurance, a step toward a full bank charter.

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