INDUSTRY INSIGHTS YOUR PEERS ARE READING
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. MORE
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. MORE
Financial performance among minority depository institutions has significantly improved in the last five years, particularly in terms of loan performance, according to new research from the FDIC. 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. MORE
As part of the deal, the agency summarized its policy on account terminations and issued a letter acknowledging that some employees “acted in a manner inconsistent with FDIC policies with respect to payday lenders.”. Payday lending Lawsuits Financial regulations OCC FDIC Advance America 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. Want a national bank that’s mobile-only? 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
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. MORE
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. MORE
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.”. MORE
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. MORE
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. MORE
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 MORE
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. MORE
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. MORE
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. MORE
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. MORE
The FDIC chief said it is critical to give the industry clarity on using emerging technologies, particularly for the thousands of community banks her agency oversees. Fintech regulations Regtech AML Artificial intelligence Machine learning Jelena McWilliams FDIC FinCEN MORE
MBS Deposit insurance Deposits Dodd-Frank Regional banks SIFIs Jelena McWilliams FDICThe agency's board voted 3-1 on Tuesday to give large banks additional time to comply with new rules that force them to keep better track of insured deposits. MORE
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. MORE
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. 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
The number of minority depository institution charters is declining even as their financial performance is going up, according to a new study by the FDIC. CDFIs Law and regulation Community banking Jelena McWilliams FDIC MORE
The Wild West of cryptocurrency trading is getting something typically associated with the safest of savings accounts: FDIC protection. Cryptocurrencies FDIC MORE
Secretary of the Treasury and the FDIC Chairman. Our VisibleBanking.com team came across this recent fintech fire side conversation hosted by the FDIC. Secretary of the Treasury Jelena McWilliams – Chairman, FDIC. Fintech Banking Ecosystem Event FDIC Innovation Jelena McWilliams Panel Partnerships Regulation Steven Mnuchin USFintech panel discussion on fintech and banking innovation with the U.S. MORE
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. MORE
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. MORE
The FDIC's new complex institution supervision and resolution division will be operational July 21. Living wills Dodd-Frank SIFIs Jelena McWilliams FDIC OCC MORE
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 MORE
CRA Regulatory reform Jelena McWilliams FDIC Federal Reserve OCCJelena McWilliams said federal bank regulators have made progress in developing a proposal but acknowledged that the reform process has been slow. 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 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. MORE
Continue reading Study Sacks FDIC Fears on Brokered Deposits at Bank Marketing Strategy + Ideas. brokered deposits FDIC Uncategorized MORE
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. MORE
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. MORE
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. MORE
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. MORE
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. MORE
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. MORE
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 MORE
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 MORE
— 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. MORE
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 MORE
FDIC Related Topics 
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.
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.
PYMNTS
FEBRUARY 22, 2019
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.”.
BankThink
AUGUST 2, 2019
The FDIC chief said it is critical to give the industry clarity on using emerging technologies, particularly for the thousands of community banks her agency oversees. Fintech regulations Regtech AML Artificial intelligence Machine learning Jelena McWilliams FDIC FinCEN
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?
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
PYMNTS
NOVEMBER 14, 2018
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
BankThink
MAY 14, 2019
The Wild West of cryptocurrency trading is getting something typically associated with the safest of savings accounts: FDIC protection. Cryptocurrencies FDIC
Independent Banker
JANUARY 26, 2016
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.
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.
BankThink
MAY 9, 2019
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
BankThink
JULY 16, 2019
MBS Deposit insurance Deposits Dodd-Frank Regional banks SIFIs Jelena McWilliams FDICThe agency's board voted 3-1 on Tuesday to give large banks additional time to comply with new rules that force them to keep better track of insured deposits.
PYMNTS
JANUARY 25, 2019
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.
BankThink
MAY 22, 2019
As part of the deal, the agency summarized its policy on account terminations and issued a letter acknowledging that some employees “acted in a manner inconsistent with FDIC policies with respect to payday lenders.”. Payday lending Lawsuits Financial regulations OCC FDIC Advance America
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.
BankThink
JUNE 25, 2019
The number of minority depository institution charters is declining even as their financial performance is going up, according to a new study by the FDIC. CDFIs Law and regulation Community banking Jelena McWilliams FDIC
Perficient Financial Servies
MARCH 1, 2018
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.
Perficient Financial Servies
MAY 3, 2018
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.
BankThink
MAY 31, 2019
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.
Perficient Financial Servies
FEBRUARY 22, 2018
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.
BankThink
OCTOBER 1, 2018
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.
Visible Banking
AUGUST 1, 2019
Secretary of the Treasury and the FDIC Chairman. Our VisibleBanking.com team came across this recent fintech fire side conversation hosted by the FDIC. Secretary of the Treasury Jelena McWilliams – Chairman, FDIC. Fintech Banking Ecosystem Event FDIC Innovation Jelena McWilliams Panel Partnerships Regulation Steven Mnuchin USFintech panel discussion on fintech and banking innovation with the U.S.
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.
Perficient Financial Servies
JANUARY 11, 2018
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.
Perficient Financial Servies
APRIL 5, 2018
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
BankThink
JUNE 12, 2019
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.
Long Lasting Ideas
JUNE 28, 2018
Continue reading Study Sacks FDIC Fears on Brokered Deposits at Bank Marketing Strategy + Ideas. brokered deposits FDIC Uncategorized
BankThink
FEBRUARY 20, 2019
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.
Perficient Financial Servies
MARCH 15, 2018
— 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.
BankThink
JULY 31, 2019
CRA Regulatory reform Jelena McWilliams FDIC Federal Reserve OCCJelena McWilliams said federal bank regulators have made progress in developing a proposal but acknowledged that the reform process has been slow.
Perficient Financial Servies
APRIL 19, 2018
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.
PYMNTS
APRIL 11, 2016
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.
BankThink
MAY 29, 2019
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.
PYMNTS
SEPTEMBER 8, 2016
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
ABA Community Banking
MAY 29, 2019
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.
BankThink
NOVEMBER 7, 2018
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
ABA Community Banking
JUNE 25, 2019
Financial performance among minority depository institutions has significantly improved in the last five years, particularly in terms of loan performance, according to new research from the FDIC.
BankThink
MAY 29, 2019
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.
PYMNTS
MAY 10, 2016
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.
BankThink
NOVEMBER 15, 2018
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
BankThink
APRIL 3, 2019
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.
PYMNTS
MAY 13, 2016
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.
BankThink
MARCH 4, 2019
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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