CFPB Monitor

JANUARY 24, 2022

The bank will also provide a fully digital, mobile-first national lending platform for consumers across the country. The lawsuit, like previous CSBS lawsuits, challenged the OCC’s authority to issue special purpose national bank (SPNB) charters to non-depository fintech companies or to uninsured deposit-taking fintechs.

National 78

National Fintech Company FDIC 78

PYMNTS

MAY 27, 2020

And, they said, traditional players can find competitive strength by linking up with firms that had previously been viewed as foes (that would be FinTechs). HMBradley offers FDIC-insured accounts through Hatch Bank based in California, and rates of about 3 percent on its savings accounts.

Fintech 236

Fintech Innovation Digital Banking FDIC 236

The Financial Brand

FEBRUARY 10, 2020

Fintech's patience paying off as it nears final hurdles, setting stage for major new digital banking competitor. The post FDIC Greenlights Mobile-First Fintech Varo Money for Deposit Insurance appeared first on The Financial Brand.

FDIC 15

FDIC Mobile Fintech Digital Banking 15

PYMNTS

JUNE 25, 2019

Cross River Bank has partnered with a range of FinTech startups since its 2008 launch, including collaborations with Stripe , Coinbase and Affirm , reports said. Its takeover of Seed strengthens its position in the small business FinTech market. reports said.

Community Bank 116

Community Bank Community Digital Banking FDIC 116

PYMNTS

JANUARY 7, 2021

In today’s top news in digital-first banking, California FinTech Green Dot is rolling out the GO2bank mobile banking to help cash-strapped individuals, while stimulus checks are reportedly posing challenges for some users of H&R Block and TurboTax. Green Dot Introduces GO2bank To Help Cash-Strapped Consumers.

California 142

California FDIC Regional Taxes 142

Bank Innovation

DECEMBER 31, 2018

Bank Innovation’s five picks for companies that made noise in fintech this year may not include any banks, but it does include a company owned by a collection of them. Indeed, as far as innovation is concerned, 2018 was the year of the fintechs and nonbanks -- some friendlier to the traditional players than others. […].

Company 199

Company Fintech Innovation FDIC 199

PYMNTS

JANUARY 9, 2018

SMBs demand access to robust solutions, from mobile banking to advisory services. INTRUST Bank recently announced it is also taking part in the trend of collaborating with FinTechs. The FDIC’s Advisory Committee on Community Banking offered a platform through which community bankers could highlight these challenges. “I

Community Bank 131

Community Bank Community Fintech Lending 131

PYMNTS

MARCH 19, 2020

FDIC Approves Square for Banking License. The Federal Deposit Insurance Corporation (FDIC) granted Square a banking license to operate a de novo industrial bank in Salt Lake City. Fiserv Acquires Bypass Mobile. It will keep its drive-through windows open. Putting the Move on the Moving Industry’s Gig Worker’s Pay.

FDIC 130

FDIC Utah Payments Mobile 130

PYMNTS

AUGUST 13, 2019

Digital banking startups are popular in Europe, dangling low fees and mobile apps to attract more customers. Challenger banks have raised $100 million worldwide in the second quarter and are the fastest-growing FinTechs, Lindsay Davis, a senior intelligence analyst at CB Insights, told the FT. .

FDIC 164

FDIC Millennials Capital Fintech 164

Bank Innovation

FEBRUARY 18, 2019

Aura, a San Francisco-based fintech offering affordable loans to low to moderate-income households, wants to partner with banks to offer those loans to consumers who have traditionally been unable to secure them from larger institutions.

San Francisco 186

San Francisco Fintech Innovation Security 186

American Banker

FEBRUARY 10, 2020

but it has now moved within a few steps of obtaining what has eluded fintech firms of late: a green light from banking regulators. It was Varo's second try with the Federal Deposit Insurance Corp.,

FDIC 70

FDIC Regulation Fintech National 70

PYMNTS

MARCH 7, 2017

Aiming to back and support FinTech startups focused on the underserved, Accion International and VC Quona Capital raised $141 million in funding. According to a report , the funding came from multiple institutional investors in support of FinTech startups that focus on those who are shutout of traditional banking systems around the globe.

FDIC 100

FDIC Capital Fintech Analytics 100

PYMNTS

MARCH 30, 2020

government’s $2 trillion stimulus package allows a number of entities — FDIC banks, credit unions and, most notably for this discussion, FinTechs such as Kabbage — to make loans to smaller firms. The urgency, and speed, of Kabbage’s situation comes even as the U.S. The availability of capital also may be less robust than it once was.

Lending 151

Lending FDIC Fintech Operations 151

PYMNTS

NOVEMBER 25, 2016

According to a report by TechCrunch , the VC funding came from Bessemer Ventures Partners, CFSI (Center for Financial Services Innovation), 500 Startups and 500 Fintech. The app can also transfer money automatically from a bank to Albert Savings, which is an FDIC savings account that is part of the app.

FDIC 100

FDIC Cards Mobile Data 100

PYMNTS

NOVEMBER 20, 2020

Consumers were already shifting an increasing number of their account management activities to online sites and mobile apps. Banks are legally required to file a closure notice — with the OCC, the Federal Reserve Board or the FDIC — at least 90 days in advance of a closure, and must notify customers within that same 90-day window.

Metro 222

Metro Massachusetts FDIC Trends 222

NCR

NOVEMBER 15, 2016

But while mobile banking is becoming a must-have component of community banks’ offerings, it can still trigger a reasonable question about return on investment. Will a mobile banking app really help to solve community banks’ challenges or is it just a waste of money? Solving challenges with mobile. Attracting funds.

Community Bank 40

Community Bank Community Mobile Rhode Island 40

PYMNTS

SEPTEMBER 18, 2020

And within FinTech, that most incandescent of sectors, things might look a bit, well, frothy. This week, Chime, focused on banking via mobile apps, held a $485 million series F funding round that valued the company at $14.5 Accounts are FDIC-insured through a partnership with Bancorp Bank. billion, as CNBC reported.

Los Angeles 231

Los Angeles UX Cards FDIC 231

PYMNTS

AUGUST 17, 2017

With more consumers moving to mobile transactions over visits to branches, some banks are considering closing brick-and-mortar locations to reduce operational costs. With mobile banking technology on the rise, it has seemingly become more important than ever for banks to stay on top of the latest digital innovations.

Millennials 132

Millennials Digital Banking San Francisco Fintech 132

Fintech Labs Insights

APRIL 6, 2023

Are we about to see a rush of fintech startups serving the interest-sensitive small business market? Case in point: Just days after the Feds took over SVB, Mercury was in market with its Mercury Vault, offering $5 million in FDIC insurance by distributing balances across 20 insured banks. 95,000 6 Meow * 11 4.3%

Digital Banking 15

Digital Banking Online FDIC San Francisco 15

Independent Banker

MARCH 31, 2022

For example, a customer of a participating bank can send a payment using the bank’s application on their computer or mobile phone and can route the money to either their checking account or to another payment rail like Venmo. “We We don’t need a new version of Zelle. Jason Henrichs, CEO of Alloy Labs Alliance.

Community Bank 91

Community Bank Community Payments Meeting 91

PYMNTS

SEPTEMBER 18, 2020

And within FinTech, that most incandescent of sectors, things might look a bit, well, frothy. This week, Chime, focused on banking via mobile apps, held a $485 million series F funding round that valued the company at $14.5 Accounts are FDIC-insured through a partnership with Bancorp Bank. billion, as CNBC reported.

Los Angeles 140

Los Angeles UX Cards FDIC 140

Fintech Labs Insights

JUNE 26, 2023

Are we about to see a rush of fintech startups serving the interest-sensitive small business market? Case in point: Just days after the Feds took over SVB, Mercury was in the market with Mercury Vault , offering $5 million in FDIC insurance by distributing balances across 20 insured banks. Maybe, maybe not.

Digital Banking 15

Digital Banking Online FDIC San Francisco 15

PYMNTS

JANUARY 25, 2018

We’re seeing a lot of interest from emerging FinTechs and payment companies who really like the physical footprint of the ATM network,” he said. mail – with a mobile, electronic payment,” Isaacson said. These emerging players often lack the broad physical infrastructure needed to reach consumers wherever they might go. Time will tell.

ATM 100

ATM Millennials FDIC New Jersey 100

Jeff For Banks

MARCH 3, 2018

More talk about fintech, dinosaur bankers, and flavors of the month. When I wrote that post in January 2011 there were 7,700 FDIC insured financial institutions. mobile phones, yeah, mobile phones". That's what I thought about while reading a recent Financial Brand post about Innovation in Banking: Killer Ideas?

Apple 66

Apple Millennials Massachusetts FDIC 66

Independent Banker

NOVEMBER 25, 2015

A mix of players, FinTech firms pose threats and opportunities. Call them disruptors, upstarts or the voguish FinTech companies. FinTech customers have no idea they are exposing themselves to identity and financial risk. Illustration by Getty images / Chris Ede. By Kelly Pike. Siphoning customers.

Community Bank 70

Community Bank Community Analytics Lending 70

CB Insights

JANUARY 5, 2021

In China, a largely mobile-first society where nearly 1B people are online , those aged 60+ represent only about 10% of China’s total internet user base. . This older demographic also accounted for 20% of those who deposited mobile checks for the first time. . Source: FDIC. The digital divide spans countries as well.

Digital Banking 98

Digital Banking US Online FDIC 98

Fintech Labs Insights

MAY 24, 2021

Security features (account freeze, real-time transaction notifications, FDIC insured). Learn More at Lili all-in-one mobile banking service. Limitations: Mobile-only. Relatively tight limits on mobile check deposits. Fintech Winners: Watch 6 Finovate “Best of Show” Startups from 2021. No rewards.

Taxes 15

Taxes United States FDIC ATM 15

PYMNTS

OCTOBER 29, 2018

And as more inventory shifts to the mobile devices that don’t drive the same conversion numbers for Google as desktop does, analysts worry that the slowdown – and the revenue losses that come with it – could continue. FinTechs … and the Banks They Wanted to Disrupt. Apple … and the iPhone Customer.

Payments 196

Payments Google Apple Innovation 196

Independent Banker

FEBRUARY 24, 2016

The quickness with which these Wall Street-driven nonbank lenders—variously called peer-to-peer, online marketplace or financial technology (FinTech) lenders—can fulfill borrowers’ requests has enabled alternative lending to double every year since 2010. FDIC-insured deposits largely solve this problem for banks.

Community Bank 70

Community Bank Community Lending FDIC 70

CFPB Monitor

OCTOBER 10, 2019

Celtic could not make and keep the loans on its balance sheet because they would create an unacceptable risk under FDIC regulations. The complaint includes claims for violations of state usury laws (California, Massachusetts, Colorado, New York) and racketeering and conspiracy under federal RICO statutes. Concepcion , 563 U.S.

Massachusetts 84

Massachusetts California New York Utah 84

Fintech Labs Insights

MAY 24, 2021

Security features (account freeze, real-time transaction notifications, FDIC insured). Limitations: Mobile-only. Relatively tight limits on mobile check deposits. Related: Watch 12 Fintech Startups Pitch at Startupbootcamp Amsterdam Demo Day (May 2021 update)). Business debit card with free withdrawals. No rewards.

Taxes 15

Taxes United States FDIC ATM 15

Fintech Labs Insights

NOVEMBER 10, 2023

Leading Digital Consumer Banks (United States)* ranked by our FAB score (Fintech Attention Barometer**) Company FAB Score** Founded HQ Web Visits (Oct ’23) TrustPilot Score TrustPilot Reviews Funding ($M) 1 Wise (Transferwise) 10581 2011 London 38,100,000 4.2 Consumers (Nov 2023) first appeared on Fintech Labs SMB Center.

Digital Banking 15

Digital Banking Online Atlanta Las Vegas 15

American Banker

JUNE 29, 2016

Ever since the financial crisis, starting a bank from scratch has been hard. But opening a digital-only de novo bank is an especially tall order.

Fintech 52

Fintech FDIC Digital Banking Technology 52

Fintech Labs Insights

APRIL 18, 2017

MaxMyInterest members gain access to increased FDIC insurance and competitive yields on cash balances courtesy of new partnership with UFB Direct. Revolut joins forces with UK online mortgage broker, Trussle, enabling prospective homebuyers to begin the application process on mobile phones.

FDIC 19

FDIC Customer Experience Digital Banking Online 19

CB Insights

DECEMBER 4, 2019

In parallel, Amazon has made several fintech investments, mostly focused on international markets (India and Mexico, among others) where partners can help serve Amazon’s core strategic goal. This report is a collection of everything we know about Amazon’s foray into banking, financial services, and fintech.

Cards 101

Cards Lending Strategy US 101

Fintech Labs Insights

JANUARY 12, 2016

Union Bank & Trust to leverage Digital Payments Guardian from Prairie Cloudware to power its new bank-branded mobile wallet. Former FDIC chair Sheila Bair gives Blooom a “ringing endorsement” during a recent visit. SunTrust Bank selects the Enterprise Risk Case Management (ERCM) solution from NICE Actimize.

FDIC 12

FDIC Branding Management Mobile 12

Fintech Labs Insights

FEBRUARY 1, 2017

million in funding from VC heavyweights Soros Fund, Maveron Partners and Bessemer Venture Capital, the mobile PFM startup has attracted a slew of press mentions (NY Times, TechCrunch, Business Insider, Bank Innovations, and a dozen more). Enter Clarity Money into the crowded field. Today it is number 56 (see above). Consumer value prop.

FDIC 12

FDIC Mobile Apple Google 12