CFPB Monitor

MAY 19, 2021

The Federal Deposit Insurance Corporation (FDIC) recently issued a notice of proposed rulemaking (NPR) and request for information (RFI) addressing “False Advertising, Misrepresentation of Insured Status and Misuse of the FDIC’s Name or Logo”.

FDIC 88

FDIC Regulation Fintech Examples 88

Banking Exchange

MAY 19, 2021

Corporation is the latest regulator to respond to the rapidly growing fintech market Compliance Technology Feature3 Fintech Blockchain Feature Financial Trends Bitcoin Cryptocurrency Compliance Management Compliance/Regulatory.

Regulation 78

Regulation FDIC Compliance Bitcoin 78

BankInovation

OCTOBER 1, 2020

The Federal Deposit Insurance Corporation (FDIC) has taken steps to promote fintech partnerships and diversity and inclusion within the financial services industry, both internally at the FDIC and among the institutions it regulates, FDIC Chairwoman Jelena McWilliams said during the LendIt Fintech USA 2020 conference Wednesday.

FDIC 52

FDIC Fintech Innovation Conference 52

Perficient

DECEMBER 27, 2023

Navigating AML and OFAC Compliance Risks Regarding anti-money laundering (AML) and Office of Foreign Assets Control (OFAC) compliance risks, bank executives must navigate operational and compliance challenges tied to fintech relationships. Manage third-party risks, especially for relationships involving higher-risk or critical activities.

Compliance 221

Compliance FDIC Regulation Fraud 221

CFPB Monitor

MAY 19, 2022

It also states that representations made by covered persons or service providers about FDIC insurance will typically be material. . As noted above, the CFPB linked its issuance of the Circular to the FDIC’s issuance of a final rule on misuse of the FDIC’s name or logo or misrepresentations about deposit insurance coverage.

FDIC 78

FDIC Exercises System Regulation 78

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.

FDIC 78

FDIC District of Columbia California Regulation 78

PYMNTS

OCTOBER 24, 2019

Lights out for the FinTech charter idea? The Office of the Comptroller of the Currency (OCC) debuted a special purpose charter in 2016 that would have given FinTechs a leg up on competing with traditional financial services companies. Can’t get the charter without FDIC coverage. Regulation, Law and Going Forward.

Fintech 101

Fintech FDIC New York National 101

CFPB Monitor

DECEMBER 28, 2020

The FDIC has issued a final rule setting forth the conditions it will impose and the commitments it will require to approve a deposit insurance application from an industrial bank or industrial loan company (collectively, ILC) whose parent company is not subject to consolidated supervision by the Federal Reserve Board (FRB).

FDIC 78

FDIC Industry Policies Company 78

Gonzobanker

JUNE 14, 2023

To realize the rewards of the BaaS industry, banks and fintechs are going to have to learn to play by some non-negotiable rules – together. Now, the bank is required to receive FDIC approval for all new third parties and credit products. The FDIC Consent Order is going to impact all partnerships going forward.

Compliance 109

Compliance FDIC Strategy Fintech 109

CFPB Monitor

SEPTEMBER 14, 2021

Last week, the Federal Reserve Board published a paper on partnerships between community banks and fintech companies, “Community Bank Access to Innovation through Partnerships.” The Fed’s publication of the paper is another indication of the increased attention that regulators are paying to bank relationships with fintechs.

Fintech 78

Fintech Community Bank Community FDIC 78

CFPB Monitor

JANUARY 24, 2022

In its press release , the OCC stated that its approval “brings SoFi, a large fintech, inside the federal bank regulatory perimeter, where it will be subject to comprehensive supervision and the full panoply of bank regulations, including the Community Reinvestment Act. In addition, the parent company of SoFi Bank, N.A.,

National 78

National Fintech Company FDIC 78

Bank Innovation

JULY 29, 2019

On the heels of digital banking startup Varo Money applying for a banking license with the Federal Deposit Insurance Corporation (FDIC) earlier this month, another fintech firm with its toes in charter waters seems poised to jump in.

FDIC 253

FDIC Digital Banking Fintech Online 253

CFPB Monitor

JUNE 29, 2020

The FDIC has issued its widely anticipated final rule resolving the uncertainty caused by the Second Circuit’s Madden v. The FDIC’s Notice of Proposed Rulemaking (“NPR”) was published the same week as an OCC proposed rule intended to address the same issue for national banks under Section 85. Midland Funding decision. to 1:00 p.m.

FDIC 60

FDIC National Analysis Regulation 60

CFPB Monitor

MARCH 24, 2020

The FDIC has issued a proposed rule setting forth the conditions it would impose and the commitments it would require to approve a deposit insurance application from an industrial bank or industrial loan company (collectively, ILC) whose parent company is not subject to consolidated supervision by the Federal Reserve Board (FRB).

FDIC 60

FDIC Taxes Industry Policies 60

Payments Source

DECEMBER 20, 2018

The Office of the Comptroller of the Currency has gotten the ball rolling for financial technology firms trying to operate a national platform, but the FDIC and Federal Reserve should act to remove other policy roadblocks.

FDIC 62

FDIC Regulation Fintech Policies 62

American Banker

NOVEMBER 29, 2023

The Port Angeles, Washington-based bank said it has already invested "significant resources" into enhancing its compliance management for fintech partnerships, after self-reporting a problem last year.

Examples 89

Examples FDIC Washington Compliance 89

American Banker

JANUARY 27, 2020

An outside paper identifies the statutes, regulations and other bureaucratic realities complicating the banking agencies’ efforts to oversee and benefit from rapidly changing technology.

Regulation 94

Regulation Policies Fintech Technology 94

PYMNTS

SEPTEMBER 30, 2020

It would instead offer payment companies a national servicing platform to replace the regime of state regulations such firms would be subject to under existing laws. Commercial companies accessing a payments charter would avoid oversight and regulations that protect the financial system and consumers,” the bank industry leaders wrote.

Regulation 349

Regulation National System Industry 349

Payments Source

OCTOBER 9, 2018

Fintechs can get what they need from a traditional bank charter with the FDIC, as long as the agency is willing to play ball and step up its approach to innovation.

Fintech 98

Fintech FDIC Innovation Regulation 98

Bank Innovation

APRIL 24, 2019

Secretary of the Treasury Steven Mnuchin said today that he prefers private over government solutions when it comes to collecting and using consumer data for financial products and services, speaking at a fintech conference hosted here by the FDIC.

Data 170

Data FDIC Washington Conference 170

FICO

DECEMBER 13, 2019

The guiding ethos of fintech (and really any industry portmanteau ending in ‘tech’) is move fast and break things. The most prominent villain for fintech companies is regulation. And when fintechs and challenger banks aren’t constrained by regulation (as they mostly are in the U.S. A Prediction for the 2020s.

Regulation 52

Regulation Fintech Lending Branding 52

CFPB Monitor

AUGUST 31, 2021

The OCC, FDIC, and Federal Reserve Board have issued a guide that is intended to assist community banks in conducting due diligence when considering relationships with financial technology (fintech) companies (Guide). Financial condition and competitive market environment and client base.

Community Bank 78

Community Bank Community Fintech Company 78

PYMNTS

DECEMBER 11, 2020

The startup reminded people that cryptocurrencies are not regulated in the U.K. The FinTech partnered with Metropolitan Commercial Bank for FDIC backing of deposits up to $250,000. “As Revolut is one of the few FinTechs to break even so quickly, but it did see a 40 percent dip in revenues amid the initial coronavirus outbreak.

cryptocurrency 214

cryptocurrency blockchain FDIC Bitcoin 214

American Banker

FEBRUARY 7, 2024

"Some difference of views has emerged" between the Dutch banking regulator and two U.S. counterparts — the OCC and FDIC, bunq told American Banker.

FDIC 48

FDIC Regulation Policies Compliance 48

PYMNTS

DECEMBER 16, 2020

Ternio , a global FinTech platform, has integrated with Plaid , a financial data company, to help Ternio BlockCard bank accounts access faster and more secure connections to financial accounts, according to a press release. customers to activate their FDIC-insured BlockCard bank accounts. dollars between all of their accounts.”.

cryptocurrency 267

cryptocurrency FDIC User Experience Security 267

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 71

FDIC Regulation Fintech National 71

American Banker

FEBRUARY 23, 2024

An FDIC enforcement action against Lineage Bank is part of a wave of cases involving banks that have partnered with fintechs in recent years.

FDIC 48

FDIC Fintech Industry Compliance 48

American Banker

OCTOBER 5, 2016

For regulators to develop a unified framework for fintech companies to operate in, they first have to come to a consensus.

Regulation 76

Regulation Fintech Operations Company 76

Payments Source

FEBRUARY 27, 2018

soon to be under new management — on Square’s ILC application could foreshadow how other fintech firms seek banking powers. A decision by the Federal Deposit Insurance Corp.

FDIC 62

FDIC Fintech Management Regulation 62

ABA Community Banking

NOVEMBER 20, 2019

Regulators need to understand the pressures that banks face to innovate and support those efforts, FDIC Chairman Jelena McWilliams said today. The post McWilliams: Regulators Need to Support Bank Innovation Efforts appeared first on ABA Banking Journal.

Regulation 45

Regulation Innovation FDIC Community Bank 45

PYMNTS

DECEMBER 11, 2020

The startup reminded people that cryptocurrencies are not regulated in the U.K. The FinTech partnered with Metropolitan Commercial Bank for FDIC backing of deposits up to $250,000. “As Revolut is one of the few FinTechs to break even so quickly, but it did see a 40 percent dip in revenues amid the initial coronavirus outbreak.

cryptocurrency 150

cryptocurrency blockchain FDIC Bitcoin 150

CFPB Monitor

OCTOBER 10, 2016

titled: “ How to make fintech work for all Americans.” ” Speakers include industry representatives and an FDIC representative. ” Among the questions to be addressed are whether “regulation and policy inhibit innovation and skew benefits toward the well-to-do.”

Fintech 60

Fintech FDIC Policies Washington 60

PYMNTS

JANUARY 9, 2018

INTRUST Bank recently announced it is also taking part in the trend of collaborating with FinTechs. In July 2017, the Federal Deposit Insurance Corporation (FDIC) held a meeting with a group of community bankers which told officials about the competitive pressures they’re facing from FinTechs.

Community Bank 131

Community Bank Community Fintech Lending 131

Payments Source

JUNE 8, 2020

Recent steps that would help nonbank lenders enter the traditional banking system, like a proposal clarifying the industrial loan company charter, are needed but face strong opposition.

FDIC 80

FDIC Fintech System Industry 80

American Banker

DECEMBER 15, 2020

Meanwhile, new standards for industrial loan company parents aim to clarify the bank chartering process for fintechs and other nontraditional firms. The revamp of the brokered deposits framework offers relief to banks and their partners that saw the prior rule as outdated.

FDIC 91

FDIC Fintech Industry Company 91

Payments Source

SEPTEMBER 19, 2019

A federal judge blocked state regulators from suing the agency over its new charter, but it’s still unclear whether fintechs would even apply.

Fintech 102

Fintech Regulation FDIC Google 102

American Banker

JUNE 7, 2023

The interagency report recommends practices for financial institutions to manage relationships with fintechs and other third parties.

FDIC 56

FDIC Fintech Management Report 56