BankInovation

MARCH 15, 2023

LONDON — The United States and the United Kingdom are trying to sort out the impact of Silicon Valley Bank’s collapse on fintechs. the Federal Deposit Insurance Corporation (FDIC) will guarantee bank deposits up to $250,000, including in insured bank branches in foreign banks that are payable to contract in the U.S. […]

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FDIC United States US Fintech 52

PYMNTS

JULY 16, 2019

In the continued linkups between banks and FinTech upstarts, new markets beckon across various borders. Among the latest examples, N26 , which is a digital-only bank based in Europe, has entered the US market through partnership with Axos Bank in order to offer FDIC insured accounts.

Digital Banking 101

Digital Banking US FDIC Cards 101

PYMNTS

DECEMBER 23, 2020

The company offers FDIC-insured bank accounts and a Visa -branded payment cards for teens (aged 13-18) with budgeting features and other financial education tools built in. We're asking a parent to entrust us with their kids' financial future,” MacDonald said. “We We don't take that lightly.

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Fintech Cards FDIC Lending 322

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.

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Data FDIC Washington Conference 170

CB Insights

MAY 27, 2020

Fintech saw its worst quarter in 2 years in Q1’20, as investors pulled back from deals amid the coronavirus pandemic. The quarter saw fintech activity fall to $6.1B across 404 deals, marking the worst Q1 since 2016 for fintech deals and the worst Q1 for funding since 2017. REGISTER NOW: FINTECH WEBINAR. First name.

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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.

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Fintech Innovation Digital Banking FDIC 236

CFPB Monitor

AUGUST 24, 2020

We have previously blogged about the lawsuits filed by the Colorado Attorney General against fintechs Avant and Marlette Funding and their partner banks WebBank and Cross River Bank. Supreme Court, a Colorado appellate court (after any chance for appeal has run) or the FDIC adopts a “true lender” test that differs from the safe harbor).

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Colorado Fintech Lending Online 78

PYMNTS

JULY 24, 2019

It’s really hard for banks to follow us here,” Betterment founder and CEO Jon Stein told CNBC. “If Like other FinTechs, Betterment will partner with FDIC-insured institutions since it doesn’t have a bank charter. Betterment is among several FinTech startups that have launched deposit account products. .

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Fintech FDIC National Online 162

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.

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Community Bank Community Digital Banking FDIC 116

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.

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San Francisco Fintech Innovation Security 186

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. Square Financial Services will originate commercial loans to the retailers that use Square for payments. It will keep its drive-through windows open.

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FDIC Utah Payments Mobile 130

PYMNTS

DECEMBER 16, 2018

Robinhood , the FinTech that garnered a lot of attention last week after announcing a checking and savings product with 3 percent interest, has retreated from that, removing any mention of checking and savings from the product. Had they called us, I would have told them what I just told you in that I have serious concerns about this.

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FDIC Fintech Regulation Report 191

Celent Banking

NOVEMBER 17, 2015

In the US, small business customers get bounced around like Goldilocks—they are too small to be of interest to commercial relationship managers and too complex to be easily understood by retail branch staff. According to the US Census Bureau, a small business is a firm with less than 500 employees). of all firms.

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Report FDIC Lending Fintech 100

PYMNTS

AUGUST 16, 2019

“We already have an employee presence in these markets with talented securities, lending and treasury management professionals, and these offices will allow us to better access talent in these geographies,” he added. and offer clients FDIC-insured accounts.

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Los Angeles New York FDIC Lending 101

CB Insights

JUNE 22, 2018

Former chair of the Federal Deposit Insurance Corporation (FDIC) Sheila Bair spoke at length on cryptocurrencies and the prospect of a “Fedcoin” at the annual CB Insights Future of Fintech conference. FUTURE OF FINTECH 2018. Is a new cryptocurrency underway? Get access to all the slides once the conference ends.

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cryptocurrency FDIC Policies Conference 32

CFPB Monitor

MAY 16, 2019

As a result, it would not provide an alternative for fintech companies that are considering filing an application with the OCC for a special purpose national bank (SPNB) charter or for an industrial bank charter in a state such as Utah, that permits such charters. For more on the proposal, see the attached discussion.

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Utah Fintech New York National 68

PYMNTS

NOVEMBER 12, 2020

FDIC) study found that the number of unbanked U.S. This is leading more of our clients to instruct us to ‘turn on’ PayPal and other wallets in their customer experiences because it is relevant.”. A recent Federal Deposit Insurance Corp. consumers will likely start rising again as a result of the pandemic recession.

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Mobile Study Tools FDIC 202

PYMNTS

NOVEMBER 23, 2020

While many digital-first companies springboard from payments into lending, Figure Technologies , a FinTech focused on home improvement, debt consolidation and retirement products that leverage blockchain protocols, is branching out from lending into payments. Blockchain and a bank charter might do much to boost financial inclusion.

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National blockchain Montana Lending 215

Gonzobanker

FEBRUARY 1, 2024

And don’t get us started on the challenge of succession planning. The FDIC Approved This Ad How many times did we hear a speaker admonish the audience to “be sure and sign up for the FDIC notification list.” Joint presentations between bankers and fintechs abounded, showcasing collaborative initiatives. Five Hundred? (Oh

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Conference FDIC Arizona Industry 88

CFPB Monitor

MAY 6, 2019

The court’s conclusion on this point strikes us as incorrect and outcome-oriented. Risks inherent in these partnerships could (and should) be mitigated by careful structuring and, potentially, OCC or FDIC rulemaking. We think it clear that the statutory reference to the “business of banking” is not “plain and unambiguous.”

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Fintech New York National Regulation 68

PYMNTS

AUGUST 4, 2020

Where once the marquee names in tech (and no shortage of FinTechs) jockeyed for primary banking services relationships, an increasing number of partnerships are now taking shape. In an announcement, the bank said it would work with Google to debut a co-branded, FDIC-insured, digital-only bank account next year.

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Google Digital Banking Course Branding 298

CFPB Monitor

OCTOBER 21, 2019

The CFPB, FTC, FCC, DOJ, FRB, FDIC and OCC. The rapidly developing landscape for FinTech (Artificial Intelligence, Big Data). We hope you can join us for this informative and valuable program. Consumer Financial Protection Unit of the PA Attorney General’s Office. Data Security and Privacy developments. Consumer Advocates.

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Philadelphia Pennsylvania FDIC Big Data 60

Independent Banker

MARCH 31, 2022

based banks, fintechs and more, sits on top of a payments rail operated by Payrailz, a digital payments company based in Glastonbury, Conn. By working with other banks, we can share the costs, which allows us to take bigger bets on innovation than each of us could do on our own.”. Jason Henrichs, CEO of Alloy Labs Alliance.

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Community Bank Community Payments Meeting 91

Celent Banking

DECEMBER 13, 2016

Source: Oliver Wyman, Celent Celent, through its work with Oliver Wyman, estimates the cost to US financial institutions of undertaking due diligence and assessment of new third party engagements to be ~ $750 million per year. The top ten US banks average between 20,000 and 50,000 third party relationships. " www.fdic.gov.

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Risk Management Management Exercises FDIC 100

CB Insights

JANUARY 5, 2021

Between 2008 and 2018, the number of commercial bank branches in the US has declined by more than 6%. In contrast, online banking in the US has surged with 73% of consumers using it regularly, up from 46% in 2010. . Source: FDIC. Phone number. The dominance of physical banking has waned over the past 2 decades.

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Digital Banking US Online FDIC 98

CFPB Monitor

JANUARY 30, 2020

Diego previously joined us for a podcast last September in which the topics we discussed included the CRA’s history, its effectiveness in increasing access to credit and addressing discrimination, the role of community groups, and calls to expand CRA coverage to credit unions and fintech lenders. To listen to the podcast, click here.

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Policies Community Groups Fintech 60

Jeff For Banks

MARCH 3, 2018

There are a lot of crazy ideas out there in banking causing us to think. More talk about fintech, dinosaur bankers, and flavors of the month. How do we balance strategic direction, customer demand, and the futurist or wildly over-caffeinated millennial that tells us we have to implement every shiny new object or we'll die?

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Apple Millennials Massachusetts FDIC 66

PYMNTS

JANUARY 31, 2019

is set to see its first new community bank in decades, as the Federal Deposit Insurance Corporation (FDIC) lent its approval for MOXY Bank to launch in Washington, D.C. The FDIC’s announcement said a private placement offering will raise at least $25 million for the bank ahead of its launch. Bloomberg listed Casey G.

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Community Bank Community FDIC Marketing 122

PYMNTS

OCTOBER 29, 2018

Census Bureau still wants us to believe that 90 percent of retail sales still happen in the physical store. population owns a voice-activated device, and 28 percent of those have used the devices to make a purchase during the seven days in which we asked them to tell us about their digital buying and payments experiences.

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Payments Google Apple Innovation 196

CB Insights

DECEMBER 4, 2019

While the anticipation for Amazon’s plunge into banking gets louder each year, it’s important to first understand Amazon’s existing strategy in financial services — what Amazon has launched and built, where the company is investing, and what recent products tell us about Amazon’s future ambitions.

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Cards Lending Strategy US 101

Insights on Business

MARCH 5, 2019

On December 3, 2018, five US government agencies, including the Federal Reserve, FDIC, FinCEN, National Credit Union Administration and OCC, issued the Joint Statement on Innovative Efforts to Combat Money Laundering and Terrorist Financing encouraging banks to implement innovative approaches and specifically referencing artificial intelligence.

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Regulation Compliance Analysis Innovation 70

NCR

NOVEMBER 15, 2016

US community banks have entered a tough race, with large banks and fintechs setting standards for mobile banking. Community banks make up about 45% of the industry’s small loans to local farms and businesses ( FDIC ).Therefore, A way to outcompete? What does it mean for community banks? Meeting small business needs.

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Community Bank Community Mobile Rhode Island 40

Fintech Labs Insights

JULY 5, 2016

2015 was the year that Max built its Common Application , which makes managing multiple accounts easier, their Advisor Dashboard to give advisors the ability to better work with clients on the platform, and added support for accounts from FIs including Fidelity, Goldman Sachs, and US Bank.

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New York City New York FDIC Management 19

Fintech Labs Insights

JULY 19, 2016

Calling the technology a “one-of-a-kind front-end system,” VP of Marketing and Sales for Laser App Robert Powell said the partnership was a “great opportunity for us to learn from leading innovators.”

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FDIC New York System Software 12

Independent Banker

APRIL 30, 2022

In order to compete as a small bank, we have been forced to keep higher-than-peer capital levels, so that our lending limit allows us to service local borrowers’ needs. This has allowed us to withstand changes in interest rates without much trouble. This will allow us to continue to grow slowly and build long-term value.”.

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Community Bank Community Montana Taxes 172

CB Insights

APRIL 4, 2019

In the last few weeks, we’ve received a lot of requests for the Future of Fintech 2019 agenda. Former FDIC Chair – Because who better to share insights on the US fiscal policy and the state of the economy than the former FDIC Chair? GET THE 106-PAGE FINTECH TRENDS REPORT. Affirm ($2.9B

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Fintech FDIC Trends Capital 30

PYMNTS

OCTOBER 28, 2019

Banking services are provided via a collaboration with The Bancorp Bank, Member FDIC. The service supports one-minute online account opening, and allows small business owners to access an online dashboard through which they can view transaction activity, make payments and transfer funds.

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Cards FDIC Meeting Online 101