Bank Innovation

JULY 31, 2018

It’s good news for fintechs in lending and payments that want a federal banking license, the Office of Comptroller of the Currency (OCC) has started accepting applications starting today. The fintech charter does not require deposit insurance from the FDIC, per a recommendation from the Treasury Department.

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Fintech FDIC Lending Payments 218

PYMNTS

MARCH 4, 2019

Alternative lending firm Funding Circle announced it has reached $2 billion in small business loans facilitated through its platform, a figure that it says exceeds some traditional U.S. Last year, the FDIC warned that the actual value and volume of small business bank loans in the U.S. bank SMB loans.

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FDIC Lending US System 130

PYMNTS

APRIL 7, 2016

On the logic that everything is easier when taken on with a team, the big names in marketplace lending are joining forces and forming their own nonprofit trade association. The CEOs of Funding Circle, Lending Club and Prosper have announced the launch of the Marketplace Lending Association (MLA).

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Lending San Francisco FDIC Regulation 100

PYMNTS

JULY 14, 2020

In addition to its core POS lending business, Affirm branched out into financial services in June, debuting a high-yield savings account called Affirm Savings. Silicon Valley FinTech Affirm is also a regular in the top 5 this year. The account comes with 1.30 The account comes with 1.30 stores for Google Pay and Apple Pay users.

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Lending FDIC Minneapolis Utah 130

South State Correspondent

MARCH 13, 2023

On the liability side of SVB’s $173B in deposits at the end of 2022, approximately 97% were uninsured and above the $250k in FDIC protection threshold. Equally important is the bank’s securities duration, as shown in the graph below. Approximately 56% of the bank’s securities had repricing greater than 15 years.

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Risk Management Management Community Bank Community 221

Abrigo

SEPTEMBER 5, 2023

unsecured lending is bad rather than unsecured lending should only be extended to high pass risk rated credit). As the FDIC said recently: Exceptions to policy should be few in number and properly justified, approved, and tracked. Get details in "A guide to implementing credit policy."

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Policies Lending Risk Management Examples 195

Abrigo

AUGUST 6, 2021

according to FFIEC and FDIC data. Community banks are critical to ag lending and small business lending. Technology can help streamline and automate many manual lending processes, reduce compliance costs, and enhance risk management. Even though community banks make up a small share of total assets and deposits, 13.5%

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Community Bank Community Kansas City Lending 195

Abrigo

JULY 20, 2021

From leveraging PPP technology to building relationships, reasons for boosting SBA lending are numerous. . Takeaway 2 Far fewer financial institutions regularly participate in SBA (7a) lending than the more than 5,000 that joined the PPP. . Why SBA Lending? Want other articles like this on SBA loan origination in your inbox?

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Lending FDIC Capital Risk Management 195

PYMNTS

MARCH 6, 2019

Marketplace lending has emerged as a growing force in the small business lending space, particularly as FinTechs explore ways to connect small businesses with capital without actually providing the financing themselves. a figure it says surpasses that of many traditional institutions in the country.

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FDIC Lending Capital Analysis 116

Bank Innovation

APRIL 25, 2019

Fintechs are having trouble facing reality when it comes to obtaining bank charters, FDIC Chairman Jelena McWilliams and Comptroller of the Currency Joseph Otting said here at the FDIC’s Fintech and the Future of Banking conference on Wednesday. WASHINGTON, D.C.

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Fintech FDIC Washington Conference 186

Independent Banker

JULY 31, 2022

In partnership with Nymbus, the bank’s custom digital platform is built on a secure cloud-native core banking system with an open API architecture. Featured offerings include commercial banking, commercial real estate lending for both owner-occupied and investment, SBA lending, and deposit and business treasury services.

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Florida Community Bank Community FDIC 91

PYMNTS

APRIL 24, 2020

bank technology firm securing $100 million to expand in the region. India’s KarbonCard , a FinTech that offers startups in India and Southeast Asia with corporate card solutions, secured $1 million in new funding from Orios Venture Partners, Whiteboard Capital, and others, according to YourStory reports. KarbonCard. AvidXchange.

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Fintech Capital Security FDIC 193

Abrigo

AUGUST 8, 2021

The Federal Reserve, the OCC, the NCUA, and the FDIC repeatedly pointed out that the nature of loan review or credit risk review at a given bank or credit union will vary. Larger or more complex institutions might have credit risk review functions entirely separate from their lending functions. Reviewing lending staff’s risk ratings.

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System Lending Policies Regulation 195

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. But it also has to be something that parents see as trustworthy, secure, stable and likely to promote financial literacy. We don't take that lightly.

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Fintech Cards FDIC Lending 322

PYMNTS

AUGUST 16, 2019

“The nation’s two largest metropolitan areas are home to a majority of our commercial lending and banking clients,” said Greg Garrabrants, president and CEO of Axos, in a statement. and offer clients FDIC-insured accounts. The bank announced Thursday (Aug.

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Los Angeles New York FDIC Lending 101

CFPB Monitor

AUGUST 24, 2020

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). However, the bank may require the fintech to maintain a deposit account at the bank to secure fintech obligations to the bank, subject to specified limitations.

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Colorado Fintech Lending Online 78

Abrigo

MAY 5, 2022

Using Data to Acquire, Engage, and Retain Banking Customers,” and “Customer Identity: Balancing Security and Seamless Banking Experiences.” Sometimes 20 minutes, sometimes 50 minutes, this podcast digs into such topics as creating branch experiences that go hand-in-hand with digital ones, identifying risk, and consumer lending.

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Community Lending Maine Resources 195

PYMNTS

AUGUST 14, 2019

There is a “blurring in the line between lending to small business and personal credit,” she added. Lenders are increasingly treating small businesses as household borrowers,” she continued, “imposing the stricter conditions on small business lending.”.

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Lending Cards FDIC Capital 122

CFPB Monitor

NOVEMBER 10, 2020

The Fed, FDIC, and OCC have issued a “ Statement on Reference Rates for Loans ” that addresses replacement rates for the London Inter-Bank Offered Rate (LIBOR). In the new statement, the agencies emphasize that they are not endorsing a specific replacement rate for LIBOR for loans.

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Regulation FDIC New York Lending 78

PYMNTS

SEPTEMBER 30, 2020

The groups argue that such efforts are secured under the current regulatory regime, and that allowing innovation at the expense of the financial system’s stability isn’t beneficial. FDIC), the states and the courts. This isn’t the OCC’s first attempt to create a special banking charter that would benefit tech firms.

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Regulation National System Industry 349

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

Jeff For Banks

JUNE 2, 2023

The old borrow short, lend long strategy. I want to read to you the FDIC’s conclusion from their An Examination of the Banking Crisis of the 1980’s and Early 1990’s. Who would’ve thought lending $1 million to a San Francisco cab driver to buy a house at 100% loan to value would go bad? We took a serious reputational hit.

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FDIC Community Bank Regulation Lending 78

PYMNTS

MAY 14, 2018

In a press release , Citizens Financial said the digital platform will offer FDIC-insured deposits products aimed at serving people who want to save and want the flexibility of an online banking service. Citizens Financial Group announced on Monday (May 14) plans to launch Citizens Access, a nationwide direct-to-consumer online bank.

Online 101

Online FDIC Lending Analytics 101

PYMNTS

OCTOBER 1, 2019

Consumer, enterprise and SMB lending all ground to a near halt and underwriters across the spectrum struggled to regain equilibrium after a crisis in mortgage underwriting bloomed into a plague that destabilized the entire global economic system. The rising tide, it seemed, was lifting all boats. topped the number of ones that closed.

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Data Lending Capital Regulation 135

South State Correspondent

APRIL 30, 2022

While we have covered the impact of the Fed on lending ( HERE ), we want to focus on the liability side of the balance sheet. We examine the roughly four thousand FDIC-insured commercial banks and S&L associations over the last four decades. Historical Cost of Funds Analysis.

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Community Bank Strategy Community FDIC 195

CFPB Monitor

JULY 22, 2020

Previously, Acting Comptroller of the Currency Brian Brooks indicated that the OCC expected to partner with the FDIC in developing the OCC’s “true lender” rule. Previously, Acting Comptroller of the Currency Brian Brooks indicated that the OCC expected to partner with the FDIC in developing the OCC’s “true lender” rule.

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National Lending Exercises FDIC 78

TrustBank

JUNE 10, 2020

In its most basic form, a bank takes in money from savers (depositors), agrees to pay them a certain interest rate and then uses those funds to lend to borrowers at a higher interest rate, thus earning the difference as their income. Sometimes, banks do not lend out all that they can. Why such an increase?

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Washington Lending Security FDIC 59

PYMNTS

OCTOBER 30, 2019

APIs also boost visibility into foreign exchange rates, Western Union said, while allowing the FI to offer business clients “the latest level of regulated European internet security,” it said in its announcement. Open Banking Targets Corporates.

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Lending Fintech America Data 102

CFPB Monitor

APRIL 19, 2021

Title II, the “Fair Debt Collection Practices Act for Servicemembers Act,” would amend the Fair Debt Collection Practices Act to prohibit debt collectors from threatening a servicemember with a reduction in rank, revocation of a security clearance, or prosecution under the Uniform Code of Military Justice. Debt collection.

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Regulation Policies FDIC Lending 78

PYMNTS

OCTOBER 17, 2017

An industrial bank is an FDIC-insured depository institution that is generally subject to the same banking laws and regulations as any other bank charter type, with the important exception of the Bank Holding Act of 1956. Square already has an SMB lending arm – Square Capital – which it operates through a deal with Utah-based Celtic Bank.

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Industry Fintech FDIC Community Bank 108

PYMNTS

OCTOBER 3, 2016

The civil suit by the FDIC describes accounting scams by Inyx, such as opening credit lines from Westernbank, false invoicing and instructing customers to deposit payments in secret bank accounts. In 2010, Westernbank was subsumed by the Federal Deposit Insurance Corp.

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Puerto Rico Fraud Miami Florida 133

Jack Henry

AUGUST 24, 2023

When considering expanding your network for loan selling and trading, having strong partnerships provides an extra level of trust and security ‒ especially when you know your partner has already vetted the other party, as well.

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Apple Resources social media FDIC 78

Independent Banker

FEBRUARY 24, 2016

Community banks cannot afford to ignore the staggering pace of lending adoption by both individuals and businesses using digital-only platforms from various nonbank technology-based specialty lending firms. FDIC-insured deposits largely solve this problem for banks. Competing and beating FinTech’s digital-platform lenders.

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Community Bank Community Lending FDIC 70

BankBazaar

APRIL 19, 2023

This can in turn cause a chain reaction of bank failures as other banks are forced to pay out depositors who have moved their funds to more secure institutions, leading to a broader financial crisis. In the United States, the FDIC provides deposit insurance coverage of up to $250,000 per depositor, per insured bank.

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US United States FDIC Regulation 78

PYMNTS

OCTOBER 1, 2018

Both the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) have officially ended a two-year investigation of LendingClub, its subsidiary LC Advisors (LCA), its founder and former CEO Renaud Laplanche and its former CFO Carrie Dolan. lending marketplace. On Friday (Sept. Attorney Alex Tse. “We The Response.

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Lending Fraud Management San Francisco 135

CFPB Monitor

MARCH 30, 2020

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes the following key provisions that affect financial institutions and regulation of financial institutions: Section 4003 – Emergency Relief and Taxpayer Provisions.

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Regulation United States Community Bank National 122

Independent Banker

NOVEMBER 25, 2015

Meanwhile new competitors regularly emerge, including person-to-person facilitators such as digital wallet provider Venmo, crowd-funding loan provider Lending Club and real-time cryptocurrency settlement company Ripple. See “Closing the Gap” in the November 2015 issue, online at www.independentbanker.org.).

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Community Bank Community Analytics Lending 70