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Varo Money Raises $45M To Become ‘A National Bank’

Bank Innovation

Startup Varo Money has raised $45 million for its plans to become a full-fledged, “national bank,” the startup announced yesterday. The funds will go towards marketing its service as well as for laying “the foundation” to become a bank, company CEO Colin Walsh told TechCrunch.

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FDIC issues final rule on brokered deposits and interest rate limits applicable to less than well capitalized institutions

CFPB Monitor

The FDIC has issued a final rule that establishes a new framework for analyzing whether deposits made through deposit arrangements qualify as “brokered deposits” and amends the methodology for calculating the interest rate restrictions that apply to less than well capitalized insured depository institutions (IDIs).

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New York Venture Bank Seeks National Bank Charter

PYMNTS

New York Venture Bank, a new financial institution (FI) created by big names in the financial services industry, has applied for a national bank charter. FDIC), the news report noted the new bank will begin with $100 million in capital. There will also be deposit products and online banking, among other offerings.

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Fed Chairman Concerned Over Shrinking Bank Market

PYMNTS

The remarks were made at a conference, focusing on the issue of “financial deserts,” involving the struggle for rural communities to feel the benefits of overall national economic strength and a declining unemployment rate. making it one of the nation’s first new community banks in years.

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Credit Karma Now Offers A High-Yield Savings Account

PYMNTS

Credit Karma , a company that enables people to gain access to their credit scores, is launching a high-yield savings account that customers can use through an app and online. percent APY, which is about 22 times higher than the average of national accounts. Although Credit Karma’s APY is high, it’s not the best on the market.

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High-Yield Deposit Accounts Come To Robo-Advisory Service Betterment

PYMNTS

High-yield checking and savings are now being offered by online wealth advisor Betterment as a way to attract new customers. . The average national yield of savings accounts is 0.10%, whereas Betterment’s annual yield is 2.69%. The average national yield of savings accounts is 0.10%, whereas Betterment’s annual yield is 2.69%.

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A digital-first bank for south Florida

Independent Banker

While the $55 million-asset community bank has one brick-and-mortar branch in Fort Lauderdale, Locality Bank will serve customers primarily through its online and mobile applications. After looking at the consolidation in our market, we concluded that the lack of community banks was the reason.”. Keith Costello, Locality Bank. “We

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