Perficient

AUGUST 16, 2023

A rather small bank, as of the end of its first quarter, the bank reported $139 million in total assets and $130 million in total deposits in its FDIC Call Report. Heartland Tri-State began operations in 1985 under the name First National Bank of Elkhart. bank to fail this year.

United States 221

United States Kansas FDIC Risk Management 221

CFPB Monitor

DECEMBER 14, 2020

FDIC Chairman Jelena McWilliams recently stated that the FDIC is not contemplating a rulemaking “at this time” similar to the OCC’s proposed fair access rule issued last month. McWilliams was asked whether the FDIC supported the OCC’s proposal and was contemplating issuing a similar proposal.

FDIC 78

FDIC Training Regulation Operations 78

Bank Innovation

JULY 9, 2018

It plans to reapply with the FDIC, but did not reveal […]. Payment processor Square has withdrawn its application to become a deposit-taking bank, a move similar to online lender Social Finance or SoFi, which withdrew its application last fall.

FDIC 210

FDIC Online Payments Operations 210

Jeff For Banks

AUGUST 14, 2022

In 2012 the Obama administration launched "Operation Choke Point" ("OCP") which was designed to ensure banks considered the risk of banking payday lenders that were engaged in abusive practices. The FDIC's quarterly Supervisory Insights for Summer 2011 had a list! What were disfavored industries?

Operations 78

Operations Lending FDIC Industry 78

CFPB Monitor

JULY 15, 2020

When the OCC issued its final Community Reinvestment Act (“CRA”) rule on May 20, 2020, the agency acted alone without waiting to achieve consensus with the FDIC, the agency with which the OCC had jointly issued its proposed rule. As to the Federal Reserve Board (“FRB”), it had already bowed out of the CRA reform effort in 2019.

FDIC 78

FDIC Community Bank Community Regulation 78

Perficient

OCTOBER 27, 2022

Seeking additional arrows in their quiver against large bank failures, on October 14, 2022, the Federal Reserve Board (FRB) and Federal Deposit Insurance Corporation (FDIC) published an Advance Notice of Proposed Rulemaking (ANPR). Both the FRB and FDIC will accept comments and answers for 60 days after publication in the Federal Register.

Capital 275

Capital Regulation FDIC Regional 275

CFPB Monitor

JUNE 13, 2022

One issue raised in the RFI is “to what extent should the CFPB be consulted by the FDIC when considering the convenience and needs factor and should that consultation be formalized?”. Whether the FDIC finds these arguments persuasive is yet to be seen.

FDIC 78

FDIC Groups Community Meeting 78

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

Abrigo

DECEMBER 2, 2014

To provide a report card on industry status and performance, the FDIC publishes a Quarterly Banking Profile. The FDIC maintains a problem bank list, defined as “institutions with financial, operational or managerial weaknesses that threaten their continued financial viability.”

Community Bank 208

Community Bank FDIC Community Industry 208

CFPB Monitor

NOVEMBER 21, 2019

The OCC and FDIC issued proposed rules this week intended to eliminate the uncertainty created by the Second Circuit’s decision in Madden v. Comments on the FDIC’s proposal must be submitted no later than 60 days after the date the proposal is published in the Federal Register. Midland Funding. 85 [or 12 U.S.C

FDIC 78

FDIC National Lending Policies 78

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

PYMNTS

FEBRUARY 24, 2016

That growth, the FDIC said, came mainly from a $6.8 billion boost in net operating revenue, accompanied by a $2.7 More than half of the 6,182 institutions that reported to the FDIC showed growth year over year in earnings in the latest quarter. However, banks are operating in a challenging environment.

FDIC 100

FDIC Community Bank Maine Community 100

Perficient

JANUARY 25, 2023

Banks are focused on efficiency initiatives to optimize their operations and lower costs. While institutions want to increase their technology play, they are weary of overcomplicating operations. Here are five banking trends we’re forecasting for the new year.

Banking Trends 474

Banking Trends Trends United States FDIC 474

Banking Exchange

APRIL 14, 2021

Public’s input sought on potential modernization of advertising and signage rules to better reflect how banks operate Compliance Retail Banking Customers Performance People Compliance Management Compliance/Regulatory Consumer Compliance Feature3 Feature Financial Research Duties Financial Trends.

FDIC 122

FDIC Compliance Trends Retail 122

PYMNTS

JANUARY 7, 2021

Talk Android posts a letter from the company in which it says there will be "no immediate impact" to accounts and that users don't need to do anything right now, with their funds housed in FDIC insured accounts with BBVA. And, the company says it wants to make the transition "as smooth as possible" for customers.

FDIC 336

FDIC Google User Experience Lending 336

Bank Innovation

JUNE 3, 2019

Varo Money has been striving to get a banking charter for three years. 31, 2018, the digital-only challenger bank finally received conditional approval from the Office of the Comptroller of the Currency. It’s still unclear, however, if the Federal Deposit Insurance Corporation will grant the final approval.

FDIC 170

FDIC Regulation Operations Compliance 170

CFPB Monitor

MAY 18, 2022

After moving alone in 2020 to reform its Community Reinvestment Act (CRA) regulation, the Office of the Comptroller of the Currency (OCC) has joined the Federal Deposit Insurance Corporation (FDIC) and Federal Reserve Board in issuing a joint notice of proposed rulemaking setting forth proposed amendments to their regulations implementing the CRA.

FDIC 78

FDIC Regulation Community Lending 78

Abrigo

MAY 20, 2022

Meet Model Risk Management Expectations Updates to the FDIC Risk Management Manual should steer institutions toward a model that manages risk and drives growth. FDIC Update. Last April, the FDIC released an Interagency Statement titled Model Risk Management (MRM) for Bank Models and Systems Supporting BSA/AML Compliance.

Risk Management 195

Risk Management Management FDIC Meeting 195

American Banker

AUGUST 14, 2023

explored the various credit, market and operational risks facing the banking sector. In its annual report, the Federal Deposit Insurance Corp. It also explored crypto and climate issues.

FDIC 67

FDIC Operations Marketing Report 67

Perficient

JULY 12, 2023

Often an organization will have a state-charted non-member bank, which has the FDIC as its primary federal regulator. The guidance emphasizes that using third parties, especially those using new technologies, may present elevated risks to banking organizations and their customers, including operational, compliance, and strategic risks.

Management 221

Management Risk Management Regulation Compliance 221

CFPB Monitor

JUNE 18, 2019

Last week, the FDIC published its Consumer Compliance Supervisory Highlights that provides observations about its consumer compliance supervision activities in 2018. The FDIC’s anonymized exam findings include: Overdraft Programs. Real Estate Settlement Procedures Act (“RESPA”) Section 8 Violations.

FDIC 60

FDIC Compliance Regulation Training 60

American Banker

APRIL 10, 2024

Chairman Martin Gruenberg says the agency would likely use a resolution strategy for a global systemically important bank that puts the holding company into resolution and keeps subsidiaries operating under a bridge company.

Strategy 31

Strategy FDIC System Operations 31

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

Abrigo

APRIL 12, 2016

The FDIC is offering a fresh take on how a bank’s board of directors should understand and manage risk. The regulator’s April edition of Supervisory Insights provides what the FDIC called a “refresher” on its Pocket Guide for Directors, the 1988 booklet outlining the basic duties and responsibilities of a bank’s board of directors.

Management 150

Management FDIC Risk Management Community Bank 150

American Banker

JUNE 6, 2022

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FDIC 80

FDIC Operations Regulation 80

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.

Fintech 186

Fintech FDIC Washington Conference 186

South State Correspondent

AUGUST 21, 2022

Second, community banks should use FDIC-insured institutions as hedge providers, and the hedges must be structured as qualified financial contracts (QFC). We see substantial risk to community banks in dealing with non-FDIC hedge providers or those not offering QFC protection – think Lehman Brothers.

How To 195

How To Community Bank Community FDIC 195

CFPB Monitor

DECEMBER 19, 2019

The OCC and FDIC have issued a joint proposal to revise their regulations implementing the Community Reinvestment Act (CRA). Although the Federal Reserve, OCC and FDIC, are the primary CRA regulators, the Fed did not join the proposal and presumably will issue a separate proposal. ” Click here to register. Our thoughts.

FDIC 78

FDIC Regulation Community Retail 78

PYMNTS

DECEMBER 16, 2020

Integrating with Plaid is a big step in providing a more seamless and efficient user experience for BlockCard customers,” said Ternio Co-Founder and Chief Operating Officer Ian Kane , in the release. customers to activate their FDIC-insured BlockCard bank accounts. dollars between all of their accounts.”.

cryptocurrency 267

cryptocurrency FDIC User Experience Security 267

Gonzobanker

JUNE 14, 2023

Cross River Bank recently found itself in hot water with the FDIC when the agency declared that the bank engaged in unsafe or unsound banking practices in relation to its compliance with fair lending laws and regulations, specifically the Equal Credit Opportunity Act and the Truth-in-Lending Act. In effect, Cross River is in time out.

Compliance 109

Compliance FDIC Strategy Fintech 109

PYMNTS

OCTOBER 24, 2019

By way of example, FinTechs must cobble together money transmitter licenses from each state in which they operate. And in effect, these tech-savvy upstarts would have been able to act like banks, operating as banks do, to take deposits and make loans. Can’t get the charter without FDIC coverage.

Fintech 101

Fintech FDIC New York National 101

CFPB Monitor

JANUARY 2, 2019

The CFPB and the federal banking agencies—the FDIC, Fed, and OCC— remain open during the government shutdown as their funding does not come from congressional appropriations. Also closed during the shutdown are many HUD operations and activities. However, the shutdown has resulted in the closing of the FTC.

FDIC 107

FDIC Regulation Lending Operations 107

Perficient

APRIL 2, 2021

The five federal agencies are: the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (Fed), the National Credit Union Administration (NCUA) and the. Office of the Comptroller of the Currency (OCC). Personalization of Customer Services.

Regulation 309

Regulation Industry Risk Management Analysis 309

Ron Shevelin

SEPTEMBER 15, 2019

Chime, the San Francisco-based challenger bank, just surpassed five million FDIC-insured bank accounts in only about five years in operations. The first 5 million are always the easiest. The neobank is looking at some challenges ahead.

San Francisco 76

San Francisco FDIC Operations 76

PYMNTS

JUNE 13, 2017

Which means it really doesn’t come as all that huge a surprise that as of June 6th, SoFi had applied for a new (de novo) bank charter according to the FDIC. Instead, SoFi as a bank will exist so it can “provide its customers an FDIC insured NOW account and a credit card product. SoFi has confirmed the news.

FDIC 100

FDIC Utah Millennials ATM 100

PYMNTS

AUGUST 22, 2016

Banking execs, who have been keen to close physical locations to save considerable setup and operating costs, are worried that closing more branches will backfire by leading to lower revenues. 2 to $4 million | The cost of setting up a bank branch, with annual operating costs of between $200,000 and $400,000. $1

FDIC 100

FDIC Data Digital Banking Operations 100

Bank Innovation

MARCH 21, 2016

It’s been a year since the Federal Deposit Insurance Corporation (FDIC) conditionally approved a de novo charter for Primary Bank. Based in Bedford, New Hampshire, the new Primary Bank raised an astounding $29 million after obtaining approval for its charter on March 17th of 2015. But Primary Bank was not the Read More.

New Hampshire 150

New Hampshire FDIC Operations Capital 150