FDIC pushes regulators to address tokenization
Payments Dive
MARCH 12, 2024
Tokenization could be a "major leap" for the monetary system. FDIC Vice Chairman Travis Hill doesn't want the U.S. to be left out.
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Payments Dive
MARCH 12, 2024
Tokenization could be a "major leap" for the monetary system. FDIC Vice Chairman Travis Hill doesn't want the U.S. to be left out.
South State Correspondent
MAY 9, 2023
In the wake of regional bank failures, one potential answer to equity shorting and bank runs is having the FDIC increase deposit insurance. The regulators are considering three options: raising the limit above $250k, raising the cap for only certain accounts (such as banks’ business accounts), or eliminating the cap entirely.
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Abrigo
MAY 19, 2023
Does your loan review system meet regulatory expectations? Read more for specific objectives every loan review system should meet. WATCH Takeaway 1 Loan review officers must figure out how to adhere to the FDIC’s guidance on loan review and credit risk review systems.
PYMNTS
MARCH 19, 2020
The Federal Deposit Insurance Corporation ( FDIC ) gave the green light to an application from the FinTech firm Square to create a de novo industrial bank in Utah, the agency said on Wednesday (March 18). FDIC staff found that Square satisfied each of the statutory factors required for approval, subject to certain conditions.
PYMNTS
JUNE 29, 2020
FDIC) is considering nixing its quarterly reports of banks in an attempt to modernize the way data is handled. To do so, the FDIC is going about a new competition among 20 data and technology firms to try and find the best way to move forward, WSJ reported. Recently, the FDIC also eased up the Volcker Rule.
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.
Perficient
SEPTEMBER 6, 2023
The regulators feel that this proposed LTD rule would: Improve the resolvability of these banking organizations in case of failure, Potentially reduce costs to the Deposit Insurance Fund, and Mitigate financial stability and contagion risks by reducing the risk of loss to uninsured depositors.
Abrigo
JANUARY 24, 2024
Account for the details before your FDIC bank acquisition Consider these tips for assessing your institution and a to-be-acquired institution for a smooth integration You might also like this webinar, "Valuation and purchase accounting: Navigating the changing M&A landscape."
Perficient
SEPTEMBER 11, 2023
This month, the Federal Deposit Insurance Corporation (FDIC) launches it new Banker Engagement Site (BES) through FDIC connect. Chronology of Compliance Engagement In the pre-personal computer age , FDIC examiners would simply show up at a bank, often by surprise, and start requesting documents from bank executives.
Abrigo
AUGUST 8, 2021
Independent Loan Review Systems in Banking Banking regulators have outlined expectations for effective, independent loan review and credit risk review. . Takeaway 1 A system for ongoing, independent credit risk review will not look the same from institution to institution. 2020 Interagency Guidance.
CFPB Monitor
MARCH 28, 2023
In light of ongoing events concerning the recent bank failures and the response of regulators, we are releasing this week’s podcast episode earlier than our regular Thursday release date. Continue Reading
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.
CFPB Monitor
AUGUST 23, 2022
The FDIC has issued new supervisory guidance (FIL-40-2022) on multiple non-sufficient funds (NSF) fees arising from the re-presentment of the same unpaid transaction. The guidance directly applies only to state-chartered banks and thrifts that are not members of the Federal Reserve System. Potential risks. Third-party risk.
South State Correspondent
APRIL 30, 2024
Second, the hedge provider must be an FDIC insured institution and structure its hedges as a qualified financial contract (QFC). We see substantial risk to community banks in dealing with non-FDIC hedge providers or those that do not offer QFC protection – think Lehman Brothers.
South State Correspondent
APRIL 30, 2024
Second, the hedge provider must be an FDIC insured institution and structure its hedges as a qualified financial contract (QFC). We see substantial risk to community banks in dealing with non-FDIC hedge providers or those that do not offer QFC protection – think Lehman Brothers.
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”.
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). Cybersecurity.
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.
CFPB Monitor
DECEMBER 9, 2019
The Federal Deposit Insurance Corporation (the “FDIC”) has published a request for information in the Federal Register (the “RFI”) seeking comment on approaches it uses, or is considering using, to analyze the effects of its regulatory actions and rulemaking. The format and presentation of regulatory analysis.
Perficient
MAY 19, 2021
Perficient highlighted in a blog more than a month ago that the five federal financial institution agencies – Board of Governors of the Federal Reserve System (The Fed). Federal Deposit Insurance Corporation (FDIC. Consumer Financial Protection Bureau (CPFB). National Credit Union Administration (NCUA).
CFPB Monitor
DECEMBER 20, 2018
The FDIC has issued an Advance Notice of Proposed Rulemaking (ANPR) seeking comment on its regulatory approach to brokered deposits and interest rate restrictions. The FDIC’s current regulations on brokered deposits and interest rate restrictions are set forth at 12 C.F.R. Section 337.6.
CFPB Monitor
DECEMBER 28, 2023
On October 24, 2023, the OCC, FDIC and Board of Governors of the Federal Reserve System jointly adopted final amendments to their regulations implementing the Community Reinvestment Act of 1977 (CRA). In this episode, which repurposes a webinar, we are joined by guest speaker Kenneth H. Thomas, Ph.D.,
CFPB Monitor
OCTOBER 26, 2023
On October 24, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation issued a final rule amending their regulations implementing the Community Reinvestment Act.
Perficient
DECEMBER 21, 2023
Earlier this year, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Fed), and the Federal Deposit Insurance Corporation (FDIC) unveiled a proposed rule that would reshape the landscape for certain financial institutions. Learn More: U.S.
American Banker
APRIL 22, 2024
says it's ready to wind down the global systemically important banks. But until that happens, many in the banking industry are skeptical that regulators have actually developed a workable strategy to end "too big to fail." The Federal Deposit Insurance Corp.
PYMNTS
DECEMBER 10, 2018
Separately, but still within the scope of efforts from the Federal Reserve and the OCC, along with the FDIC, the agencies last week released a proposal that would increase the threshold of real estate transactions that require appraisal from $250,000 to $400,000. This would be the first boost in 25 years.
Perficient
DECEMBER 27, 2023
Once published by regulators, Perficient’s Risk and Regulatory CoE will be here to walk our clients through the changes. YOU MAY ENJOY: Regulatory Reporting in Financial Services Modernizing CRA Regulations Managing compliance risk frameworks in alignment with existing risk profiles is crucial as customer needs evolve.
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. Regulation E – Mistakes Made in the Consumer Liability/Error Resolution Process.
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.
PYMNTS
MAY 26, 2016
House lawmakers aren’t letting up on the Federal Deposit Insurance Corporation (FDIC) when it comes to how the banking regulator handled notifications following a slew of recent data breaches. In a joint letter to FDIC Chairman Martin Gruenberg, seen by WSJ , Rep. Lamar Smith (R-TX) and Rep. Earlier this month, a U.S.
PYMNTS
JANUARY 7, 2019
In Ireland, reported CryptoGlobe , the Irish cabinet has approved legislation that will bring more regulation to the sector. Separately, in India, the action toward crypto regulation seems to be … inaction. The site noted that the new rules still await passage by the country’s legislative body. In the U.S., Banks are well capitalized.
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).
American Banker
NOVEMBER 28, 2023
announced Tuesday that two financial officials with European regulatory backgrounds, Sir Jon Cunliffe and Elke Koenig, will join its Systemic Resolution Advisory Committee meeting on December 5 to discuss Dodd-Frank resolution authority and related issues. The Federal Deposit Insurance Corp.
CFPB Monitor
MAY 17, 2021
On May 19, 2021, the House Financial Services Committee will hold a hearing , “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions.” Randal Quarles, Vice Chairman of Supervision, Board of Governors of the Federal Reserve System.
CFPB Monitor
DECEMBER 2, 2021
As anticipated, the OCC, Federal Reserve Board, and FDIC recently approved and released the Final Rule Requiring Computer-Security Incident Notification (“Final Rule”). The Final Rule is designed to promote early awareness and stop computer security incidents before they become systemic.
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.
CFPB Monitor
MARCH 25, 2020
On March 23, 2020, the FDIC’s Office of Minority and Women Inclusion (OMWI) announced that it will request 2019 diversity self-assessments from FDIC-regulated financial institutions. The FDIC regulates insured state banks that are not members of the Federal Reserve System and insured state thrifts.
Cisco
JULY 12, 2022
As a key provider of technology for mission-critical financial system infrastructures across the globe, Cisco is held to the highest levels of scrutiny in the financial services regulatory audit chain. These systems are continually being updated with newer and better ones; however, it takes a long time to sunset the legacy technology.
American Banker
AUGUST 29, 2023
The regulatory overhaul for large and midsized banks could lead to stronger pressure for those banks to merge in the coming years while leaving smaller banks less competitive — and arguably less stable.
CFPB Monitor
AUGUST 20, 2020
federal and state financial institution regulators have taken meaningful, proactive steps to acknowledge financial inequality issues, reach out to traditionally underserved populations to expand access to credit, and further protect consumers from discrimination. This blog post contains a summary of those efforts.
Perficient
FEBRUARY 16, 2022
Over the last 90 days, we have let clients know about the federal banking regulators planned cryptocurrency road map , explained what steps national banks need to take to begin crypto activities , provided thoughts on the possibility of a U.S. Although not stated, FDIC insurance of stablecoin deposits would almost have to be required.
Independent Banker
JANUARY 26, 2016
The FDIC has released a proposal to indemnify the banks with assets less than $10 billion from the costs of raising the Deposit Insurance Fund reserve ratio from 1.15 The FDIC could vote on the proposal as early as next month. Farm Credit System. percent to 1.35 percent and may have even seen a rate hike. ICBA Member Poll.
ABA Community Banking
MARCH 16, 2023
As regulators conduct their reviews, Brown said they should look for “broader vulnerabilities” in the banking system and take steps to mitigate them. Brown asks regulators for ‘comprehensive review’ of bank failures appeared first on ABA Banking Journal. The post Sen.
CFPB Monitor
OCTOBER 20, 2016
On October 17, the FDIC released revised interagency Military Lending Act (MLA) examination procedures for use in connection with consumer credit transactions occurring on or after October 3, 2016. The FDIC also provided guidance on its initial supervisory expectations for examinations relating to MLA compliance.
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