CFPB Monitor

MARCH 27, 2019

The FDIC has announced that Leonard Chanin joined the agency on March 18 as Deputy to the Chairman. Leonard will also provide advice on the FDIC’s efforts to promote innovative financial services technologies.

FDIC 113

FDIC Community Regulation Groups 113

PYMNTS

OCTOBER 1, 2019

Mayo said, according to the outlet, “It’s been a rocky 25-year marriage for banking and technology, but it’s finally getting on course.”. Wells Fargo’s team of analysts in financial services and technology examined technology’s impact throughout the banking industry in the U.S. In separate news, U.S.

Technology 217

Technology FDIC US Big Data 217

CFPB Monitor

APRIL 4, 2019

On April 2, 2019, the FDIC issued Financial Institution Letter FIL-19-2019 (the “Letter”) to remind financial institutions about certain contractual provisions and other requirements pertaining to technology service provider contracts. Defining key terms in the contracts relevant to business continuity and/or incident response.As

FDIC 68

FDIC Technology Guidelines Security 68

Banking Exchange

MAY 19, 2021

Corporation is the latest regulator to respond to the rapidly growing fintech market Compliance Technology Feature3 Fintech Blockchain Feature Financial Trends Bitcoin Cryptocurrency Compliance Management Compliance/Regulatory.

Regulation 78

Regulation FDIC Compliance Bitcoin 78

Perficient

JULY 12, 2023

Perficient provides risk management to more than 500 financial services organizations, many of whom have multiple bank regulators. Often an organization will have a state-charted non-member bank, which has the FDIC as its primary federal regulator. The complete 60+ page guidance is available to readers here.

Management 221

Management Risk Management Regulation Compliance 221

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.

FDIC 78

FDIC Exercises System Regulation 78

Banking Exchange

APRIL 12, 2021

OCC, Federal Reserve, CFPB, FDIC, and NCUA are seeking input from banks and other stakeholders Compliance Compliance Management Compliance/Regulatory Cyberfraud/ID Theft AML & Fraud BSA/AML Security Feature3 Feature Duties Technology.

FDIC 135

FDIC Regulation Compliance Fraud 135

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.

FDIC 60

FDIC Regulation Capital Analysis 60

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

American Banker

MARCH 29, 2024

The steady drumbeat of consent orders against banks that offer banking as a service continues, with regulators telling banks to keep a closer eye on their fintechs' compliance with the Bank Secrecy Act and money laundering rules.

FDIC 94

FDIC Fintech Compliance Regulation 94

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.

FDIC 102

FDIC Data Policies Meeting 102

American Banker

JANUARY 2, 2024

Brighton Bank entered a consent agreement with the regulator regarding violations of anti-money laundering laws.

Tennessee 82

Tennessee FDIC Regulation Cyber Security 82

CFPB Monitor

DECEMBER 22, 2020

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).

FDIC 78

FDIC Capital National Regulation 78

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.

Regulation 71

Regulation FDIC System Software 71

CFPB Monitor

AUGUST 1, 2018

The regulation defines a brokered deposit as “any deposit that is obtained, directly or indirectly, from or through the mediation or assistance of a deposit broker.” The FDIC has not yet responded. Congressmen Luetkemeyer and Tipton assert that the FAQ is inconsistent with the definition of “deposit broker” under 12 C.F.R.

FDIC 68

FDIC Regulation Innovation Resources 68

PYMNTS

JUNE 29, 2020

In today’s top news, Germany’s deputy finance minister wants to restructure accounting firm regulations, and consumers are turning away from travel rewards cards. FDIC) is looking to modernize bank reporting. FDIC Looks To Modernize Bank Reporting. Plus, the Federal Deposit Insurance Corp. Consumers Sour On Travel Rewards Cards.

FDIC 142

FDIC Cards Payments Regulation 142

FICO

MAY 25, 2023

Home Blog Feed test AI Development Can’t Be Paused—But It Can Be Regulated Since Generative AI is here to stay, ChatGPT’s base grew by 9,900% in 60 days, with 1.8 Home Blog Feed test AI Development Can’t Be Paused—But It Can Be Regulated Since Generative AI is here to stay, ChatGPT’s base grew by 9,900% in 60 days, with 1.8

Regulation 52

Regulation San Diego Analytics blockchain 52

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.

Regulation 78

Regulation FDIC Community Lending 78

CFPB Monitor

JANUARY 19, 2022

federal district court in December 2020 seeking to block the OCC from granting a national bank charter to Figure Technologies Inc. The OCC indicated that in connection with this amendment, the bank organizers will apply to the FDIC for deposit insurance, and Figure Technologies, Inc. Section 5.20(e)(1) 1 et seq.

Technology 78

Technology National FDIC Fintech 78

Payments Source

DECEMBER 20, 2018

The Office of the Comptroller of the Currency has gotten the ball rolling for financial technology firms trying to operate a national platform, but the FDIC and Federal Reserve should act to remove other policy roadblocks.

FDIC 62

FDIC Regulation Fintech Policies 62

CFPB Monitor

JANUARY 5, 2021

federal district court to block the OCC from granting a national bank charter to Figure Technologies Inc. In the new complaint, CSBS also asks the court to declare that the OCC’s preemption regulations (12 C.F.R. The Conference of State Bank Supervisors (CSBS) has filed a lawsuit in D.C. 7.4007, 7.4008, 34.4)

Conference 78

Conference Technology District of Columbia FDIC 78

CFPB Monitor

MAY 4, 2021

federal district court seeking to block the OCC from granting a national bank charter to Figure Technologies Inc. In the third complaint, CSBS also asks the court to declare that the OCC’s preemption regulations (12 C.F.R. The first two lawsuits were dismissed on ripeness grounds. 7.4007, 7.4008, 34.4)

Technology 78

Technology National Regulation FDIC 78

ABA Community Banking

NOVEMBER 20, 2019

Regulators need to understand the pressures that banks face to innovate and support those efforts, FDIC Chairman Jelena McWilliams said today. The post McWilliams: Regulators Need to Support Bank Innovation Efforts appeared first on ABA Banking Journal.

Regulation 45

Regulation Innovation FDIC Community Bank 45

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.

Regulation 349

Regulation National System Industry 349

American Banker

JANUARY 27, 2020

An outside paper identifies the statutes, regulations and other bureaucratic realities complicating the banking agencies’ efforts to oversee and benefit from rapidly changing technology.

Regulation 94

Regulation Policies Fintech Technology 94

PYMNTS

OCTOBER 11, 2017

The Independent Community Bankers of America (ICBA), the trade group for community banks, is calling on the Federal Deposit Insurance Corporation (FDIC) to deny a federal deposit insurance application by payment terminal company Square. This isn’t the first time the group has opposed a deposit insurance application.

Groups 102

Groups FDIC Community Bank Community 102

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

Abrigo

JULY 10, 2023

An example of a rising AI fraud scheme is using voice-to-text technology, such as Microsoft’s new Vall-E Text-to-Speech System. This technology can convert written words into speech that sounds like a recorded person using only three seconds of a voice recording.

Fraud 150

Fraud How To social media Security 150

Insights on Business

MARCH 5, 2019

Reducing costs but appeasing regulators seems like an oxymoron, yet, many AML compliance and operations leaders are being asked to do just that. The question is, how to do this, while keeping the regulators happy? Even better, regulators have recently begun encouraging the application of these techniques. What does this mean?

Regulation 70

Regulation Compliance Analysis Innovation 70

American Banker

NOVEMBER 29, 2023

The Port Angeles, Washington-based bank said it has already invested "significant resources" into enhancing its compliance management for fintech partnerships, after self-reporting a problem last year.

Examples 89

Examples FDIC Washington Compliance 89

Abrigo

JANUARY 4, 2023

banking regulators recently warned financial institutions that dealing with cryptocurrency exposes them to an array of risks. The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector," read a joint statement from the Federal Reserve, FDIC, and the OCC.

social media 195

social media Fraud cryptocurrency Trends 195

American Banker

FEBRUARY 10, 2020

but it has now moved within a few steps of obtaining what has eluded fintech firms of late: a green light from banking regulators. It was Varo's second try with the Federal Deposit Insurance Corp.,

FDIC 71

FDIC Regulation Fintech National 71

PYMNTS

OCTOBER 1, 2019

Mayo said, according to the outlet, “It’s been a rocky 25-year marriage for banking and technology, but it’s finally getting on course.”. Wells Fargo’s team of analysts in financial services and technology examined technology’s impact throughout the banking industry in the U.S. In separate news, U.S.

Report 100

Report FDIC US Big Data 100

CFPB Monitor

NOVEMBER 12, 2020

Banking and Securities Regulators (includes FDIC, Federal Reserve, NCUA). Gary Gensler , who is with the Massachusetts Institute of Technology, will serve as team leader. English initiated unsuccessful litigation seeking a declaration that she, rather than Mr. Mulvaney, had the right to serve as Acting Director.

FDIC 97

FDIC Massachusetts New York Policies 97

Independent Banker

JULY 31, 2022

Locality Bank, a digital-first community bank serving south Florida that opened in January, is run by industry veterans with such successful track records that regulators signed off on their application for a charter in less than a year. His career has focused on aligning technology and banking services. Location: Fort Lauderdale, Fla.

Florida 91

Florida Community Bank Community FDIC 91

PYMNTS

JULY 1, 2019

As noted in this space last week, the regulator who helms Germany’s Federal Cartel Office said that cryptos – in particular, those brought by large technology firms – should be examined by regulators over antitrust concerns. In Italy, the country’s data protection regulator fined Facebook the equivalent of $1.1

cryptocurrency 100

cryptocurrency Regulation social media FDIC 100

CFPB Monitor

JANUARY 24, 2022

SoFi Technologies, has applied to the Federal Reserve to become a bank holding company and therefore subject to consolidated supervision. In its press release announcing the withdrawal, the OCC stated that Figure Technologies had amended its charter application for Figure Bank, National Association, to offer FDIC-insured deposit accounts.

National 78

National Fintech Company FDIC 78