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

CFPB Monitor

MAY 22, 2020

Although the OCC’s proposed revisions were issued jointly with the FDIC, the FDIC did not join in the final rule. The final rule applies to national banks and federal savings associations. The final rule is effective October 1, 2020 but sets mandatory compliance dates based on the applicable performance standards.

FDIC 78

FDIC Lending Retail Compliance 78

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

ABA Community Banking

SEPTEMBER 8, 2021

Vast Bank recently became the first nationally chartered, FDIC-insured bank to offer crypto banking. The post How a Community Bank Launched a Retail Crypto Platform appeared first on ABA Banking Journal. Banks of all sizes are hearing from many customers that they want exposure to the fast-growing but volatile cryptocurrency market.

Community Bank 64

Community Bank Community Retail FDIC 64

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

ABA Community Banking

OCTOBER 19, 2020

households that are unbanked continued falling in 2019, reaching 5.4%, the lowest rate yet recorded in a biennial FDIC report. The post FDIC: Share of Unbanked Americans Reaches Record Low in 2019 appeared first on ABA Banking Journal. The share of U.S.

FDIC 56

FDIC Report Survey ATM 56

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.

FDIC 78

FDIC Regulation Community Retail 78

Perficient

NOVEMBER 10, 2023

Retail banks respond to the Federal Reserve’s short-term interest rate adjustments with corresponding changes in lending and deposit rates. However, in the current rising interest rate environment in the United States since 2022, loan rates have adapted more rapidly than deposit rates.

Risk Management 221

Risk Management United States FDIC Compliance 221

PYMNTS

MARCH 4, 2019

Amazon, of course, stands out as a marquee name in the move to make the retail experience wholly digital commerce. There may be a groundswell against cashless retail, but then again, there also is a movement to take cash out of the equation. Much has been made of the coming of the cashless society. The Case Against Cash.

Retail 129

Retail New York City New York New Jersey 129

Bank Innovation

JANUARY 26, 2020

Grasshopper opened in May 2019 after securing FDIC and OCC approval, a rare distinction for a digital-only bank. New York City-based Grasshopper Bank is geared toward startups, with a focus on pain points for founders.

New York City 243

New York City FDIC New York Innovation 243

PYMNTS

APRIL 27, 2016

Goldman Sachs has officially entered the world of online retail banking. On Tuesday (April 26), various media outlets reported that the investment bank is expanding its customer base with the launch of its own FDIC-insured, Internet-based savings bank called GS Bank.

Retail 100

Retail Online FDIC Software 100

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

PYMNTS

JULY 15, 2016

When Amazon, the largest retailer by market cap, says that it had its best day ever , it’s hard not to call that a sizzle – and then some. But when it comes to a tactic that plays rope-a-dope with the facts about something, say as serious as whether or not China hacked into the FDIC, then it is not at all cool. Amazon Sellers .

Retail 100

Retail FDIC Bitcoin Lending 100

Bank Innovation

APRIL 24, 2019

Secretary of the Treasury Steven Mnuchin said today that he prefers private over government solutions when it comes to collecting and using consumer data for financial products and services, speaking at a fintech conference hosted here by the FDIC.

Data 170

Data FDIC Washington Conference 170

PYMNTS

JULY 26, 2019

FDIC) and the state of Utah for an industrial loan company (ILC) charter. ILCs can sidestep banking company holding requirements while still getting FDIC guarantees on deposits, which means that retail firms can have them. Walmart recently attempted to get one right before the financial crisis froze approvals for them.

Fintech 192

Fintech Utah US FDIC 192

South State Correspondent

APRIL 16, 2024

Banks should aim to bring back 10% to 25% of these funds, which equates to between $20 million and $50 million in deposits per 100,000 retail and small business customers. FDIC insurance doesn’t matter until it matters, and the funds in many digital wallets are not insured.

FDIC 195

FDIC Examples Study Samsung 195

Bank Innovation

JULY 11, 2019

German challenger bank N26 has partnered with San Diego-based Axos Bank to offer an FDIC-insured checking account and Visa debit card for U.S. The products, announced on Thursday, are now available to about 100,000 customers who were on the waitlist for the U.S. version of the app. The company said customers can sign up […].

San Diego 186

San Diego Cards FDIC US 186

Bank Innovation

JULY 31, 2018

The fintech charter does not require deposit insurance from the FDIC, per a recommendation from the Treasury Department. 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.

Fintech 218

Fintech FDIC Lending Payments 218

Bank Innovation

MAY 30, 2019

The three-year-old company, which has so far raised $42 million in funding, on Thursday launched Tally Save, a free app that analyzes users' spending patterns and automatically puts spare funds into an FDIC-insured savings […].

FDIC 186

FDIC Management Company Lending 186

BankInovation

APRIL 28, 2023

First Republic Bank shares fell as much as 54% in extended New York trading on speculation that it would be seized by regulators, as regional US lenders are pressured by deposit drains and weakening investments.

San Francisco 52

San Francisco FDIC New York Regional 52

Perficient

MARCH 10, 2021

Governed by an interagency agreement among the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), the program review credits with minimum aggregate loan commitments totaling $100 million or more that were shared by three or more regulated financial institutions.

National 309

National Regulation FDIC Retail 309

Abrigo

FEBRUARY 12, 2020

“Macy’s closing 125 stores signals ‘more pain’ for retailers,” ABC News reported Feb. Retailers like Pier 1, Papyrus and Express are closing 1,000 stores. That’s just the beginning,” warned the Chicago Tribune less than a week earlier. CRE a top focus for many bankers. Assess and act on creditworthy CRE borrowers quickly. Learn more.

Lending 195

Lending Trends FDIC Survey 195

PYMNTS

JANUARY 10, 2019

FDIC) was founded in 1933 that an entire year went by without a bank going under. The news comes after Sears Holdings had reportedly turned down a bid by Chairman Eddie Lampert to help the retailer keep its doors open. UK Retailers’ Holiday Sales Have Worst Performance in a Decade. US Banking Industry Had No Failures in 2018.

Los Angeles 128

Los Angeles FDIC Retail Maine 128

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). Credit Decisions.

Regulation 309

Regulation Industry Risk Management Analysis 309

Payments Source

FEBRUARY 12, 2019

The vast majority of comment letters to the FDIC support the fintech’s banking venture, in stark contrast to the public outcry over the pre-crisis ILC bids by large retailers.

FDIC 67

FDIC Retail Fintech Lending 67

BankInovation

NOVEMBER 29, 2021

The Federal Deposit Insurance Commission (FDIC) recently made available the demos of its first FDITECH Sprint, a contest held in September that focused on reaching unbanked customers via fintech solutions.

FDIC 98

FDIC Fintech Google System 98

PYMNTS

MARCH 19, 2020

FDIC Approves Square for Banking License. The Federal Deposit Insurance Corporation (FDIC) granted Square a banking license to operate a de novo industrial bank in Salt Lake City. Square Financial Services will originate commercial loans to the retailers that use Square for payments. It will keep its drive-through windows open.

FDIC 130

FDIC Utah Payments Mobile 130

BankInovation

APRIL 12, 2023

The $850 million, Michigan-based bank saw an influx of demand for its FDIC coverage solution through IntraFi’s […] United Bank of Michigan added electronic signatures to its Federal Deposit Insurance Corp.

Michigan 52

Michigan FDIC Retail 52

PYMNTS

NOVEMBER 12, 2020

The COVID-led commercial real estate crunch is also having a major impact on retail properties. The retail market has been under stress for several years, because of, you know, online sales and that sort of thing. retail sector hit an average of 20 percent in the second quarter, up from 9 percent when 2020 began.

New York City 227

New York City New York Missouri Philadelphia 227

PYMNTS

OCTOBER 8, 2020

Steve Boland, president of Retail at Bank of America, said in the post. FDIC), National Credit Union Administration and Office of the Comptroller of the Currency — urged bankers to begin offering such small-dollar loans to help consumers deal with temporary cash flow problems.

Charlotte 131

Charlotte America FDIC Guidelines 131

BankInovation

APRIL 18, 2023

billion, “driven by seasonal elevation from payroll taxes, FDIC insurance expense and the cost of adding people,” Bank of […] Bank of America saw noninterest expenses increase year over year as employee and technology costs increased during the first quarter of 2023. WHY IT MATTERS: The $3.1

America 52

America FDIC Taxes Technology 52

Jeff For Banks

AUGUST 22, 2014

My firm measures line of business and product profitability for dozens of community financial institutions, and hardly any of them make real money in retail investment sales, if they make any money at all. trillion in assets , while bank assets in all FDIC insured financial institutions was $14.7 trillion for the same period.

Retail 86

Retail Tools Management Taxes 86

PYMNTS

JULY 24, 2019

“If you look at where the big banks and brokerages make most of their money, it’s in their retail savings accounts.”. Like other FinTechs, Betterment will partner with FDIC-insured institutions since it doesn’t have a bank charter. The average national yield of savings accounts is 0.10%, whereas Betterment’s annual yield is 2.69%.

Fintech 162

Fintech FDIC National Online 162

Payments Source

FEBRUARY 8, 2019

With the backing of these establishments and Federal Deposit Insurance Corporation (FDIC) protections, the cloud of uncertainty surrounding cryptocurrencies will begin to lift, writes Eric Solis, founder and CEO of MovoCash.

cryptocurrency 104

cryptocurrency FDIC Bitcoin Payments 104

Celent Banking

FEBRUARY 26, 2015

Brett King’s Op Ed in Banking Exchange, critical of the recent FDIC report , Brick-and-Mortar Banking Remains Prevalent in an Increasingly Virtual World. For starters, retail banks serve a diverse market with diverse needs and preferences. Source: US Department of Commerce, FDIC, Datamonitor, Celent analysis. What do you think?

FDIC 100

FDIC Retail Digital Banking User Experience 100

PopularBank

DECEMBER 11, 2023

Carlos has been with Popular since 2005 and most recently was head of Retail Banking for the South Florida Region. In his previous role as Senior Vice President of retail banking, he managed loan, deposits, and investments in retail, small business, and international private banking areas.

Management 52

Management Florida Community Leadership 52

PYMNTS

APRIL 29, 2019

Last week Robinhood, the company behind the free mobile trading app, filed an application to open an online bank that would be FDIC insured and offer high rates on savings and low rates on credit cards. retail consumers. retail consumers,” it says in its application to the OCC, according to the report.

FDIC 112

FDIC New York Mobile Online 112