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Brex Offers FDIC Insurance, Adds Chief Legal Officer

PYMNTS

The new feature in Brex Cash allows customers the choice to hold cash savings with FDIC insurance, or invest in Money Market Funds. a financial services holding company based in Kansas City, Missouri.

FDIC 166
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Small banks: Big challenges and big opportunities

Abrigo

For smaller banks, longer-term industry consolidation trends and competition are also eroding deposit market share. According to the Federal Reserve Bank of Kansas City , community banks’ deposit market share dropped to 15% in 2022 from 22% in 2013. The result? The result? Worried about complying with the CFPB 1071 rule?

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Congress Presses Fed On Real-Time Payments Plan

PYMNTS

Despite some previous pushback, the Fed, represented by Federal Reserve Bank of Kansas City President and Chief Executive Officer Esther L. lags behind other markets in real-time payments adoption, and look to more advanced services in other markets for best practices. payments ecosystem. Competition and Interoperability.

Payments 174
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CFPB issues request for information and report in conjunction with release of proposed payday/auto title/high-rate installment loan rule

CFPB Monitor

Specifically, the RFI mentions installment loans and open-end credit lines with durations exceeding 45 days with no vehicle title security or account access (“leveraged payment mechanism” features) as products falling outside the scope of the proposed rule. The comment period runs through October 14, 2016.

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