PYMNTS

MARCH 18, 2019

According to the Federal Deposit Insurance Corporation (FDIC), the percentage of unbanked Americans fell to its lowest level since the 2007-2009 financial crisis. The account that was eliminated was introduced in 2010, when the company was trying to lure customers to online banking. In 2017, 6.5 percent of 129.3 million U.S.

Consumer 70

Consumer Online and Mobile Banking FDIC Checks 70

PYMNTS

OCTOBER 17, 2017

An industrial bank is an FDIC-insured depository institution that is generally subject to the same banking laws and regulations as any other bank charter type, with the important exception of the Bank Holding Act of 1956. ILCs are used to form industrial loan companies, better known as industrial banks.

FDIC 43

FDIC FinTech Community Banks Push-to-Card 43

CB Insights

JANUARY 5, 2021

In contrast, online banking in the US has surged with 73% of consumers using it regularly, up from 46% in 2010. . Source: FDIC. Between 2008 and 2018, the number of commercial bank branches in the US has declined by more than 6%. Alternative services can be costly.

Online and Mobile Banking 98

Online and Mobile Banking Financial Inclusion Checks Federal Reserve 98

PYMNTS

MARCH 24, 2016

Perhaps no surprise: Bank regulators, stretching back to 2010, had instituted their own guidelines, according to The Journal , and said risk-taking activities had been curtailed, with positive results, so much so that the “regulatory gap” has been filled. Yet if all of that gets rolled back, Wall Street firms will gird for talent flight.

Federal Reserve 40

Federal Reserve FDIC Rules Regulations 40

PYMNTS

OCTOBER 1, 2018

The DOJ investigation centered on whether LendingClub had – between January 2009 to September 2010 – misled its FDIC-insured loan originator, WebBank , leading the bank to underwrite over 200 loans that did not conform to the bank’s lending requirements. In 2010, LendingClub added to its war chest with a $24.5

P2P 54

P2P Origination Underwriting Returns 54

PYMNTS

JANUARY 30, 2018

The new program, first launched in 2010, was a digital-only offer for customers with low-balance checking accounts. It’s a lesson that he believes banks will have to learn as well – because their customers are getting better offers from institutions that are also FDIC-insured, and that also offer a full suite of financial services online.

Direct Deposit 43

Direct Deposit Online and Mobile Banking Checks Non-Bank 43

Fintech Labs Insights

NOVEMBER 10, 2023

39,600 $587 7 Credit Sesame 1196 2010 SF 5,730,000 $172 8 Marcus (Goldman Sachs) 1149 2017 Salt Lake City 5,670,000 $0 9 Monzo 1089 2015 London 3,390,000 $1,100 10 MoneyLion 873 2013 NYC 1,260,000 4.6 197,000 $1,700 2 Robinhood 6080 2013 SF 17,190,000 $6,200 3 SoFi 4017 2011 SF 13,080,000 4.6 8,860 $2,300 6 Upgrade 1426 2016 SF 3,013,000 4.5

NOV 15

NOV Consumer Online and Mobile Banking Small Business 15

CB Insights

JUNE 5, 2018

Virtually all US private sector wage earners receive wages into bank accounts, according to the Global Findex database, which are insured by the FDIC and offer an easy way to earn interest. In the United States, 93% of consumers have some sort of bank account. China’s alternative: Alipay and WeChat.

Online and Mobile Banking 68

Online and Mobile Banking Debit Card Credit Cards Payment Gateways 68

PYMNTS

OCTOBER 3, 2016

In 2010, Westernbank Puerto Rico, the country’s second-largest commercial bank, took a loss of more than $140 million on loans to a Florida businessman, 53-year-old Jack Kachkar, which contributed to its failure, according to the FDIC’s inspector general. In 2010, Westernbank was subsumed by the Federal Deposit Insurance Corp.

Request for Comment 53

Request for Comment FDIC Wires Wire 53

PYMNTS

JANUARY 10, 2019

FDIC) was founded in 1933 that an entire year went by without a bank going under. If a bank fails, the regulator looks to sell the assets to another bank and the FDIC assumes responsibility for the remaining assets. According to a report in CNBC , citing Calculated Risk, last year was the first time since 2006 that not one U.S.

FDIC 61

FDIC Direct Deposit Shutdown Government 61

FICO

JULY 17, 2017

In June, the House adopted, along a party line vote, the Choice Act, which aims to make broad changes to the 2010 Dodd-Frank statute. In the coming months, the President will have the opportunity to nominate new leadership at the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, and a year from now at the CFPB.

Consumer Financial Protection Bureau (CFPB) 40

Consumer Financial Protection Bureau (CFPB) CFPB Office of the Comptroller of the Currency Financial Crimes 40