PYMNTS

AUGUST 3, 2020

banks and credit unions (CUs) have signed on to offer checking and savings accounts through Google Pay. BankMobile, BBVA USA, BMO Harris, The Coastal Community Bank, First Independence Bank (a federally designated minority depository institution) and SEFCU will join Citi and Stanford Federal Credit Union in the offering beginning next year.

Accounts 95

Accounts Credit Union NCUA Community Banks 95

The Finance Weekly

MARCH 16, 2023

These concerns grew on Sunday when New York’s Department of Financial Services closed Signature Bank, in order to “protect depositors” , and appointed the FDIC as the bank’s receiver. That’s a much larger percentage — nearly 88% of uninsured to total deposits — than at many other banks.

FDIC 105

FDIC Risk Compliance Finance 105

PYMNTS

OCTOBER 17, 2017

ILCs are used to form industrial loan companies, better known as industrial banks. 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.

FDIC 43

FDIC FinTech Community Banks Push-to-Card 43

PYMNTS

FEBRUARY 8, 2019

The news comes as five federal agencies spoke in October on how credit unions, as well as community banks, can share resources to make BSA compliance streamlined and bolster AML efforts. FDIC) and the Comptroller of the Currency were involved in the discussion.

BSA 53

BSA Phishing NCUA Credit Union 53

PYMNTS

AUGUST 22, 2016

Which is a bit of a problem, since there are objectively fewer banks now than there were even five years ago. According to the FDIC, banking branches are at their lowest level in a decade with only 93,283 left open. Physical banks reportedly hit their peak in 2009 and have declined 6 percent since then.

FDIC 41

FDIC Consumer Online and Mobile Banking ATM 41

Payments Source

APRIL 8, 2019

Community banks are open to working with innovative financial startups, but regulators must ensure they face the same oversight standards as traditional banks.

Community Banks 67

Community Banks FinTech Regulations Innovation 67

PYMNTS

APRIL 24, 2019

In addition, Wealthfront works with FDIC-insured partner banks — including East West Bank , New York Community Bank and others — to hold customers’ deposits. Since the firm partners with multiple banks, the deposits are insured up to $1 million.

Accounts 43

Accounts FDIC Direct Deposit Debit Card 43

PYMNTS

FEBRUARY 19, 2019

He pointed to the Community Reinvestment Act, which encourages banks to loan to small businesses. Reports said Powell noted that looser community bank regulations may help keep branches open. Bank mergers aren’t the only factor behind closing bank branches, however.

Fed 43

Fed Office of the Comptroller of the Currency Federal Reserve OCC 43

PYMNTS

MAY 22, 2018

“The bill also gives regulators more discretion in deciding when to require stress tests of capital adequacy for banks with between $100 billion and $250 billion in assets in the event of another crisis,” according to a summary of the bill in MarketWatch. Criticism to the bill came Tuesday from the U.S.

Regulations 40

Regulations Credit Union Community Banks FDIC 40

PYMNTS

JANUARY 31, 2019

is set to see its first new community bank in decades, as the Federal Deposit Insurance Corporation (FDIC) lent its approval for MOXY Bank to launch in Washington, D.C. With clearance to move forward with its plans, the community banking landscape will see its first new industry player in years.

Community Banks 49

Community Banks FDIC Non-Bank Small Business 49

PYMNTS

MAY 27, 2020

If you talk to a bank CEO, they will tell you that most of them want to grow deposits, unless you are big enough that you worry about allocating capital. HMBradley offers FDIC-insured accounts through Hatch Bank based in California, and rates of about 3 percent on its savings accounts.

FinTech 94

FinTech Online and Mobile Banking Innovation FDIC 94

PYMNTS

NOVEMBER 18, 2019

recorded its fourth bank failure this year — the first collapse of financial institutions since 2017, according to data from the Federal Deposit Insurance Corp ( FDIC ). 1 when City National Bank of New Jersey closed its three branches with assets of about $120.6 Resolute Bank in Maumee, Ohio closed on Oct.

FDIC 56

FDIC Community Banks Non-Bank NOV 56

Payments Source

MAY 18, 2020

The order's removal allows the Delaware company to pursue more opportunities in its payments business.

BSA 65

BSA Compliance Payments Community Banks 65

Payments Source

DECEMBER 20, 2018

The payments processor was among numerous firms earlier this year to withdraw an ILC charter application over questions about its plan.

Processors 62

Processors Payments Community Banks FDIC 62

PYMNTS

NOVEMBER 18, 2019

recorded its fourth bank failure this year — the first collapse of financial institutions since 2017, per Federal Deposit Insurance Corp (FDIC) data. 1 when City National Bank of New Jersey closed its three branches. Resolute Bank closed on October 25 and Louisa Community Bank also shuttered on that day.

Gateways 40

Gateways Digital Payments Payment Gateways PayPal 40