Finovate

MAY 6, 2024

BaaS-enabled banks have been operating in a regulatory minefield recently. FDIC and CFPB have issued multiple consent orders to banks, citing their BaaS relationships as the cause. Rather, it is intended to be a resource for community banks to consider when managing the risk of third-party relationships.

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Regulations Community Banks FDIC Due Diligence 52

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.

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FDIC Risk Compliance Finance 105

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.

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FDIC Community Banks Privacy Legal 40

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.

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Community Banks FinTech Regulations Innovation 67

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.

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BSA Phishing NCUA Credit Union 53

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.

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FDIC FinTech Community Banks Push-to-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.

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

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.

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Accounts FDIC Direct Deposit Debit Card 43

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.

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FinTech Online and Mobile Banking Innovation FDIC 94

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.

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Regulations Credit Union Community Banks FDIC 40

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.

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Gateways Digital Payments Payment Gateways PayPal 40

Payments Source

MAY 18, 2020

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

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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.

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Processors Payments Community Banks FDIC 62

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.

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Accounts Credit Union NCUA Community Banks 95

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.

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FDIC Consumer Online and Mobile Banking ATM 41

The Fintech Times

NOVEMBER 26, 2024

The American Fintech Council , the industry association representing fintechs and banks, is urging the Federal Deposit Insurance Corporation (FDIC) to withdraw its proposed rulemaking on brokered deposits. The post American Fintech Council Urges FDIC to Withdraw Proposed Rule on Brokered Deposits appeared first on The Fintech Times.

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FDIC Rules FinTech Underserved 64