The Fintech Times
JANUARY 20, 2025
The new proposal will allegedly strengthen FDIC-insured depository institutions’ (IDI) recordkeeping for custodial deposit accounts with transactional features. It would also preserve beneficial owners’ and depositors’ entitlement to the protections afforded by Federal deposit insurance.
PYMNTS
MARCH 19, 2020
The Federal Deposit Insurance Corporation ( FDIC ) gave the green light to an application from the FinTech firm Square to create a de novo industrial bank in Utah, the agency said on Wednesday (March 18). FDIC staff found that Square satisfied each of the statutory factors required for approval, subject to certain conditions.
PYMNTS
JULY 24, 2019
The average national yield of savings accounts is 0.10%, whereas Betterment’s annual yield is 2.69%. Like other FinTechs, Betterment will partner with FDIC-insured institutions since it doesn’t have a bank charter. Checking accounts will be insured up to $250,000 and savings accounts up to $1 million.
PYMNTS
MAY 15, 2019
Safra Bank to offer its traders deposit accounts backed by the Federal Deposit Insurance Corp. FDIC) — the FDIC-insured accounts will be linked to a crypto prime dealer. “These are quite different from speculative assets like bitcoins, and more promising.”. And SFOX is partnering with New York-based M.Y.
The Fintech Times
SEPTEMBER 21, 2024
The Federal Deposit Insurance Corporation (FDIC) has proposed new regulations following the collapse of Synapse Financial Technologies , aimed at addressing the risks associated with bank-fintech partnerships. FDIC chairman Martin J. Richardson also questioned the practicality of enforcing the proposed requirements.
Finovate
SEPTEMBER 18, 2024
As a result of this nightmare, the FDIC has advanced a notice of proposed rulemaking for what it is calling Requirements for Custodial Deposit Accounts with Transactional Features and Prompt Payment of Deposit Insurance to Depositors. A large piece of this provides clarity about FDIC insurance.
PYMNTS
MARCH 26, 2020
As reported, those Americans with direct deposit account information stored with the Internal Revenue Service (IRS) — the conduit through which they get refunds — will get those payments within a few weeks after legislation is finalized and signed. Prepaid cards also can allow those without bank accounts (i.e.
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