PYMNTS

JULY 22, 2020

Brex , the San Francisco financial technology startup, is offering FDIC insurance on its no-fee cash management account, the company announced Wednesday (July 22). The new feature in Brex Cash allows customers the choice to hold cash savings with FDIC insurance, or invest in Money Market Funds.

FDIC 66

FDIC Legal Treasury Cash Management 66

PYMNTS

JUNE 17, 2020

According to the Federal Deposit Insurance Corporation (FDIC), over half of all banks ended up reporting a decline in profits, and 7.3 In addition, the total number of problem banks the FDIC was watching rose for the first time since 2011, with 54 firms in the first quarter, up from 51. billion, Reuters wrote. billion, Reuters wrote.

FDIC 81

FDIC Government Governance Risk 81

Payments Dive

JULY 20, 2023

The card company also disclosed during its latest earnings report that a pricing issue affected merchants and merchant acquirers, some of whom will get refunds.

FDIC 78

FDIC Acquirers 78

PYMNTS

MARCH 15, 2020

Waters wrote to Jelena McWilliams , chairwoman of the Federal Deposit Insurance Corporation (FDIC) , requesting the agency wait until new regulatory proposals on ILC charters are given the OK before any more of the charters are passed through. Because of that, retail businesses can have them.

FDIC 56

FDIC Rules Consumer Protection Addressing 56

Payments Dive

MAY 2, 2023

Under the agency’s targeted coverage scenario, accounts used for payment purposes — specifically, business payment accounts— would merit higher deposit insurance coverage.

FDIC 89

FDIC Accounts Payroll Business Payments 89

Payments Dive

JUNE 8, 2023

The guidance is aimed at helping banks address the operational, compliance and strategic risks of third-party tie-ups, such as those with fintech firms.

Risk Management 97

Risk Management FDIC OCC Risk 97

PYMNTS

SEPTEMBER 8, 2016

With increasingly few exceptions, the ranks of the unbanked seem to be on the decline, according to new data released by the FDIC. According to FDIC data, unbanked American consumers peaked toward the end of the Great Recession in 2011 at 8.2 The percentage of Americans going without banking services fell to 7 percent in 2015 from 7.7

FDIC 65

FDIC Non-Bank Regulations Consumer 65

PYMNTS

NOVEMBER 14, 2018

The Federal Deposit Insurance Corporation (FDIC) announced that it is has issued a request for public comments related to small-dollar lending by financial institutions. ” Recent research from the FDIC shows 20 percent of U.S. With that in mind, the FDIC suggests that in 2017, 14.8 million (or nearly 13 percent) of U.S.

FDIC 51

FDIC Federal Reserve Request for Information On-Demand 51

Payments Dive

JANUARY 4, 2023

The regulators didn't go so far as to create new rules around bank-crypto partnerships, but said they're "continuing to assess" if — and how — such tie-ups can proceed safely.

FDIC 89

FDIC OCC Fed Risk 89

PYMNTS

APRIL 11, 2016

In an internal FDIC document obtained by The Washington Post , it was revealed that the data of 44,000 FDIC customers was breached by an employee who left the agency in February. The memo was distributed on March 18 by FDIC Chief Information Officer and Chief Privacy Officer Lawrence Gross Jr. The Federal Deposit Insurance Corp.

FDIC 40

FDIC Data Breach Breach Compromise 40

PYMNTS

MAY 10, 2016

The Washington Post reported that the FDIC is disclosing to Congress the presence of at least five major data breaches that occurred sometime between now and Oct. Though details are still scarce, the FDIC noted that each case was not of the run-of-the-mill hacking variety.

FDIC 42

FDIC Breach Data Breach Blocks 42

PYMNTS

MAY 26, 2016

House lawmakers aren’t letting up on the Federal Deposit Insurance Corporation (FDIC) when it comes to how the banking regulator handled notifications following a slew of recent data breaches. In a joint letter to FDIC Chairman Martin Gruenberg, seen by WSJ , Rep. Lamar Smith (R-TX) and Rep. Earlier this month, a U.S.

FDIC 40

FDIC Cybersecurity Data Breach Breach 40

Payments Dive

APRIL 8, 2022

The regulator said it supports safe and sound innovations, but is concerned that the risks associated with crypto assets and crypto-related activities are not well understood.

FDIC 78

FDIC Regulations Risk Innovation 78

PYMNTS

FEBRUARY 24, 2016

That growth, the FDIC said, came mainly from a $6.8 More than half of the 6,182 institutions that reported to the FDIC showed growth year over year in earnings in the latest quarter. The Federal Deposit Insurance Corp. said on Tuesday (Feb. billion in the last quarter, which was up 11.9 percent from the previous year.

FDIC 40

FDIC Community Banks Non-Bank Credit Risk 40

Payments Dive

SEPTEMBER 6, 2023

The card issuer added a former FDIC regional director to its board as it grapples with regulatory scrutiny.

FDIC 89

FDIC Card Issuer Regulations Issuers 89

PYMNTS

JANUARY 25, 2019

Federal Reserve, Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) all released a joint report saying that due to a healthy economy, prospects for loan repayment look good. However, the portion of loans owed by strongly leveraged borrowers is still high. Reuters reported that the U.S.

FDIC 43

FDIC OCC Office of the Comptroller of the Currency Risk 43

Payments Source

JUNE 8, 2020

Recent steps that would help nonbank lenders enter the traditional banking system, like a proposal clarifying the industrial loan company charter, are needed but face strong opposition.

FDIC 80

FDIC FinTech Laws Regulations 80

Bank Automation

MARCH 12, 2024

The digital, FDIC-insured bank looked to affiliate marketing platform Fintel Connect nearly two years ago to expand its reach, Fintel Connect Chief Executive Nicky Senyard tells Bank Automation News on this episode of “The Buzz” podcast. Fintel Connect helps Live Oak Bank increase its deposit volume.

Volume 60

Volume FDIC Accounts Automation 60

Payments Source

FEBRUARY 19, 2021

It is looking to charter its own FDIC-insured institution to be a direct provider. Brex currently relies on bank partners to offer credit cards and cash management accounts to small and midsize businesses.

FDIC 87

FDIC Cash Management Credit Cards FinTech 87

Payments Source

MARCH 17, 2020

On the same day the Federal Deposit Insurance Corp. said it will soon rule on two applications, the agency also proposed benchmarks for all firms that want to own industrial loan companies.

FDIC 82

FDIC Rules Community Banks FinTech 82

Payments Source

AUGUST 31, 2017

The 3-year-old order was related to Discover Bank’s programs for combating money laundering. A related agreement with the Federal Reserve Bank of Chicago remains in effect.

FDIC 60

FDIC Federal Reserve Money Laundering Agreements 60

Bank Automation

NOVEMBER 17, 2023

billion, Idaho-based bank saves roughly $1 million annually, has reduced its FDIC audit time by 50% from four weeks to […] Evans Bank has been working with and expanding the use of software company Laserfiche capabilities for 25 years, resulting in paper, monetary and time savings throughout the bank. Through the tech provider, the $3.2

FDIC 60

FDIC Automation Audit 60

Payments Source

MARCH 18, 2020

In signing off on deposit insurance for the payments giant and student loan servicer, the FDIC sanctioned the first new industrial loan companies in over a decade.

FDIC 85

FDIC Payments Regulations FinTech 85

Payments Source

MARCH 18, 2020

In signing off on deposit insurance for the payments giant and student loan servicer, the FDIC sanctioned the first new industrial loan companies in over a decade.

FDIC 83

FDIC Payments Regulations FinTech 83

Fintech Labs Insights

APRIL 4, 2023

The new Mercury Vault ( company announcement , 13 March 2023 ) includes $5M of FDIC insurance (achieved by shipping deposits in excess of $250k to a network of 20 banks). The post Reacting Quickly to SVB Fallout, Mercury Launches Vault, with $5M FDIC Deposit Insurance first appeared on Fintech Labs SMB Center. Related: Top 15 U.S.

FDIC 15

FDIC Small Business Debit Card Fed 15

Finovate

JULY 1, 2024

DeFi and crypto Coinbase sues SEC, FDIC over FOIA requests, says federal regulators trying to cut out crypto. Digital banking Nubank acquires Hyperplane to accelerate AI-first strategy. Flybits partners with Logicom Solutions. Plaid has grown its enterprise customer base to over 1,000.

FinTech 52

FinTech FDIC BNPL Regulations 52

Payments Source

FEBRUARY 27, 2018

A decision by the Federal Deposit Insurance Corp. soon to be under new management — on Square’s ILC application could foreshadow how other fintech firms seek banking powers.

FDIC 62

FDIC FinTech OCC Regulations 62

PYMNTS

JANUARY 7, 2021

Talk Android posts a letter from the company in which it says there will be "no immediate impact" to accounts and that users don't need to do anything right now, with their funds housed in FDIC insured accounts with BBVA. And, the company says it wants to make the transition "as smooth as possible" for customers.

FDIC 134

FDIC Credential Accounts Continuity 134

The Paypers

JANUARY 4, 2023

The Federal Reserve, FDIC and OCC have released a joint statement in order to warn banks about the risks associated with crypto assets.

Risk 69

Risk Federal Reserve OCC FDIC 69

Payments Source

OCTOBER 9, 2018

Fintechs can get what they need from a traditional bank charter with the FDIC, as long as the agency is willing to play ball and step up its approach to innovation.

FDIC 98

FDIC FinTech Innovation OCC 98

Finovate

APRIL 10, 2024

Bunq withdrew its application earlier this year citing issues between Dutch regulators, the OCC, and the Federal Deposit Insurance Corporation (FDIC). ” That said, it has not been easy for financial institutions outside the U.S. to secure approval to operate within the U.S.

Office of the Comptroller of the Currency 69

Office of the Comptroller of the Currency OCC FDIC AI 69

Payments Source

MARCH 7, 2018

The major prepaid card issuer agreed to the penalty to settle allegations that it had charged higher fees than what was disclosed to customers.

FDIC 63

FDIC Card Issuer Issuers 63

CB Insights

JUNE 22, 2018

Former chair of the Federal Deposit Insurance Corporation (FDIC) Sheila Bair spoke at length on cryptocurrencies and the prospect of a “Fedcoin” at the annual CB Insights Future of Fintech conference. Is a new cryptocurrency underway? FUTURE OF FINTECH 2018. Get access to all the slides once the conference ends.

FDIC 32

FDIC Fed Cryptocurrency CBDC 32

Payments Source

MAY 26, 2016

Smartphones are an important window into understanding underbanked customers, the Federal Deposit Insurance Corp. said in a report released Wednesday in conjunction with a meeting of the agency's advisory committee on economic inclusion.

FDIC 64

FDIC Technology 64

Payments Source

FEBRUARY 8, 2019

With the backing of these establishments and Federal Deposit Insurance Corporation (FDIC) protections, the cloud of uncertainty surrounding cryptocurrencies will begin to lift, writes Eric Solis, founder and CEO of MovoCash.

Cryptocurrency 104

Cryptocurrency FDIC Bitcoin Payments 104

Finovate

MAY 6, 2024

FDIC and CFPB have issued multiple consent orders to banks, citing their BaaS relationships as the cause. regulators– the Board of Governors of the Federal Reserve System, the FDIC, and the OCC– have published a new third party risk management guide for community banks. Since late 2023, the U.S.

Regulations 52

Regulations Community Banks FDIC Due Diligence 52

Finovate

MARCH 11, 2024

Our FIs have told us that their customers are searching for ways to have more security, including wanting to know how they can limit their risk of exposure and how to structure their accounts for FDIC limits. Financial institutions are actively pursuing ways to strengthen their deposits bases by reviewing FDIC limits.

FDIC 59

FDIC Fed FinTech Laws 59