Archives

August 8, 2026 @ 11:25 am By Omar Faridi  |  

The Federal Deposit Insurance Corporation (FDIC) is advancing plans to create an independent organization dedicated to developing and applying uniform benchmarks for third-party vendors that supply services to banks. Working alongside banking and financial technology industry groups, the agency aims to establish a body that… Read More

May 22, 2026 @ 8:07 am By Omar Faridi  |  

Blockchain technology provider ConsenSys has recently submitted a detailed formal comment to the Federal Deposit Insurance Corporation (FDIC) regarding its proposed rulemaking to implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). This submission addresses requirements for FDIC-supervised permitted payment stablecoin… Read More

April 12, 2026 @ 10:38 pm By Omar Faridi  |  

The Federal Deposit Insurance Corporation (FDIC) Board of Directors has now approved a notice of proposed rulemaking that may implement certain requirements as well as applicable standards under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The suggested rule may help… Read More

March 6, 2026 @ 6:41 am By Omar Faridi  |  

In a significant step toward regulatory clarity in the evolving digital asset space, the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board, and the Federal Deposit Insurance Corporation (FDIC) jointly released new guidance and feedback on key issues. The document addresses… Read More

December 17, 2025 @ 10:16 am By JD Alois  |  

The GENIUS Act, signed into law last July, legalized payment stablecoins as issued by regulated financial services firms. This includes traditional banks, with many poised to move into the new form of value transfer and payments. Yesterday, the Federal Deposit Insurance Corporation (FDIC) issued a… Read More

October 30, 2025 @ 10:14 am By JD Alois  |  

Travis Hill has been given the nod to lead the Federal Deposit and Insurance Corporation (FDIC), a key financial regulator. He is currently the acting Chairman of the agency. The nomination was forwarded to the Senate at the end of last month. Hill took over… Read More

August 6, 2025 @ 3:46 pm By Omar Faridi  |  

In a new development for the digital banking industry, the Federal Deposit Insurance Corporation (FDIC) has issued new guidance that embraces the use of pre-filled customer data for Customer Identification Program (CIP) requirements, marking a shift in regulatory policy. This change, reportedly influenced by advocacy… Read More

July 14, 2025 @ 7:43 pm By Omar Faridi  |  

The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) released a pivotal joint statement outlining operational guidance for banks engaging in cryptocurrency custody services. This development marks a significant step in integrating digital assets into… Read More

April 27, 2025 @ 5:50 pm By Omar Faridi  |  

The Federal Deposit Insurance Corporation (FDIC) announced plans to eliminate approximately 1,250 positions across most of its departments. This, according to an internal email that was reportedly sent to staff recently and obtained by American Banker. This significant reduction is part of the second phase… Read More

January 17, 2025 @ 11:44 am By JD Alois  |  

Senator Cynthia Lummis has sent a letter to the Federal Deposit Insurance Corporation (FDIC) telling the regulator not to destroy any information concerning the agency’s attempt to undermine digital asset innovation. It has been widely reported that the FDIC used its power and influence to… Read More

November 5, 2024 @ 11:00 am By JD Alois  |  

Paul Grewal, Chief Legal Officer at Coinbase (NASDAQ:COIN), has taken to X to air his grievance with the ongoing US Federal Government attempting to impede the development of digital asset firms. Commenting on their FOIA [Freedom of Information Act] request, Grewal says that the FDIC… Read More

October 17, 2024 @ 2:02 pm By Omar Faridi  |  

Paul Grewal, the Chief Legal Officer at US-based cryptocurrency exchange Coinbase (NASDAQ:COIN),  has pointed out that at first, the US Securities and Exchange Commission (SEC) had reportedly stated that it could potentially avoid Freedom of Information Act (FOIA) since documents they’re owed are considered to be… Read More

September 9, 2024 @ 11:09 am By JD Alois  |  

The Federal Deposit Insurance Corp. (FDIC) is expected to propose new rules impacting For Benefit Of (FBO) accounts which will affect the neobanking sector. According to a report by Bloomberg, the FDIC will make the proposal as soon as this month. This follows the Synapse… Read More

June 13, 2024 @ 5:00 pm By JD Alois  |  

Earlier today, the White House announced that Christy Goldsmith Romero has been appointed to lead the Federal Deposit Insurance Corporation (FDIC). It was reported earlier this week that President Joe Biden would select Goldsmith Romero to take over leadership of the financial regulator following several… Read More

June 11, 2024 @ 10:13 am By JD Alois  |  

Martin Gruenberg, the FDIC Chairman, announced that he was resigning from the agency last month. The news was not unexpected, as egregious reports of sexual harassment and a toxic work environment have challenged the FDIC under his leadership for some time now. The final straw… Read More

June 10, 2024 @ 7:45 pm By Omar Faridi  |  

The FDIC has recently released a consent order made against a Tennessee banking institution as part of its publication of January 2024 Enforcement Decisions and Orders. The FDIC said that within 60 days of the effective date of the consent order, the banking institution needs… Read More

June 5, 2024 @ 2:33 pm By JD Alois  |  

Recently, the head of the FDIC was compelled to resign. Following an independent review of the financial regulator’s management, some Democrats called for FDIC Chairman Martin Gruenberg to step down. Gruenberg decided to part ways with the FDIC when the review shared that between January… Read More

May 20, 2024 @ 5:18 pm By JD Alois  |  

Following a highly critical independent review and calls for his registration, FDIC Chairman Martin Gruenberg has decided to resign from the agency. Rumblings about poor management at the regulatory agency have been rife for some time now. Gruenberg issued the following statement: “It has been my… Read More

May 7, 2024 @ 7:07 pm By JD Alois  |  

Following the release of an independent review of activity at the Federal Deposit Insurance Corporation (FDIC) which sites misconduct and a toxic workplace, Congressman Patrick McHenry is calling on FDIC Chairman Martin Gruenberg to resign. McHenry is the Chairman of the House Financial Services Committee,… Read More

March 25, 2024 @ 2:16 pm By Omar Faridi  |  

The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a Federal Register notice seeking public comment on proposed revisions to the agency’s Statement of Policy (revised SOP) on Bank Merger Transactions. Chairman Martin J. Gruenberg said: “This proposed Statement of Policy would update,… Read More