Tagged: fdic

Blockchain Perhaps? OCC, Federal Reserve, FDIC, FinCEN & NCUA Encourage Banks to Innovate When it Comes to AML/BSA Compliance

Multiple federal agencies have come together to encourage banks to innovate when it comes to compliance. The statement is part of a governmental working group that has been created to collaborate between some of the financial regulatory entities. The Office of the Comptroller of the Currency… Read More

Payment Processing Platform Square Announces Withdrawal of Banking License Application

Payment process platform Square announced on Thursday it has withdrawn its regulatory banking licensing application. According to Reuters, the company applied with the Federal Deposit Insurance Corp (FDIC) for a special “industrial loan company (ILC)” last year. If granted, the license would have allowed non-traditional financial firms… Read More

Compliance Costs are Crushing Community Banks: ICBA Says Regulatory Burdens Must Change

Independent Community Bankers of America (ICBA) has released a comment refernencing a speech by FDIC Chairman Martin Gruenberg on the importance of small banks and the regulatory burden. The ICBA says excessive regulations is forcing the reduction of community banks – a truism that has… Read More

New Era in Banking? Digital Only Varo Bank Files for National Bank Charter

Varo Money has applied for a national bank charter from the Office of the Comptroller of the Currency (OCC) and with the Federal Deposit Insurance Corporation (FDIC) for federal deposit insurance. This is the next step in creating a digital only challenger bank (Varo Bank) that… Read More

Here is the Letter by the ICBA Slamming SoFi’s Effort to Become a Bank

Last week, the Independent Community Bankers of America  (ICBA) sent a letter to the attention of Kathy Moe, Regional Director of the FDIC in San Francisco. The subject of the letter was the ICBA’s vehement opposition to Fintech darling SoFi’s effort to become a licensed… Read More

Crazy Talk: Independent Community Bankers of America Wants to Stop SoFi From Getting Bank Charter

The  Independent Community Bankers of America (ICBA), a lobbying group representing small banks, wants to put the Kibosh on SoFi offering banking services in the US. As was recently reported, SoFi has applied for a Charter as it seeks to broaden its services to a far wider audience…. Read More

Report: SoFi Files Banking Application with FDIC

SoFi has officially filed with the Federal Deposit Insurance Corporation to create a state chartered bank. The filing is not unexpected as SoFi revealed its intent to pursue a banking charter this past May. In early 2017, SoFi acquired Zenbanx, a Delaware-based firm providing multi-currency mobile… Read More

Karen Mills, Harvard: Regulate, But Allow Online Lending Market Space to Innovate

Senior Fellow at Harvard Business School Karen Gordon Mills along with VP of Strategy at Fundera, Brayden McCarthy, have recently posted a working paper on SME lending. Mills is also the former Administrator of the Small Business Administration – a post she held during the Obama administration just… Read More

Is the FDIC Poised to Add Regulatory Burdens to Online Lenders?

An article in WSJ.com today states the “regulatory advantage may be fleeting” for online lenders. The author pointed to an initiative by the Federal Deposit Insurance Corporation (FDIC) that may add new rules for banks working with online lenders that could add cost to these… Read More

Avant Appoints Former FDIC Head Sheila Bair As New Board Member

On Friday, Chicago-based marketplace lending platform Avant announced it has appointed President of Washington College and former head of the Federal Deposit Insurance Corporation (FDIC), Sheila Bair as a new member of its board. Al Goldstein, co-founder and CEO of Avant, stated: “Sheila’s proven track… Read More

Here is the FDIC Report that Reviews Marketplace Lending & Risk for Banks

The Federal Deposit and Insurance Corporation (FDIC) Winter report includes a discussion on the marketplace lending sector. More specifically, the portion authored by Angela Herrboldt, Senior Examination Specialist Division of Risk Management Supervision, reviews risk and the importance of bankers and examiners understanding this fast… Read More

FDIC Cautions Banks on Purchasing Loans from “Nonbank Entities”

The FDIC has published an advisory on Effective Risk Management Practices for Purchased Loans and Purchased Loan Participations.  The document states that banks should use caution when purchasing loans or participating in shared credit facilities.  Noting that some institutions have experienced some success to achieve growth… Read More

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