This week, Congress is busy holding hearings on Debanking and other nefarious actions taken by federal regulators targeting the digital asset sector during the Biden Administration. Crypto firms have struggled in the US to gain regulatory clarity from the government, which sought to undermine crypto… Read More
Cross River Bank, a technology infrastructure provider that offers embedded financial solutions, announced the launch of its automated sweep feature using the IntraFi Cash Service. The capability will enable Cross River’s Banking-as-a-Service (BaaS) clients to access millions in aggregate FDIC insurance coverage “across network banks… Read More
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
The Financial Technology Association (FTA) has sent a letter to the Federal Deposit Insurance Corporation (FDIC) telling them to modify rules designed to address custodial deposits. The letter was sent in response to proposed rulemaking on the accounts. The FTA says it supports the FDIC’s… Read More
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
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
Former FDIC Chair Sheila Bair, Vice Chairman of Partners Capital and former CENTRE Consortium CEO David Puth, and Ripple Executive Chair Chris Larsen have reportedly joined the RLUSD Advisory Board. Ripple, the provider of digital asset infrastructure for financial institutions, announced its exchange partners and… Read More
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
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
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
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
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
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
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
The American Fintech Council (AFC) has sent a letter to the FDIC [Federal Deposit Insurance Corporating] for its activity directed towards innovative financial services firms. The letter, signed by Phil Goldfeder, CEO of AFC, claims the FDIC has “systematically changed its posture towards innovation,” utilizing… Read More
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
The House Financial Services Committee has announced that it is investigating the Federal Deposit Insurance Corporation (FDIC) in regard to allegations of “misconduct.” The Committee does not outline exactly what types of misconduct may be occurring but references reports of widespread malfeasance. 🚨 CALLING… Read More
Senior members of the House Financial Services Committee have formally questioned the Federal Deposit Insurance Corporation (FDIC) over its approach towards Fintech and innovation. Committee Chairman Patrick McHenry (NC-10), along with Subcommittee Chairmen Andy Barr (KY-06) and French Hill (AR-02), addressed their concerns in a… Read More
Santander Bank, N.A. (NYSE: SAN)announced that it has closed a transaction with the Federal Deposit Insurance Corporation (FDIC) to participate in a joint venture that consists of a $9 billion portfolio of New York based multifamily real estate assets retained by the FDIC following the… Read More
FDIC insurance is foundational to the US banking system. Accounts are insured against failure by the federal government. Yet this insurance only offers $250,000 per deposit account in coverage – an amount that has not been changed in years. With the rapid rise of inflation,… Read More
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