Tagged: fdic

Fintech Clair Raises $175M to Launch On-Demand Pay Solution

Clair, a mission-driven fintech company, announced it raised $175 million in funding to launch the first free, consumer-friendly, on-demand pay solution as a consumer lending program backed by an FDIC-insured bank. The new program “provides for a participation amount of up to $150 million, which… Read More

FDIC Recommends New Rules to Protect Depositors, May Assess Fee on Big Banks

The Federal Deposit Insurance Corporation (FDIC) Board of Directors met today and announced a proposal aimed at addressing recent shortcomings in the regulatory approach regarding the litany of failed banks. The FDIC rules would assess a fee on large banks to generate revenue to cover… Read More

JP Morgan to Acquire First Republic Bank as FDIC Takes Over Floundering Bank

First Republic Bank (NYSE:FRC) was briefly shuttered by the California Department of Financial Protection and Innovation, and the Federal Deposit Insurance Corporation (FDIC) stepped in as receiver of the bank following weeks of speculation that FRB would be the next shoe to drop in the… Read More

FDIC Review of Signature Bank Failure Echos Fed Report: the FDIC could have escalated supervisory actions soone

On Friday, the Federal Deposit Insurance Corporation (FDIC) issued a report on the failure of Signature Bank. The report scrutizined oversight of the bank from 2017 until its collapse in March 2023. The cause of the failure reflects a similar report posted by the US… Read More

FDIC Accepting Bids for First Republic Bank

First Republic Bank (NYSE: FRC) shares cratered this past week as investors feared the worst for the financial institution. On Friday, shares lost around 43% only to lose another 33% in after-hours trading. According to multiple reports, the Federal Deposit Insurance Corporating (FDIC) is accepting bids… Read More

Cross River Bank Target of FDIC Enforcement Action

Cross River Bank, a top Fintech enabler, is a target of a Federal Deposit Insurance Corporation (FDIC) enforcement action that includes a consent order which has been accepted by the Bank’s board. The consent order was filed on March 8, 2023, but is just now… Read More

Three Top House Republicans Send Letters to Federal Agencies Demanding Info on Push to De-Bank Digital Asset Firms

Representative Patrick McHenry, Chairman of the House Financial Services Committee, has joined with Representatives French Hill, Digital Assets, Financial Technology, and Inclusion Subcommittee Chairman, and Bill Huizenga, Oversight and Investigations Subcommittee Chairman, to send letters to federal agencies demanding information on the move to de-bank… Read More

European Neobanking Fintech bunq Applies for US Banking License

The second largest neobank in the European Union is reportedly launching in all 50 US states. bunq, a neobank in the EU, has filed an application for a US banking license with the FDIC in the state of New York. By applying for a bank… Read More

Senate Banking Committee Meets to Disscus Bank Failures, Regulatory Shortcomings

Today, the US Senate Banking Committee will meet to discuss the recent calamitous events in the banking sector. Multiple banks have experienced bank runs, and several have been taken over as these firms fell prey to poor management in regard to interest rate risk, and… Read More

New York Community Bancorp Subsidiary Assumes Deposits of Signature Bank, Does Not Include Digital Bank Business

Signature Bridge Bank, the new bank created by the Federal Deposit Insurance Corporation (FDIC) after it took over failed Signature Bank, is effectively being acquired by a subsidiary of New York Community Bancorp. According to a statement by the FDIC, substantially all deposits and certain… Read More

Treasury, FDIC, Federal Reserve Announce Action to Protect All Deposits at Silicon Valley Bank, Signature Bank in New York

The US Department of Treasury, FDIC and Federal Reserve have joined to protect all account holders at the Silicon Valley Bank (NASDAQ:SIVB), which was taken over by the federal government on Friday. The exceptional action means that accounts holding over $250,000 will have access to… Read More

FDIC Closes Silicon Valley Bank to Protect Depositors

The Federal Deposit Insurance Corporation (FDIC) has decided to wind down the operations of Silicon Valley Bank (NASDAQ:SVIB), following a capital deficit and an effective run on the bank. SVB has long been a top business bank for startups based in Silicon Valley and around… Read More

OCC, FDIC, US Federal Reserve Join to Warn About “Crypto-Asset Market Vulnerabilities”

The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), have joined once again in issuing a warning on crypto. Last month, the three federal entities issued a statement cautioning banks… Read More

Pryor Cashman Partner Calls US Federal Regulators Statement on Crypto and Banking a Reversal of Administration’s Digital Asset Policy

This past week, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the US Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) issued a joint statement cautioning banks on their activities that involve digital assets (crypto). The joint statement… Read More

Law Firm Cautions Banks on Providing Crypto Services Following Bank Regulators Statement

Earlier today, the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and the Board of Governors of the US Federal Reserve made the interesting move to jointly issue a statement cautioning banks about working with crypto firms. The joint statement… Read More

Group of Federal Regulators Warn Banks on Providing Crypto Services: Cautions on Fraud, Scams, Risk

Three federal bank regulators, including the Office of the Comptroller of the Currency (OCC), US Federal Reserve Bank, and Federal Deposit Insurance Corporation (FDIC), have joined to caution the public on “crypto asset” risks to banking firms. The statement follows a year of turmoil in… Read More

Senators Warren, Smith Send Letters to US Federal Reserve Chair, FDIC Acting Chair, Demanding Information on Banking Industry and Ties to Crypto

The aftershocks of FTX’s bankruptcy will be felt for many months. The collapse of the crypto exchange and the potential loss of billions in value has fueled demands for regulatory oversight on Capitol Hill with renewed vigor. Earlier this week, Senator Elizabeth Warren and Senator… Read More

SoFi Gets Scrutiny from Senate Banking Committee Democrats Who Also Press Regulators on the Fintech Offering Digital Asset Services

Democrat members of the Senate Banking Committee have sent a letter to SoFi (NASDAQ:SOFI) inquiring about its activities in regard to digital asset trading. At the same time, the Senators have forwarded a letter to three bank regulators, the Office of the Comptroller of the… Read More

Cease and Desist: FDIC Tells Crypto Firms to Stop Making False Statements About Deposit Insurance

The Federal Deposit Insurance Corporation (FDIC) has issued a unique Cease and Desist statement telling five crypto firms to stop making misleading claims regarding deposit insurance. According to the FDIC, these five firms were each the recipient of a C&D letter: Cryponews.com Cryptosec.info SmartAsset.com FTX.US… Read More

Here is the FDIC Advisory on Insured Firms that Deal with Crypto

Following the Voyager Digital (TSX: VOYG) (OTCQX: VYGVF) debacle that ended in bankruptcy after a loan from Three Arrow Capital (3AC) was not repaid, the Federal Deposit Insurance Corporation (FDIC) was compelled to make a statement on certain holdings at the Metropolitan Commercial Bank. As was… Read More

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