Tagged: fdic

As Expected, Christy Goldsmith Romero Selected to Lead FDIC

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

White House Expected to Announce Replacement for FDIC Chairman Gruenberg this Week

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

FDIC Orders Banking Institution to Terminate Business Relationships with Key Fintech Partners

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

House Financial Services Committee to Discuss Toxic FDIC Work Environment

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

FDIC Chairman Decides to Resign Following Damaging Reports

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

FDIC Has Failed to Provide a Safe Workplace: Independent Review Cites Misconduct at Agency, McHenry Calls for FDIC Chair to Resign

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

American Fintech Council Slams FDIC for “Clampdown” on Digital Banking Services

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

FDIC Seeks Feedback on Suggested Revisions to Statement of Policy on Bank Merger Transactions

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

House Financial Services Committee is Investigating the FDIC Regarding Allegations of “Misconduct”

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

U.S. Lawmakers Challenge FDIC Over Financial Innovation Engagement

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 Closes Transaction for Participation in JV Consisting of Portfolio of Real Estate Assets

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

Now with $12 Million in FDIC Insurance, Fintech Flourish Cash Offers Two Person Households Improved Savings Option

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

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

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