Tagged: fdic

March 29, 2021 @ 5:07 pm By JD Alois  |  

In a joint statement today, five federal financial regulatory agencies announced a consultation pertaining to the usage of artificial intelligence (AI) as well as machine learning (ML) within financial institutions. The agencies seek information from the public on how financial institutions use AI in their… Read More

November 12, 2020 @ 1:36 pm By JD Alois  |  

The Federal Deposit Insurance Corporation (FDIC) is looking to boost its Fintech bench by hiring three individuals to help with legal issues regarding Fintech. According to a post on USAJOBS, responsibilities include: Analyzing and advising on the interpretation of statutes, common law, regulations, and legal… Read More

October 24, 2020 @ 5:43 pm By JD Alois  |  

Every two years, the Federal Deposit Insurance Corporation (FDIC) completes a report on the status of banking in the US. The recently released report, “How America Banks: Household Use of Banking and Financial Services,” says that a record low 5.4% of U.S. households were unbanked… Read More

July 23, 2020 @ 9:14 pm By Omar Faridi  |  

Silicon Valley Fintech Unicorn Brex, the company that’s “reimagining” financial systems for growing businesses, revealed on July 22, 2020, that it has introduced new features and FDIC insurance on its zero-commission cash management account, Brex Cash. As mentioned in a release shared with CI: “These… Read More

March 19, 2020 @ 7:52 pm By Omar Faridi  |  

Square Financial Services, the de novo industrial bank established by payment services firm Square, has received conditional approval from the Federal Deposit Insurance Corporation (FDIC) for its deposit insurance application. The approval gives Square permission to introduce banking services, which it’s reportedly planning to launch… Read More

December 16, 2019 @ 7:42 pm By JD Alois  |  

The Federal Deposit Insurance Corporation (FDIC) has issued a “notice of proposed rulemaking” (NPR) to “modernize its brokered deposit regulations.” According to the FDIC, the proposal would modernize a regulatory framework built for a different era to remove regulatory disincentives to offering deposit accounts to… Read More

December 3, 2019 @ 11:51 am By JD Alois  |  

The Office of the Comptroller of the Currency (OCC) along with three other federal agencies and in conjunction with the state bank regulators have issued a statement clarifying the legal status of hemp growth and production and the relevant requirements under the Bank Secrecy Act… Read More

October 24, 2019 @ 11:00 am By JD Alois  |  

GFIN, or the Global Financial Innovation Network, has gained multiple US regulators as members. GFIN now lists the US Securities and Exchange Commission (SEC), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC) as members joining the Commodity Futures Trading Commission… Read More

July 17, 2019 @ 9:54 am By JD Alois  |  

Varo Money has been in operations for years now providing banking services in a digital only environment to a growing number of consumers. Like all other US-based aspiring digital banks, Varo has had to leverage regulatory arbitrage to provide its services by partnering with another… Read More

April 24, 2019 @ 8:00 am By JD Alois  |  

Technology and innovation have been transforming financial services since long before smartphones and machine learning became frequent topics at banking conferences across the country. From the development of double-entry accounting and the first stock exchange to the more recent revolutions brought about by ATMs, debit… Read More

April 18, 2019 @ 11:52 am By JD Alois  |  

Recently, the Federal Deposit Insurance Corporation (FDIC) published its Small Business Lending Survey for 2018. Included within the report was an ongoing discussion of “non-bank lenders” or online lending platforms including direct and marketplace lenders. First, the FDIC acknowledges the profound importance of small business… Read More

February 25, 2019 @ 9:42 am By JD Alois  |  

There has been growing chatter that Square (NYSE: SQ) may soon receive approval regarding their application to become an Industrial Loan Company (ILC) which is similar to a bank. The change of leadership at the FDIC has set a more positive tone for Fintechs and their… Read More

December 24, 2018 @ 7:07 am By Samantha Hurst  |  

Payment process platform Square has reportedly reapplied for its banking license. This news comes less than six months after the company withdrew its application.  According to Finextra, the company previously submitted its banking license application with the Federal Deposit Insurance Corporation (FDIC) to become a… Read More

December 4, 2018 @ 9:22 am By JD Alois  |  

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

July 5, 2018 @ 8:35 pm By Samantha Hurst  |  

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

October 24, 2017 @ 9:59 am By JD Alois  |  

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

July 25, 2017 @ 8:00 am By JD Alois  |  

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

July 24, 2017 @ 1:46 pm By JD Alois  |  

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

June 20, 2017 @ 3:37 pm By JD Alois  |  

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

June 13, 2017 @ 3:29 pm By JD Alois  |  

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