Tagged: federal deposit insurance corporation

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

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

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

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

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

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

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

FDIC Tells Voyager Digital to Stop Misleading Customers on Deposit Insurance

The Federal Deposit Insurance Corporation (FDIC), the government agency that provides bank deposit insurance, has taken the unique act of publicly chastising Voyager Digital regarding claims of false statements on deposit insurance status. Voyager Digital filed for bankruptcy protection following the collapse of  Three Arrows… Read More

FDIC-Supervised Institutions Engaging in Crypto-Related Activities Must Inform the FDIC

All FDIC-supervised institutions that plan to engage in, or that are presently engaged in, any activities involving or related to crypto-assets are now required to inform the FDIC. FDIC-supervised institutions are “requested to provide information described in this letter.” The FDIC confirmed that it would… Read More

Acting FDIC Chair Martin J. Gruenberg Reveals FDIC Priorities for 2022 Including Climate Change, Crypto-Assets

The Federal Deposit Insurance Corporation (FDIC) Acting Chair Martin J. Gruenberg released on February 7, 2022 the following statement and summary of the FDIC’s priorities for the coming year: “The FDIC’s core mission is to maintain stability and public confidence in the U.S. financial system…. Read More

OCC, CFPB, FDIC, NCUA and Federal Reserve Join in Request for Information on Artificial Intelligence and Usage in Financial Services

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

Fintech Breakthrough? FDIC Posts Proposed Rule on Brokered Deposit Regulations

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

Here is the FDIC Small Business Lending Report All Fintech Lenders are Reading

Mr. Potter Banker Banking (1)

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

While Community Bankers Bash Square’s Attempt to Become a Bank, Hope Rises for Fintechs and the ILC Application Process

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

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

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