Tagged: federal deposit insurance corporation

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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