article thumbnail

The FDIC Needs to Look Inward Before Pointing Fingers Out

Innovative Payments Association

Changes are needed at the FDIC. Last week the Government Accountability Office (GAO) released a study regarding how the Federal Reserve and the FDIC ”Should Address Weaknesses in Their Process for Escalating Supervisory Concerns.” This suggests to me the FDIC is out of touch with the current marketplace.

FDIC 52
article thumbnail

FinCEN Files Show Banks’ ‘Whack-a-Mole’ Battle Against KYC/AML

PYMNTS

Separately, last month, five federal regulatory agencies – including the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Financial Crimes Enforcement Network (FinCEN), the National Credit Union Administration (NCUA) and the Office of the Comptroller of the Currency (OCC) – issued a joint statement designed to address questions (..)

Fincen 139
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Why the U.S. Regulators’ New Resource on BaaS Relationships is Disappointing

Finovate

FDIC and CFPB have issued multiple consent orders to banks, citing their BaaS relationships as the cause. regulators– the Board of Governors of the Federal Reserve System, the FDIC, and the OCC– have published a new third party risk management guide for community banks. Since late 2023, the U.S.

article thumbnail

5 Things Banks Should Know about the FDIC’s Recordkeeping Requirements Rule

Finovate

As a result of this nightmare, the FDIC has advanced a notice of proposed rulemaking for what it is calling Requirements for Custodial Deposit Accounts with Transactional Features and Prompt Payment of Deposit Insurance to Depositors. A large piece of this provides clarity about FDIC insurance.

Rules 52
article thumbnail

Goldman Beefs Up Marcus Savings Offerings

PYMNTS

s equivalent to the FDIC. One independent adviser said while Saga’s offerings might attract the loyal customer, they aren’t going to find anyone who’s doing their due diligence to seek out the best rate. The deposits are guaranteed up to £85,000 ($104,592.50) by the Financial Services Compensation Scheme, the U.K.’s

article thumbnail

Saga, Goldman Team Up On Savings Accounts

PYMNTS

s equivalent to the FDIC. One independent adviser said while Saga’s offerings might attract the loyal customer, they aren’t going to find anyone who’s doing their due diligence to seek out the best rate. The deposits are guaranteed up to £85,000 ($104,592.50) by the Financial Services Compensation Scheme, the U.K.’s

article thumbnail

Compliance, Gaming and Gambling in Australia vs USA

Segpay

KYC & Customer Due Diligence (CDD) Australia: Risk-based approach, with minimum KYC checks under the AML/CTF Rules. USA: PSPs may need a Money Transmitter License (MTL) in each state they operate, plus registration with FinCEN as a Money Services Business (MSB). PSPs verify identity and monitor transactions.