PYMNTS

NOVEMBER 14, 2018

The Federal Deposit Insurance Corporation (FDIC) announced that it is has issued a request for public comments related to small-dollar lending by financial institutions. ” Recent research from the FDIC shows 20 percent of U.S. With that in mind, the FDIC suggests that in 2017, 14.8

FDIC 51

FDIC Federal Reserve Request for Information On-Demand 51

The Paypers

JANUARY 4, 2023

The Federal Reserve, FDIC and OCC have released a joint statement in order to warn banks about the risks associated with crypto assets.

Risk 69

Risk Federal Reserve OCC FDIC 69

Payments Source

DECEMBER 20, 2018

The Office of the Comptroller of the Currency has gotten the ball rolling for financial technology firms trying to operate a national platform, but the FDIC and Federal Reserve should act to remove other policy roadblocks.

Office of the Comptroller of the Currency 62

Office of the Comptroller of the Currency OCC Federal Reserve FDIC 62

PYMNTS

JANUARY 25, 2019

For big bank loans taken out before April of 2018, prospects of repayment are good, federal banking regulators said on Friday (Jan. However, the portion of loans owed by strongly leveraged borrowers is still high. Reuters reported that the U.S.

FDIC 43

FDIC OCC Office of the Comptroller of the Currency Risk 43

Finextra

DECEMBER 4, 2024

The Board of Governors of the Federal Reserve System (FRB), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and state financial regulators issued a joint statement this (..)

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency FRB NCUA 52

PYMNTS

DECEMBER 10, 2018

There may also be a new federal requirement for companies to disclose beneficial owners upon a company’s incorporation. Much regulatory focus this past week came with headlines on anti-money-laundering efforts, aided by tech.

Regulations 69

Regulations AML Office of the Comptroller of the Currency Money Laundering 69

PYMNTS

SEPTEMBER 30, 2020

The agency first proposed a special banking charter for FinTechs in 2014 that would limit pushback from the Federal Deposit Insurance Corp. FDIC), the states and the courts. But last fall, a federal appeals court questioned the OCC’s authority to issue such a charter. However, the banking industry doesn’t like that one bit. “We

Office of the Comptroller of the Currency 139

Office of the Comptroller of the Currency OCC Non-Bank Regulations 139

Fintech Finance

SEPTEMBER 20, 2024

According to the Federal Reserve, about 19% of Americans are considered to be ‘unbanked’ or underbanked (defined as those who have a bank account but also use alternative financial services such as payday loans, money orders, or check cashing). Member FDIC. DailyPay is a financial technology company, not a bank.

Direct Deposit 98

Direct Deposit Security Federal Reserve FDIC 98

PYMNTS

MARCH 30, 2020

National bank regulators — The Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency — are all on board with using the “new methodology for measuring counterparty credit risk in derivatives transactions.”.

Office of the Comptroller of the Currency 66

Office of the Comptroller of the Currency Rules Federal Reserve FDIC 66

PYMNTS

MARCH 19, 2020

The regulators also let banks know their position on using reserves and buffers during times of stress in the market, and whether that would lead to future penalizations. Regulators, for their part, said they want to encourage lending. Also, it said that the lending would help a bank’s Community Reinvestment Act (CRA) score.

Office of the Comptroller of the Currency 56

Office of the Comptroller of the Currency Regulations FDIC Federal Reserve 56

PYMNTS

SEPTEMBER 21, 2020

Dhala told Webster that when it comes to leveraging AI in the fight against transaction fraud, FIs “don't know exactly where they should be starting from.”.

Fincen 139

Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

PYMNTS

DECEMBER 20, 2018

Separately, tech giants are following on the heels of Target and Walmart in asking the Federal Reserve to boost efforts that would let interbank transfers be settled in real time, around the clock. 19) announcement, the company said the application is with the Federal Deposit Insurance Corporation (FDIC).

Cross-Border 53

Cross-Border SWIFT Federal Reserve Fed 53

PYMNTS

JANUARY 13, 2021

The Federal Reserve, the Federal Deposit Insurance Corp. FDIC) and the Treasury Department have reportedly launched an inquiry into American Express Co. FDIC) and the Treasury Department have reportedly launched an inquiry into American Express Co. Amex Under Fed Scrutiny Over SMB Card Practices.

Office of the Comptroller of the Currency 66

Office of the Comptroller of the Currency Commercial Card Credit Cards Small Business 66

FICO

OCTOBER 4, 2016

The Act requires federal banking agencies (the OCC, FDIC and Federal Reserve – “Agencies”) to conduct periodic reviews of each depository institution’s efforts in this area.

Federal Reserve 74

Federal Reserve OCC FDIC Correspondent 74

PYMNTS

MAY 26, 2016

A new report from the Federal Deposit Insurance Corporation (FDIC) shows that mobile banking can empower underserved customers to have greater control over their finances and ultimately open up access to mainstream banking. The good news is that mobile banking usage is reportedly on the rise.

Underserved 41

Underserved Mobile Banking FDIC Federal Reserve 41

PYMNTS

DECEMBER 3, 2019

The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), FinCEN , the OCC and the Conference of State Bank Supervisors participated in issuing the definitions and guidelines.

Suspicious Activity Report (SAR) 55

Suspicious Activity Report (SAR) BSA Rules Office of the Comptroller of the Currency 55

PYMNTS

AUGUST 7, 2019

For FinTechs like Wise, working with traditional FIs means being able to “focus on adding value to small businesses, rather than reinventing the core-banking wheel,” Thyagarajan said, adding that the bank-FinTech strategy offers the “best of both worlds … next-gen business banking built on top FDIC-insured banking services.”.

Office of the Comptroller of the Currency 72

Office of the Comptroller of the Currency Payment APIs and Integration Federal Reserve Small Business 72

PYMNTS

FEBRUARY 8, 2019

The news comes as five federal agencies spoke in October on how credit unions, as well as community banks, can share resources to make BSA compliance streamlined and bolster AML efforts. FinCEN, NCUA, the Federal Reserve Board, the Federal Deposit Insurance Corp.

BSA 53

BSA Phishing NCUA Credit Union 53

Finovate

MAY 6, 2024

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.

Regulations 52

Regulations Community Banks FDIC Due Diligence 52

Innovative Payments Association

FEBRUARY 24, 2025

At the FDIC, former Vice Chairman Travis Hill was appointed Acting Director on Jan. He previously served on the FDIC Board. If confirmed, he will return to the FDIC board, along with the Comptroller. He also said that the CFPB would not take any new money from the Federal Reserve because it had $711.6

Consumer Financial Protection Bureau (CFPB) 40

Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency FDIC CFPB 40

FICO

JANUARY 13, 2020

In December, the FDIC and OCC issued a proposed rule to modernize the Community Reinvestment Act (CRA). The regulators set an aggressive deadline for public comments by requiring responses within 60 days of publication in the Federal Register. In addition, the Federal Reserve did not join the FDIC and OCC on the proposal.

AML 52

AML Authentication Finance OCC 52

CB Insights

JANUARY 5, 2021

In the US, 16% of adults are underbanked — meaning that they have bank accounts but use alternative financial services like payday loans or check-cashing services — while 6% were unbanked, per the Federal Reserve. . Source: FDIC. Alternative services can be costly.

Online and Mobile Banking 98

Online and Mobile Banking Financial Inclusion Checks Federal Reserve 98

PYMNTS

MAY 24, 2018

Pointing to the Federal Reserve’s “ Report on the Economic Well-Being of U.S. Prior to the guidance from the OCC and Federal Deposit Insurance Corporation (FDIC) in 2013, a number of banks offered short-term, small-dollar lending products, known as deposit advance products (DAPs).

OCC 40

OCC Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency FDIC 40

PYMNTS

FEBRUARY 19, 2019

banking industry is in flux, largely thanks to federal policy that has made it easier (and faster) for institutions to merge. As concerns are raised about how industry consolidation might impact competition, Federal Reserve Chairman Jerome Powell is warning that it could hinder small businesses’ access to capital and financial services.

Fed 43

Fed Federal Reserve Office of the Comptroller of the Currency OCC 43

PYMNTS

NOVEMBER 23, 2017

Citing documents filed with the Federal Deposit Insurance Corp. FDIC), the news report noted the new bank will begin with $100 million in capital. In addition, New York Venture Bank plans to apply to the Federal Reserve to create a bank holding company. According to a Wednesday (Nov.

Consumer Financial Protection Bureau (CFPB) 40

Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency FDIC Federal Reserve 40

Segpay

MARCH 24, 2025

Here’s a global comparison: Regulatory Frameworks & Key Agencies Australia United States Primary AML Law Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) Bank Secrecy Act (BSA), USA PATRIOT Act Regulatory Body AUSTRAC (Australian Transaction Reports and Analysis Centre) FinCEN (Financial Crimes Enforcement Network) (..)

Compliance 71

Compliance Suspicious Activity Report (SAR) Fincen AML 71

Global Fintech & Digital Assets

JANUARY 12, 2024

Key Provisions The FAIR Exams Act would amend the Federal Financial Institutions Examination Council Act of 1978 in three primary ways: 1. Whether the bill will garner enough support in Congress to become law remains to be seen.

FFIEC 52

FFIEC Process FRB Consumer Financial Protection Bureau (CFPB) 52

PYMNTS

DECEMBER 18, 2018

That’s in part because several federal agencies recently have come out — together — in support of banks embracing innovation in their compliance efforts.

AML 61

AML Compliance Money Laundering Office of the Comptroller of the Currency 61

PYMNTS

MARCH 24, 2016

There is time for commentary and rumination as the proposal needs to pass muster with a series of regulatory bodies, from the Federal Reserve to the FDIC to the SEC and others. Yet if all of that gets rolled back, Wall Street firms will gird for talent flight.

Federal Reserve 40

Federal Reserve FDIC Rules Regulations 40

PYMNTS

JANUARY 9, 2018

In July 2017, the Federal Deposit Insurance Corporation (FDIC) held a meeting with a group of community bankers which told officials about the competitive pressures they’re facing from FinTechs. It’s a strategic move as alternative finance companies are also positioned to compete against community banks.

Community Banks 52

Community Banks FinTech Small Business FDIC 52

PYMNTS

DECEMBER 14, 2018

News came earlier in the month that several federal agencies have come out — together — in support of banks embracing innovation in their compliance efforts.

Financial Crimes 59

Financial Crimes Crime Fincen Office of the Comptroller of the Currency 59

FICO

MAY 6, 2019

The Federal Reserve, OCC and FDIC have all recognized the importance of such careful monitoring, and issued regulatory guidance (SR 11-7 and OCC 11-12) that requires lenders to validate their models annually.

Underwriting 75

Underwriting OCC Credit Risk Risk 75

The Fintech Times

MARCH 6, 2024

In June 2023, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the OCC and the US Treasury Department issued joint guidance to all banking organisations for developing and implementing risk management practices when engaging in third-party fintech partnerships. .”

OCC 69

OCC FinTech Non-Bank Regulations 69

PYMNTS

FEBRUARY 15, 2019

As noted in this space late last year, five federal agencies spoke out, and presented a statement that detailed how credit unions and banks could share resources to make Bank Secrecy Act compliance efforts more streamlined.

BSA 49

BSA Credit Union Business Email Compromise Office of the Comptroller of the Currency 49

PYMNTS

MARCH 26, 2020

Five federal financial regulatory agencies are encouraging banks, savings associations and credit unions to offer small loans to consumers and small businesses in response to the coronavirus pandemic.

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency Credit Union FDIC 52

PYMNTS

NOVEMBER 14, 2019

According to an FDIC study , 6.5 Findings from the Federal Reserve reinforce the need for payment choice. Unbanked or underbanked consumers aren’t just an issue in the developing world. The desire to pay with cash out of necessity is also a consideration closer to home. percent of U.S. million households. Additionally, 18.7

Online and Mobile Banking 49

Online and Mobile Banking Payments Push-to-Card Mobile Payments 49

PYMNTS

MARCH 4, 2019

Beyond the aforementioned bills in New York and New Jersey, as the ATMIA has cited, cash is a favored payment method for 26 percent of he population, as the Federal Reserve has estimated and data also show that 45 percent of consumers prefer to use cash when transacting at local retail locations.

ATMIA 51

ATMIA Laws Financial Inclusion ATM 51