Finextra

SEPTEMBER 6, 2024

The US Federal Deposit Insurance Corporation (FDIC) is looking at plans to protect customers from fintech failures, reports Bloomberg Law.

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FDIC Rules Laws FinTech 64

Payments Dive

FEBRUARY 12, 2025

The development came on a day when the bureau terminated roughly 70 probationary employees, including enforcement division attorneys, according to Bloomberg Law.

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Payments Source

JUNE 8, 2020

Recent steps that would help nonbank lenders enter the traditional banking system, like a proposal clarifying the industrial loan company charter, are needed but face strong opposition.

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FDIC FinTech Laws Regulations 80

PYMNTS

SEPTEMBER 30, 2020

It would instead offer payment companies a national servicing platform to replace the regime of state regulations such firms would be subject to under existing laws. FDIC), the states and the courts. However, the banking industry doesn’t like that one bit. “We

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

The Fintech Times

SEPTEMBER 21, 2024

The Federal Deposit Insurance Corporation (FDIC) has proposed new regulations following the collapse of Synapse Financial Technologies , aimed at addressing the risks associated with bank-fintech partnerships. FDIC chairman Martin J. Richardson also questioned the practicality of enforcing the proposed requirements.

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FDIC FinTech Rules Regulations 59

PYMNTS

SEPTEMBER 21, 2020

As BuzzFeed reported, “laws that were meant to stop financial crime have instead allowed it to flourish. In terms of dollar amounts, Deutsche led the pack at $1.3 trillion in suspicious transactions; J.P.Morgan followed with $514 million and Standard Chartered logged $166 million. The headlines blare a chorus: Banks are not doing their jobs.

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Fincen AML Suspicious Activity Report (SAR) SARS 139

Segpay

MARCH 24, 2025

This article will help you gain a better understanding of gaming and gambling laws in Down Under. USA: Stricter data-sharing laws, including the Gramm-Leach-Bliley Act (GLBA) and inter-agency reporting for suspicious activity over $3,000 USD. What are the Implications for Payment Companies (PSPs, PayFacs, etc)?

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Compliance Suspicious Activity Report (SAR) Fincen AML 71

PYMNTS

DECEMBER 10, 2018

And as reported by sites such as American Banker and National Law Review , a bipartisan group of senators is working on a bill that may reform the Bank Secrecy Act, which in turn may raise the threshold for reporting currency transaction reports to $30,000, from the current levels of $10,000. This would be the first boost in 25 years.

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

PYMNTS

MARCH 26, 2020

FDIC), National Credit Union Administration and Office of the Comptroller of the Currency said small-dollar loans can play a key role in meeting credit needs because of temporary cash flow problems, unexpected expenses or loss of income during this period of economic stress.

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

PYMNTS

OCTOBER 19, 2020

The new solution is compliant with wage laws across the U.S. residents in the near future, PYMNTS writes, according to a report by the Federal Deposit Insurance Corp (FDIC). The Great Recession from a decade ago also saw an increase in unbanked Americans, which the FDIC report uses as a basis for what may happen going forward.

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FDIC Debit Card Payroll Laws 56

Finovate

MARCH 11, 2024

I had the privilege to speak with Law Helie, General Manager of Consumer Banking at nCino , to gain insights into these changes and how institutions are adapting to meet evolving consumer expectations and regulatory demands. Law Helie: Regardless of size, a consistent banking trend is the re-emphasis on building up deposits.

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FDIC Fed Laws Deposit Account 59

Finovate

JULY 3, 2024

The USMS will use Coinbase Prime to centrally manage these Class 1 digital assets to facilitate various law enforcement activities. The USMS, a federal law enforcement agency within the Department of Justice, holds multiple roles within the U.S. judicial system. The California-based company currently works with every major U.S.

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The Fintech Times

APRIL 8, 2024

Sergiy Fitsak, managing director at Softjourn “Key among these challenges is ensuring compliance with local and international banking regulations, which can include stringent requirements for anti-money laundering ( AML ), know your customer ( KYC ) processes, data protection, and privacy laws.

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FinTech BSA Regulatory Compliance Money Laundering 116

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. The by-laws of the Board say that not more than three of the five-member board can be from one political party.

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

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.

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Regulations FDIC Community Banks Due Diligence 52

Global Fintech & Digital Assets

JANUARY 12, 2024

The director may determine the merits of the appeal, or at the election of the financial institution, refer the appeal to an administrative law judge appointed by the FFIEC to conduct a hearing. In any hearing, neither the director nor the administrative law judge could defer to the opinions of the examiner or agency.

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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. After further evaluation of the USDA interim final rule, the Financial Crimes Enforcement Network (FinCEN) will issue additional guidance.

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

PYMNTS

JANUARY 30, 2018

In addition, the SEC alleges AriseBank “falsely stated that it purchased [a Federal Deposit Insurance Corporation]-insured bank, which enabled it to offer customers FDIC-insured accounts.” must comply with federal securities laws. In response to the complaint, the firm said it amended its announcement about the bank.

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FDIC Cryptocurrency Laws Regulations 44

PYMNTS

APRIL 6, 2020

But to do that, the bank may have to have its asset cap, placed there by law after a fake accounts scandal in 2018, lifted so it can do more to help, according to the Financial Times. Wells Fargo said it wants to help more with the federal government’s programs to disburse $350 billion in loans via the Paycheck Protection Program (PPP).

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Caps FDIC Payroll Mitigation 53

PYMNTS

OCTOBER 24, 2019

But Federal Deposit Insurance Corporation (FDIC) coverage — which protects deposits — proved a sticking point this week. 21) that the OCC cannot in fact issue a charter for non-bank enterprises (a segment that included FinTechs) that are not able to get FDIC backing. Can’t get the charter without FDIC coverage.

Legal 40

Legal Office of the Comptroller of the Currency OCC FinTech 40

PYMNTS

OCTOBER 17, 2017

An industrial bank is an FDIC-insured depository institution that is generally subject to the same banking laws and regulations as any other bank charter type, with the important exception of the Bank Holding Act of 1956. “It’s an anachronistic idea that has stuck around in the law that should just be shut down.”

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FDIC FinTech Community Banks Push-to-Card 43

Payments Source

DECEMBER 5, 2018

Newly unsealed court documents make clear that regulators forced banks to terminate relationships with payday lenders and other lawful businesses, setting a dangerous precedent.

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Laws Regulations FDIC 64

FICO

JANUARY 13, 2020

The laws and rules governing anti-money laundering and combating the financing of terrorism compliance have not been substantively updated since the Bank Secrecy Act was adopted in 1970. In December, the FDIC and OCC issued a proposed rule to modernize the Community Reinvestment Act (CRA). I say Congress gets a deal done in 2020.

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Authentication AML Finance OCC 52

PYMNTS

OCTOBER 25, 2019

The Commodity Futures Trading Commission ( CFTC ), Federal Deposit Insurance Corporation ( FDIC ), Office of the Comptroller of the Currency ( OCC ), and the Securities and Exchange Commission ( SEC ) have announced that they are joining the Global Financial Innovation Network ( GFIN ). Colorado’s bill does have support from some lawmakers.

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Office of the Comptroller of the Currency Regulations Innovation OCC 40

PYMNTS

MARCH 4, 2019

A similar ban has already passed in New Jersey and similar legislation has been backed by legislators in Philadelphia and signed into law this past week. Enforcement of the ban, if it becomes law, would be put in place under the New York Department of Consumer Affairs. In terms of the New York legislation (Intro.

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ATMIA Laws Financial Inclusion ATM 51

PYMNTS

JUNE 20, 2017

The action comes a week after the FDIC announced that digital lender SoFi had applied to the state of Utah for a special banking charter known as an ILC. SoFi, Cole argues, is attempting to take advantage of a “loophole” that would allow it access to the federal safety net without having to comply with all the laws a regular bank faces.

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FDIC Laws Regulations Rules 43

PYMNTS

JULY 1, 2019

million for violating Italy’s data privacy laws in the wake of the Cambridge Analytics scandal. FDIC’s New Division. And, you’d be forgiven for thinking that regulatory news tied to commerce and payments would be termed “all Facebook, all the time.” In Italy, the country’s data protection regulator fined Facebook the equivalent of $1.1

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FDIC Cryptocurrency Regulations Privacy 40

PYMNTS

FEBRUARY 15, 2019

Those agencies include the aforementioned FinCEN, the Federal Reserve , the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA) and the Office of the Comptroller of the Currency (OCC).

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

FICO

MAY 25, 2023

Also in 2017 Altman blogged: As we have learned, scientific advancement eventually happens if the laws of physics do not prevent it. This could be achieved with a federal law similar to The Sarbanes-Oxley Act , a 2002 law that aimed at protecting investors by making corporate disclosures more reliable and accurate.

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AI Regulations Audit Governance 52

PYMNTS

OCTOBER 12, 2016

Their first stop was an Administrative Law judge – the one appointed by the CFPB Director — that found the PHH had violated the law. Circuit found that the CFPB adopted a new and flawed interpretation of a real-estate industry law and then wrongly applied that interpretation to their ruling. ” In their ruling, the D.C.

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CFPB Rules FRB NCUA 60

PYMNTS

NOVEMBER 18, 2019

The law was added as an amendment to a bill regarding anti-money laundering (AML) measures. recorded its fourth bank failure this year — the first collapse of financial institutions since 2017, per Federal Deposit Insurance Corp (FDIC) data. Germany To Force Mobile Payment Providers To Share Systems With Rivals.

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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. More is coming.

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OCC FinTech Non-Bank Regulations 69

PYMNTS

MAY 22, 2018

Groshans said that such financial institutions as Zions, Regions Financial, Citizens Financial, Huntington, American Express and Keycorp would benefit from the law.

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Regulations Credit Union Community Banks FDIC 40

PYMNTS

AUGUST 30, 2018

20 percent of black households are unbanked, and 36 percent are underbanked , according to 2015 data from the FDIC. changes its laws to require cash when it rules on the issue in about a month, Glosserman says Hill Country will comply. Until then, it is cash free, and hopes to remain that way.

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PYMNTS

DECEMBER 11, 2017

The law was introduced by Florida Senator Bill Nelson, and co-sponsored by Senator Richard Blumenthal of Connecticut and Wisconsin Senator Tammy Baldwin. If an individual knowingly conceals a data breach, he or she could face up to five years in prison.

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Bitcoin Breach Data Breach FDIC 44

PYMNTS

NOVEMBER 9, 2017

But those laws may be up for reconsideration, as Keith Noreika, the acting Comptroller of the Currency, has raised the possibility that those laws are in need of review and possibly revision. The proposal by the OCC was made at a banking conference in New York.

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Regulations OCC Request for Comment Non-Bank 40

PYMNTS

JUNE 14, 2018

Mezu, said Brisker, aims to give those people a way to receive money they otherwise might not have been able to accept and store it in what is essentially a virtual bank account, complete with FDIC insurance through a partnership with Virginia-based MainStreet Bank – but without having to hold a formal bank account themselves. Challenges.

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