PYMNTS

SEPTEMBER 8, 2016

With increasingly few exceptions, the ranks of the unbanked seem to be on the decline, according to new data released by the FDIC. According to FDIC data, unbanked American consumers peaked toward the end of the Great Recession in 2011 at 8.2 The percentage of Americans going without banking services fell to 7 percent in 2015 from 7.7

FDIC

Innovative Payments Association

FEBRUARY 28, 2024

Last summer, the bureau issued a statement appearing to discourage consumers from the use of payment apps and suggesting that consumers withdraw funds from those accounts because they lacked FDIC protection. The headline-grabbing statement seemed inconsistent with the statement’s content.

Participant

Payments Source

AUGUST 29, 2016

Financial institutions offering checkless checking is trending, and checkless checking accounts—as part of the FDIC’s 2011 Model Safe Accounts Pilot—appeared to perform well among the underserved consumer participants.

Checks

PYMNTS

JULY 26, 2019

FDIC) and the state of Utah for an industrial loan company (ILC) charter. Rakuten has about 13 million active users who earn rewards for purchasing products from participating merchants. . ILCs can sidestep banking company holding requirements while still getting FDIC guarantees on deposits, which means that retail firms can have them.

FinTech

CB Insights

MAY 27, 2020

Mercury , which provides startups with FDIC-insured bank accounts. Challenger bank Revolut’s $500M mega-round in February marked the largest round of the quarter, with participating investors including Index Ventures and Ribbit Capital. (We Sarwa , a roboadviser targeting young professionals in the Middle East.

FinTech

CB Insights

AUGUST 3, 2021

The round drew participation from Coatue Management, Andreessen Horowitz, CRV, and Sapphire Ventures, among others. Mercury , a fintech company, has raised $120M in a Series B. In a separate transaction, the company is also aiming to source $5M from equity crowdfunding platform WeFunder. HOW’S THE COMPANY PERFORMING?

FDIC

Fintech Finance

SEPTEMBER 9, 2024

Member FDIC, the DailyPay Visa® Prepaid Card is geared to help the everyday worker take control of their finances, manage their money and track spending, all in one mobile app. This gives users an avenue for saving costs on their needed purchases, enabling their money to go further between paychecks. Other fees and limits apply.

Direct Deposit

Fintech Finance

SEPTEMBER 20, 2024

Member FDIC. On-demand pay requires employer participation in DailyPay. The DailyPay Visa Card was designed with flexibility in mind, offering the benefits of banking without hidden fees, no minimum balance requirement, and no maintenance fees.† DailyPay is a financial technology company, not a bank. Other fees and limits apply.

Direct Deposit

PYMNTS

DECEMBER 2, 2020

Participating tech investors included executives from Facebook, Square, Venmo, Visa and others. Step customers get a bank account that is insured by the FDIC, as well as a secured spending card backed by Visa and the P2P payments platform. To date, Step has raised more than $75 million from investors, including $22.5

Financial Literacy

Fintech Finance

DECEMBER 9, 2024

Over 50 industry specialists will take the stage at the 15th Nextgen Payments & Regtech Forum in Austin, covering the latest topics and representing leading organisations such as FDIC, FTA, Payall Payment Systems, Inc., Dow Jones, SEON, PayPal, Ripple, Citibank, Wise, Binance.US, Amazon, eBay, Starbucks, Morgan Stanley, BNY Mellon, J.P.

Office of the Comptroller of the Currency

PYMNTS

NOVEMBER 9, 2020

The Tracker also examines how mobile and instant disbursement tools could be essential to making sure these individuals are still able to participate and transact within the digital banking world. percent in 2019, its lowest rate in a decade since the FDIC first began tracking this statistic in 2009. Around The Disbursements World.

On-Demand

CB Insights

JUNE 25, 2021

Lower, a home finance platform, has raised $100M in a Series A funding round with participation from Accel and other undisclosed investors. The company recently launched a mobile app, HomeFund, an FDIC-insured deposit fund with a 0.75% annual percentage yield. HOW’S THE COMPANY PERFORMING? in loans to date. Want the full post?

FDIC

Fintech Review

AUGUST 8, 2024

FDIC insurance. Onshore members’ USD deposits are held at an FDIC-insured bank. US customers can also deposit and withdraw USD, which is held in one or more FDIC-insured omnibus bank accounts. “We Qualified members can borrow on margin up to 4:1 (80% loan to value) to trade BTC and ETH. Broad product set and deep liquidity.

FDIC

PYMNTS

AUGUST 5, 2020

QED Investors , Khosla Ventures and SVB Capital also participated in the round, the release stated. The company has initiated its own banking and payments program to move landlords beyond antiquated platforms using spreadsheets and more manual tools, according to the release.

FDIC

PYMNTS

MARCH 18, 2019

According to the Federal Deposit Insurance Corporation (FDIC), the percentage of unbanked Americans fell to its lowest level since the 2007-2009 financial crisis. She added that the annual $60 cost for the new accounts compares with charges of $200 to $500 per year at check cashing and money order service providers. In 2017, 6.5 million U.S.

Consumer

PYMNTS

APRIL 24, 2020

As an FDIC insured bank in the U.S., AvidXchange saw 52 investors participate in the investment round, which saw equity, options and security provided in exchange for the funding. Cross River Bank aims to connect FinTechs and corporates like Amazon and Google with digital banking, lending and deposit services.

B2B

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.

Suspicious Activity Report (SAR)

PYMNTS

AUGUST 7, 2019

Bank participation is key to promoting open banking in the U.S., As with open banking, bank participation in faster payment services is essential, so banks’ reluctance to embrace the Fed’s offering may add greater uncertainty over the evolution of the U.S.’s market is not like others across the globe. On The Open Banking Path.

Office of the Comptroller of the Currency

The Fintech Times

APRIL 8, 2024

In these instances, regulatory burdens are transferred directly onto the banking provider, who is responsible for bringing things like banking licenses and FDIC-insurance to the relationship. “Meanwhile, the fintech or end company can focus on technology and the customer experience in which they excel.

FinTech

PYMNTS

MARCH 5, 2019

Other existing investors participating in the fundraising round include Menlo Ventures, Forerunner Ventures and Cathay Innovation. Chime noted in its press release that it began March with more than three million FDIC bank accounts. The company also plans to double its size to more than 200 employees and expand its leadership team.

Debit Card

PYMNTS

JULY 21, 2019

There is regulatory clarity that allows crypto natives to increase yields for clients through banking, staking and other kinds of participation. In other news, a retired couple in Australia have lost $900,000 due to a cryptocurrency scam.

Scams

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. ILCs are used to form industrial loan companies, better known as industrial banks. And those can take a while.

FDIC

PYMNTS

JULY 25, 2019

FDIC) estimated that 6.5 Particularly for itinerant workers or those without a permanent address, a smartphone can serve as a critical portal to economic participation. But Ives noted that hesitance to go cashless, in some industries, arises from concerns about disenfranchising the underbanked. Another 18.7

Online and Mobile Banking

PYMNTS

OCTOBER 22, 2019

announced that it is partnering with Evolve Bank & Trust , an FDIC-insured financial services organization, to offer a full suite of customizable credit, debit, prepaid and DDA products.

Product

PYMNTS

AUGUST 3, 2017

Chase in comparison has 5,567 branches as of July 18, according to FDIC figures. The shared branch network enables members to enter the branch of any participating credit union and conduct their business as if they were in their own home branch. The CO-OP Shared Branch network announced Wednesday (Aug.

Credit Union

PYMNTS

OCTOBER 12, 2018

For 73 percent of Americans, participating in the digital economy is as easy as securing internet access and entering their relevant credit, debit or bank account numbers with the merchants and service providers they want to buy from and setting up their mobile banking app.

PayPal

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 ).

Office of the Comptroller of the Currency

CB Insights

DECEMBER 4, 2019

But it’s clear that the company remains very focused on building financial services products that support its core strategic goal: increasing participation in the Amazon ecosystem. Customers received Amazon gift cards after using Amazon Pay at checkout from a specific list of participating merchants. adults and 6.4M

Online and Mobile Banking

FICO

DECEMBER 13, 2019

Regulations that constrain and/or shut down these bad actors will be increasingly appreciated by legitimate market participants. . Less than a year later the company announced a new deposit product , this time insured by the FDIC. Disruption-friendly regulations. And here’s the crazy part — that’s exactly what happened!

Regulations

PYMNTS

JUNE 14, 2018

For those people more than anyone else, said Brisker, a cash alternative is needed – one that can enable them to start participating in the formal economy, with or without a formal bank account. They may be unbanked or underbanked because of where they live or their socioeconomic class. First stop?

Privacy

Fintech Labs Insights

MAY 8, 2015

Participating in the round were Liberty City Venture, RRE Ventures, and individual investor, Jay W. Accounts will be dollar-denominated and FDIC-insured. The company recently announced major additions to its board of directors: former FDIC chair Sheila Bair, former U.S. Senator Bill Bradley, and former FASB Chair Robert H.Herz.

FDIC

PYMNTS

AUGUST 30, 2018

When you put out a policy that says that a third of the population is simply unable to participate in your business model, you’re putting your hand up and saying, ‘I don’t want you here,’” Grosso told WAMU. 20 percent of black households are unbanked, and 36 percent are underbanked , according to 2015 data from the FDIC.

FDIC

FICO

MARCH 8, 2021

I recently had the opportunity to participate in a virtual event hosted by the Urban Institute entitled Financial Inclusion: Lessons Learned and What’s Next for Innovations in Alternative Credit Data. Studies conducted by the FDIC show that there are tens of millions of U.S. Increasing Lender Confidence.

Financial Inclusion

PYMNTS

OCTOBER 12, 2016

Circuit to rehear the case with a full roster of judges participating. Although the FRB, ITC, SEC, FDIC, FCC, NCUA, etc., Most likely, most experts agree, the CFPB will appeal the ruling — probably exercising its option of asking the D.C. The Bureau was also designed to be insulated from Congress and the President.

CFPB

FICO

MAY 25, 2023

To prove acceptable use of artificial intelligence, companies must be prepared to have their AI technology audited by regulators, just as the FDIC regulates financial institutions under fair lending laws. I wrote about how to implement effective AI governance in 2020.

AI

PYMNTS

AUGUST 17, 2017

Chase, Wells Fargo, Bank of America and Citi, to name a few, all scaled back their physical bank branch locations between 2012 and 2016, according to the Federal Deposit Insurance Corporation (FDIC). Among the participating FinTechs are Payso, SnapCheck and Token. It’s a really exciting time to be in the space.”.

Online and Mobile Banking

Fintech Labs Insights

JUNE 23, 2023

Related: The 8 Biggest Real Estate Technology & Proptech Events in 2023 VC Challengers: 7 Largest U.S.

FinTech