PYMNTS

SEPTEMBER 30, 2020

FDIC), the states and the courts. That last measure aims to ensure that banks lend money and provide banking services to underserved and minority consumers. This isn’t the OCC’s first attempt to create a special banking charter that would benefit tech firms.

Office of the Comptroller of the Currency

PYMNTS

MARCH 4, 2019

small business loan volume has given its SMB loan portfolio greater than “almost 98 percent of FDIC-insured banks,” citing FDIC statistics on outstanding loans of less than $1 million. Last year, the FDIC warned that the actual value and volume of small business bank loans in the U.S.

Volume

PYMNTS

OCTOBER 15, 2018

Where there are underserved consumers looking to enter the digital ecosystem, there are innovators big (and, in some cases, very big ) and small looking to serve them. 27 percent: Share of American consumers who are unbanked or underbanked, according to the FDIC.

Money Laundering

PYMNTS

AUGUST 12, 2019

The bank combines an FDIC-insured account and a merchant account and accepts a variety of payments. Joust believes this segment of the population is being underserved. We’re pleased to be part of Joust’s innovative solution targeting an underserved and increasingly important segment of the U.S.

Underserved

Finovate

APRIL 17, 2024

The new personal accounts will offer individuals advanced digital banking tools, including the ability to create rules around auto-transfers, multiple debit cards, customizable permissions for additional account users, access to $5 million in FDIC insurance, and 5% APY interest on savings accounts at launch.

Wire Transfer

PYMNTS

MARCH 7, 2017

Aiming to back and support FinTech startups focused on the underserved, Accion International and VC Quona Capital raised $141 million in funding. FDIC), U.S. The FDIC also said that the percentage of U.S. While the unbanked are numerous in Africa and elsewhere in the U.S., their numbers are starting to decline.

FDIC

CB Insights

JANUARY 5, 2021

Source: FDIC. One way they’re positioning themselves against incumbents is by targeting historically underserved groups. High banking fees, overdraft penalties, and a lack of requisite minimum deposits have pushed these households away from the formal banking system. Alternative services can be costly.

Online and Mobile Banking

PYMNTS

APRIL 2, 2019

Following approval by the Federal Deposit Insurance Corporation (FDIC) and Washington, D.C.’s MOXY bank , preparing to be one of the first new community banks to launch in the U.S. in decades, has announced that it is working with technology solutions company NYMBUS to integrate its core digital banking and payment services.

Community Banks

PYMNTS

NOVEMBER 23, 2020

He pointed to brands and merchants like Dunkin and Dollar General, marked by underserved populations that could benefit by better economics than has been seen with prepaid cards or payday lending. Figure Pay, he said, debuts in January in Missoula, Montana, and then will see a broader rollout through the quarter.

Financial Inclusion

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

Seon

APRIL 24, 2024

This context sets the stage for exploring how alternative data can provide deeper insights into creditworthiness, especially for those traditionally underserved by banking institutions. The advent of cryptocurrency has also introduced a new layer of complexity and uncertainty in evaluating financial risk.

Assessments

PYMNTS

JUNE 14, 2018

Mezu wants to start by giving underserved people a gateway into the formal economy right at home in the U.S., Brisker said most current apps are focused on the affluent millennial , but there is a gap where less privileged, working-class folks are not having their needs met by the tools that are available. where the startup is based.

Privacy

The Fintech Times

NOVEMBER 26, 2024

The American Fintech Council , the industry association representing fintechs and banks, is urging the Federal Deposit Insurance Corporation (FDIC) to withdraw its proposed rulemaking on brokered deposits. “This proposal would not only harm underserved communities, but also weaken the resilience of the financial services industry.

FDIC