In a statement defending allegations against its issuance of new bank charters, the FDIC reaffirmed its authority to review and approve applications for US businesses seeking deposit insurance from the FDIC; the criticism comes from the OCC as it continues to develop plans for its national fintech charter; in a podcast interview Friday with a Commodity Futures Trading Commission official, Keith Noreika criticized the FDIC's process for chartering banks, suggesting that the open process was too long and cost too much for requesting companies eventually leading to many withdrawn applications; Noreika also said the OCC has proposed a bill that would take away the FDIC's role in approving newly chartered entities for deposit insurance. Source
The FDIC has issued a Financial Institution Letter (FIL) offering guidance for its member banks with less than $1 billion...
The FDIC has proposed a potential set of standards and a certification program intended to make it easier for financial...
The FDIC proposed new standards for companies seeking an ILC charter including parent companies agreeing to examinations, specialized capital and...
The FDIC sent a letter to banks outlining problems they see with the current way vendor contracts are done; the...
2019 is already shaping up to be a big year for fintech financing; American Banker shares their list of 8...
The House Financial Services Committee will have hearings next month to address regulations related to loans being sold across states;...
The Federal Reserve said they will look to release the FedNow real-time payments system in stages starting in 2023 and...
The Federal Open Market Committee (FOMC) announced on Wednesday that it would leave its federal funds rate unchanged; the Fed increased the rate to 0.50% to 0.75% at its last meeting in December and predictions have called for more aggressive increases in 2017 however it seems they may be later in the year; Janet Yellen speaks before Congress in February and the market is currently reporting an 18% probability of an increase in March at the FOMC's next meeting. Source
With improved labor market data and a better than expected third quarter GDP report on Friday, the Federal Reserve is expected to outline plans for a December rate hike at its November Federal Open Market Committee Meeting (FOMC) this week; economists are expecting verbiage similar to that used last October before the Fed's last rate increase, indicating the economy was on target to meet the FOMC's objectives. Source