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The Federal Deposit Insurance Corporation (FDIC) is further postponing the compliance date requirements to display the FDIC official digital sign on an insured depository institution’s (IDI) digital channels, as well as on the screen of an IDI’s automated teller machine (ATM) and like devices. The new mandatory compliance date for these requirements is March 1, 2026.… Continue Reading

In the latest edition of its Consumer Compliance Outlook, the Federal Reserve (Fed) identified the four most significant fair lending violations that it found in examining state member banks in 2022. These are violations that were typically identified in examinations as matters requiring attention or as matters requiring immediate attention.

Fair Lending Risk Assessment.… Continue Reading

Saying that independent agencies “have exercised enormous power over the American people without Presidential oversight,” President Trump has issued an Executive Order placing those agencies under his control.

While Trump specifically mentioned the FTC, FCC and SEC, the definition of “agency” used in the order also includes such financial regulators as the FDIC, OCC, CFPB and NCUA.… Continue Reading

President Trump has nominated Jonathan McKernan to be the Director of the CFPB.

If confirmed by the Senate, McKernan would replace Office of Management and Budget Director Russell Vought, who is serving as acting bureau director.

Earlier this week, McKernan stepped down as a member of the FDIC board after Trump nominated Rodney Hood as a member.… Continue Reading

The percentage of unbanked households in the U.S. fell to its lowest level in 2023—4.2%–, the FDIC recently reported.

The agency’s annual National Survey of Unbanked and Underbanked Households collected responses from almost 30,000 households in June 2023. In addition to issuing a full report on the Survey, the FDIC also issued an executive summary of the report [include link].… Continue Reading

The Bank Policy Institute (“BPI”) has issued its comment on the Federal Functional Regulators’ (the OCC, the Board of Governors of the Federal Reserve System, the FDIC, and the National Credit Union Administration) notice of proposed rulemaking (“NPRM”) to modernize financial institutions’ anti-money laundering and countering terrorist financing (“AML/CFT”) programs (“Comment”).… Continue Reading

In today’s podcast, which repurposes a recent webinar, we examine the impact, if any, of a landmark opinion rendered by Judge Daniel Domenico of the Federal District Court for the District of Colorado in a case challenging recently enacted Colorado legislation on interstate loans made from outside Colorado to Colorado residents.… Continue Reading

On July 25, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the agencies) issued a “Joint Statement on Banks’ Arrangements with Third Parties to Deliver Bank Deposit Products and Services” to “note potential risks related to arrangements between banks and third parties to deliver bank deposit products and services to end users”.… Continue Reading