CFPB, Federal Agencies, State Agencies, and Attorneys General
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 FDIC is providing financial institutions with additional time to comply with parts of the new FDIC signage and advertising rule by extending the compliance date from January 1, 2025 to May 1, 2025.
The extension only applies to provisions of the final rule governing the use of the official FDIC signs and advertising statements – Part 328, subpart A. … Continue Reading
On September 17, 2024, the FDIC board approved a notice of proposed rulemaking that would increase recordkeeping obligations for bank deposits received from third party, non-bank companies that accept those deposits on behalf of consumers and businesses.
Agency officials said that non-banks often deposit funds together into a single custodial account.… Continue Reading
The FDIC, the OCC and the Justice Department earlier this month issued updated standards for bank mergers. The three agencies acted separately, although officials noted that they had worked with the other agencies involved.
“Continued engagement with our fellow regulators is vitally important, especially as it relates to evaluating the competitive effects of mergers,” FDIC Chairman Martin Gruenberg said.… Continue Reading
In one of the first tests of the implications of the Jarkesy decision for other federal regulatory agencies, an individual accused by the FDIC of participating in fraudulent loan activity is asking a federal judge to dismiss the administrative proceeding the FDIC brought against him, contending, among other things, that he is being denied his right to a jury trial.… Continue Reading
The FDIC has issued a revised list of Q&As concerning the agency’s new rule governing the use of the agency’s official sign.
The Q&As are a collection of the most frequently asked questions from stakeholders. The FDIC released its first list of Q&As in July; the agency’s said it will update them, as needed.… Continue Reading
A group of 11 financial services associations is calling on the FDIC to withdraw its notice of proposed rulemaking intended to strengthen the prudential protections of the agency’s safety and soundness rule for brokered deposits (12 CFR 337.6).
The agency, the groups wrote in a letter, has failed to justify the need for the rule.… Continue Reading
A great number of fintechs are contemplating owning a bank or obtaining a banking charter—either a national bank charter, a state bank charter or a special purpose charter. In this episode, we are joined by our special guest Michele Alt, co-founder and partner of Klaros Group, an investment and advisory firm, and Scott Coleman, a partner in our Consumer Financial Services Group who leads our banking practice.… Continue Reading
The FDIC is seeking comment on proposed changes to its regulation governing parent companies of industrial banks and industrial loan companies—Part 354 of the FDIC Rules and Regulations.
“The proposed amendments would revise part 354 to clarify and enhance the agency’s framework to supervise industrial banks, mitigate risks to the Deposit Insurance Fund, and provide necessary transparency for market participants,” the agency said, in outlining the proposed rule.… Continue Reading
The FDIC is urging financial institutions it supervises to voluntarily submit self-assessments of their diversity policies and practices to the agency by Oct. 31, 2024.
The agency said that the self-assessment is not an examination requirement and that the results are not shared with examiners. The results also have no impact on an institution’s safety and soundness, its consumer compliance ratings or its Community Reinvestment Act performance evaluation, the agency said.… Continue Reading
