CFPB, Federal Agencies, State Agencies, and Attorneys General
Republicans on the House Financial Services Committee have sent letters to financial regulators asking them to rescind a variety of measures the regulators issued during the Biden Administration.
“These letters highlight the rules and guidance issued under the previous Administration that reduce competition and innovation and must be rescinded or significantly modified,” the GOP members said in a joint letter to the regulators.… Continue Reading
Saying that its proposed brokered deposits rule would have “significantly disrupted many aspects of the deposit landscape,” the FDIC has withdrawn the proposal.
The agency said that it no longer intends to issue a brokered deposits rule.
The FDIC proposed the rule last year, when Democrats controlled the agency. The proposal would have subjected brokered deposits to heightened regulation; it also would have expanded the definition of brokered deposits, including by eliminating certain exceptions to the rule.… Continue Reading
The FDIC has proposed rescinding the agency’s 2024 Statement of Policy on Bank Merger Transactions. FDIC officials said at the time of issuance that the Statement of Policy addresses the scope of transactions that will be reviewed, the process for that review and whether a proposed deal follows the standards established in the Bank Merger Act. … Continue Reading
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
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
