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Banks and credit unions may now rely on third parties to provide a consumer’s Social Security or Taxpayer Identification Number, according to an order issued by the FDIC, OCC and the NCUA with the consent of the Financial Crimes Enforcement Network (FinCEN).

The Customer Identification Program  Rule (“CIP rule”) implements part of the USA PATRIOT Act.… Continue Reading

The OCC has removed “reputational risk” from its handbooks and guidance and the FDIC is moving to do the same.

The OCC’s decision supports “the OCC’s mission and its supervisory objectives to ensure that banks have appropriate and strong risk management processes for their business activities, treat customers fairly, and comply with applicable laws and regulations,” the agency said, in announcing the move.… Continue Reading

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the rules and guidance issued under the previous Administration that reduce competition and innovation and must be rescinded or significantly modified,” the GOP members said in a joint letter to the regulators.… Continue Reading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brokered deposits rule would have “significantly disrupted many aspects of the deposit landscape,” the FDIC has withdrawn the proposal.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 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

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