Avanti now needs FDIC insurance and acceptance into the Federal Reserve payments system to function as a bank and offer stable coin services.
Banks of all stripes have recently shown that a slowdown to the recovery might be coming; total loans and leases by banks and other insured institutions rose by just 3.7% from a year earlier at the end of June; this compared to 6.7% growth in total loans and leases last year; credit-card charge-offs, grew by 24.5% in the second quarter, marking the seventh straight quarterly increase; with the recovery being in its ninth year it isn't too surprising to see, FDIC Chairman Martin Gruenberg said in a statement; the 5,800 banks that the FDIC monitors are doing quite well though, their combined net profits in the second quarter were up 10.7% from a year earlier. Source
Brex Cash is the cash management account of the leading fintech startup best known for its corporate card for growth...
·
There were some new developments in the Madden case, something we have been following for many years here on Lend...
The FDIC has issued a Financial Institution Letter (FIL) offering guidance for its member banks with less than $1 billion...
Japanese e-commerce giant Rakuten first applied for an ILC charter last year before withdrawing the filing and refiling this May;...
Big banks have now joined the fight alongside their smaller counterparts in opposing new industrial loan charter applications; in March...
A group of 37 community groups sent a joint letter to the FDIC opposing the ILC application for the fintech...
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suggesting that the open process was too long and cost too much for requesting companies eventually leading to many withdrawn applications; Noreika also said the OCC has proposed a bill that would take away the FDIC's role in approving newly chartered entities for deposit insurance.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 proposed a potential set of standards and a certification program intended to make it easier for financial...