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Federal Deposit Insurance Corporation › Community Banks › FinTech

The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s.  The FDIC's mission is to maintain... more +
The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s.  The FDIC's mission is to maintain stability and consumer confidence in the United States banking system by insuring deposits, monitoring the health of financial institutions and managing receiverships.  less -
Goodwin

10 Considerations for Fintechs Partnering with Community Banks

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As banking and technology become more integrated, banks are increasingly partnering with fintechs to expand their customer offerings. The rapid rise of these partnerships has generated questions for both banks and fintechs on...more

Goodwin

FDIC Approves ILC With Traditional Bank Business Model (But Don’t Rush To Submit Your Application Just Yet)

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An industrial bank or industrial loan company (each, an ILC) charter can be an attractive option for a financial technology company (fintech) or other company seeking to enter the banking space. In June 2024, the Federal...more

Eversheds Sutherland (US) LLP

Federal Banking Regulators Shine Light Again on Third-Party Risk Management

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Federal banking regulators have again demonstrated their focus on bank oversight and management of risk from third party relationships through a series of guidance and proposed guidance published in the third quarter of 2021....more

Nutter McClennen & Fish LLP

Nutter Bank Report: September 2021

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Division of Banks Warns of Risks from Representments Causing Multiple NSF Fees - The Massachusetts Division of Banks has issued a supervisory alert letter to warn banks about certain legal risks and risks of regulatory...more

Goodwin

Agencies Release Guide for Community Banks Conducting Due Diligence on Fintech Companies

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In August 2021, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Board of Governors of the Federal Reserve System (the Federal Reserve and, collectively with the...more

Goodwin

CFPB Withdraws Proposal to Delay Debt Collection Final Rules

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In This Issue. The Consumer Financial Protection Bureau (CFPB) withdrew its proposal to delay the Debt Collection Final Rules; the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance...more

BCLP

Vetting FinTechs as Business Risk Partners: OCC Bulletin

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Innovation is a key to competitive advantage and keeping pace with consumer digital banking preferences. Increasingly, banks are engaging the services of fintech’s who can deliver certain information and services in a more...more

Morrison & Foerster LLP

Federal Banking Regulators Release Guide For Community Banks Conducting Due Diligence On Fintech Companies

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On August 27, 2021, the Federal Reserve Board, the FDIC and the OCC (the “Agencies”) jointly released a guide titled “Conducting Due Diligence on Financial Technology Companies—A Guide for Community Banks” (the “Guide”),...more

BCLP

Can Standards and Voluntary Certification Help Community Banks and Fintechs Grow, Together?

BCLP on

COVID-19 has laid bare the need to have good technological solutions for the systems and services upon which we rely. In the financial sector, perhaps more than many others, the pace of innovation is beholden to regulatory...more

Nutter McClennen & Fish LLP

Fintech in Brief: FDIC Launches Competition to Modernize Regulatory Reporting

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On June 30, 2020, the Federal Deposit Insurance Corporation (the “FDIC”) announced the start of a rapid prototyping competition among 20 data and technology firms to develop a new and innovative approach to financial...more

Nutter McClennen & Fish LLP

Fintech in Brief: FDIC Signals Pending Decisions on ILC Applications and Proposes New Rules for ILCs and their Parent Companies

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On March 17, the FDIC released for public comment a proposed rule for industrial banks and industrial loan companies (together, “ILCs”) and their parent companies and signaled that it is considering two pending ILC...more

Holland & Knight LLP

Stakeholders Debate Public Policy Issues Surrounding Consumer Debt in America

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A number of diverse stakeholders gathered at George Mason University (GMU) on Nov. 18, 2019, to participate in a program entitled "Consumer Debt in America: What Would Rate Caps and Student Loan Forgiveness Mean?" The debate,...more

Nutter McClennen & Fish LLP

Fintech in Brief: The Federal Reserve Proposes Revisions to Its Control Determination Framework

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The Board of Governors of the Federal Reserve System (the “Federal Reserve”) has released for public comment a proposal to simplify and clarify rules for determining control of or by a banking organization under the Bank...more

Nutter McClennen & Fish LLP

Nutter Bank Report, February 2019

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1. FDIC Proposes Changes to Deposit Insurance Assessment Rule for CBLR Banks The FDIC has published a proposal that describes how the agency would apply the Community Bank Leverage Ratio (“CBLR”) framework previously...more

Nutter McClennen & Fish LLP

Nutter Bank Report, September 2016

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The Federal Reserve Board has released a policy statement that details the framework it will follow in setting the Countercyclical Capital Buffer (“CCB”) for private-sector credit exposures located in the United States. The...more

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