FDIC

The IRS, FDIC and more than 70 banks and credit unions are urging consumers to open affordable accounts so they can receive their Economic Impact Payments quickly and safely. Many people have signed up, but millions lack accounts and will be harder to serve.

Community banks with meager tech budgets need help identifying the right systems for institutions their size and finding good partners, says Sultan Meghji, who recently joined the Federal Deposit Insurance Corp. in this newly created role.

The comments by Federal Deposit Insurance Corp. Chair Jelena McWilliams published in Politico reinforce optimism that the banking agencies could settle years of disagreement about modernizing the Community Reinvestment Act.

Banks lowered their loss provisions at the end of 2020, a sign they feel better about this year than last year, according to data from the FDIC. But loan balances fell for the second straight quarter and the annual loan growth rate was the lowest in seven years.

Brex currently relies on bank partners to offer credit cards and cash management accounts to small and midsize businesses. It is looking to charter its own FDIC-insured institution to be a direct provider.

The Federal Reserve said its decision to accept input for several more weeks reflects the logistical challenges presented by the coronavirus pandemic.

Trump appointee Jelena McWilliams is slated to be the agency's chair until mid-2023. But legal experts say a provision in the FDIC’s bylaws gives Democratic members of the governing board, now in the majority, an opening to reverse earlier rules championed by Republicans.

The new administration is wasting no time assembling a team of regulatory appointees and urging agencies to pause pending rules.

After withdrawing two previous bids, the e-commerce company submitted an application to the FDIC outlining a significantly simpler business model for a proposed industrial loan company.

American Express is reportedly under investigation by a top federal agency exploring allegations of unethical sales tactics by the company’s small-business credit card sales representatives.