FDIC

The 3-year-old order was related to Discover Bank’s programs for combating money laundering. A related agreement with the Federal Reserve Bank of Chicago remains in effect.

Acting Comptroller of the Currency Keith Noreika is questioning the sincerity of recent steps by the FDIC to encourage de novo applications.

The idea that the trading ban burdens community banks and prevents them from investing in fintech opportunities is misleading.

In anticipation of future changes, bank regulators will allow all but the largest banks to avoid a planned phase-in of 2013 capital rules.

The banking industry had mostly good news in the FDIC's Quarterly Banking Profile, with higher profits helped by interest income. But there were worrying signs too, including a big jump in credit card chargeoffs.

Higher net interest income and modest growth in expenses helped boost bank earnings by 10.7%, the FDIC said in its Quarterly Banking Profile.

In the midst of a public feud between federal regulators on the right process for chartering new banks, Federal Financial Analytics argues that regulators should instead focus on loosening capital standards for new industry entrants.

The Federal Deposit Insurance Corp. will release its industry earnings report for the second quarter on Aug. 22.

As the interest of fintech firms in the banking system brings a focus on the industrial bank charter once again to Washington, it is necessary to dispel a few misconceptions.

While acting Comptroller of the Currency Keith Noreika's criticism that the FDIC is hampering the creation of new banks may have had merit in the past, the agency has fixed many problems.