FDIC

For too long, nonbanks have been allowed to form industrial loan companies to operate as banks without Fed oversight. This regulatory pass should not be given during a crisis.

Two trade organizations and a consumer group urged lawmakers to establish a three-year moratorium to block the charter bids of companies that they said were attempting to skirt regulatory requirements.

The regulation allows banks to add employees with past convictions for trivial crimes after the industry complained the prior rules were too severe.

Peoples Bank in Arkansas once used brokered deposits to fund more loans to underserved borrowers. It could do so again if Congress loosens restrictions, says CEO Mary Fowler.

The agency's request for information seeks comment on the idea of the FDIC partnering with a standards-setting organization to develop best practices for technology firms, among other things.

The White House's efforts to loosen equality requirements in lending run counter to the widespread demand for racial justice. Congress must act.

The proposed Chicago de novo would focus on serving female entrepreneurs.

Unity Bancorp must improve its policies and procedures and increase staff training on following Bank Secrecy Act and anti-money-laundering laws.

Ashton Ryan, the New Orleans bank's CEO, and two other officers are accused of disguising the financial condition of certain borrowers before the bank's 2017 collapse.

Even though fewer cases are reported among the agency's employees compared to the government average, the watchdog said the Federal Deposit Insurance Corp. should improve its anti-harassment training and other procedures.

Backers say a bill to limit asset growth instead of restricting brokered funds addresses concerns about expanding balance sheets at troubled banks. But skeptics worry it would open the door to greater risk.

Small banks have long led the campaign against industrial loan companies, arguing they can be used to violate the separation of banking and commerce. But now the industry’s heavyweights are also taking a hard line in response to an FDIC proposal that would give tech companies a smoother path into the lending business.

Congress and the FDIC are considering easing limits on banks' holdings of such deposits, a move that could inadvertently lead to more expensive failures.

The investment firm is the latest nonbank to try to enter banking through a Utah-based ILC.

Jelena McWilliams explains the agency's decision to enlist the help of tech innovators to modernize a reporting process that the coronavirus epidemic has exposed as outdated.

The so-called tech sprint involving 20 companies from across the country is intended to help improve the efficiency of banks' quarterly data submissions to the regulators.

The agency wants more timely information on the banks it supervises; investors filed a criminal complaint against Ernst & Young, calling their work “a disaster” for failing to expose the scandal.

While they are not dramatically opposed, Jelena McWilliams and Brian Brooks have articulated their own ideas on postal banking and the use of artificial intelligence in lending.

Five financial regulatory agencies clarified the meaning of "covered funds" under the Volcker Rule. Meanwhile, the FDIC gave certain banks more flexibility in interaffiliate exchanges of swaps and adopted a workaround of a court decision governing interest rates on loans sold across state lines.

Three banking trade associations told the FDIC that Rakuten Bank America, even after revisions to its earlier application to the agency, would still violate the separation of banking and commerce as well as present consumer privacy concerns.