FDIC

Four Chinese military members charged with stealing data of 150 million Americans; fintech can use deposit insurance, a step toward a full bank charter.

The agency released two new manual supplements and other materials to help nonbanks and its own staff better understand application procedures.

It was Varo's second try with the Federal Deposit Insurance Corp., but it has now moved within a few steps of obtaining what has eluded fintech firms of late: a green light from banking regulators.

An intraparty rift went public Wednesday over legislation that would impose a 36% rate limit on all consumer loans. Critics are concerned it would cut off minority borrowers’ access to small-dollar loans and hurt some community banks.

The agency agreed to most recommendations made by its inspector general but pushed back on some conclusions.

At a recent congressional hearing, OCC chief Joseph Otting showed just how far he might go in allowing reinvestment credits to lenders.

Nonbanks hold a disproportionate percentage of the worst-rated loans, but banks hold a majority of the market, and risk management safeguards are largely untested, according to an interagency report on shared national credit.

In another rollback of the bank trading ban, the federal agencies unveiled a plan to allow financial institutions to invest in multiple companies through certain fund structures.

Federal Reserve Chair Jerome Powell said he was “comfortable” with a recent speech by Gov. Lael Brainard objecting to significant aspects of the Community Reinvestment Act plan proposed by the OCC and FDIC.

The Financial Services Committee will also hold hearings next month on monetary policy, the CFPB and "astroturfing" worries, among other things.

To guard against headwinds in the agricultural sector, the Federal Deposit Insurance Corp. recommended that institutions consider the “overall financial status” of farm loan borrowers.

Comptroller of the Currency Joseph Otting upset some House Democrats when he was a no-show at a previous oversight hearing. They will now get a chance to question him about the future of the Community Reinvestment Act.

An outside paper identifies the statutes, regulations and other bureaucratic realities complicating the banking agencies’ efforts to oversee and benefit from rapidly changing technology.

Bankers may not want to hear this, but communities benefit when credit unions buy banks.

Community development financial institutions could stand to gain from efforts to modernize the Community Reinvestment Act, but they fear the proposal offered by regulators may end up draining their capital.

Regulators already finalized a rollback of the proprietary trading ban section of the rule but signaled then that their overhaul was not finished.

The two agencies cited geopolitical tensions in issuing the warning and best practices tips, though they stopped short of referring directly to the recent U.S. clashes with Iran.

The House Financial Services Committee chair asked two regulatory agencies about what steps they've taken to prevent fabricated comment letters as they invite the public to weigh in on Community Reinvestment Act changes.

Lawmakers advanced legislation that would require financial regulators to give annual testimony to lawmakers and would mandate regular reports on cybersecurity efforts.

Lawmakers advanced legislation that would require banking regulators to give annual testimony to lawmakers and would mandate regular reports on cybersecurity efforts.