A relatively obscure corner of the banking sector is being thrust into the spotlight — and the Federal Deposit Insurance Corp. may change the ways in which industrial loan companies operate. In doing so, it may be the case that nonbanks, including FinTechs and especially retailers,...
They say there are no guarantees in life. That sentiment applies to financial services — at least depending on where you look, or what promises are made by nonbanks. With traditional financial institutions (FIs), the banks that have been around for decades, even centuries, there...
The headlines swirl around Synapse’s bankruptcy and customers’ tales of being frozen out of their accounts. The FinTech space is always evolving, and the ongoing legal wrangling and attempts to find $85 million in account shortfalls will seemingly be long and drawn out, with no...
The Federal Deposit Insurance Corp.’s (FDIC) first-quarter assessment on the banking industry takes note of several trends: Declining loan demand, delinquencies that were higher than a year ago … … and an increase in “problem” banks, even as uninsured deposits grew in the first quarter....
March 16, 2023
Treasury Secretary Janet Yellen isn’t playing favorites, just protecting the U.S. banking system. She told lawmakers Thursday (March 16) that “Americans can feel confident that their deposits will be there when they need them” in her prepared remarks before the Senate Finance Committee. “This week’s actions demonstrate our resolute commitment to ensure that depositors’ savings […]
November 18, 2024
America’s top consumer watchdog is calling for deposit insurance reform. Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB) made this argument last week following the failure of Oklahoma lender The First National Bank of Lindsay, according to testimony released by the bureau Monday (Nov. 18). “Small relationship lenders tend to cater to the […]
May 11, 2023
The head of the Consumer Financial Protection Bureau (CFPB) says big banks should pay for insuring “uninsured” depositors. CFPB Director Rohit Chopra, who is a member of the Federal Deposit Insurance Corporation (FDIC) board of...
May 02, 2023
Raising the level of deposit insurance for banks should not go too far. So said Wells Fargo CEO and President Charlie Scharf on Tuesday (May 2) during a panel discussion...
May 01, 2023
The Federal Deposit Insurance Corp. (FDIC) favors “targeted coverage” among the options for deposit insurance reform. In that option, different deposit insurance limits would be offered across account types, with...
