As part of its effort to foster greater transparency, efficiency and innovation, the FDIC is renewing its effort to seek input on how it can modernize and revise its official sign and advertising rules.
Two firms—Thrivent Financial and Brex—have submitted applications in recent days to the Utah Department of Financial Institutions and the FDIC to operate industrial loan company subsidiaries.
The American Bankers Association wrote to the FDIC today expressing strong opposition to another attempt by Rakuten, a major Japanese e-commerce company, to obtain federal deposit insurance.
The FDIC formally announced that it will resume requiring resolution plans from covered insured depository institutions, lifting a moratorium in place since November 2018 while the FDIC revamped the process.
FDIC-insured banks and savings institutions earned $51.2 billion in the third quarter of 2020, a 10.7% decline from the year prior, but a significant improvement from the first half of the year, the FDIC reported today in its Quarterly Banking Profile.
The FDIC on Friday proposed changes to the risk-based deposit insurance system that applies to banks with more than $10 billion in assets to address the temporary deposit insurance assessment effects resulting from CECL implementation.
FDIC Chairman Jelena McWilliams today signaled that an increase in the deposit insurance assessment rate schedule will likely not be necessary to restore the Deposit Insurance Fund to its statutorily required minimum reserve ratio of 1.35%.
The FDIC should clearly set out the circumstances under which it would be required to disapprove a deposit insurance application or other industrial loan bank or industrial loan company transaction, ABA recommended in a comment letter to the agency today.
The American Bankers Association joined the Bank Policy Institute and the Consumer Bankers Association today in expressing strong opposition to an application for deposit insurance submitted by Rakuten—a major Japanese e-commerce company—for its U.S. bank subsidiary, Rakuten Bank America.
Noting that many banks grew loans substantially in response to credit needs during the coronavirus pandemic, the OCC and FDIC today issued rules to ensure that banks do not pay increased assessments as a result of their increased lending amid the pandemic.