FDIC

The Federal Deposit Insurance Corp.’s (FDIC) quarterly banking profile for the third quarter of 2021 showed America’s banks were fundamentally sound.

Reports came from 4,914 commercial banks and savings institutions insured by the FDIC and reflected an aggregate net income of $69.5 billion during the relevant time period, an increase from the same quarter the year before.

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The Office of the Comptroller of the Currency issued an interpretive letter clarifying the authority of banks to engage in certain cryptocurrency activities and the agency’s authority to charter a national trust bank.

“Today’s letter reaffirms the primacy of safety and soundness,” acting Comptroller Michael Hsu said. “Providing this clarity will help ensure that these cryptocurrency, distributed ledger, and stablecoin activities will be conducted by national banks and federal savings associations in a safe and sound manner.”

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In a joint statement, the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators announced they will resume supervision and enforcement actions under Regulation X mortgage servicing rules.

This statement replaces the one made in April 2020, where the same agencies suspended actions against mortgage servicers for failing to meet certain timing requirements.

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The President’s Working Group on Financial Markets, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency issued a report on stablecoins, related activities, and the risk posed to the economy and consumers.

The report concluded with recommendations for Congress to preserve market integrity, investor protection, and avoid illicit finance concerns.

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The Federal Deposit Insurance Corp. has created an Office of Minority and Community Development Banking.

The new department will support the agency’s engagement with minority depository institutions, community development financial institution banks, and other mission-driven banks.

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The Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp., the Federal Reserve System, the Office of the Comptroller of the Currency, and the National Credit Union Administration issued a joint statement related to the upcoming discontinuation of the London Interbank Offered Rate (LIBOR).

The statement highlights the risks posed by a lack of preparation for this transition and asks those in the industry who have relied on LIBOR to continue efforts in using alternative reference rates.

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The Federal Deposit Insurance Corp., along with the Federal Reserve Board and the Office of the Comptroller of the Currency, has released a guide to help community banks assess risk when considering relationships with financial technology (fintech) companies.

The guide covers six key areas of due diligence for community banks to consider when exploring arrangements with fintech companies and contains practical sources of information that may be useful during evaluation.

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The Federal Deposit Insurance Corp. (FDIC) issued a request for information (RFI) regarding the agency’s supervisory approach to examinations during the pandemic and related economic crisis.

“Throughout the COVID-19 pandemic, examiners have continued the FDIC examination program despite pandemic conditions, in part by leveraging prior efforts and existing technology systems,” the agency stated.

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The Office of the Comptroller of the Currency, Federal Reserve Board of Governors, and Federal Deposit Insurance Corp. have issued proposed guidance designed to help banking organizations manage the risks inherent to third-party relationships.

It is intended to assist institutions in identifying and addressing risk, including in relationships with fintech-focused entities.

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The Federal Deposit Insurance Corp.’s tech lab, FDITECH, launched a first-of-its-kind tech sprint to explore new technologies and techniques that could expand banks’ capabilities to meet the needs of unbanked individuals and households.

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