FDIC

Following in the footsteps of its regulatory counterparts, the Federal Deposit Insurance Corp. (FDIC) is moving forward with its plans to form the agency’s own Office of Innovation. 

FDIC Chairwoman Jelena McWilliams offered details on what the office will look like during an event at the Federal Reserve Bank of Philadelphia.

Find out what details she described about the new office’s priorities and goals.

The Federal Deposit Insurance Corp. (FDIC) announced it is seeking information about small-dollar lending among entities it supervises.

Specifically, commenters are being asked about the supply and demand of small-dollar lending products provided by banks, information about challenges banks face in offering small-dollar credit products and what role technology and other means can play in helping banks meet consumer demand in that area.

Read on to find out more about what the agency is hoping to learn.

Streamlined call reports will become a reality for many more banks with the implementation of a new rule proposed by the federal banking agencies, as directed by S. 2155.

The proposal immediately met with criticism from the Independent Community Bankers of America, which argued that the agencies failed to fulfill the intent of Congress in lessening condition reporting burdens.

Find out more about the proposal and the industry’s initial take on it.

Banking agencies and other regulators are being urged to consider formal rulemaking to provide greater certainty pertaining to the use of supervisory guidance in examinations, which some industry advocates believe is too prevalent.

The letters note three reasons the banking trade organizations support the interagency policy statement but also detail their concerns about regulators’ perceived overreliance on guidance materials.

Find out more about why some industry organizations are calling for formal rulemaking to address this matter.

In effort to standardize how counterparty risk is calculated, the three federal banking regulators issued a proposed rule to establish a new approach that accounts for the exposure amount of derivative contracts under the regulatory capital rule.

The proposed “standardized approach for counterparty credit risk,” or SA-CCR, would be an alternative to the current exposure methodology for calculating advanced approaches total risk-weighted assets under the capital rule.

Find out more about the potential benefits of the new calculation method. 

Banks will face less red tape when considering job applicants with minor theft or drug offenses on their records thanks to the Federal Deposit Insurance Corp.’s (FDIC) recent modifications to its Statement of Policy (SOP) for Section 19 of the Federal Deposit Insurance (FDI) Act.

Section 19 prohibits a person convicted of any criminal offense involving dishonesty, breach of trust, money laundering or who has entered into a pretrial diversion or similar program (program entry) in connection with a prosecution for such offense, from participating in the affairs of an FDIC-insured institution.

Read on to get more details about the modifications.

The three federal banking agency members of the Federal Financial Institutions Examination Council (FFIEC) has released 2017 lending data on small businesses, small farms and community development as required by the Community Reinvestment Act (CRA).

The lending data included in the report was gathered from 718 commercial banks and savings associations by the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency.

Read on to get more details about the collected data.

An online student loan provider’s recent decision to withdraw its bid to become a chartered industrial loan company (ILC) represents the third instance of such a retraction by a fintech in a little more than a year.

Nelnet Inc., an online student loan servicer, released a statement indicating that the company may consider reapplying for an ILC charter with the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions in the future.

Find out why the Independent Community Bankers of America stands opposed to such charters.

Recognizing the negative impacts of Hurricane Florence on customers, members and business operations at covered financial institutions, the federal prudential regulatory agencies and state regulators announced their intent to provide appropriate regulatory assistance to supervised entities affected by the storm.

The agencies – the Office of the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation and the National Credit Union Administration – released a statement encouraging institutions operating in the affected areas to strive to continue meeting the financial services needs of their communities.

Read on to learn what assistance and recommendations the agencies are offering.

In a move intended to better distinguish between guidance and regulation, the federal prudential regulators collectively released a clarifying statement regarding the role of guidance.

The financial industry and other interested parties believe the move is a positive step given the fact that past guidance issued by the Consumer Financial Protection Bureau (CFPB) under Richard Cordray’s leadership was deemed to have the same force and effect of a law.

Find out more about what the regulators intend to do going forward in this regard.