FDIC

President Joe Biden announced his intent to nominate a chair and member of the board of directors of the Federal Deposit Insurance Corp. Read on for more details. Read on »

According to the latest survey data from the Federal Deposit Insurance Corp., a record level of households had at least one person with a checking or savings account at a bank or credit union in 2021 despite the economic challenges of COVID-19. Read on for more details. Read on »

Democrat senators and representatives sent letters to federal financial regulators pressing them for answers regarding each agency’s ethics guidelines as they relate to the “revolving door” of government employees becoming lobbyists or consultants as a result of their employment with the government. The specific concern relates to the number of ex-government employees that have left the public sector for crypto and fintech firms. Read on for more details. Read on »

The Federal Deposit Insurance Corp. board of directors has voted to increase the initial base deposit insurance assessment rate schedules uniformly by 2 basis points beginning first quarter 2023. Read on for more details. Read on »

The White House announced President Joe Biden’s two nominees to serve on the board of directors of the Federal Deposit Insurance Corp. (FDIC). The two nominees, both Republicans, will join the three Democrats currently on the FDIC board.

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In a recent letter to Acting FDIC Chair Martin Gruenberg, Sen. Pat Toomey (R-Pa.) pressed the Federal Deposit Insurance Corp. (FDIC) on its stance toward banks involvement in cryptocurrency. He questioned if the agency is “improperly” deterring banks from offering cryptocurrency services.

Toomey points to “corroborated” whistleblower claims that the FDIC is actively urging banks to refrain from engaging in crypto-related activities.

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Activist and lobbying group Bank Policy Institute (BPI) participated in the public comment on the banking agencies’ joint Community Reinvestment Act (CRA) proposal. BPI supports the existing CRA and its core mission and is critical of the current efforts to engage in massive overhauls by the regulators.

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The Federal Deposit Insurance Corp. (FDIC) has issued an advisory to FDIC-insured institutions regarding dealings with crypto companies. The advisory comes after some crypto companies were charged with claiming FDIC insurance coverage because of maintained relationships with FDIC-insured banks.

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The Federal Reserve and the Federal Deposit Insurance Corp. has issued a joint cease-and-desist order to Voyager Digital, a cryptocurrency company, demanding it stop claiming it is federally insured.

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Bank of Montreal (BMO) and community advocates squared off at a public hearing held by the Federal Reserve and the Office of the Comptroller of the Currency regarding its proposed acquisition of San Francisco-based Bank of the West.

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