ABA: Statement on Bank On Account Milestone
“We are thrilled to learn that more than 100 financial institutions, including a growing number of America’s banks, now offer low-cost Bank On certified accounts. We congratulate the Cities for Financial Empowerment Fund, which created the Bank On standards, for this important achievement and for the CFE Fund’s ongoing efforts to reduce the number of…
FDIC: FDITECH Registration Open for Tech Sprint to Reach the Unbanked
The Federal Deposit Insurance Corporation (FDIC) today opened the registration period to participate in a Tech Sprint designed to explore new technologies and techniques that would help expand the capabilities of banks to meet the needs of the unbanked. Interested organizations can request to participate in this Tech Sprint by visiting the FDIC’s Tech Lab…
FDIC: “Fintech: A Bridge to Economic Inclusion” Virtual Conference Scheduled for June 29th
June 29th event to address how technology can create greater opportunities The Federal Deposit Insurance Corporation (FDIC) will host a virtual conference on Tuesday, June 29, 2021, to explore how financial technology and innovation can create a more diverse, equitable and inclusive banking system. Fintech: A Bridge to Economic Inclusion will feature leading voices in the world of…
ABA: New Report Shows Credit Card Rewards Provide Value to Consumers of All Income Levels, Merchants
New study shows why so many consumers choose to participate in rewards programs Credit card rewards are accessible, valuable, and well-understood by consumers across all income levels according to a new report from the American Bankers Association. ABA examined rewards cards and their value to various participants in the credit card market, including merchants and consumers, segmented…
FDIC: FDITECH Tech Sprint to Reach More Unbanked People Launched
The Federal Deposit Insurance Corporation today announced a ‘tech sprint’ designed to explore new technologies and techniques that would help expand the capabilities of banks to meet the needs of unbanked individuals and households. The FDIC‘s tech lab, FDITECH, is launching a first-of-its-kind tech sprint by challenging participants to identify better resources and tools to help…
Agencies Issue Host State Loan-to-Deposit Ratios
Federal bank regulatory agencies today issued the host state loan-to-deposit ratios that are used to evaluate compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios replace the prior year’s ratios from June 2020. By law, a bank is generally prohibited from establishing or acquiring branches outside of…
ABA: Report Shows Addressing Unbanked & Underbanked Challenges Requires Multifaceted Approach
Enhancing existing programs, highlighting no- and low-cost bank account offerings, improving financial education, expanding broadband internet access, and encouraging the opening of bank accounts during government benefit program enrollment will help address the unbanked/underbanked challenge in the United States. A new report, Delivering Financial Products and Services to the Unbanked and Underbanked in the United States…
FDIC: 2021 Risk Review Published
The Federal Deposit Insurance Corporation (FDIC) today published its 2021 Risk Review, a comprehensive summary of emerging risks in the U.S. banking system. The FDIC began reporting key banking sector risks in its Risk Review publication in 2019, and this year’s report expands coverage of key risks during a time of heightened uncertainty. “The U.S. economy…
FDIC: FDiTech Announces New Deputy Director of Office of Innovation
The Federal Deposit Insurance Corporation (FDIC) today announced the appointment of Zunera Mazhar as Deputy Director of the agency’s Office of Innovation. Ms. Mazhar will guide the agency’s work to promote the adoption of innovative technologies within the FDIC and across the financial services sector. “I am extremely excited that Zunera will be joining our…
FDIC: FDiTech to Host Virtual Office Hours on Banking-Related Innovation
The Federal Deposit Insurance Corporation (FDIC) today announced that it will host a series of virtual ‘office hours’ to hear directly from a range of stakeholders regarding current and evolving technological innovations in the business of banking. Hosted by the FDIC’s tech lab, FDiTech, and FDIC Chief Innovation Officer Sultan Meghji, these hour-long, one-on-one sessions will…