Federal Reserve: FEDS Notes | The Branch Puzzle: Why Are There Still Bank Branches?
Elliot Anenberg, Andrew C. Chang, Serafin Grundl, Kevin B. Moore, and Richard Windle* We provide evidence that the persistence of the large number of local bank branches across the country may be due to the fact that both depositors and small businesses continue to value local bank branches. Read the Full Article.
CFPB: Bureau Collaborating with Regulators Around the World to Create Global Financial Innovation Network
The Bureau of Consumer Financial Protection (BCFP), working in collaboration with 11 financial regulators and related organizations, is announcing an initiative to create the Global Financial Innovation Network (GFIN). The network will seek to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to…
OCC: Financial Technology Companies Can Now Apply for a National Bank Charter
The Office of the Comptroller of the Currency (OCC) today announced it will begin accepting applications for national bank charters from nondepository financial technology (fintech) companies engaged in the business of banking. “Over the past 150 years banks and the federal banking system have been the source of tremendous innovation that has improved banking services…
Federal Reserve: Board Launches Consumer Compliance Supervision Bulletin
The Federal Reserve Board on Thursday launched the Consumer Compliance Supervision Bulletin–a new publication that will provide bankers and others interested in consumer protection with high-level summaries of pertinent supervisory issues. The Bulletin complements other Federal Reserve System outreach programs for banking organizations, such as the Consumer Compliance Outlook publication and its companion webinar series,…
ABA: Robert Jones, Chairman and CEO of Old National Bank, Appointed Chairman of ABA’s American Bankers Council
The American Bankers Association has appointed Robert G. Jones as chairman of ABA’s American Bankers Council for the 2018-2019 membership year. Jones is currently chairman and CEO of Old National Bancorp in Evansville, Ind., and is a member of its board of directors. Prior to joining Old National, Jones served for 25 years at KeyCorp….
ABA: Report Shows Credit Card Market Moderated in First Quarter 2018
Credit card use moderated in the first quarter of 2018, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. Compared to the previous quarter, purchase volumes fell 4-6 percent across risk tiers. On a year-over-year basis, purchase volumes rose across risk tiers, led by an 8.9 percent increase for super-prime accounts and…
OCC: New Bulletin Discusses Annual Host State Loan-to-Deposit Ratios
Summary The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) issued on June 15, 2018, the host state loan-to-deposit (LTD) ratios. The OCC is issuing this bulletin to inform national banks about how these ratios are used…
CFPB: Paul Watkins Announced as New Director for the Office of Innovation
Bureau of Consumer Financial Protection (Bureau) Acting Director Mick Mulvaney today announced he has selected Paul Watkins to lead the Bureau’s new Office of Innovation. “I am delighted that Paul Watkins is bringing his deep expertise, track record of protecting consumers, and commitment to innovation to the Bureau,” said Acting Director Mulvaney. “I am confident…
OCC: Minority Depository Institutions Advisory Committee Charter Renewed
The Office of the Comptroller of the Currency (OCC) has renewed the charter of its Minority Depository Institutions Advisory Committee (MDIAC), which advises the agency on issues and opportunities facing minority depository institutions. “The Minority Depository Institutions Advisory Committee has a long history of offering the OCC an invaluable perspective on the business environment affecting…
Interagency Guidance: Host State Loan-to-Deposit Ratios 2018 Update Issued
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today issued the host state loan-to-deposit ratios that they will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios replace the…