The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government created in 1933 to protect depositors in banks from loss in case of bank failure. The FDIC provides deposit insurance, which means that if a bank fails, the FDIC will reimburse depositors up to the amount of the deposit insurance limit. The FDIC also sets rules and regulations for banks and other financial institutions to ensure that they protect depositors' funds and operate safely and soundly.
The FDIC recently proposed a rule to address misrepresentations of deposit insurance coverage. The proposed rule would clarify the definition of deposit insurance coverage, as well as the scope of FDIC protection for depositors and other consumers. The proposed rule would also amend the FDIC's current regulation that governs the disclosure of deposit insurance coverage.
The proposed rule further would amend the FDIC's recent regulation addressing misrepresentations of deposit insurance coverage. In particular, the proposed rule would define the term "depositor" in the FDIC's regulations, providing greater clarity as to which deposits are insured. The proposed rule would also clarify how a consumer’s deposits are insured, and provide guidance on how a consumer’s deposits should be disclosed by insured institutions.
The Federal Reserve Board and the Federal Deposit Insurance Corporation released the updated asset-size thresholds to define certain banks as “small” or “mid-size” under the Dodd-Frank Act. The thresholds were updated to reflect changes in the Consumer Price Index and will remain in effect until the FDIC adjusts them. The thresholds determine which banks are subject to the enhanced prudential standards that the FDIC and other regulators have implemented.
The FDIC issued a final rule to amend the definition of a refinance for the purposes of determining the deposit insurance coverage of brokered deposits. The final rule clarifies the definition of a refinance to include certain transactions, such as when a customer obtains a loan from a third party to replace a loan from an insured depository institution. The final rule also clarifies the definition of a refinance for the purposes of deposit insurance coverage for certain types of brokered deposits, including certificates of deposit and other time deposits.
He doesn't fit the definition of a stereotypical “crypto bro,” but his company, Revolut, has been talking up its banking services, including the allure of being insured by the Federal Deposit Insurance Corporation (FDIC). Revolut, which is based in the U.K., has been offering FDIC-insured deposit accounts in the U.S. since 2019, with the goal of making it easier for customers to save and manage their money.
Areas that skyrocket all of a sudden are, almost by definition, more risky and volatile investments than those that rise slowly over time. Federal regulators, including the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency, are taking a closer look at some of the hot investments on the rise. The regulators are concerned that some of these investments may be too risky and that investors may not fully understand the risks associated with them.
Deposit insurance is usually a software layer on top of a partner bank's FDIC insurance. Companies like Chime, Varo, and Aspiration have their own bank charter now so no longer a fintech by my definition. They are FDIC-insured and offer higher interest on deposits. The FDIC-insured deposits also come with a limit of $250,000 per account, which is a lot more than most fintechs offer.
The Federal Deposit Insurance Corporation (FDIC) is issuing a proposed rule to amend the definition of a brokered deposit for the purposes of determining the amount of deposit insurance coverage available for a customer’s deposits. The proposed rule would clarify the definition of a brokered deposit as defined by Section 337.6 –Brokered Deposits, of the FDIC's Rules and Regulations.
Federal and state regulators have interpreted the definition of money transmission in different ways, leading to confusion and uncertainty in the digital payments space. The Federal Deposit Insurance Corporation (FDIC) and the Board of Governors of the Federal Reserve System have issued statements and guidance clarifying the definition of money transmission services. The guidance provides clarity on when a company’s activities constitute money transmission services, and when they do not.
Are Not FDIC Insured, Are Not Bank Guaranteed, May Lose Value - these are words used to describe investments that are not insured by the Federal Deposit Insurance Corporation (FDIC). These investments may carry greater risk than FDIC-insured investments, as they are not guaranteed by the FDIC, and may lose value if the underlying investment does not perform well.
The Federal Deposit Insurance Corporation (FDIC) has issued a proposed rule to establish minimum standards for deposit insurance coverage of consumer deposits. The proposed rule would require insured depository institutions to provide consumers with deposit insurance coverage of at least $250,000 per depositor, per institution. The proposed rule would also require institutions to provide consumers with clear and conspicuous disclosure of the deposit insurance coverage available.
The Federal Deposit Insurance Corporation (FDIC) has issued a final rule to amend the definition of a brokered deposit for the purposes of determining the amount of deposit insurance coverage for a customer's deposits. The final rule clarifies the definition of a brokered deposit as defined by Section 337.6 –Brokered Deposits, of the FDIC's Rules and Regulations. The final rule also clarifies the definition of a refinance for the purposes of deposit insurance coverage for certain types of brokered deposits, including certificates of deposit and other time deposits.
The FDIC recently issued a final rule to amend the definition of a time deposit for the purposes of determining the amount of deposit insurance coverage for a customer's deposits. The final rule clarifies the definition of a time deposit as defined by Section 337.7 –Time Deposits, of the FDIC's Rules and Regulations. The final rule further clarifies the definition of a refinance for the purposes of deposit insurance coverage for certain types of time deposits, including certificates of deposit and other time deposits.
