Federal Banking Agencies Issue CRA Modernization Proposal The federal banking agencies have jointly issued a proposed rule that would modernize their regulations that implement the Community Reinvestment Act (the “CRA”). The...more
On February 7, all-mobile banking services startup Varo Money, Inc. (“Varo”) received the FDIC’s approval of its federal deposit insurance application for Varo Bank, N.A. (in formation) (the “Bank”). The FDIC’s approval...more
Competition and technology are demanding that banks provide more convenient payment choices for consumers. Consequently, banks are offering mobile financial services (MFS) that can be accessed through mobile devices such as...more
Following the trend of federal agency interest in fostering (and potentially regulating) innovation in the field of financial technology (FinTech), the Office of the Comptroller of the Currency (OCC) released the white paper...more
FDIC Study Shows Branch Banking Has Staying Power: Has your smartphone displaced your bank? According to an FDIC study released on February 19, traditional brick-and-mortar offices are maintaining their primacy, despite...more