fdic

This is the chance your local bank branch will close by July

If you live in a low income part of a big city, there is a decent chance your nearest bank branch is about to close.

The Stablecoin Surge Is Built on Smoke and Mirrors

Are stablecoins fully backed by reserves? Are they FDIC-insured? Stablecoins may be too good to be true, says our columnist.

Betterment adds checking and savings products

Betterment, the New York-based automated advisory service for wealth management, is adding FDIC-insured checking and savings account services through partnerships with several banks. “It’s the
The intersection of small business, tech and our financial system is more important than ever

The intersection of small business, tech and our financial system is more important than ever

Let's focus on preserving jobs and providing relief to our economy’s beating heart — small businesses.

Payments Unicorn Square Gets Limited Bank Charter for Merchant Lending

Square Financial Services was given conditional approval by the FDIC Board for an Industrial Loan Company bank charter on Wednesday.

It doesn’t matter if China hacked Equifax

On Monday the FBI and AG Barr announced "an indictment last week charging four members of the Chinese People's Liberation Army (PLA) with hacking into the computer systems of the credit reporting

Recommendations for fintech startups navigating the procurement process

Payments and lending spring to mind as “classic” fintechs, but other models like regtech, compliance, human resources and marketing are on the ascent.
Money-transfer startup Remitly launches Passbook, a neobank aimed at immigrants

Money-transfer startup Remitly launches Passbook, a neobank aimed at immigrants

Last summer, the Seattle-based startup Remitly closed a $135 million round to go beyond money-transfer services into a wider range of financial products catering to its primarily-immigrant customer
Three US banks have gone bust in recent weeks, after a failure-free 2018

Three US banks have gone bust in recent weeks, after a failure-free 2018

There have been only three years since 1933 without a bank failure.
US bank branches have declined rapidly in recent years

US bank branches have declined rapidly in recent years

Between 2010 and 2019, the number of full-service bank branches fell from almost 95,000 to just over 83,000.

US Financial Regulators Join UK FCA’s ‘Global Sandbox’

Four U.S. regulators joined an international alliance of government regulators seeking to bolster the future of fintech.
As branches close, tiny US community banks are sticking around

As branches close, tiny US community banks are sticking around

Only 3% of the banks in counties with just one branch in June 2010 had closed up shop as of June 2019.
Robinhood’s newest feature shows financial regulation is working

Robinhood’s newest feature shows financial regulation is working

The startup announced a cash management feature, paying 2% on uninvested cash in customers' brokerage accounts.
Upstart banking company Dave is now worth $1 billion, as Norwest puts in $50 million

Upstart banking company Dave is now worth $1 billion, as Norwest puts in $50 million

Two years after the Los Angeles-based fintech startup Dave launched with a suite of money management tools to save consumers from overdraft fees, the company is now worth $1 billion thanks to a
Here’s Why Critics Think Changes to the ‘Volcker Rule’ Could Increase Risk and Leave Taxpayers Bailing Out Banks (Again)

Here’s Why Critics Think Changes to the ‘Volcker Rule’ Could Increase Risk and Leave Taxpayers Bailing Out Banks (Again)

The Volcker Rule tried to ensure that certain types of trading could not touch consumer bank deposits that rely on FDIC insurance for safety. Now that provision is being watered down.
Federal regulators decide the one thing the Trump era needs is banks playing casino again

Federal regulators decide the one thing the Trump era needs is banks playing casino again

With the possibility that Donald Trump isn't going to be in office in January 2021, it seems that the Republican powers that be have decided they've got to get serious about stealing everything while
U.S. banks raked in record profits thanks to GOP tax bill

U.S. banks raked in record profits thanks to GOP tax bill

The Republican tax bill helped U.S. banks gain an extra $28 billion in profits last year, according to new data released Thursday by the Federal Deposit Insurance Corporation (FDIC). In total, the
Aggressive online competition means US savers can now easily get interest rates of 2% or more

Aggressive online competition means US savers can now easily get interest rates of 2% or more

Commercial banks hold some $8 trillion of cash, paying an average of just 0.10% on savings deposits. There are much better deals out there.
Why everyone should have a high-yield savings account

Why everyone should have a high-yield savings account

Money doesn’t grow on trees. And it doesn’t grow in savings accounts at big brick-and-mortar banks like Chase, Wells Fargo, and Bank of America either.…
Robinhood lacked proper insurance so will change checking & savings feature

Robinhood lacked proper insurance so will change checking & savings feature

Robinhood will rename and revamp its upcoming checking and banking features after encountering problems with its insurance. The company published a blog post this evening explaining “We plan to work