CDFI assets tripled since 2018, with credit unions holding most
Credit unions held more than 66% of all assets in the community development financial institution ecosystem, according to research from the Federal Reserve Bank of New York.
Regions to pay $3 million in steeper-than-usual flood insurance penalty
The Alabama-based regional bank didn’t effectively track whether some loans compiled with flood insurance regulations, according to the Fed. Regions said that it had fixed the issue by 2017.
Unlocking the power of sweat equity to mitigate the housing crunch
The lack of affordable housing is becoming an increasingly acute political and economic problem. But a few small tweaks to a Federal Housing Administration loan program could unlock prospective homeowners’ potential to solve that problem for themselves.
Banks urge regulators to delay CRA final rule
The American Bankers Association and Bank Policy Institute Tuesday urged bank regulators to delay the finalization of its Community Reinvestment Act rule, saying regulators have not calibrated the rule to account for upcoming capital changes or considered whether courts will find the Consumer Financial Protection Bureau’s funding structure constitutional.
Savi Financial wins FDIC approval for de novo bank charter
The plan calls for the formation of Orca Bank in Bellingham, Washington. It would become a subsidiary of Savi, whose CEO would assume the same role at the bank.
Fed’s GSIB surcharge tweak could have big impact on foreign banks
A new reporting requirement for banks with at least $100 billion of assets would push seven banks and two holding companies into a higher regulatory category.
Fintechs know they need better compliance, but don’t want to pay for it
Banks are holding their fintech partners to a higher compliance standard as regulatory scrutiny of banking-as-a-service increases.
The next phase of fare payments: A transit hub in an app
Many public-transit riders are ready for a single app to manage fees for trains, buses, bicycles, scooters and ride-sharing across cities, according to a new global survey from Visa.
Becoming a bank proves challenging for fintechs seeking survival
Figure, Oportun and Brex are among the fintechs that have dropped their applications for a banking charter.
FedNow won’t revolutionize the way businesses pay their bills
It’s hard to see FedNow as a revolutionary solution because it’s not actually much newer, faster or cheaper in many cases than existing payment services.