First Citizens Bank strikes deal with FDIC to buy Silicon Valley Bank assets
The deal includes the purchase of assets of $110bn, deposits of $56bn and $72bn of SVB’s loans.
FDIC
FDIC chief innovation officer resigns
Sultan Meghji, FDIC’s first chief innovation officer, is leaving just one year into the job.
FDIC appoints Neocova’s Sultan Meghji as first chief innovation officer
The US agency is aiming to boost innovation among banks and credit unions.
GAO urges FDIC to stop examiners fishing for bank jobs
Congress’s investigative branch calls on bank regulator to do more.
US regulators relax Volcker Rule restrictions
Major US banks allowed to unlock wider range of investment options.
City National Bank of New Jersey shut down by OCC
Three US banks have been closed in two weeks by regulators.
US regulators sign up to Global Financial Innovation Network
The CFTC, FDIC, OCC and SEC are all on board.
Federal Reserve signs off on Volcker Rule simplification
“Volcker 2.0” to go live in January 2020.
FDIC’s McWilliams: Core banking vendors must evolve
Top regulator says that collaboration is the future for all in the industry
Rakuten applies for US banking charter
The ABA expressed serious concerns Rakuten gaining a banking charter.
Square wants to be a bank, sort of
Mobile point-of-sale pioneer Square Inc. is applying for an Industrial Loan Company (ILC) charter to support the expansion of its lending business, the volume of which grew 68 percent year-over-year in Q2 to $318 million.
Varo Money applies for US banking charter
Varo Money is looking to become a true challenger bank, complete with a national bank charter.
FDIC Study: Unbanked Rate Drops; Prepaid, Mobile on Rise
The number of households without bank accounts fell to its lowest level since the FDIC first began conducting its biannual survey in 2009. Seven percent of U.S. households were unbanked last year, according to the FDIC’s 2015 National Survey of Unbanked and Underbanked Households, released Oct. 20.
