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FinTech Deposit Insurance Financial Services Industry

Mayer Brown

US FDIC Requests Comment on Industrial Loan Company Framework

Mayer Brown on

On July 15, 2025, the Federal Deposit Insurance Corporation (“FDIC”) requested comment on its framework for reviewing applications for deposit insurance from industrial loan companies and industrial banks (collectively,...more

Davis Wright Tremaine LLP

National Trust Banks – Revisited for Crypto and Payments

In the absence of modern charters and licenses, payments companies and other fintechs—both established financial services providers and new market entrants—must generally obtain 50+ money transmitter and possibly other state...more

Morrison & Foerster LLP

Banking Agencies Address Banking Arrangements with Third Parties to Provide Deposit Products and Services

On July 25, 2024, the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively, the “Agencies”) issued a joint statement to banks regarding risks...more

Kilpatrick

FDIC Issues Warnings to Fintech Firm on False Deposit Insurance Claims

Kilpatrick on

The FDIC recently sent a warning letter to a fintech firm that made misleading references to the availability of deposit insurance in promotional materials used for various crypto-related products. Unbanked, Inc, which...more

Venable LLP

The FDIC Continues Its Crackdown on False or Misleading Deposit Insurance Advertising

Venable LLP on

Everyone—including fintechs, other non-bank companies, and associated individuals—that either partners with banks or seeks to provide alternatives to insured deposits must comply with the FDIC's deposit insurance advertising...more

Husch Blackwell LLP

Why Fintechs and Crypto Companies Should Pay Attention to the FDIC's Latest Round of Cease-and-Desist Letters

Husch Blackwell LLP on

On February 15th, the Federal Deposit Insurance Corporation (FDIC) issued another round of cease-and-desist letters demanding that companies stop making false and misleading statements regarding deposit insurance coverage....more

Seward & Kissel LLP

FDIC Adopts Rule Prohibiting Misleading Statements About FDIC Insurance that Impacts a Broad Range of Deposit Placement...

Seward & Kissel LLP on

Introduction - On May 17, 2022, the Board of Directors of the Federal Deposit Insurance Corporation (“FDIC”) adopted a final rule (“Rule”) setting forth its procedures for investigating and enforcing false advertising,...more

Seyfarth Shaw LLP

In a Win for FinTech, New FDIC Rule Clarifies Industrial Bank Application Process

Seyfarth Shaw LLP on

Seyfarth Synopsis: The Federal Deposit Insurance Corporation (“FDIC”) has issued a new rule codifying and clarifying its expectations for industrial banks and their parent companies to receive approval for federal deposit...more

BCLP

To Deposit or Not to Deposit: a Question for Fintech Charters

BCLP on

The fintech industry has justifiably greeted the OCC’s announcement of a national fintech charter with optimism. But one area where we have seen significant confusion is the possibility of the fintech charter being granted...more

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