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Overzealous and misguided supervision contributes to crushing compliance costs for community banks, according to FDIC Vice Chairman Travis Hill.
Details: Speaking in Washington, Hill said bank examiners should focus less on procedural checklists and instead address certain bank stability risks. He also said the FDIC needs a new direction and he expects that to begin Jan. 20.
Standard-Setting: Hill added that it is worth revisiting the idea of a public-private organization that would establish standards for due diligence of fintech vendors, which he said would reduce the need for each bank that partners with a fintech to conduct costly, time-consuming due diligence of its own.
ICBA View: In a comment letter to the agencies on bank-fintech relationships last fall, ICBA said a standard-setting organization and certificate program would make it easier to get new technologies through a bank’s internal approval process.
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The Consumer Financial Protection Bureau proposed an interpretive rule on how Regulation E and the Electronic Fund Transfer Act apply to emerging payment mechanisms, such as stablecoins and digital assets that operate as a medium of exchange or pay for goods and services.
ImageJan 13, 2025
More than half of community bank executives say their biggest challenge in 2025 is growing deposits, according to the latest Independent Banker magazine.
ImageJan 10, 2025
House Financial Services Committee Chairman French Hill (R-Ark.) announced the panel’s vice chairman, subcommittees chairs, vice chair for communications, and committee whip for the 119th Congress.
ImageJan 10, 2025
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