Four Chinese military members charged with stealing data of 150 million Americans; fintech can use deposit insurance, a step toward a full bank charter.
Chairman Jelena McWilliams previewed a proposal to update the agency’s definition of brokered funds, but also suggested steps lawmakers could take to improve the rule’s underlying statute.
The fintech firm, which had made prior attempts to offer a federally insured consumer account product, said it has “no plans at this time” to become a bank.
The two previously worked at BNY Mellon in similar roles, Scharf as CEO and Daley as head of public affairs; Michael Johnson’s demotion follows the bank’s massive data breach in July.
The FDIC sold the operations of City National Bank of New Jersey, a minority depository institution, to Industrial Bank in Washington, D.C., in the year's fourth closure.
