Big banks join fight against new ILCs


Small banks have long led the campaign against industrial loan companies, arguing they can be used to violate the separation of banking and commerce. But now the industry’s heavyweights are also taking a hard line in response to an FDIC proposal that would give tech companies a smoother path into the lending business.


Repealing brokered deposit law would be a costly mistake


Congress and the FDIC are considering easing limits on banks' holdings of such deposits, a move that could inadvertently lead to more expensive failures.


Edward Jones seeks FDIC coverage for industrial loan company


The investment firm is the latest nonbank to try to enter banking through a Utah-based ILC.


FDIC chief on why call reports are getting a makeover


Jelena McWilliams explains the agency's decision to enlist the help of tech innovators to modernize a reporting process that the coronavirus epidemic has exposed as outdated.


FDIC to hold competition to modernize call reports


The so-called tech sprint involving 20 companies from across the country is intended to help improve the efficiency of banks' quarterly data submissions to the regulators.


FDIC looks to ditch call reports; Wirecard’s long-time auditor under fire


The agency wants more timely information on the banks it supervises; investors filed a criminal complaint against Ernst & Young, calling their work “a disaster” for failing to expose the scandal.


Where FDIC, OCC chiefs differ on post-pandemic banking


While they are not dramatically opposed, Jelena McWilliams and Brian Brooks have articulated their own ideas on postal banking and the use of artificial intelligence in lending.


Regulators update Volcker, swaps and rate-cap rules


Five financial regulatory agencies clarified the meaning of "covered funds" under the Volcker Rule. Meanwhile, the FDIC gave certain banks more flexibility in interaffiliate exchanges of swaps and adopted a workaround of a court decision governing interest rates on loans sold across state lines.


Banking industry renews opposition to Rakuten's ILC application


Three banking trade associations told the FDIC that Rakuten Bank America, even after revisions to its earlier application to the agency, would still violate the separation of banking and commerce as well as present consumer privacy concerns.


Warren and Brown urge regulators to undo recent capital change


Sens. Sherrod Brown and Elizabeth Warren are asking three federal agencies to reverse changes that allow banks to exclude certain items from their supplementary leverage ratio.