Embedded finance news: Sponsor banks
Pathward stays Clair's earned wage access bank partner
Pathward renewed its Clair deal and will keep originating the earned wage advances sold inside payroll software.
The Bancorp launches Finetics for bank-led embedded finance
The Bancorp Bank now sells embedded finance itself, with program management and APIs from one bank.
Cross River's $50M credit facility backs GoodLeap's card
One sponsor bank issues the card and lends to the fintech that funds it.
Modulr picks Cogent Bank for U.S. payments launch
Modulr will open U.S. accounts and payouts through Cogent Bank, reaching ACH, RTP and FedNow via FIS.
Third-party risk management guidance: regulators issue proposal
The agencies would also retire the July 2024 bank-fintech joint statement. Comments are due November 16.
FDIC deposit insurance approval for Mercury Bank, N.A.
The FDIC cleared Mercury Bank, N.A. for deposit insurance with $300 million of initial paid-in capital.
Chime Stride Bank acquisition: Chime buys its sponsor bank for $590M
The all-cash deal would turn Chime's partner bank into Chime Bank, N.A., subject to OCC and Fed approval.
OCC and FDIC finalize "unsafe or unsound practice" rule
The rule, effective November 2, ties enforcement to material financial harm. The Federal Reserve is not a party.
FDIC approves deposit insurance for Augustus National Bank
The FDIC approved deposit insurance for Augustus National Bank, a Dallas de novo with a stablecoin plan.
FDIC publishes a second consent order for Lineage Bank
Lineage Bank's second FDIC consent order sets capital floors and restricts dividends and brokered deposits.