Current Industry News
FDIC Approves the Merger Between BB&T and SunTrust
The Federal Deposit Insurance Corporation (FDIC) Board of Directors unanimously approved the Bank Merger Act (BMA) application submitted by Bank Branching and Trust Company (BB&T), Winston-Salem, NC, to merge with SunTrust Bank, Atlanta, GA. The resulting bank will operate under BB&T’s charter and will be called Truist Bank. Truist Bank will be headquartered in Charlotte, NC.
California Company Settles FTC Allegations that it Falsely Claimed Participation in EU-U.S. Privacy Shield
A California company has agreed to settle Federal Trade Commission allegations that it falsely claimed participation in the EU-U.S. Privacy Shield framework, which enables companies to transfer consumer data legally from European Union countries to the United States.
OCC Proposes to Codify ‘Valid-When-Made’ Principle
Providing a long-awaited regulatory solution to court rulings challenging the principle, the OCC today proposed that interest rates valid when the loan is made by a national bank or federal thrift remain valid when the loan is transferred or sold. The FDIC is expected to propose a similar rule at its board meeting tomorrow, ensuring that “valid when made” is codified for both national and state-chartered banks.
How Fintech’s Third Wave Will Change How You Bank
The origins of today’s boom in consumer-focused “fintech,” or financial technology, trace back to the global economic meltdown in 2008. Since that disaster struck, the industry has evolved through three discrete phases, says Jason Brown, CEO and cofounder of Tally, a fintech startup, on Balancing The Ledger, Fortune’s show covering the intersection of finance and tech.