FDIC Clears Thiel-Backed Erebor Bank for Deposit Insurance
Hey Digital Banking Fanatics!
Erebor Bank just took a major step forward...
The FDIC approved deposit insurance coverage for the crypto-oriented lender, moving it closer to full-scale operations.
The bank, backed by Peter Thiel and Palmer Luckey, met the statutory requirements for approval, though regulators attached conditions around capital and failure-resolution readiness during its first three years.
This follows earlier progress with regulators. The OCC had already conditionally approved Erebor’s national bank charter, signaling growing openness to new entrants with non-traditional models.
Regulators aren’t stopping there. The FDIC is also outlining how banks could issue payment stablecoins, while the Federal Reserve weighs narrower access to payment rails for FinTechs.
The regulatory landscape is clearly shifting!
If you’re tracking how Digital Banking players are moving into the core of the financial system, keep scrolling 👇
Cheers,
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🇺🇸 FDIC approves Thiel-backed bank for deposit insurance coverage. The Federal Deposit Insurance Corp. gave the nod for Erebor Bank N.A. to receive deposit insurance coverage, a key step forward for the crypto-oriented lender as the Trump administration further embraces digital assets.
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🇮🇳 India's central bank imposes curbs at Gauhati Co-operative Urban Bank. The Reserve Bank of India said the directions were necessary due to concerns arising from the bank's current liquidity position, and to protect the interests of depositors, without elaborating on the specifics of these concerns.
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