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Although some bankers support limited measures to change the structure of the Federal Reserve, they predominately reject calls to require the central bank to consult with the president on monetary policy, according to a survey released today by fintech IntraFi.

Bankers are open to changes at the Federal Reserve but want the agency to remain independent from the executive branch, according to IntraFi’s third quarter business outlook survey of executives from 416 banks.

Many bankers support limiting the independence of the Federal Reserve, but not in the way former President Donald Trump has advocated.

Bank customers will have an easier time signing up for reciprocal deposit services under a new partnership between Prelim and IntraFi®.

Despite the decline in check volume, 90% of U.S. banks surveyed said check fraud is ballooning, according to a new survey released today by fintech IntraFi. The survey, which included responses from 471 banks, found that more than a quarter of banks experienced a 50% or higher increase in check fraud over the past three years. Another 19% said check fraud was up 30-49%, while an additional 28% said it rose by 10-29%. “Those are staggering numbers that show check fraud is rampant and surging,” said Mark Jacobsen, IntraFi’s CEO and cofounder.

Regulators need to shift liability for check fraud to the bank where the check is first deposited amid a significant increase in the crime, according to IntraFi’s second quarter business outlook survey of CEOs, presidents, CFOs and chief operating officers from 471 financial institutions.

Check fraud has become so widespread that a majority of bank executives want regulators to take action to stop criminals from stealing paper checks. Many want law enforcement to make check fraud a bigger priority and for Congress to get involved.

After a huge infusion of capital from the Treasury Department, community development financial and minority depository institutions needed deposits. A lot of deposits. So, they banded together to create a program for socially minded investors seeking to make an impact while ensuring their funds are safe. "This is a new-money program," said Brian Argrett, CEO of the Washington, D.C.-based City First Bank. "It opens the window to start a deposit relationship and then to be able to figure out, in collaboration with that depositor, how else we can satisfy our mutual goals, particularly within the local market, low-and-moderate-income communities and communities of color."

Leading Firms Commit $35 Million, More Expected Soon. The Community Development Bankers Association (CDBA) and National Bankers Association (NBA) are proud to announce the launch of the Advancing Communities Together (ACT) Deposit Program. This innovative initiative is designed to channel vital funding to banks serving low-income and minority communities while also ensuring all deposits are eligible for FDIC insurance.

If you keep more than $250,000 at any one bank, you might worry about whether your money is fully protected by government insurance. Maybe you sold a house or a business, adjusted your portfolio for retirement or received an inheritance. Regardless of how you got the money, if your deposits exceed the insurance limits of the Federal Deposit Insurance Corporation, you’re at risk of losing some of it if your bank were to fail.

The Community Development Bankers Association (CDBA) and National Bankers Association (NBA) have launched the Advancing Communities Together (ACT) Deposit Program. The initiative is designed to channel vital funding to banks serving low-income and minority communities while also ensuring all deposits are eligible for FDIC insurance.At launch, four major financial firms have deposited $35m in the programme. Additional deposits are anticipated from a broad range of depositors, including corporations, foundations, and universities.

For the seventh consecutive year, IntraFi was named as a top fintech to work for by American Banker, according to the 2024 survey released last week. IntraFi also ranked No. 12 in the Washington Business Journal’s large company category for best places to work in greater Washington.

Fifty-eight percent of bankers would take action to reduce costs or increase revenue elsewhere even if exempt under a new regulatory proposal to restrict overdraft fees, according to a survey of nearly 500 financial executives released today.

Community bankers are concerned over the Consumer Financial Protection Bureau’s plan to lower overdraft fees, according to IntraFi’s business outlook survey of CEOs, presidents, CFOs and chief operating officers from nearly 500 banks.

Despite a carveout for smaller depositories, many community banks would still likely feel the sting of the Consumer Financial Protection Bureau's proposed cap on overdraft fees. A recent survey by the financial services network provider IntraFi found that many banks would expect to make some kind of change in response to the rule change, should it come to pass, even if they were not required to.

Uninsured deposits are risky for both banks and their customers. That was never more apparent than last spring when Silicon Valley Bank (SVB) failed after depositors pulled $42 billion over a few hours. That day – March 10, 2023 – prompted many companies nationwide to question whether their bank deposits were safe. “Up to that point, we didn’t pay much attention” to deposit insurance, recalled John Clark, the president and CEO of Masterclock, a global manufacturer of accurate time and frequency products based in St. Charles, Missouri. “You assume that by putting money in the bank, you are protecting it, but SVB proved that’s not always the case.”

Speaking on IntraFi’s Banking with Interest podcast, Emmer defended a recently renewed push from congressional Republicans to ban the Federal Reserve from creating a digital currency. Officials including Chair Jay Powell have said repeatedly that the U.S. central bank would wait for congressional authorization. Emmer’s not buying it, telling IntraFi’s Rob Blackwell: “There was a presentation at the beginning of this Congress by the Fed for staff where they showed what their primary responsibilities were, and I think there were four or five of them. Number five was a central bank digital currency."

When the banking system seems shaky, people and organizations start questioning how safe their deposits truly are. This was never more true than last year when Silicon Valley Bank abruptly collapsed, leaving depositors to wonder when or if they’d get access to their money. “You cannot un-live SVB. There were two weeks there when I wasn’t sure if I was going to lose my company,” recalls Russell Franks, co-founder and president of PredictAP, a fin-tech start-up in Boston. “We were a customer of SVB and lost access to our money.”

The squeeze on interest rate margins and the fierce competition for deposits are the biggest issues facing bankers right now, according to a survey released Tuesday of more than 500 institutions.

After a turbulent year, bankers are showing cautious optimism about 2024, though uncertainty still looms large, according to a new survey of industry executives. While deposit competition is still causing worry, bank leaders are confident in their own institutions' credit quality, and their views about future economic conditions are getting brighter, per the survey by IntraFi, which helps banks manage their liquidity.

Many of us can remember a panicky moment when we wondered if our bank deposits were safe. For lots of people, that day came last spring when Silicon Valley Bank collapsed, leaving $150 billion of deposits uninsured and in danger. Others might have had this wake-up call during the 2008 financial crisis when truly nothing seemed normal.

Whether you run a business, a nonprofit or even a town or a city, you want confidence that your bank deposits are safe. What if you could get that certainty with a simple product that pays a competitive rate and keeps the funds both liquid and local? It’s not too good to be true. Three thousand banks, including American National Bank, belong to a network created by IntraFi to provide this protection through reciprocal deposit products.

Following the failures of Silicon Valley Bank, Signature Bank and others, the general public started paying closer attention to uninsured deposits, said Scott Wylie, CEO and chairman of Denver-based First Western Trust. It has since become even more important to provide a sense of security to the customer that the same can't and won't happen to Colorado banks.

As treasurer of the Jackson Hole Children’s Museum, Brendan McDermott has three priorities: keep the nonprofit’s money safe, keep it liquid and make sure it earns a good return. Federal deposit insurance only covers the first $250,000, and the museum could open accounts at multiple banks to expand its coverage.

Safeguarding your company’s payroll—or your nonprofit’s donations or your town’s tax revenue—is table stakes for CFOs. But you can access insurance on larger deposits while also ensuring the money is reinvested locally, creating jobs and fueling the economy.

Recent bank failures have highlighted the importance of deposit insurance. The FDIC insures deposits up to $250,000 at FDIC-insured banks. IntraFi provides reciprocal deposit solutions that enable customers to access insurance on deposit balances greater than $250,000. Increased deposit insurance allows community banks to grow and retain more deposits, expanding community lending opportunities.

Forthcoming heightened capital requirements for large banks should benefit community and regional banks more than fintechs.

The prospect that interest rates won't fall until late next year — or even 2025 — may be dampening bankers' expectations about loan growth.

Following the failures of Silicon Valley Bank and Signature Bank, community banks look to alternative deposit insurance options.

Many community bankers aren't buying the narrative that the United States will avoid a recession, according to a new survey from IntraFi.

Thanks to overwhelmingly positive employee feedback, the Washington Post once again included IntraFi on its annual list of top midsize companies to work for in the D.C. area.

For the fifth year running, American Banker included IntraFi in its list of 50 Best Places to Work in Fintech.

Most community banks experienced little residual fallout from the failures of Silicon Valley Bank and Signature Bank, according to a new survey released today by fintech IntraFi.

BankBeat summarizes findings from IntraFi's recent Bank Executive Business Outlook Survey, where 77 percent of executives surveyed said they saw no significant shifts in deposits following the failures of SVB and Signature Bank.

“If your business’s deposits far exceed the $250,000 cap, consider a bank that …offers two key services: ICS and CDARS,” suggests NerdWallet.

Business Insider examines a variety of ways depositors can protect their funds, including banking with institutions in the IntraFi network.

IntraFi's latest bank executive survey confirms the failure of Silicon Valley Bank generated widespread worries, but little deposit outflow, reports American Banker.

American Banker looks at the heightened interest in enhanced FDIC in the wake of the SVB and Signature Bank failures.

The New York Times examines a variety of options - including banking with a IntraFi network bank - entrepreneurs can consider to safeguard their money.

Following the SVB and Signatures failures, CNBC offers an overview of steps depositors can take to make sure their cash holdings are covered by FDIC insurance.

Bloomberg looks at some little-used tools corporate treasury execs can set up to effectively manage cash reserves and maximize FDIC insurance using IntraFi more efficiently.

The New York Times looks at how small and midsize banks fared following the collapse of SVB, and how IntraFi helped soothe depositor anxiety.

The Voice of America looks at the history of The Federal Deposit Insurance Corp. and the role it plays in securing the U.S. banking system.

The FDIC covers up to $250,000. But if you have $1 million, should you put your money in four different banks?

Keeping your cash safe — what to know about FDIC insurance. Ask your bank what options are available to insure over $250,000.