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Financial institutions news from around the web: July 18 – 22, 2022

Written on Jul 22, 2022

How the banking industry – and Washington – have changed since 2009 
Richard Hunt, the outgoing president and CEO of the Consumer Bankers Association, talks about why term limits (for trade association leaders) are a good thing, how Washington has changed over the years, and how the smartphone transformed banking. 

Financial crime within the metaverse 
Criminals are always early adopters of new technology; it is up to compliance to ensure they do not gain a foothold in the metaverse. 

FDIC updates on brokered deposits 
The FDIC has issued a statement, added a Q&A and updated public information to remind FDIC-insured depository institutions that deposits swept from broker dealers with a primary purpose exception to unaffiliated IDIs must be reported as brokered if any additional third parties are involved that qualify as a deposit broker. 

The rise of the super app…and what community banks can do about it 
According to a 2022 Accenture Banking report, everyone wants a super app – a single user interface to house everything from shopping and transportation to bill pay and banking. Community banks must capitalize on their strengths to keep their customers engaged in this super app environment.