Installment Loan License Hearing
Hearing on the Installment Loan License application of Tally Technologies, Inc.
Installment Loan License Hearing
Hearing on the Installment Loan License application of Axiom Acquisition Ventures, LLC
Installment Loan License Hearing
Hearing on the Installment Loan License application of Portfolio Recovery Associates, LLC
Single Bank Pooled Collateral Program
Overview
In March 2019, the Nebraska Legislature passed LB622 which amended the Public Funds Deposit Security Act to provide an additional method whereby financial institutions could secure public deposits held with the institution that exceed the insurance limits provided by the Federal Deposit Insurance Corporation (FDIC). In additional to the direct method, financial institutions may now pledge a pool of eligible collateral to secure the aggregate balance of uninsured public deposits held with the institution.
The amendments provided authorization for the Director of the Department of Banking & Finance to appoint an administrator to carry out its rights and responsibilities in respect to the pooled method.
In May of 2020, the Director appointed the Nebraska Bankers Insurance and Services Company (NBISCO) as the Administrator of the Single Bank Pooled Collateral program for the State of Nebraska.
Links
- Ensure each participating Financial Institution has signed a Security Agreement and Custodial Agreement
- Review the Administrator's most recent Annual Financial Report
- Ensure Administrator has a performance bond or Letter of Credit in place as required by the Administrator Agreement.
- Review a sample of invoices from the Administrator to participating Financial Institutions to ensure fees comply with those established in the Administrator Agreement.
- Review the Administrator's insurance coverage to ensure compliance with the Administrator Agreement.
- Review list of pledged instruments for each participating Financial Institution for compliance.
- For any letters of credit pledged, review the signed letters to ensure that the Administrator is listed as beneficiary.
- Reconcile a sample of monthly Financial Institution reports submitted to the Administrator with the monthly Compliance report.
- Reconcile a sample of monthly Financial Institution reports with the Qualified Trustee reports
- Review a sample of Securities Pledged/Released forms and reconcile with the next month's pledged securities report.
- Review depositor verification procedures between Financial Institution and Administrator
- If a default has occurred during the exam period, verify that procedures, as established by the Act, were adhered to.
- Review prior exam findings (if applicable) for remediation.
- Review training procedures for depositories at on-boarding.
- Review instances of pledge deficiencies, subsequent notification, and resolution (if applicable).
State-Chartered Credit Union Overview
State-Chartered Credit Unions
There are four types of financial institutions allowed to operate in Nebraska. Those are: commercial banks; credit unions; savings banks or savings & loans; and trust companies. Each of these industries operate under a dual system - a national system and a state system. Our agency, the Nebraska Department of Banking and Finance, regulates the state-chartered industries in Nebraska through its Financial Institutions division. This section of our web site is dedicated to credit unions. Please visit the commercial banks and trust sections for more information on those industries.
Nebraska state-chartered financial institutions may have branches within and outside the state. Accounts in all Nebraska state-chartered credit unions are insured by the National Credit Union Administration (NCUA). Our agency's Financial Institutions Division works closely with the NCUA and other regulators to promote sound banking practices by identifying, monitoring and addressing risks.
Our agency does not regulate national financial institutions in Nebraska. These institutions operate under a national or federal charter rather than a state charter. National credit unions are regulated by the NCUA and are often identified by the word “Federal" in the name.
Links to these various regulators are provided in the Links section.
