Tag Archives: FDIC

Federal regulators released a notice Tuesday stating their support for financial institutions operating in areas affected by Hurricane Sandy. They both encouraged affected institutions to work to meet the needs of their communities and expressed their lenience on certain reporting and publishing requirements for those institutions.

The FDIC closed another Pennsylvania institution Friday, bringing the state's year-to-date tally to two and the national tally to 47. The FDIC approved the payout of the insured deposits of NOVA Bank in Berwyn, Pennsylvania, after the Pennsylvania Department of Banking and Securities closed the institution.

The FDIC's deposit insurance fund got a little bit lighter Friday as three more banks fell, the corporation announced. GulfSouth Private Bank of Destin, Florida; Excel Bank of Sedalia, Missouri; and First East Side Savings Bank of Tamarac, Florida, were all liquidated, bringing the national failure tally to 46 so far in 2012 and costing the FDIC's fund a combined total of approximately $86.1 million.

Compliance and risk management professionals will flock to Texas in November for Wolters Kluwer Financial Service's 16th annual CRA & Fair Lending Colloquium. The financial services company is hosting the event November 12-15 at The Westin La Cantera in San Antonio. The colloquium is an opportunity for senior compliance and risk management executives to discuss their most pressing concerns with top regulators and industry leaders.

The fall of an Illinois bank brought the year's national bank failure tally to 43, FDIC announced Friday. The Illinois Department of Financial and Professional Regulation's Division of Banking closed First United Bank in Crete, Illinois, appointing FDIC as receiver. To protect depositors of the failed bank, FDIC entered into a purchase and assumption agreement with Old Plank Trail Community Bank in New Lenox, Illinois.

Roughly 3.5 million consumers will get back $200 million in restitution from Discover Bank after federal agencies came down on the financial services institution on Monday for allegedly deceptive sales strategies. The FDIC and Consumer Financial Protection Bureau unveiled a public enforcement action to conclude their joint investigation that started last year. According to a release, Discover Bank will also fork over $14 million in civil penalties for masking financial products with fees as freebies, misleading consumers about charges, even processing orders without their consent in cases.

The FDIC wants you to help it unload its bad assets - and by you, we mean only investors. And by investors, the agency is searching for women and minorities in particular. According to a recent release, the FDIC will conduct a number of workshops for interested investors on how to go about buying assets from failed banks. The agency will hold these to-dos in Chicago, Los Angeles, and New York across September and October. Workshops will touch on issues like structured sales transactions, pre-qualification processes, and details about the Small Investor Program and Investor Match Program.

The FDIC announced Friday the closure of First Commercial Bank in Bloomington, Minnesota. The bank was closed by the Minnesota Department of Commerce, which appointed the FDIC as receiver. The FDIC announced that it entered into a purchase and assumption agreement with Republic Bank & Trust Company in Louisville, Kentucky, to assume all of the deposits of First Commercial Bank. The sole branch of First Commercial Bank reopened Monday as a branch of Republic Bank & Trust Company. Republic Bank agreed to assume of all of the bank's deposits and assets.

After some community banks expressed concerns that FDIC examinations ├â┬ó├óÔÇÜ┬¼├àÔÇ£were being conducted without clear standards or consistent application of agency policies and procedures, which could discourage business growth and responsible lending,├â┬ó├óÔÇÜ┬¼├é┬Ø the FDIC conducted a report to review its examination process. Major findings of the recently-released report include that timelines for report completion often lengthens as institution ratings worsen, and these challenges are rare and even more rarely sustained.

As bank failures dwindle, FDIC-backed institutions continue to see their own coffers swell, with an agency report finding that banks with government guarantees earned $34.5 billion over the second quarter. And banks seemed to sweat a little less over the last quarter. The FDIC reported that banks with its seal of approval saw their year-over-year increases for the 12th straight quarter. Loan balances meanwhile ticked up by $102 billion, increasing for the fourth time in the last five quarters.