Federal regulators have released the last video in a series created to help bank employees meet regulatory requirements set by the Consumer Financial Protection Bureau (CFPB).
Read More »FDIC Releases Second Help Video on Mortgage Rules
FDIC has released another new entry in a series of technical assistance videos created to help bank employees meet regulatory requirements in the mortgage space.
Read More »Florida Bank Closes in First Failure of 2015
The closure, announced jointly by the Office of the Comptroller of the Currency (OCC) and FDIC, comes after years of increased scrutiny from regulators. OCC first filed a consent order against the Crestview bank in 2010, demanding operational changes after it uncovered what the agency called "unsafe and unsound banking practices."
Read More »Regulators Shut Down Minnesota Bank; 2014 Tally Hits 18
The bank, which is Minnesota's first to close in 2014, was shuttered on Friday by the Minnesota Department of Commerce, which appointed FDIC as receiver. In a statement, the agency cited lack of capital, continuing operating losses, and a large volume of problem assets as reasons for the forced closing.
Read More »Mortgage Lending Suffers at Insured Banks
FDIC-insured institutions earned $38.7 billion in the third quarter of 2014, a 7.3 percent increase from a year ago, according to FDIC's latest Quarterly Banking Profile. Mortgage loans, still hampered by regulations designed to prevent a recession relapse, dropped by nearly $7 billion.
Read More »FDIC Unveils Technical Assistance Videos for Mortgage Rules
In an announcement Wednesday, FDIC introduced the first in what the agency says will be a series of technical assistance videos developed in the wake of this year's mortgage regulations handed down from the Consumer Financial Protection Bureau (CFPB).
Read More »Regulators Shutter California Bank; 2014 Failure Tally Hits 17
The Office of the Comptroller of the Currency (OCC) closed down the Palm Desert-based Frontier Bank—also known as El Paseo Bank—citing a lack of assets and earnings "due to unsafe and unsound practices."
Read More »Regulators Close Down Illinois Bank
Only a week after the latest collapse, federal regulators announced the closure of yet another government-insured bank, bringing the year-to-date tally to 16. The Office of the Comptroller of the Currency (OCC) announced Friday the shuttering of the National Republic Bank of Chicago, appointing FDIC as receiver.
Read More »Regulators Set to Adopt Finalized QRM Rule
The so-called qualified residential mortgage (QRM) rule, which was put up for consideration by FDIC's board of directors Tuesday morning, would require banks to retain at least 5 percent of a loan's risk when packing mortgages to sell to investors in the secondary market. The QRM rule is one of the bigger provisions mandated by the 2010 Dodd-Frank Act, with co-author Barney Frank remarking in the past that risk retention is "the single most important part of the bill."
Read More »Maryland Bank Closes in 15th Collapse of 2014
The Office of the Commissioner of Financial Regulation in Maryland shut down NBRS Financial, based in Rising Sun, appointing FDIC as receiver, according to dual releases from both agencies. The latest collapse follows a quiet period after what had been an active summer for FDIC. Last year, the agency announced 24 bank closings, 22 of which had already occurred by this time.
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