FDIC
By Ryan Schuette | 05/22/2012
The FDIC reportedly filed suit Friday against a number of large bank holding companies, including Bank of America, Citigroup, Deutsche Bank, and JPMorgan Chase. Reuters reported that the FDIC seeks to recoup some $92 million for two banks that failed in 2009. Speaking with MReport, FDIC spokesperson David Barr declined to comment on the story.
For the full details visit our sister publication at theMReport.com.
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By Tory Barringer | 05/21/2012
The Office of the Comptroller of the Currency closed down Alabama Trust Bank, National Association, of Sycalaugua, Alabama over the weekend, marking the first Alabama bank failure and the 24th national failure this year.
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By Esther Cho | 04/11/2012
The FDIC is going to do something it has never done before organize an online real estate auction.
The online auction will be managed by Micoley Auctions and the properties auctioned will be concentrated in the Midwest region, with assets in Indiana, Illinois, Michigan, and Wisconsin.
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By Esther Cho | 04/02/2012
The Senate confirmed key regulatory positions Thursday, leading to a five-member FDIC board.
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By Esther Cho | 03/01/2012
For the tenth consecutive quarter, FDIC insured banks and savings institutions reported year-over-year increases, with earnings at $26.3 billion for the 2011 fourth quarter.
This is $4.9 billion more from the $21.4 billion reported last year for the 2010 fourth quarter. Overall, the 2011 fourth quarter ended 23 percent higher than the fourth quarter last year. The $26.3 billion is still a decrease compared to the $35.3 billion in earnings from the previous 2011 third quarter.
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By Esther Cho | 02/13/2012
A bank in Indiana and another in Illinois closed Friday, February 10, increasing the tally for FDIC-insured banks closed this year to nine. Shelby County Bank (SCB) of Shelbyville, Indiana shut its doors and was acquired by First Merchants Bank. Barrington Bank & Trust Company took over Charter National and reopened over the weekend as a branch of Barrington Bank.
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By Krista Franks | 02/08/2012
Four federal regulatory agencies issued guidance for junior lien holders regarding loan loss allowances. Junior liens include second mortgages and home equity lines of credit. The Federal Reserve, FDIC, National Credit Union Administration, and Office of the Comptroller of the Currency issued the guidance not to enact new rules, but rather "to reiterate policy and to remind regulated financial institutions to monitor all credit quality indicators relevant to credit portfolios, including junior liens," according to a joint release from the agencies.
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By Carrie Bay | 01/30/2012
State and federal regulators stepped in to shut down five lenders over the weekend, including one New York-based credit union and four FDIC-insured institutions - two in Tennessee and one each in Florida and Minnesota. Eastern New York Federal Credit Union in Napanoch, New York, is the first federally insured credit union to be liquidated in 2012, while the FDIC's failed-bank tally for the 2012 calendar year now stands at seven.
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By Carrie Bay | 01/23/2012
Three community-based lenders went under over the weekend in Georgia, Florida, and Pennsylvania, marking the first bank failures of 2012. Altogether, the three closings are expected to cost the FDIC an estimated $243.8 million. Last year, the FDIC reported 92 closings nationwide - a sharp drop-off from the 157 bank seizures overseen by the agency in 2010 and the 140 institutions that became insolvent in 2009. FDIC officials maintain that bank failures stemming from the real estate downturn and the ensuing economic recession have peaked.
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By Carrie Bay | 01/18/2012
Wolters Kluwer Financial Services continues to expand its regulatory and risk management consulting services. The company recently brought on Timothy R. Burniston to serve as VP and senior director of professional services for its risk and compliance business. Burniston, previously a senior associate director with the Federal Reserve Board's division of consumer and community affairs, joins the company's growing roster of more than 400 in-house regulatory and risk management experts.
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