Links in “FDIC”
- Strong Profits for Banks Reported
The FDIC reported aggregate net income of $40.3 billion in the fourth quarter of 2013, a $5.8 billion (16.9 percent) increase from the $34.4 billion in earnings that the industry reported a year earlier. Improving economy and correlating drop in loan-loss provisions main factors. [2/26]
- FDIC Lawsuits Against Directors and Officers Surge 54% in 2013
New report finds that the FDIC filed 40 D&O lawsuits in 2013, compared with 26 in 2012. [2/19]
- FDIC Goes After 8 Executives and Directors of Failed Bank
The FDIC is seeking $15 million from eight former executives and board members of Habersham Bank, alleging they breached their fiduciary duty by approving negligent commercial real estate loans, leading to the failure of the Georgia bank in 2011 and a loss to the insurance fund of $141 million. [2/19]
- FDIC Promotes Savings
The FDIC released a statement encouraging consumers to use the upcoming America Saves Week (2/24/2014 to 3/1/2014) as a time to begin or continue saving towards financial goals. Advocacy seems much needed given other recent articles that show savings rates dropping with nearly half of Americans having more credit card debt then savings. [2/19]
- FDIC Releases CRA Results for January
Overall, January was a good month for FDIC Banks as it relates to CRA with 98 out of 99 receiving Satisfactory (94) or Outstanding Ratings (4). The Bank of Hamilton in North Dakota received Needs Improvement for low LTD performance. [2/5]
- Idaho Bank is Third Failure of 2014
Never able to recover from its real estate losses, Syringa Bank in Boise was closed by the FDIC on Friday. Sunwest Bank of Irvine, California, agreed to assume all deposits. Syringa was the third bank failure in January. Only 24 banks were closed in 2013. [2/3]
- Second Bank Failure of 2014
The Bank of Union in Oklahoma was closed Friday, and the FDIC was able to find a buyer: BankFirst of Oklahoma City. [1/27]
- Is FDIC-style Insurance on the Horizon for Bitcoin?
Companies seeking ways to move digital currency into the mainstream with FDIC-like backing, such as a London company that offers Bitcoin accountholders insurance through Lloyd's of London or Boston company that plans to allow investors to insure bitcoins through derivatives trading. [1/23]
- 2014’s First Bank Failure
DuPage National Bank in Illinois, with 3 branches and $62 million in assets, was closed by the FDIC on Friday. Republic Bank of Chicago of Oak Brook, Illinois agreed to assume all of the deposits. [1/20]
- Secret “Operation Choke Point” Seeks to Choke Payday Lenders
Report that political operatives at DoJ, FDIC and CFPB set out to choke access of payday lender to the nation's financial system. [1/13]
