Links in “FDIC”
- FDIC Shows Progress in Information Security Recommendations Implementation
The GAO released its 2014 findings related to the FDIC's solid efforts to implement the GAO's numerous information security controls. The GAO found implementation of 27 of the 36 recommendations pertaining to reported security weaknesses with 9 actions progressing, but not complete. [4/10/15]
- FDIC Chair Takes Heat for His Role in Operation Choke Point
Sean Duffy (R-Wisc) tells FDIC Chair that FDIC personnel who support Operation Choke Point "have no place in government and if you allow them to stay you have no place in government." [3/26/15]
- Federal Oversight in Question
Both the House Financial Services Committee and the Senate Banking Committee will meet this week to discuss oversight efforts of several agencies. The Senate Banking Committee will review the accountability of the Financial Stability Oversight Council in designating non-financial institutions as SIFIs. Operations of the FDIC, SEC, CFPB, and the CFTC will also be reviewed. [3/24/15]
- The Bank That Became a Nonbank
Its business model was labeled by the FDIC as too risky, and it was slapped with an enforcement order. So the bank turned in its charter and became a nonbank. The distance from bank regulation has been a boon to the company in recent years. [3/16/15]
- Largest Bank Failure in 5 Years
Doral Bank (Puerto Rico) failed Friday. It wasn't pretty. The FDIC leaked the news prematurely. The bank had 26 branches and $5.9 billion in assets. [3/2/15]
- Who’s Getting a CRA Examination this Quarter?
FDIC has issued the public list of institutions that it has scheduled for a Community Reinvestment Act (CRA) examination during the second quarter of 2015. This list includes 311 institutions with Kansas City topping the list with 86 banks scheduled for review. If you're on the list and need assistance, please contact AdvisX.com. [2/27/2015]
- Youth: The Future of Financial Security
Five financial regulatory agencies (FinCEN, FRB, FDIC, NCUA, and OCC) have issued guidance encouraging institutions to promote improved financial strength of youth by offering savings programs directly geared toward young people. The guidance does not create any new regulatory policy or industry expectations; however, institutions are strongly encouraged to implement such programs. [2/25/15]
- The Quick Fix for Regulatory Relief
Here's how to fix the regulatory problem facing community banks: give regulators the power to exempt institutions with less than $10 billion in assets from existing and new regulations. That's the solution offered by former FDIC chair Sheila Bair. [2/24/15]
- Brick & Mortar Branching Not Dead Yet
The FDIC's released study shows that the increase use of online and mobile banking continues, but that brick-and-mortar banking offices continue to be the primary choice for service delivery. The study notes a mere 4.8% decline in number of branch offices from the record high set in 2009. [2/20/2015]
- GAO Reports FDIC Fund Improvement and Operational Clean Grade
The GAO released its annual report on the FDIC, noting the FDIC maintained "effective internal control over financial reporting" and no instances of noncompliance. Overall funds improved to 0.89% of insured deposits (goal of 2%) from 0.79% in 2013 with fewer (18) FIs failing in 2014. [2/13/2015]
