FDIC – Page 3 – Regulatory Report

What's up

[ August 10, 2020 ] As coronavirus crisis ramped up over four months, Fed, Treasury leaders stayed in increasing contact – and remain so, calendar shows COVID-19 actions
[ August 10, 2020 ] Retail worker pleads guilty to fraudulently seeking $8 million+ through CARES Act program COVID-19 actions
[ August 10, 2020 ] FFIEC grants one-year extension of commercial real estate appraisal credentialing waiver in ND Other
[ August 10, 2020 ] New capital requirements for largest banks range from 13.7% to 7%; 11 must hold 10% or more The Fed
[ August 7, 2020 ] OCC says assessment reduction to take effect Sept. 7 (for collections due Sept. 30) COVID-19 actions

FDIC ends ShoreBank receivership

July 9, 2020 0

The federal bank deposit insurer’s receivership of the defunct ShoreBank (Chicago) was terminated July 1, the agency said in a recent Federal Register notice. ShoreBank was closed by the Illinois Department of Financial and Professional […]

Agency names deputy CIO; still has not named new chief innovation officer

July 7, 2020 0

A new deputy chief information officer is now on board at the federal insurer of bank deposits, the agency announced Tuesday. Bob De Luca, the Federal Deposit Insurance Corp. (FDIC) said, will oversee day-to-day operations […]

Not nice: Man charged with stealing more than $123 million from failed bank, allegedly with help from its officers

July 6, 2020 0

A man from Niceville, Fla., has been charged with something that his fellow residents may find besmirches their town’s friendly name: stealing more than $123 million from a New Orleans bank that ultimately failed. According […]

Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers Regarding Flood Insurance

July 6, 2020 0

Title: Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers Regarding Flood Insurance Subject: Flood insurance Agency: FDIC, Federal Reserve, NCUA, OCC Status: Notice and request for comment Summary: The OCC, Board, FDIC, […]

Latest releases of CRA ratings show 17 out of 97 banks were ‘outstanding’; 4 rated ‘needs to improve’

July 2, 2020 0

Federal banking agencies released their latest batch of Community Reinvestment Act (CRA) evaluation ratings Thursday, and of the 97 banks on the two lists, none was labeled for “substantial noncompliance.” Instead, 17 of the institutions […]

8 large, complex banks to address COVID-19 response in ‘targeted’ resolution plans due in July 2021

July 1, 2020 0

The nation’s eight largest and most complex banks will be required to provide information about their response to events surrounding the coronavirus (COVID-19) in “targeted” resolution plans due to the Federal Reserve and Federal Deposit […]

Supervision ramping up as agencies evaluate institutions for LIBOR transition preparedness, plans

July 1, 2020 0

Federal and state regulators on Wednesday urged financial institutions to continue working to transition away from using LIBOR (the London Interbank Offered Rate) as a reference rate in any products, and they said supervision of […]

Competition seeks to develop ‘seamless, less burdensome’ financial reporting system for banks

June 30, 2020 0

A “new and innovative approach to financial reporting,” particularly for community banks, is the aim of a rapid prototyping competition started by the federal insurer of bank deposits, announced Tuesday. Under the program announced by […]

Margin and Capital Requirements for Covered Swap Entities

June 30, 2020 0

Title: Margin and Capital Requirements for Covered Swap Entities Subject: Swaps Agency: FDIC, Federal Reserve, OCC Status: Interim final rule Summary: The OCC, Board, FDIC, FCA, and FHFA (each an Agency and, collectively, the Agencies) […]

Agencies propose updating flood insurance Q&As reflecting rule changes

June 26, 2020 0

An updated list of questions and answers aimed at providing insight to changes to flood insurance requirements under new rules regarding loans in special flood hazard areas were released for comment Friday by federal banking […]

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As coronavirus crisis ramped up over four months, Fed, Treasury leaders stayed in increasing contact – and remain so, calendar shows

August 10, 2020 0

As the financial impact of the coronavirus became increasingly apparent this spring, top federal financial regulators intensified their interaction, meeting – typically by conference calls – more than 60 times from March through June, according to a review of the [...]
Retail worker pleads guilty to fraudulently seeking $8 million+ through CARES Act program

August 10, 2020 0

A project manager employed by a major retailer has pleaded guilty to bank fraud charges for fraudulently seeking more than $8 million in forgivable Paycheck Protection Program (PPP) bank loans, the Federal Deposit Insurance Crop. (FDIC) Office of Inspector General [...]
FFIEC grants one-year extension of commercial real estate appraisal credentialing waiver in ND

August 10, 2020 0

An umbrella council for federal financial institution regulators on Friday approved a one-year extension of appraisal credentialing requirements for federally related commercial real estate transactions under $1 million in North Dakota. The extension, which continues the waiver until Aug. 7, [...]
New capital requirements for largest banks range from 13.7% to 7%; 11 must hold 10% or more

August 10, 2020 0

Individual capital requirements ranging from 13.7% to 7% for the 34 largest U.S. banks, effective Oct. 1, were released Monday by the Federal Reserve, with Goldman Sachs and Morgan Stanley at the top of the list. The Fed said the [...]