Agencies Release Annual Asset–Size Thresholds Under Community Reinvestment Act Regulations
The Federal Reserve Board and the Federal Deposit Insurance Corporation today announced the 2024 updated asset–size thresholds used to define “small bank” and “intermediate small bank” under their current Community Reinvestment Act (CRA) regulations. The CRA regulations establish the framework and criteria by which the relevant agencies assess a financial institution’s record of helping to…
FDIC: Rule Finalized to Modernize Official Signs and Advertising Statement Requirements for Insured Depository Institutions
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today adopted a final rule to amend part 328 of its regulations to modernize the rules governing use of the official FDIC signs and advertising statements, and to clarify the FDIC’s regulations regarding false advertising, misrepresentations of deposit insurance coverage, and misuse of the FDIC’s name…
FDIC: Board of Directors Release Semiannual Update on Restoration Plan for Deposit Insurance Fund
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today released its second semiannual update of 2023 on the Restoration Plan for the agency’s Deposit Insurance Fund (DIF). The Federal Deposit Insurance Act (FDI Act) requires that the FDIC Board adopt a restoration plan when the DIF’s reserve ratio—the ratio of the fund balance relative…
Agencies Finalize Rule Updating and Modernizing the Community Reinvestment Act
On October 24, 2023, the FDIC Board voted to approve a final rule, to be issued jointly with the Board of Governors of the Federal Reserve System (Federal Reserve) and the Office of the Comptroller of the Currency (OCC), that makes comprehensive regulatory amendments to the FDIC’s regulation implementing the Community Reinvestment Act of 1977…
FDIC: CRA Examination Schedules for First Quarter 2024 and Second Quarter 2024 Issued
The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the first quarter 2024 and second quarter 2024. CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of each quarter. …
Agencies Extend Comment Period on Proposed Rule to Require Large Banks to Maintain Long-Term Debt
Federal bank regulatory agencies announced today that they will extend until January 16, 2024, the comment period on their long-term debt proposed rule to improve the resolvability of large banks and enhance financial stability. The agencies extended the comment period to allow interested parties more time to analyze the issues and prepare their comments. Comments on the…
FDIC: Board of Directors Issues a Final Rule on Special Assessment Pursuant to Systemic Risk Determination
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a final rule to implement a special assessment to recover the loss to the Deposit Insurance Fund (DIF) associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank. The Federal Deposit Insurance Act (FDI Act) requires the FDIC to take this action…
FDIC: Iowa Trust & Savings Bank, Emmetsburg, IA, Assumes All of the Deposits of Citizens Bank, Sac City, IA
Citizens Bank, Sac City, Iowa, was closed today by the Iowa Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a Purchase and Assumption Agreement with Iowa Trust & Savings Bank, Emmetsburg, Iowa, to assume all of the deposits of Citizens Bank. The two…