FDIC: Advisory Committee on Economic Inclusion to Meet Tuesday, June 28th
Five New Members also Announced The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) will meet on Tuesday, June 28, to discuss the Notice of Proposed Rulemaking to modernize the Community Reinvestment Act, and issues of equity in residential property valuation and appraisal. The committee members will also discuss key challenges facing…
FDIC: Board of Directors Amends Restoration Plan and Issues a Proposed Rule on Assessments, Revised Deposit Insurance Assessment Rates
The Federal Deposit Insurance Corporation (FDIC) Board of Directors (Board) today issued a notice of proposed rulemaking to increase deposit insurance assessment rates by 2 basis points for all insured depository institutions in order to increase the likelihood that the reserve ratio of the Deposit Insurance Fund (DIF) reaches the statutory minimum of 1.35 percent…
FDIC: Summary of Deposits Survey and Filing for June 30, 2022 Begins
The Summary of Deposits (SOD) is the annual survey of branch office deposits as of June 30 for all FDIC-insured institutions, including insured U.S. branches of foreign banks. All institutions with branch offices are required to submit the survey; institutions with only a main office are exempt. All survey responses are required by July 31,…
FDIC: CRA Examination Schedules for Third Quarter 2022 and Fourth Quarter 2022 Issued
The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the third quarter 2022 and fourth quarter 2022. 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….
FDIC: 2022 Risk Review Published Highlighting Emerging Risks in the Banking System
The Federal Deposit Insurance Corporation (FDIC) today published its 2022 Risk Review, a comprehensive summary of emerging risks in the U.S. banking system as observed in 2021. The 2022 Risk Review expands coverage of risks from prior reports by examining operational risk to banks from cyber threats and illicit activity, and climate-related financial risks faced by…
FDIC: New Process Established for Minority Depository Institution Designation Announced
On June 15, 2021, the Federal Deposit Insurance Corporation (FDIC) Board of Directors approved an updated Statement of Policy Regarding Minority Depository Institutions (Policy Statement), which details the framework by which the FDIC implements the goals set forth in Section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). The Policy Statementdescribes the FDIC’s…
FDIC: Hawaiian Banker Named to Minority Depository Institutions Subcommittee
The Federal Deposit Insurance Corporation (FDIC) today announced Russell Lau, the Chairman and Chief Executive Officer of Finance Factors, Ltd in Honolulu, is the newest member of the agency’s Minority Depository Institutions (MDI) Subcommittee to the Advisory Committee on Community Banking. The FDIC’s MDI Subcommittee serves as a source of feedback for FDIC strategies to…
FDIC: Final Rule Issued Regarding False Advertising, Misrepresentations About Insured Status, and Misuse of the FDIC’s Name or Logo
The Federal Deposit Insurance Corporation (FDIC) today approved a final rule implementing its statutory authority to prohibit any person or organization from making misrepresentations about FDIC deposit insurance or misusing the FDIC’s name or logo. “These practices not only harm those who are targeted with the false promise of deposit insurance, but, if left unchecked,…
CFPB: Agency Takes Action to Protect Depositors from False Claims about FDIC Insurance
FDIC takes parallel action to combat misrepresentations The Consumer Financial Protection Bureau (CFPB) released an enforcement memorandum today that addresses prohibited practices on claims about Federal Deposit Insurance Corporation (FDIC) insurance. Specifically, firms cannot misuse the name or logo of the FDIC or make deceptive representations about deposit insurance. The issue has taken on renewed…