ABA: Otting, McWilliams Discuss Next Steps on CRA Modernization Effort
Comptroller of the Currency Joseph Otting is moving forward with issuing a long-awaited notice of proposed rulemaking that would modernize how the agency evaluates banks’ Community Reinvestment Act performance, he said today. Otting said he expects to issue the NPR by the end of 2019 with a 60-day comment period and hopes to have the…
FDIC: Merger Between BB&T and SunTrust Approved
The Federal Deposit Insurance Corporation (FDIC) Board of Directors unanimously approved the Bank Merger Act (BMA) application submitted by Branch Banking and Trust Company (BB&T), Winston-Salem, NC, to merge with SunTrust Bank, Atlanta, GA. The resulting bank will operate under BB&T’s charter and will be called Truist Bank. Truist Bank will be headquartered in Charlotte,…
FDIC: Establishment of New Advisory Committee of State Regulators Approved
The Federal Deposit Insurance Corporation’s Board of Directors today approved establishing a new advisory committee for state regulators and the FDIC to discuss a variety of current and emerging issues that have potential implications on the regulation and supervision of state-chartered financial institutions. “State Regulators are an important link in our regulatory ecosystem and the…
FDIC: Three Reports Analyzing Growth of Nonbank Lending Released
Decades-long shifts reported in corporate and mortgage loans between banks and nonbanks The Federal Deposit Insurance Corporation (FDIC) today released a multi-part analysis of changes in the U.S. banking system since the 1950s, especially changes occurring since the financial crisis in 2008. These analyses address the shift in some lending from banks to nonbanks; how…
FDIC: Industrial Bank Assumes All of the Deposits of City National Bank of New Jersey
City National Bank of New Jersey (“City National”) in Newark was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with Industrial Bank in Washington, D.C. to assume all of the…
FDIC: Buckeye State Bank Assumes All of the Deposits of Resolute Bank
Resolute Bank in Maumee, Ohio, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with Buckeye State Bank in Powell, Ohio, to assume all of the deposits of Resolute Bank….
FDIC: Kentucky Farmers Bank Corporation Assumes All of the Deposits of Louisa Community Bank
Louisa Community Bank in Louisa, Ky., was closed today by the Kentucky Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with Kentucky Farmers Bank Corporation in Catlettsburg, Ky., to assume all of the deposits of Louisa Community…
FDIC: New Members of Advisory Committee on Community Banking Announced
The Federal Deposit Insurance Corporation (FDIC) today announced the selection of four new members to its Advisory Committee on Community Banking, which has been providing advice and recommendations to the FDIC on a broad range of community bank policy and regulatory matters since it was established in 2009. The Advisory Committee members represent a cross-section…