FDIC

Agencies Request Comment on Quality Control Standards for Automated Valuation Models Proposed Rule

Six federal regulatory agencies today requested public comment on a proposed rule designed to ensure the credibility and integrity of models used in real estate valuations. In particular, the proposed rule would implement quality control standards for automated valuation models (AVMs) used by mortgage originators and secondary market issuers in valuing real estate collateral securing…

FDIC: CRA Examination Schedules for Third Quarter 2023 and Fourth Quarter 2023 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 2023 and fourth quarter 2023.  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: Eight New Members Named to Advisory Committee on Community Banking

June 1st meeting to address a wide range of community banking issues The Federal Deposit Insurance Corporation (FDIC) today announced eight new members of the agency’s Advisory Committee on Community Banking: Thomas Bates, President & CEO, Legends Bank, Clarksville, Tennessee Michael Culhane, President & CEO, North Cambridge Co-operative Bank, Cambridge, Massachusetts Anita Drentlaw, President & CEO,…

FDIC: Advisory Committee on Economic Inclusion to Meet on May 24th

One New Member also Announced The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE–IN) will meet on Wednesday, May 24, 2023, to discuss updates from Committee members about key challenges facing their communities or organizations. There will also be panel discussions on opportunities for entities that administer government benefit programs to harness…

Banking Agencies Issue Host State Loan-to-Deposit Ratios

Federal bank regulatory agencies today issued the host state loan-to-deposit ratios that are used to evaluate compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios replace those from June 2022. By law, a bank is generally prohibited from establishing or acquiring branches outside of its home state…

FDIC: Proposed Rule Issued on Special Assessment Pursuant to Systemic Risk Determination

The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a notice of proposed rulemaking, which would implement a special assessment to recover the cost 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 in connection with…

FDIC: List of Banks Examined for CRA Compliance Issued

The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA).  The list covers evaluation ratings that the FDIC assigned to institutions in February 2023. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet local credit…

FDIC: Comprehensive Overview of Deposit Insurance System, Including Options for Deposit Insurance Reform Released

The Federal Deposit Insurance Corporation (FDIC) today released a comprehensive overview of the deposit insurance system and options for reform to address financial stability concerns stemming from recent bank failures. The report, Options for Deposit Insurance Reform, examines the role of deposit insurance in promoting financial stability and preventing bank runs, as well as policies and…

FDIC: JPMorgan Chase Bank of Columbus, OH Assumes All the Deposits of First Republic Bank, San Francisco, CA

First Republic Bank, San Francisco, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.  To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits…

FDIC: Report Released Detailing Supervision of the Former Signature Bank, New York, NY

Today, Federal Deposit Insurance Corporation (FDIC) Chief Risk Officer Marshall Gentry released FDIC’s Supervision of Signature Bank, an internal review evaluating the agency’s supervision of Signature Bank, New York, New York, from 2017 until its failure in March 2023. The internal review report identifies the causes of Signature Bank’s failure and assesses the FDIC’s supervision of…