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…
FDIC: Supervisory Guidance Issued on Charging Overdraft Fees for Authorize Positive, Settle Negative Transactions
The FDIC is issuing supervisory guidance to its supervised institutions to ensure that supervised institutions are aware of the consumer compliance risks associated with assessing overdraft fees on a transaction that was authorized against a positive balance but settled against a negative balance (APSN). Statement of Applicability: The contents of, and material referenced in, this FIL…
Interagency Statement on Completing the LIBOR Transition Issued
Sunset of LIBOR as reference rate for many financial products may pose risks to borrowers Today, the Consumer Financial Protection Bureau (CFPB) joined four other federal financial regulatory agencies, along with state bank and state credit union regulators, in issuing a statement that the use of United States Dollar LIBOR (USD LIBOR) panels will end…
FDIC: SUNY Geneseo Wins Third Annual FDIC Academic Challenge
The Federal Deposit Insurance Corporation (FDIC) today announced a four–member team of undergraduate students from the State University of New York College at Geneseo is the winner of the Third Annual FDIC Academic Challenge, a competition among university and college undergraduate students concerning the U.S. banking sector. The FDIC selected the team of Jenna Huizinga, Ian…
FDIC: Financial Advisor Retained to Assist with the Liquidation of Securities of the Former Signature Bank, New York, NY, and Silicon Valley Bank, Santa Clara, CA
The Federal Deposit Insurance Corporation (FDIC) as receiver of the former Signature Bank, New York, NY, and Silicon Valley Bank, Santa Clara, CA, will undertake a marketing process to sell the securities portfolios retained from the two receiverships. The face values of the two portfolios are approximately $27 billion and $87 billion, respectively. The securities…
FDIC: Consumer Compliance Supervisory Highlights Including CRA Issued
The Federal Deposit Insurance Corporation (FDIC) issued the March 2023 edition of the Consumer Compliance Supervisory Highlights. The purpose of this publication is to enhance transparency regarding the FDIC’s consumer compliance supervisory activities and to provide a high–level overview of consumer compliance issues identified in 2022 through the FDIC’s supervision of state non–member banks and thrifts….
FDIC: Upcoming Sale of the Loan Portfolio from the Former Signature Bank, New York, NY Announced
The Federal Deposit Insurance Corporation (FDIC) today announced the framework of a marketing process for the approximately $60 billion loan portfolio retained in receivership following the failure of Signature Bank, New York, New York. The portfolio is comprised primarily of commercial real estate (CRE) loans, commercial loans and a smaller pool of single–family residential loans. The…