News Topic: Failures

Despite consensus that regulators should ease so-called “living will” requirements by some degree, critics charge that a proposal by the Fed and FDIC could undo gains in making large banks easier to resolve. ... Read full article

Edward Rostohar was arrested after his wife informed authorities he stole from CBS Employees Federal Credit Union and was preparing to flee the country. ... Read full article

PricewaterhouseCoopers settled a lawsuit in which the FDIC accused it of negligence in its role as external auditor for Colonial Bank. But FDIC board member Martin Gruenberg objected because the firm did not accept blame. ... Read full article

Examiners could have done more to minimize the brunt to the Deposit Insurance Fund from Washington Federal Bank for Savings, which hid fraudulent loans and will cost the fund more than $80 million, according to a report from the Treasury’s inspector ... Read full article

The $263 million portfolio has been covered by a loss-share agreement since an investor group bought the failed BankUnited in 2009. ... Read full article

The $263 million portfolio has been covered by a loss-share agreement since an investor group bought the failed BankUnited in 2009. ... Read full article

Bankers at Sonoma Valley Bank were convicted of bank fraud, money laundering and other offenses. ... Read full article

Economic cycles do turn, eventually. And it is inevitable that the industry will fall victim to a new approach to banking that will fall flat in a downturn. ... Read full article

A judge rules the accounting firm should have detected the fraud that brought down Colonial Bank; Fed deal with Goldman and Morgan Stanley shows softer side. ... Read full article

The agreement was tied to the Puerto Rico company's 2010 purchase of the failed Westernbank. ... Read full article

The Puerto Rico-based bank failed in 2015. The FDIC, its receiver, is seeking unspecified economic and punitive damages from 16 lenders, including Bank of America, Barclays and Credit Suisse. ... Read full article

The Fed determined that Jacob Goldstein, who was also president of NBRS Financial Bank, improperly signed off on loans without telling the board that he would benefit from them. The bank failed in 2014. ... Read full article

But bank will benefit long-term from tax reform; judge says accounting firm failed to detect mortgage fraud that did in Colonial Bank. ... Read full article

We never promised the news would be good for all these community bankers, and it wasn’t. One couldn’t stop a failure, and another quit soon after an acquisition. The rest have their banks at different points on the comeback trail. ... Read full article

Readers sound off on Mick Mulvaney’s plan to hire political appointees at the Consumer Financial Protection Bureau, question what’s behind the failure of Washington Federal Bank for Savings in Chicago, react to an argument that Equifax must endure, and ... Read full article

Washington Federal in Chicago, which had a clean balance sheet and plenty of capital on Sept. 30, was shuttered shortly after the death of its CEO and regulators' discovery of "substantial dissipation of assets." ... Read full article

For the first time in nearly nine years, an acquirer of a failed bank agreed to purchase only the institution’s insured deposits, making it likely that some customers will not recoup all of their uninsured funds. ... Read full article

The Federal Deposit Insurance Corp. has forged a pact with the European Union-based entity that handles failed-bank cleanups to share information and collaborate on planning for cross-border resolutions. ... Read full article