News Topic: FDIC

In an update on the Deposit Insurance Fund, FDIC staff said the fund's ratio of reserves to estimated deposits will likely reach the required 1.35% level by the second half of 2018. ... Read full article

Gulfside Bank, which would be based in Sarasota, is angling to become southwest Florida's first new bank in a decade. ... Read full article

The agency's decision to lift a 2002 consent order against Ace Cash Express could lead to a revival of partnerships between national banks and payday lenders. ... Read full article

Regulators are working intently on a proposal to reform how they apply the Community Reinvestment Act after previous attempts to modernize CRA policy drew mixed reviews. ... Read full article

The major prepaid card issuer agreed to the penalty to settle allegations that it had charged higher fees than what was disclosed to customers. ... Read full article

Federal Deposit Insurance Corp. Chairman Martin Gruenberg said Tuesday that he is on the fence about whether to serve on the agency's board for the remainder of the year even after he is replaced as head of the agency. ... Read full article

The tax reform law passed late last year, which significantly cut the corporate tax rate, has been widely popular among banks, but a one-time hit to the value of their deferred tax assets was felt far and wide. ... Read full article

The quarterly earnings decline from a year earlier was largely due to a one-time hit to the value of banks’ deferred tax assets, according to the agency’s Quarterly Banking Profile. ... Read full article

A decision by the Federal Deposit Insurance Corp. — soon to be under new management — on Square’s ILC application could foreshadow how other fintech firms seek banking powers. ... Read full article

The Treasury Department struck a middle ground in recommendations for Dodd-Frank Act wind-down powers, resisting calls to repeal those powers but still addressing concerns that they are too generous to large firms. ... 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 Trump administration on Wednesday refrained from proposing the elimination of authority to clean up failed financial behemoths, but the Treasury Department still wants substantial reforms to the resolution powers. ... Read full article

The full Senate will now consider the nomination of Jelena McWilliams to lead the FDIC, as well as nominees to sit on the Federal Reserve Board and the Financial Stability Oversight Council. ... Read full article

The plan would harmonize a 2015 rule establishing swap margin requirements with a later policy that imposes restrictions on certain qualified financial contracts. ... Read full article

AriseBank said it was the first crypto platform to buy a traditional bank. But there’s no evidence it did anything of the kind — and its founder now says it has been raided by the FBI. ... Read full article

Regulators said they were taking steps to recognize contributions to the recovery made by banks anywhere in the nation. ... Read full article

Three Trump administration nominees faced thorough questioning from the Senate Banking Committee, although Democrats reserved much of their fire for the president’s nominee to the Federal Reserve Board. ... Read full article

Three nominees for financial regulatory posts, including the administration's choice to run the FDIC, will face questions by the Senate Banking Committee. ... Read full article