August 19, 2010 – After another bad jobs report, President Obama called for an increase in lending to small businesses. According to the President, “Small businesses and community banks that loan to small businesses have been lagging behind. If we want this economy to create more jobs more quickly, we need to help them.” The […]
Bank Loan Demand Remains Weak As Consumers Repair Tattered Balance Sheets
August 18, 2010 By 1 Comment
August 19, 2010 – The latest Federal Reserve survey of bank lending practices showed a net modest easing in credit standards and terms in the second quarter. The slight loosening of credit standards, however, was not widespread. The Fed’s report noted that “While the survey results suggest that lending conditions are beginning to ease, the […]
Palos Bank and Trust Company Of Illinois Closed By Regulators
August 13, 2010 By Leave a Comment
August 13, 2010 – Palos Bank and Trust Company, Palos Heights, Illinois was closed today by the Illinois Department of Financial and Professional Regulation, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with First Midwest Bank, Itasca, Illinois to assume all deposits and purchase essentially all assets of […]
Dodd-Frank Financial Regs Could Cripple Lending
August 13, 2010 By Leave a Comment
August 13, 2010 – As the scope of the recently passed Dodd-Frank Act is assessed, many are convinced that the massive new regulatory burdens imposed by the new bill could cripple bank lending and restrain economic growth. Despite the good intentions of Congress, the unintended consequences of a massively complex and ambiguous financial reform bill […]
Bank Regulators Perplexed On How To Implement New Financial Regulations
August 13, 2010 By 1 Comment
August 13, 2010 – Congress quickly passed the massive 2,300 page Dodd-Frank Act which will profoundly reshape financial markets for years to come. Numerous federal regulators now have the immense job of writing hundreds of new regulations to enforce the bill’s sweeping mandates. Implementing and complying with the coming tidal wave of new regulations is […]
FDIC Creates New Divisions For Large Bank Failures And Consumer Protection
August 12, 2010 By Leave a Comment
To order to carry out its responsibilities under the recently passed Dodd-Frank Wall Street Reform and Consumer Protection Act, the FDIC announced the creation of a new Office of Complex Financial Institutions (CFI) and Division of Depositor and Consumer Protection (DCP). The Dodd-Frank Act gave the FDIC authority to implement orderly liquidation of institutions designated […]
Are Retained Asset Accounts At Insurance Companies FDIC Insured?
August 11, 2010 By Leave a Comment
August 12, 2010 – The FDIC warned the insurance industry to properly disclose to consumers that Retained Asset Accounts (RAAs) are generally not insured by the FDIC Deposit Insurance Fund. Reacting to reports in the media that many customers believe that RAAs are FDIC insured, the FDIC sent a letter to the National Association of […]
Counterfeit Cashier’s Checks Continue To Flood The Banking System
August 6, 2010 By 1 Comment
Don’t Be A Victim Of Financial Fraud Involving Cashier’s Checks The increasing number of counterfeit cashier’s checks flooding the country continues to cause major problems for both banks and consumers. The FDIC is routinely issuing special alerts on 15 to 40 banks per month that report counterfeit checks bearing their name. Counterfeit cashier’s checks represent […]
Ravenswood Bank of Chicago Closed By State Of Illinois
August 6, 2010 By 4 Comments
August 6, 2010 – Ravenswood Bank, Chicago, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation – Division of Banking. The FDIC was appointed as receiver and entered into an agreement with Northbrook Bank and Trust Company, Northbrook, Illinois, to take over the failed bank. All deposits of failed Ravenswood Bank […]