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 […]
Bank Regulators Perplexed On How To Implement New Financial Regulations
August 13, 2010 By 1 Comment
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 […]
Mortgage Jobs Disappear As Rates Hit All Time Lows
August 6, 2010 By 2 Comments
In what can only be described as cruel irony, the number of jobs in the mortgage industry continue to disappear as rates hit all time lows. Traditionally, all time lows in mortgage rates have resulted in a refinance boom, increased hiring by mortgage companies and hefty paychecks for mortgage loan originators. This time, things are […]
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 […]
FDIC Sells Mortgage Backed Bonds – Is A Taxpayer Bailout Next?
August 1, 2010 By Leave a Comment
July 30, 2010 – The FDIC today raised $400 million by selling bonds backed by performing residential mortgages. The mortgages are part of $39 billion in assets acquired by the FDIC from failed banks (see FDIC’s Mountain Of Failed Bank Assets Grow). The securities are guaranteed by the FDIC and were sold at a coupon […]
LibertyBank, Eugene, Oregon, Closed By Regulators
July 30, 2010 By 2 Comments
July 30, 2010 – The Oregon Division of Finance and Corporate Securities closed LibertyBank, Eugene, Oregon, and appointed the FDIC as receiver. The deposits and a portion of the failed bank’s assets were acquired by Home Federal Bank, Nampa, Idaho, under a purchase and assumption agreement with the FDIC. LibertyBank had 15 branches in Oregon, […]
The Cowlitz Bank, Longview, Washington, Closed By Regulators
July 30, 2010 By Leave a Comment
July 30, 2010 – The Cowlitz Bank, Longview, Washington, was closed today by the Washington Department of Financial Institutions. The FDIC, as receiver, entered into an agreement with Heritage Bank, Olympia, Washington, to assume all deposits and some of the assets of failed Cowlitz Bank. The Cowlitz Bank had a total of nine branches, including […]