FDIC News

Lloyd’s Gets to Keep $3 Million Because FDIC Waited Too Long to Collect

Lloyd’s of London does not have to pay the U.S. government’s Federal Deposit Insurance Corp. $3 million in judgment interest because the FDIC waited too long —18 months after a final judgment — to try to collect it. The action …

Regulators Disagree Over Giving Fintechs Federal Charter to Skirt State Rules

The U.S. Federal Reserve is wary of giving “fintech” firms such as OnDeck Capital Inc. or Kabbage Inc. access to the country’s financial infrastructure, putting the central bank at odds with other regulators looking to bring them into the fold. …

Report: U.S. Making Progress Against ‘Too-Big-to-Fail’ Bailouts

For the past year, a special team of U.S. bank regulators has been on a quiet mission to end the belief on Wall Street that large banks are “too big to fail.” The team from the Federal Deposit Insurance Corp. …

Senate Debates Renewal of Federal Deposit Insurance But House May Balk

The U.S. Senate voted on Tuesday to begin debating a bill that would keep a financial crisis-era deposit insurance program in place for two more years, but it will likely face strong opposition from the Republican-controlled House of Representatives. Separately, …

U.S. Regulators Urge Flexibility in Basel III Rules for Banks, Insurers

U.S. lawmakers and state financial regulators on Thursday called on federal officials to revamp proposed rules that would force financial firms to hold much more capital, asking them to consider the impact on small banks and insurance companies. U.S. bank …

Former FDIC Chair Bair Reveals Financial Bailout Details in Book

When Sheila Bair showed up for a meeting in then-Treasury Secretary Hank Paulson’s office in October 2008, the bank regulator had no idea she was about to be asked to guarantee the debts of the entire $13 trillion U.S. banking …

FDIC Director Says U.S. Should Reject Basel III Pact

The United States should reject Basel III bank capital standards if the international panel that drafted them does not make dramatic changes to the rules, a director at the U.S. Federal Deposit Insurance Corp. said on Friday. Speaking at the …

FDIC Outlines Strategy For When Big Financial Firms Fail

The next time a big bank or financial firm fails, regulators hope to avoid a major blow to the economy by seizing the firm’s parent company while allowing its healthy subsidiaries to continue operations, the head of the Federal Deposit …

Directors of Failed Atlanta Bank Sued, Accused of ‘Lavish’ Spending

Federal bank regulators have sued 17 former directors and officers of the failed Silverton Bank, accusing them of gross negligence and corporate waste. The Federal Deposit Insurance Corp. has accused the Atlanta bank in the lawsuit filed Monday of slipshod …

Systemic Firms Will Not Be ‘Too Big to Fail,’ Says FDIC’s Bair

Financial firms that the U.S. government deems as “systemic” will not be “too big to fail,” bank regulator Sheila Bair said Thursday. Bair, pushing back against critics who say the systemic designation is simply a government guarantee, said a major …