FDIC Announces 4 Million Settlement With Subprime Credit Card Company Charged With Deceptive Credit Card Marketing
Dec 19, 2008
Author: FDIC

The Federal Deposit Insurance Corporation (FDIC) announced today a settlement with CompuCredit Corporation, Atlanta, Georgia (CompuCredit), a company charged with deceptive marketing of subprime credit cards with three FDIC-supervised banks in violation of the Federal Trade Commission Act (FTC Act). Two of the banks previously settled with the FDIC.

Liquidity Risk is Focus of Winter Issue of FDIC's Supervisory Insights
Dec 19, 2008
Author: FDIC

The growing challenge related to liquidity issues in the current banking environment is highlighted in the Winter 2008 issue of Supervisory Insights, released today. "The extraordinary events of this past fall shine a bright light on the increasing importance of liquidity contingency planning for financial institutions," said Sandra L. Thompson, Director, Division of Supervision and Consumer Protection. "This issue of Supervisory Insights also addresses other critical issues facing the banking industry."

Agencies Release Annual CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Institutions
Dec 18, 2008
Author: FDIC

The federal bank regulatory agencies today announced the annual adjustment to the asset-size thresholds used to define "small bank," "small savings association," "intermediate small bank," and "intermediate small savings association” under the Community Reinvestment Act (CRA) regulations. The annual adjustments for banks are required by the 2005 CRA regulatory amendments and for savings associations by the OTS 2007 CRA regulatory amendments.

Agencies Approve Final Rule on Deduction of Goodwill from Tier 1 Capital
Dec 16, 2008
Author: FDIC

The federal banking and thrift regulatory agencies today approved a final rule that would permit a banking organization to reduce the amount of goodwill it must deduct from tier 1 capital by any associated deferred tax liability.

FDIC Issues Final Rule on Recordkeeping Requirements for QFCS
Dec 16, 2008
Author: FDIC

The Board of Directors of the Federal Deposit Insurance Corporation today issued a final rule to improve the FDIC's ability to monitor and evaluate risks in certain insured depository institutions with qualified financial contracts (QFCs), as well as assure preparedness if such institutions fail. The recordkeeping requirements in the final rule will require insured depository institutions, defined as troubled, to provide certain crucial information to the FDIC in a timely manner, including adequate position level documentation of the counterparty relationships of failed institutions. This information is critical to the FDIC's ability to monitor risks in such institutions and meet its statutory obligations regarding the treatment of QFCs in the event of its appointment as receiver of a failed insured depository institution. Under this statutory framework, the final rule further improves the FDIC's ability to facilitate an orderly resolution of QFCs and insured institutions in a manner that is least costly to the deposit insurance fund and limits the potential for uncertainty and disruption in the financial markets.