The Federal Reserve Board on Tuesday proposed rules amending Regulation Z (Truth in Lending) to protect consumers who use credit cards from a number of potentially costly practices.
The Board of Directors of the Federal Deposit Insurance Corporation today adopted a Notice of Proposed Rulemaking (NPR) that would require insured institutions to prepay their estimated quarterly risk-based assessments for the fourth quarter of 2009 and for all of 2010, 2011 and 2012. The FDIC estimates that the total...
The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Georgia affected by recent severe storms and flooding.
The Office of Thrift Supervision (OTS) today urged thrifts in areas affected by flooding in the Southeast to consider all reasonable steps to meet customers' financial needs. Individuals affected by the flood may obtain additional information on available government relief at www.disasterassistance.gov.
The Office of the Comptroller of the Currency (OCC) today issued a consumer advisory to help consumers better understand reverse mortgages. Reverse mortgages generally are available to consumers who are 62 or older, and can be used to supplement retirement income or meet health care or other financial needs.
Georgian Bank, Atlanta, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Citizens Bank and Trust Company, Inc.,...
The federal financial institution regulatory agencies are requesting comment on the attached proposed Correspondent Concentration Risks guidance. The proposed guidance addresses supervisory matters relating to identifying, monitoring, managing and performing appropriate due diligence of correspondent concentration...
Comptroller of the Currency John C. Dugan said today that uniform national standards have proved to be a powerful engine for prosperity and growth, and urged Congress to strengthen federal consumer protection rules and ensure they are applied to all providers of the same financial products.
Credit quality declined sharply for loan commitments of $20 million or more held by multiple federally supervised institutions, according to the 32nd annual review of Shared National Credits (SNC).
Federal and state regulators today closed Irwin Union Bank, F.S.B., Louisville, Kentucky, and Irwin Union Bank and Trust Company, Columbus, Indiana, respectively. The institutions are banking subsidiaries of Irwin Financial Corporation, Columbus, Indiana. The regulators immediately named the Federal Deposit Insurance...
The famous American poet, Robert Frost, once said that the true test of a college student's chances, is when you know the sort of activity for which he'll neglect his studies. So the fact that all of you are here at 8 o'clock in the morning to hear a talk on financial regulatory reform, is a very promising sign!
The Federal Deposit Insurance Corporation (FDIC) today announced the selection of 14 members for its Advisory Committee on Community Banking, which was established by the FDIC Board of Directors in May. The Advisory Committee members represent a cross-section of community bankers from around the nation, including a...
The FDIC has signed a bid confirmation letter with Residential Credit Solutions (RCS), the winning bidder in a pilot sale of receivership assets that the FDIC is conducting to test the funding mechanism for the Legacy Loans Program (LLP). The pilot sale was conducted on a competitive bid basis, and final bids were...
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