The Government Accountability Office (GAO) today released the following reports, testimony, and correspondence:
The Recovery Act and TARP: GAO's Oversight Role
First National Bank of Anthony, Anthony, Kansas was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of Kansas, South Hutchinson,...
Cooperative Bank, Wilmington, North Carolina was closed today by the North Carolina Office of Commissioner of Banks, 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 Bank, Troy, North Carolina,...
Southern Community Bank, Fayetteville, 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 United Community Bank, Blairsville,...
FDIC-insured institutions should be aware of any unsolicited deposits received through third- party referrals. Certain insurance companies and other financial services firms (third parties) are advertising above-market rate certificates of deposit (CDs) to attract customers.
The Federal Deposit Insurance Corporation (FDIC) announced a settlement with AL Amerilife, LLC, an entity responsible for managing Amerilife First Financial, LLC, of Clearwater, Florida, formerly known as Interstate First Financial, LLC and other commonly controlled entities (collectively Amerilife). Amerilife is an...
FEMA has significantly improved its fraud prevention controls over disaster assistance. For example, FEMA now conducts identity and address verification on all applications and requires inspections prior to approving rental assistance. In addition, FEMA requires individuals in need of housing assistance to provide...
Chief of Staff and Public Affairs John G. Walsh discussed loan modifications and ways to provide assistance to consumers for preventable foreclosures in a speech today to the National Association of Real Estate Editors.
Chairman Dodd, Ranking Member Shelby, members of the Banking Committee. I'm pleased to be here today to testify about the Administration's plan for financial regulatory reform.
Over the past two years, our nation has faced the most severe financial crisis since the Great Depression. Our financial system failed to...
Identity theft is a serious problem because, among other things, it can take a long period of time before a victim becomes aware that the crime has taken place and thus can cause substantial harm to the victim's credit rating.
Announced by President Barack Obama on June 17, 2009:
Over the past two years we have faced the most severe financial crisis since the Great Depression. Americans across the nation are struggling with unemployment, failing businesses, falling home prices, and declining savings. These challenges have forced the...
Comptroller of the Currency John C. Dugan said that a paper released today provides valuable information on the use of credit ratings. The Joint Forum, which he chairs, released the paper, Stocktaking on the use of credit ratings. The paper had already been released to the Financial Stability Board (FSB) in December...
The Federal Reserve notes the Financial Accounting Standards Board's publication today of Statements of Financial Accounting Standards No. 166 and 167 (FAS 166 and 167), which will have a material effect on banking organizations' accounting for off-balance sheet vehicles.
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