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  • Obama Administration retreats on “Choke Point”

    09/03/2014 10:34:12 PM PDT · by Plummz · 15 replies
    Gun Owners of America ^ | Tuesday, 05 August 2014 18:28 | Gun Owners
    Pat yourselves on the back! As you will recall, GOA rallied gun owners several times over the past couple of months in opposition to Operation Choke Point. Well, faced with a devastating barrage from the Second Amendment community, the Obama administration has staged a hasty retreat on its plan to shut off credit for gun stores through “Operation Choke Point.” According to an article in The Washington Times, “[g]un retailers are no longer on a hit list deemed ‘high risk’ by the Federal Deposit Insurance Corp. after the banking regulator formally withdrew [this list]” last week. The FDIC said its...
  • Rand Paul Offers Amendment to Stop Eric Holder’s Operation Choke Point

    07/01/2014 10:01:30 PM PDT · by Plummz · 8 replies
    Gun Owners of America ^ | Thursday, 19 June 2014 19:56 | GOA
    Rand Paul Offers Amendment to Stop Eric Holder’s Operation Choke Point Thursday, 19 June 2014 19:56 Written by Gun Owners Excellent news! A few weeks ago, we told you about “Operation Choke Point” -- an effort by Attorney General Eric Holder to put gun stores out of business. Basically, it works like this: The Federal Deposit Insurance Corporation (FDIC), at the behest of Barack Obama, has declared that gun stores are “high risk” businesses. “High risk” businesses have been, up until now, a small category of supposedly disreputable businesses, which have included pornographers, sellers of drug paraphernalia, and payday lenders....
  • Will FDIC Regulations Shut Down the Prepaid Card Industry?

    06/27/2014 9:48:44 PM PDT · by jeannineinsd · 72 replies
    Market Rates Insight.com ^ | 6/19/14 | MarketRatesInsightblog
    Will FDIC Regulations Shut Down the Prepaid Card Industry? We have written about prepaid debit cards several times in recent months, but this week we saw the latest news that could throw a monkey wrench in the burgeoning prepaid card industry. As reported by PaymentsSource, Bancorp Inc., one of the biggest issuers of prepaid cards with $4.7 billion in assets, saw its shares drop 30 percent when the company agreed to curtail its prepaid card activity as part of a deal with the Federal Deposit Insurance Corporation (FDIC). A 22-page consent order mandates that Bancorp institute a number of changes...
  • Justice Department secretly stifling 'objectionable' businesses: House committee

    05/29/2014 11:18:29 AM PDT · by PoloSec · 14 replies
    Washington Examiner ^ | May 29 2014 | Susan Ferrechio
    The House Committee on Oversight and Government reform has compiled a scathing report on the Department of Justice's “Operation Choke Point” program that critics believe is aimed at “targeting industries deemed objectionable” by the Obama administration. The report, released Thursday by panel chairman Darrell Issa, R-Calif., accuses the Justice Department of abusing its authority by going after the payday lending industry and other merchants and working to put them out of business. According to the report, the Justice Department “secretly” discouraged banks from conducting business with groups deemed to be “high risk,” for triggering a federal investigation. Sign Up for...
  • ‘High risk’ label from feds puts gun sellers in banks’ crosshairs, hurts business

    05/20/2014 12:13:38 AM PDT · by stevie_d_64 · 19 replies
    The Washington Times ^ | May 18, 2014 | Kelly Riddell
    Gun retailers say the Obama administration is trying to put them out of business with regulations and investigations that bypass Congress and choke off their lines of credit, freeze their assets and prohibit online sales. Since 2011, regulators have increased scrutiny on banks’ customers. The Federal Deposit Insurance Corp. in 2011 urged banks to better manage the risks of their merchant customers who employ payment processors, such as PayPal, for credit card transactions. The FDIC listed gun retailers as “high risk” along with porn stores and drug paraphernalia shops. Meanwhile, the Justice Department has launched Operation Choke Point, a credit...
  • Targeted? Gun sellers say ‘high risk’ label from feds cuts off banking options, restricts business

    05/18/2014 6:58:51 PM PDT · by Up Yours Marxists · 20 replies
    Washington Times ^ | May 19, 2014 00:23 GMT | Kelly Riddell
    Gun retailers say the Obama administration is trying to put them out of business with regulations and investigations that bypass Congress and choke off their lines of credit, freeze their assets and prohibit online sales. Since 2011, regulators have increased scrutiny on banks’ customers. The Federal Deposit Insurance Corp. in 2011 urged banks to better manage the risks of their merchant customers who employ payment processors, such as PayPal, for credit card transactions. The FDIC listed gun retailers as “high risk” along with porn stores and drug paraphernalia shops. Meanwhile, the Justice Department has launched Operation Choke Point, a credit...
  • Porn Stars: Attorney General Eric Holder May Have Closed Your Bank Accounts (plus guns & ammunition)

    05/01/2014 10:51:50 AM PDT · by jazusamo · 44 replies
    PJ Media ^ | May 1, 2014 | Bryan Preston
    Porn stars say that JP Morgan Chase bank has been quietly closing their bank accounts. The skin flick starlets, including Penthouse Pet Teagan Presley, “Cougarland” actress Veronica Avluv and “White House Orgy” actress Layton Benton, are using Twitter to bash the bank over a recent rash of account closure notices. Presley, whose real name is Ashley Erickson, said her April 16 letter gave no reason for her termination. The bank also is closing her husband’s personal account and their two business accounts, including one for their studio Skinworxxx, she said. “I’m just upset and still in shock it’s even happening....
  • U.S. regulator sues 16 banks for rigging key interest rate

    03/14/2014 12:31:57 PM PDT · by gooblah · 14 replies
    Reuters ^ | Fri Mar 14, 2014 3:26pm EDT | By Nate Raymond
    (Reuters) - The Federal Deposit Insurance Corporation sued 16 of the world's largest banks on Friday, accusing them of colluding to suppress interest rates. The lawsuit, filed in the federal district court in New York, was the latest to accuse financial institutions of conspiring to manipulate Libor, or the London Interbank Offered Rate. The FDIC said the defendants' conduct caused substantial losses to 38 banks that the U.S. regulator had taken into receivership since 2008, including Washington Mutual Bank and IndyMac Bank.
  • Bitcoin Bank Run, Take 2

    02/11/2014 4:32:38 PM PST · by BfloGuy · 17 replies
    Mises Economics Blog ^ | 2/11/14 | David Howden
    Enough people were upset with my previous post claiming that Mt. Gox is suffering a bitcoin bank run because it is holding only a fractional bitcoin reserve that it caused me to think twice about the claim.I could have been wrong, but I doubt it.Actually, the backlash was strong enough that it made me think that perhaps I was using some common terms in strange ways. I referred to Mt. Gox as a bank, which is a stretch by some definitions, but it definitely stores bitcoin for clients and as such, acts as a custodian.Maybe it was the term “bank...
  • Regulators release public portions of resolution plans for smaller banks

    01/16/2014 12:43:19 PM PST · by Olog-hai
    Reuters ^ | 16 JAN 2014 | Bora Yagiz
    The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) released the public portions of resolution plans for 116 institutions that submitted plans for the first time in December 2013, a group comprising smaller banks affected by Dodd-Frank requirements for winding-up plans. The Dodd-Frank Act requires that bank holding companies (and foreign companies treated as bank holding companies) with total consolidated assets of $50 billion or more and non-bank financial companies designated for enhanced prudential supervision by the Financial Stability Oversight Council periodically submit resolution plans to the Federal Reserve Board and the FDIC. Each plan must describe the...
  • Obama's 'Operation Choke Point' Seeks to Destroy Sectors of Private Lending Industry

    01/09/2014 9:55:48 AM PST · by Sir Napsalot · 16 replies
    Breibart - Big Government ^ | 1-8-2014 | Michael Patrick Leahy
    Breitbart News has learned that in 2013 the Obama administration launched an under-the-radar project, 'Operation Choke Point,' which is designed to destroy three sectors of the private lending industry: third party payment processors ("TPPPs"), payday lenders, and online lenders. The operation is headed by political operatives and career bureaucrats at the Department of Justice, the FDIC, and the new Consumer Financial Protection Bureau ("CFPB"). It appears to be the latest example of the Obama administration's successful efforts to weaponize the apparatus of the federal government against people and industries it opposes ideologically. According to the Wall Street Journal, the federal...
  • FDIC shutters small bank in Arizona

    05/14/2013 11:40:16 PM PDT · by Olog-hai · 2 replies
    Associated Press ^ | May 14, 2013 8:37 PM EDT
    Regulators have closed a small bank in Arizona, bringing the number of U.S. bank failures to 13 this year. The Federal Deposit Insurance Corp. on Tuesday seized Central Arizona Bank, based in Scottsdale, Ariz. The lender, which operated a single branch, had roughly $31.6 million in assets and $30.8 million in deposits as of March 31. Western State Bank, based in Devils Lake, N.D., agreed to assume all of the failed bank’s deposits and to buy essentially all of its assets. …
  • FDIC no more than 'mirage'

    04/04/2013 3:07:41 AM PDT · by Perseverando · 3 replies
    WND ^ | Arpil 3, 2013 | Porter Stansberry
    Exclusive: Porter Stansberry says printing press maintains façade The latest news out of Cyprus – the government levying taxes on bank account holders – is very, very interesting. If you understand it on a deep level, Cyprus’s actions cut to the core of whether we are going to live in a socialist world or a capitalist world. Banking is at the center of the economy, and the policies you set in banking determine who gets capital and under what conditions. That’s the definition of capitalism: how to allocate capital and under what terms. Right now, the world is completely socialist,...
  • Are treasuries a way of avoiding the bank collapse?

    04/02/2013 6:39:00 AM PDT · by E. Pluribus Unum · 40 replies
    04/02/2013 | E. Pluribus Unum
    If I move my savings to a brokerage account and purchase 2-year treasuries (the shortest term available at my broker) would that at least protect me from having my money stolen by the banks?
  • Can US & UK become like Cyprus? Yes.

    04/01/2013 6:59:13 AM PDT · by Opinionatedtoday · 6 replies
    Canada Free Press ^ | Marinka Peschmann
    While you were sleeping, leaders of the so-called “free world” have been actively transforming their financial systems and now it appears that everybody’s bank account is fair game. Could the U.S. and the U.K. become the next Cyprus where private bank deposits are seized to recapitalize failed banks? According to a report written by the Federal Deposit Insurance Corporation (FDIC) and the Bank of England called: “Resolving Globally Active, Systemically Important, Financial Institutions,” the answer is yes.
  • American Express prepaid debit cards to get FDIC insurance

    03/26/2013 5:26:41 PM PDT · by markomalley · 2 replies
    Washington Post ^ | 3/26/2013 | Danielle Douglas
    American Express announced Tuesday that its prepaid debit cards will now be backed by the Federal Deposit Insurance Corp., the latest indication that a market once shunned by established financial institutions is gaining ground. The use of reloadable prepaid cards has exploded in the wake of the credit crisis that left millions of Americans outside the traditional banking system. But unlike checking accounts, reloadable prepaid cards do not offer the same financial protections for consumers and operate with fewer regulatory constraints.
  • Anatomy of the Bank Run

    03/25/2013 4:50:44 PM PDT · by BfloGuy · 39 replies
    Mises Institute ^ | March 25, 2013 | Murray N. Rothbard
    It was a scene familiar to any nostalgia buff: all-night lines waiting for the banks (first in Ohio, then in Maryland) to open; pompous but mendacious assurances by the bankers that all is well and that the people should go home; a stubborn insistence by depositors to get their money out; and the consequent closing of the banks by government, while at the same time the banks were permitted to stay in existence and collect the debts due them by their borrowers. In other words, instead of government protecting private property and enforcing voluntary contracts, it deliberately violated the property...
  • There’s a Reason for Deposit Insurance

    03/25/2013 6:54:17 AM PDT · by SeekAndFind · 11 replies
    New York Times ^ | 03/15/2013 | ROGER LOWENSTEIN
    FOR all the criticism of bailouts since the financial crisis struck, virtually no one has suggested that depositors in banks be made to suffer along with their investors, employees and customers. Until this week, when the euro zone proposed that, in return for a bailout of the failing banking system in Cyprus, depositors pay a “tax” of 6.75 percent of their deposits — 9.9 percent for deposits above 100,000 euros. Because bank deposits in Cyprus, and virtually everywhere, are insured, the plan shocked many people who figured that this insurance was the one financial safety net that was still truly...
  • After Call From Senator's Office, Small Hawaii Bank Got U.S. Aid

    06/30/2009 10:50:04 PM PDT · by FromLori · 6 replies · 431+ views
    Sen. Daniel K. Inouye's staff contacted federal regulators last fall to ask about the bailout application of an ailing Hawaii bank that he had helped to establish and where he has invested the bulk of his personal wealth. The bank, Central Pacific Financial, was an unlikely candidate for a program designed by the Treasury Department to bolster healthy banks. The firm's losses were depleting its capital reserves. Its primary regulator, the Federal Deposit Insurance Corp., already had decided that it didn't meet the criteria for receiving a favorable recommendation and had forwarded the application to a council that reviewed marginal...
  • FDIC Notice of Coverage Expiration For Noninterest-Bearing Accounts

    12/03/2012 1:44:49 PM PST · by ExxonPatrolUs · 7 replies
    FDIC.gov ^ | Effective Jan 1
    Snip... For example, if after the expiration of the Dodd-Frank Deposit Insurance Provision a depositor under the single ownership category has $500,000 deposited in a noninterest-bearing transaction account and $250,000 deposited in a certificate of deposit, or total deposits of $750,000, the depositor would be insured for up to $250,000 and uninsured for the remaining balance of $500,000. ...Snip
  • The 359 safest banks in America (check your state)

    07/16/2012 10:37:44 PM PDT · by STARWISE · 32 replies
    MSN ^ | 7-13-12 | Sara Glakas
    The following institutions, grouped by state, boast perfect scores using a method developed to diagnose failing banks. ### The relationship Americans have with their banks used to be based on trust. As well it should be. In many ways, banks make some of our biggest financial dreams come true. We go to the bank when we want to buy our dream home, and again when we remodel the kitchen. Our bank helps us buy that great new car we've been thinking about. When we retire, the bank turns a lifetime of savings into income by paying us interest on money-market...
  • Obama donors get deal; depositors get ‘stiffed again’ - FDIC eases settlement for bankers

    06/10/2012 8:55:54 PM PDT · by Nachum · 5 replies
    Washington Times ^ | 6/10/12 | Chuck Neubauer
    A billionaire Chicago family that has donated and raised hundreds of thousands of dollars for President Obama got a deal from the federal government to avoid paying all of a $460 million settlement it agreed to in the 2001 failure of a Chicago-area bank it owned, while 1,400 former depositors are still owed more than $10 million in lost savings. And now, 11 years later, the prospect that any of the depositors will get their money back is bleak. The Pritzker family, which made its fortune in hotels and manufacturing, agreed to a $460 million settlement offer in December 2001...
  • REPORT: Prepare For A Giant New Wave Of US Bank Failures

    02/01/2012 9:26:05 AM PST · by blam · 13 replies
    TBI ^ | 2-1-2012 | Luke McKenna
    REPORT: Prepare For A Giant New Wave Of US Bank Failures Luke McKenna Febuary 1, 2012Forget Europe — the weak U.S. recovery puts more than 750 domestic banks at risk of failure, according to a report from Invictus Consulting Group (via Business Wire). Invictus, which stress tested all FDIC-insured banks, says 758 lenders could collapse in the next three years, forecasting a new wave of borrower defaults in the absence of a strong economic up-tick. A disaster in Europe would probably make things much worse. Invictus says the at-risk lenders — mostly regional banks or subsidiaries of the majors —...
  • HeadLie: Withdrawing Your Money From Banks Will Make The Recession Worse

    12/06/2011 4:48:25 PM PST · by blam · 16 replies · 1+ views
    SHTF Plan ^ | 12-6-2011 | Mac Slavo
    HeadLie: Withdrawing Your Money From Banks Will Make The Recession Worse Mac Slavo December 6th, 2011 In case you haven’t yet heard, the Greeks are quietly continuing with a run on their banking system, a situation we’ve reported on previously, and one that British EU minister Nigel Farage warned of just a few short months ago. Savings and time deposits have dropped 30% since the start of the year and almost 10% was withdrawn in just September and October. It’s not panic in the streets – not yet, at least – but it’s getting close. Der Spiegel reports: Many Greeks...
  • Bank of America stock nearing $5 danger zone

    11/29/2011 4:49:30 PM PST · by rabscuttle385 · 23 replies
    CNN Money ^ | 2011-11-29 | Maureen Farrell
    NEW YORK (CNNMoney) -- Another trading day and another low for Bank of America's stock. Shares of Bank of America dropped more than 3% Tuesday, hitting a new 52-week low of $5.03 -- its lowest level since March 12, 2009. After the close of trading Tuesday, Bank of America was one of 37 financial institutions downgraded by S&P. Beyond the S&P downgrade, trading could become even more complicated in Bank of America's stock, if it falls below $5. Under that threshold, many broker-dealers will not allow investors to buy or short a stock on margin, according to a spokesperson for...
  • Daniel Frawley deposition and testimony could lead to Obama arrest or investigation,

    11/16/2011 2:40:01 PM PST · by OPS4 · 13 replies
    Citizen Wells ^ | 11/16/11 | Citizen Wells
    Daniel Frawley deposition and testimony could lead to Obama arrest or investigation, Ulsterman White House Insider report, FDIC vs Mutual Bank, Where is House Judiciary Committee? “You said earlier that Obama was more confident these days though… He is. Pelosi backed off. Issa appears to have done the same. Holder is holding the line. Information coming out of Chicago is still being limited – clamped down upon. That doesn’t mean they aren’t nervous. They are. Watch the Blagojevich thing – the trial. The deal to be made. Where there’s smoke, there’s fire. And what happened to Rezko? That’s part of...
  • Over 1 in 20 Banks Have Failed Since Crisis Started

    10/25/2011 12:14:36 PM PDT · by fruser1 · 2 replies
    self ^ | 25 Oct 2011 | self
    I've been checking the fdic website routinely since 2008 when everything tanked. There were about 8100 banks around at that time, according to the fdic. Since 2007, 433 banks have failed. That's over 5% of the total, or, 1 in 20. Here's the breakdown by year: 2007=3, 2008=25, 2009=140, 2010=157, 2011=84 The 2011 number includes what we have so far in October. There's no other point to this story. I just thought it was an interesting factoid. The FDIC link for the complete list is: http://www.fdic.gov/bank/individual/failed/banklist.html
  • Bank Of America Dumps $75 Trillion In Derivatives On U.S. Taxpayers With Federal Approval

    Bloomberg reports that Bank of America (BAC) has shifted about $22 trillion worth of derivative obligations from Merrill Lynch and the BAC holding company to the FDIC insured retail deposit division. Along with this information came the revelation that the FDIC insured unit was already stuffed with $53 trillion worth of these potentially toxic obligations, making a total of $75 trillion.
  • Sleight of hand: BofA moves dodgy Merrill derivatives to bank (U.S. taxpayer on the hook for $55+T?)

    10/22/2011 9:43:11 AM PDT · by rabscuttle385 · 63 replies
    The New York Post ^ | 2011-10-21 | Mark Decambre
    A plan by beleaguered Bank of America to foist trillions of dollars of funky Merrill Lynch derivatives onto its depositors is raising eyebrows on Wall Street. The rarely used move will likely save the bank millions of dollars in collateral but could put depositors’ cash behind the eight ball. The move also brought to light fissures between the nation’s top banking regulators, the Federal Deposit Insurance Corp. and the Federal Reserve, in the wake of new regulations meant to curb the free-wheeling habits that fostered the worst crisis in a generation back in 2008. At issue is BofA’s decision to...
  • Bank of America in real trouble

    10/21/2011 10:00:33 PM PDT · by oneolcop · 58 replies
    Before it's News ^ | 10/19/2011 | Before it's News
    The Federal Reserve and Bank of America Initiate a Coup to Dump Billions of Dollars of Losses on the American Taxpayer Bloomberg reports that Bank of America is dumping derivatives onto a subsidiary which is insured by the government – i.e. taxpayers. Yves Smith notes: If you have any doubt that Bank of America is going down, this development should settle it …. Both [professor of economics and law, and former head S&L prosecutor] Bill Black (who I interviewed just now) and I see this as a desperate move by Bank of America’s management, a de facto admission that they...
  • Regulators close banks in Colorado, Florida, Georgia for total of 84 bank failures in 2011

    10/21/2011 8:42:11 PM PDT · by freespirited · 10 replies
    Wapo ^ | 10/21/11
    Regulators on Friday closed two banks in Georgia and one each in Florida and Colorado, raising to 84 the number of U.S. banks that have failed this year. The number of closures has fallen sharply this year as banks have worked their way through bad debt. By this time last year, regulators had shuttered 139 banks. FDIC seized the four banks. The largest by far was Community Banks of Colorado, based in Greenwood ... Also shuttered were Community Capital Bank, Jonesboro, Ga. ... Decatur First Bank ... and Old Harbor Bank, Clearwater, Fla. Georgia and Florida have been among the...
  • Fed Up: A Texas Bank Is Calling It Quits (Regulated to Death)

    08/11/2011 8:35:05 AM PDT · by SeekAndFind · 22 replies
    Wall Street Journal ^ | 08/11/2011 | Robin Sidel
    Main Street Bank lends most of its money to small businesses and is earning decent profits. But the Kingwood, Texas, bank is about to get out of the banking business. In an extreme example of the frustration felt by many bankers as regulators toughen their oversight of the nation's financial institutions, Main Street's chairman, Thomas Depping, is expected to announce Wednesday that the 27-year-old bank will surrender its banking charter and sell its four branches to a nearby bank. Mr. Depping plans to set up a new lender that will operate beyond the reach of banking regulators—and the deposit-insurance safety...
  • Agencies Issue Guidance on Federal Debt

    08/05/2011 8:56:11 PM PDT · by PAR35 · 7 replies
    FDIC ^ | August 5, 2011 | --
    Earlier today, Standard & Poor’s rating agency lowered the long-term rating of the U.S. government and federal agencies from AAA to AA+. With regard to this action, the federal banking agencies are providing the following guidance to banks, savings associations, credit unions, and bank and savings and loan holding companies (collectively, banking organizations). For risk-based capital purposes, the risk weights for Treasury securities and other securities issued or guaranteed by the U.S. government, government agencies, and government-sponsored entities will not change. The treatment of Treasury securities and other securities issued or guaranteed by the U.S. government, government agencies, and government-sponsored...
  • JPMorgan Attempts Takeover of FDIC?

    08/04/2011 6:22:26 PM PDT · by Chunga85 · 2 replies
    The Foreclosure Hamlet ^ | August 4, 2011 | Capt. Jack
    HOLD ON. NOT SO FAST! When, if ever, will these "Foreclosure Mills" realize thay are not part of the "Too Big To Fail" crowd? They merely carry their poisonous water. Nothing more. Lawsuits from the top by the "Investment Banks", lawsuits from the bottom also aimed squarely at the "Commercial Banks". This IS a Nation of Laws not Men. In these dark times there will be many lawsuits. It is required. This is very fitting on a day where the Dow Jones Industrial Average dropped off five-hundred (500) points. As we watch the Ponzi collapse like a Jenga Castle it...
  • Mark Mobius Echoes Carl Icahn: "There Is Definitely Going To Be Another Financial Crisis"

    05/30/2011 9:34:15 AM PDT · by george76 · 12 replies
    zh ^ | 05/30/2011 | Tyler Durden
    In an almost verbatim repeat of Carl Icahn's words of caution which we noted yesterday, Templeton's legendary chairman Mark Mobius said that "another financial crisis is inevitable because the causes of the previous one haven’t been resolved" ... at the Foreign Correspondents’ Club of Japan in Tokyo... "There is definitely going to be another financial crisis around the corner because we haven’t solved any of the things that caused the previous crisis,” Mobius said at the Foreign Correspondents’ Club of Japan in Tokyo today in response to a question about price swings...nothing in the structure of capital markets has changed,...
  • Largest Failure This Year Is Among Six Banks Shut

    04/15/2011 10:13:59 PM PDT · by george76 · 8 replies
    wsj ^ | APRIL 15, 2011 | JOAN E. SOLSMAN
    U.S. regulators announced the biggest bank failure so far this year by assets, Birmingham, Ala.'s Superior Bank, as well as the most failures in a single day in 2011, as five other banks were closed in Alabama, Minnesota, Mississippi and Georgia. The Federal Deposit Insurance Corp. said in addition to Superior, Nexity Bank, also based in Birmingham, was closed, the first failures in Alabama this year. Minnesota and Mississippi also logged their first failures of 2011 with the closures of Rosemount National Bank and Heritage Banking Group, respectively.
  • Why Isn't Wall Street in Jail?

    02/16/2011 11:30:52 AM PST · by Chunga85 · 69 replies
    Rolling Stone ^ | February 16, 2011 | Matt Taibbi
    Financial crooks brought down the world's economy — but the feds are doing more to protect them than to prosecute them. Here's how regulation of Wall Street is supposed to work. To begin with, there's a semigigantic list of public and quasi-public agencies ostensibly keeping their eyes on the economy, a dense alphabet soup of banking, insurance, S&L, securities and commodities regulators like the Federal Reserve, the Federal Deposit Insurance Corp. (FDIC), the Office of the Comptroller of the Currency (OCC) and the Commodity Futures Trading Commission (CFTC), as well as supposedly "self-regulating organizations" like the New York Stock Exchange....
  • Failed Bank List (2 more zombies died)

    01/28/2011 3:59:12 PM PST · by Milhous · 3 replies
    FDIC ^ | January 28, 2011 | Sheila Bair
    Evergreen State Bank Stoughton WI The First State Bank Camargo OK
  • Four Banking Failures In Four States Cost FDIC $455 Million

    01/26/2011 12:11:16 PM PST · by FromLori · 6 replies
    Problem Bank List ^ | 1/22/2011 | staff
    January 21, 2010 – The FDIC, with a long list of 860 Problem Banks, was hit for $455 million in losses as four banks collapsed across four states. During 2010 a total of 157 banking failures occurred, the most since 1992 when 181 banks were closed. In 2009 a total of 140 banks were closed. During all of 2008 there were 25 bank failures. There were only 3 bank failures during 2007. No banks failed during 2005 and 2006. With over 10% of all FDIC insured institutions on the Problem Bank List, the pace of banking failures does not look...
  • Regulators close 4 banks in Carolinas, Georgia, Colorado; Bank failures this year now 7

    01/21/2011 10:38:02 PM PST · by george76 · 10 replies · 1+ views
    ap ^ | January 21, 2011 | Marcy Gordon
    Regulators on Friday closed banks in North Carolina, South Carolina, Georgia and Colorado, bringing to seven the number of closures in 2011 following last year's toll of 157 bank failures amid the limping economy and mounting bad loans. The growing number of bank failures has sapped billions of dollars out of the deposit insurance fund. It fell into the red in 2009, and its deficit stood at $8 billion as of Sept. 30. The number of banks on the FDIC's confidential "problem" list rose to 860 in the third quarter of last year from 829 three months earlier. The 860...
  • Time to Move Past Debate On Dodd-Frank Law: FDIC's Bair

    01/13/2011 8:05:38 AM PST · by TigerLikesRooster · 6 replies
    CNBC ^ | Michelle Lodge
    Time to Move Past Debate On Dodd-Frank Law: FDIC's Bair Published: Thursday, 13 Jan 2011 | 10:32 AM ET By: Michelle Lodge CNBC.com Writer Even with the Republicans in control of the House, major changes in the Dodd-Frank financial overhaul law are unlikely and it's time for the country "to get on with it," Sheila Bair, chairwoman of the Federal Deposit Insurance Corporation, told CNBC Thursday. “Dodd-Frank gives the regulators a lot of tools to implement them [changes], and we are doing that in a balanced way,” said Bair, speaking from the Small Business Forum in Washington DC, a co-partnership...
  • Is Your Bank on the Problem Bank List?

    12/06/2010 11:20:31 AM PST · by george76 · 20 replies · 1+ views
    Problem Bank List ^ | November 28th, 2010
    The Federal Deposit Insurance Corporation, the federal agency in charge of safeguarding the nation’s bank deposits, maintains a Problem Bank List. This list contains the names of institutions that are likely to have weak capital positions that can lead to failure. The FDIC does not publicize the list for fear of causing a run on the bank, but ... As of the latest report released by the FDIC there were 860 problem banks at September 30, 2010, up from 829 at June 30, 2010. .. For the week ending November 19, 2010 there were three more banking failures, resulting in...
  • FDIC closes three more banks (149)

    11/20/2010 4:48:52 AM PST · by MeneMeneTekelUpharsin · 4 replies · 1+ views
    The Houston Chronicle ^ | 20 November 2010
    FDIC closes three more banks for a total of 149 this year. The number for all of 2009 was 140. Nothing to see here...move along.
  • US launches criminal probes into bank officials (~50 executives and directors of collapsed banks)

    11/17/2010 5:14:48 PM PST · by NormsRevenge · 9 replies
    AP on Yahoo ^ | 11/17/10 | Marcy Gordon - ap
    WASHINGTON – The federal government has opened criminal investigations into approximately 50 executives and directors of U.S. banks that have collapsed during the financial crisis. Deputy Inspector General Fred Gibson said Wednesday the inspector general's office at the Federal Deposit Insurance Corp. has been probing the role of the executives in bank failures around the country. The criminal investigations are separate from civil lawsuits approved by the FDIC's board against some 80 bank executives, employees and directors. The FDIC is seeking to recoup about $2 billion in bank losses that the regulator says were the result of negligence or misconduct...
  • Dear Uncle (Sam) Sucker (the facts on Warren Buffett's Op-Ed in NYT)

    11/17/2010 9:22:38 AM PST · by Fred · 10 replies
    Big Picture Blog ^ | 111710 | Barry Ritholtz
    For many years, I’ve been a fan of Warren Buffett’s long term approach to value investing. Understanding the value of a company, regardless of its momentary stock price, is a great long term investing strategy. But it pains me whenever I read commentary from Buffett that glosses over reality or is somehow self-serving. His OpEd in the NYT today – Pretty Good for Government Work – paints an artificially rosy picture of the Bailout, ignores the negatives, and omits his own financial interest in government actions. What might he have written if Sir Warren was dosed with some sodium pentothal...
  • The Crisis Is Over: Bank Of America Is Set To Begin Foreclosures Again

    10/18/2010 1:41:10 PM PDT · by earlJam · 78 replies
    The Crisis Is Over: Bank Of America Is Set To Begin Foreclosures Again Joe Weisenthal | Oct. 18, 2010, 3:27 PM | 1,658 | Bank of America says it plans to start re-submitting foreclosures in 23 states next week, and that all in all the foreclosure-gate stuff will affect about 30,000 mortgages. A spokesperson told WSJ that it had not found a single case of a foreclosure without justification, which is key.
  • More Foreclosures For An Economic Recovery

    10/11/2010 10:15:09 AM PDT · by Shout Bits · 17 replies
    Shout Bits Blog ^ | 10/11/2010 | Shout Bits
    On Friday, Bank of America announced that it had suspended all foreclosures in the US; many large banks are doing the same. The stated reason for the halt was the need to clean up the foreclosure paperwork process, but in reality BofA is caving to threats from Washington and the trial lawyers. Surprisingly, some of the media reported the profound damage to the housing market that a foreclosure moratorium will cause. . .
  • FDIC's New Power to Dissolve Companies Raises Concerns

    09/06/2010 8:58:42 PM PDT · by Rabin · 19 replies
    The National Law Journal ^ | September 07, 2010 | Jenna Greene
    FDIC's expanded authority is part of the 2,300-page Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law on July 21. The new regime for dissolving megacompanies -- one with almost no judicial oversight and in which creditors' rights are few. A company has essentially no choice about the FDIC taking over as receiver. "It may be difficult to try to draw a box around what that is," said Renée Dailey
  • The Federal Reserve Wants To Hide 'Bad Lemon' Banks For Another Three Months

    08/26/2010 7:34:04 AM PDT · by george76 · 9 replies
    Business Insider ^ | Aug. 26, 2010 | Vincent Fernando
    The Federal Reserve has asked a U.S. appeals court to delay disclosure of emergency lending provided to banks during the crisis... Is the financial system still not strong enough for the market to know the truth? The view seems to be that we're not ready. Thing is, longer-term the markets would probably be better off if they weren't denied this basic information -- Such as which banks received more or less support from the government ...
  • Unofficial Problem Bank List increases to 840 institutions

    08/28/2010 9:55:29 AM PDT · by george76 · 9 replies
    Calculated Risk ^ | August 28, 2010
    The Unofficial Problem Bank List grew by more than five percent this week as the FDIC released its enforcement actions for July 2010. This week, there were 28 additions and 5 removals. Also, the list was updated to reflect assets as of the second quarter. For institutions on the list since the first quarter, aggregate assets declined by $13.9 billion... Among the 28 additions are TIB Bank, Naples, FL ...Geographically, the additions include 5 institutions from Illinois, 4 from Florida, and 3 from Minnesota. Next week, the FDIC likely will release the Official Problem Bank List as of June 30th.