All FDIC articles – Page 2
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News Brief‘Textbook case of mismanagement’: Regs point blame at SVB for collapse
Banking regulators defended their supervisory actions and pledged to find answers as to what went wrong when discussing the factors leading to the failures of Silicon Valley Bank and Signature Bank before the Senate Banking Committee.
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PremiumLeadership, resource support key to compliance navigating bank turmoil
In sudden bank buyouts, the workload on compliance departments skyrockets as new customers are nearly instantly assumed by the purchasing bank. Experts share their take on managing the resulting risks.
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News BriefFirst Citizens to acquire deposits and loans of failed SVB
The deposits and loans of the failed Silicon Valley Bank have been purchased by First Citizens Bank & Trust, although about $90 billion in securities and other assets will remain in receivership.
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News BriefYellen says regs might cover deposits of other struggling banks
Treasury Secretary Janet Yellen said federal regulators are willing to extend the same financial assistance—perhaps even extended deposit insurance—to mid-sized banks struggling to handle the fallout from the failures of Silicon Valley Bank and Signature Bank.
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News BriefBiden calls for banking exec clawbacks amid failures
President Joe Biden is calling on Congress to “do more to hold senior bank executives accountable” since the market turmoil that has followed the collapses of Silicon Valley Bank and Signature Bank.
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PremiumWhere will regulators turn following SVB, Signature Bank failures?
Small and mid-sized banks can expect more regulatory scrutiny in the aftermath of the collapses of Silicon Valley Bank and Signature Bank, according to legal experts. The time to prepare is now.
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PremiumRegulators on damage control following SVB, Signature Bank failures
The White House, Department of the Treasury, and other federal banking regulators swung into action over the weekend to prevent the failure of two banks with $264 billion in combined deposits from turning into a full-blown economic crisis.
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News BriefSilicon Valley Bank closed by banking regs after historic collapse
In the largest U.S. bank failure since 2008, Silicon Valley Bank was closed and its approximately $175 billion in deposits placed under control of the Federal Deposit Insurance Corporation.
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News BriefFed cites AML weaknesses in denying Custodia Bank membership application
The Federal Reserve Board denied the application of Custodia Bank for membership in the Federal Reserve System, citing weaknesses in the digital-first bank’s anti-money laundering protocols as part of its decision.
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ArticleRegs order Citi to address unresolved data management woes
Citigroup has successfully resolved key compliance shortcomings identified as part of a 2020 enforcement action but still has work to do to address data management weaknesses, according to federal banking regulators.
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ArticleTreasury recommends more oversight for bank-fintech relationships
A new Treasury report found as the trend of nonbank fintech companies providing financial services in partnership with regulated entities continues to grow, regulators need to increase oversight of these relationships to curb the risks they pose.
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Cravath adds ex-SEC vets Roisman, Leete to new D.C. office
Law firm Cravath, Swaine & Moore announced it will open a Washington, D.C. office anchored by two former leaders from the Securities and Exchange Commission and the former chairman of the Federal Deposit Insurance Corporation.
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ArticleFDIC Chair Jelena McWilliams to resign after partisan feud
Jelena McWilliams will resign as chair of the Federal Deposit Insurance Corp. on Feb. 4, following a public clash with Democratic members of the board regarding bank mergers.
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ArticleBanking regulators pledge to examine crypto asset risks in 2022
Determining whether crypto assets are legal, safe, and provide consumers with adequate protection from fraud are three areas of concern federal banking regulators say they will examine in 2022.
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ArticleRule requires banks report significant ‘computer-security incidents’ within 36 hours
Federal banking regulators issued a rule that requires financial institutions to notify their regulator within 36 hours of a “computer-security incident” that materially affects their operation, ability to deliver services, or the stability of the financial sector.
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ArticleBanking guidance: Six key areas of FinTech due diligence
Three federal banking regulators have released guidance offering tips and suggestions to community banks for conducting due diligence on potential FinTech partners.
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ArticleNew bank guidance expands on advice for handling third parties
Three federal banking regulators are seeking public input on the first comprehensive update to risk management guidance for financial institutions entering into business relationships with third parties since 2013.
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ArticleRegulators want answers from financial services on AI/ML tools
The financial services industry is at the cutting edge of the utilization of artificial intelligence and machine learning tools. Regulators have recently requested to understand how these technologies are being used—or misused.
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ArticleFDIC fines Apple Bank $12.5M for AML compliance failures
The Federal Deposit Insurance Corporation has fined Apple Bank for Savings $12.5 million for violations of the Bank Secrecy Act related to anti-money laundering controls.
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ArticleU.S. regs urge banks to transition from LIBOR ‘as soon as practicable’
U.S. banking regulators are encouraging financial institutions to stop entering into new contracts that use the U.S. dollar LIBOR as a reference rate ahead of its slated expiration at the end of 2021.