All FDIC articles – Page 5

  • Blog

    FDIC Hits Comenity Banks Over Deceptive Credit Card Add-Ons


    The FDIC has settled with Delaware-based Comenity Bank and Comenity Capital Bank of Salt Lake City for deceptive practices relating to the marketing of credit card add-on products. Comenity Bank will pay a civil money penalty of $2 million and provide $53 million in restitution to harmed consumers. ...

  • Blog

    FDIC’s Hoenig Pitches Framework for Regulatory Relief


    Thomas Hoenig, vice chairman of the Federal Deposit Insurance Corporation, wants to see the regulatory burden for “traditional” banks eased, regardless of their asset size. Speaking on this week about a Congressional demand to identify outdated and unduly burdensome regulations he recommended that a bank be eligible for regulatory relief ...

  • Blog

    Banamex USA Fined $140M for AML Violations


    The Federal Deposit Insurance Corporation today imposed a civil penalty of $140 million against Banamex USA for violations of the Bank Secrecy Act and anti-money laundering laws and regulations. The FDIC imposed the penalty on the same day that Citigroup, which purchased Mexico-based Banamex in 2001, said it would be ...

  • Blog

    FDIC Mulls New Recordkeeping Requirements for Big Banks


    The Federal Deposit Insurance Corp. is considering new recordkeeping requirements for the nation’s largest banks to streamline the process for reimbursing insured depositors should one of them fail. New recordkeeping standards would likely apply to banks with more than $2 million in account value. Details inside.

  • Blog

    FDIC Refreshes Guidance on High-Risk Customers


    Gun merchants, strippers, and payday lenders rejoice! The Federal Deposit Insurance Corp. has signaled an end to its effort to restrict industries deemed as “high risk” from banking access. The FDIC tells banks to take a risk-based approach in assessing individual “customers, rather than declining to provide banking services to ...

  • Blog

    FDIC Posts New Requirements for Bank Resolution Plans


    The Federal Deposit Insurance Corporation has issued new guidance and requirements for the resolution plans federally insured banks with more than $50 billion in assets must submit. The guidance, which applies to 2015 submissions, provides direction regarding what must be discussed in a fully developed resolution strategy and an accompanying ...