The FDIC closed another Pennsylvania institution, bringing the state's year-to-date tally to two and the national tally to 47.
Read More »Three Bank Failures Raise 2012 Tally to 46
The FDIC's deposit insurance fund got a little bit lighter Friday as three more banks fell. GulfSouth Private Bank of Destin, Florida; Excel Bank of Sedalia, Missouri; and First East Side Savings Bank of Tamarac, Florida, were all liquidated bringing the national failure tally to 46 so far in 2012 and costing the FDIC's insurance fund a combined total of approximately $86.1 million.
Read More »Virginia Man Receives 14-Year Sentence for Bank Fraud
A Virginia man received a sentence of 14 years in federal prison for carrying out elaborate and sophisticated fraud schemes that took millions away from investors and the government, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced.
Read More »Report: 1 in 8 Banks Would Fail Stress Test
One in eight banks wouldn't be able to maintain adequate capital in a stressed economic environment, according to a Trepp report. The analytics firm released the results of its first Capital Adequacy Stress Test (T-CAST) of banks across the country, adapting the Federal Reserve's Comprehensive Capital Analysis Review (CCAR) Stress Test used on the 19 largest banking institutions in March.
Read More »Curry Addresses Concerns of Minority-Owned Banks in Speech
In a written speech addressing Minority Depository Institutions, Thomas J. Curry, Comptroller of the Currency, spoke on the important role of minority-owned banks while addressing concerns regarding new laws and regulations. Curry discussed the new Basel capital requirements, which are expected to pose challenges for community banks due to the higher capital requirements.
Read More »Mortgage-Related Business Closings Drop Off in Q3: Report
Mortgage-related business closings and failures are on track to post fewer incidences in 2012 than any year since the mortgage crisis began. In the third quarter, 17 mortgage-related businesses failed, down from 25 in the previous quarter and 31 in the same quarter last year, according to a report released by Mortgage Daily. Bank failures have been on the decline for the past four consecutive quarters.
Read More »Illinois Bank Failure Raises 2012 Tally to 43
The fall of an Illinois bank brought the year's national bank failure tally to 43, FDIC announced Friday. The Illinois Department of Financial and Professional Regulation's Division of Banking closed First United Bank in Crete, Illinois, appointing FDIC as receiver.
Read More »Virginia Man Sentenced to 11 1/2 Years in Prison for Bank and Tax Fraud
A Virginia developer was sentenced to 11 1/2 years in federal prison for a bank fraud scheme, which contributed to the collapse of Bank of the Commonwealth, and for his role in a historic-tax-credit scheme, the Office of the Special Inspector General for TARP (SIGTARP) announced in a release Wednesday.
Read More »NCUA Files Securities Suit Against Barclay’s
The National Credit Union Administration (NCUA) filed suit Tuesday against Barclay's Capital, Inc. The suit, which was filed in Federal District Court in Kansas, alleges that Barclay's misrepresented mortgage-backed securities it sold to U.S. Central Federal Credit Union (US Central) and Western Corporate Federal Credit Union (WesCorp).
Read More »Basel III Will Increase Mortgage Costs, Limit Riskier Lending: Fitch
Proposals found in Basel III to raise capital requirements for mortgage loans would increase borrower costs for traditional mortgages and make nontraditional mortgages less available at regulated banks, according to a commentary from Fitch Ratings.
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