Browsing: Bank failures

Compliance

The FDIC board today approved a final rule requiring banks with more than 2 million deposit accounts to upgrade their deposit recordkeeping systems to facilitate the determination of FDIC insured deposits in the event of a bank failure.

Legal

In an effort to enhance its ability to grant new limited purpose charters, the OCC is issuing a proposed rule that would address how the agency will handle receiverships for national banks not insured by the FDIC, such as trust banks and other special purpose charters.

Newsbytes

In a joint letter with three other financial trade associations today, ABA responded to an FDIC proposal that would require banks with more than 2 million deposit accounts to collect extensive depositor information and develop systems that would allow the FDIC to close the bank and use the bank’s system to make deposit insurance determinations.

Economy

The FDIC today issued a proposal requiring banks with more than 2 million deposit accounts to upgrade their deposit recordkeeping systems to facilitate the determination of FDIC insured deposits in the event of a bank failure.

Newsbytes

The new recordkeeping standards contemplated by the FDIC for banks with more than 2 million deposit accounts — intended to help the agency determine promptly whether deposits are insured or not after a bank fails — would require major upgrades to bank IT systems, ABA said in a comment letter yesterday.

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