Commenting on the current state of large bank resolution planning at an industry event today, FDIC Chairman Jelena McWilliams today said that the FDIC is considering several policy changes to “strengthen and streamline” the large bank resolution planning process.
Browsing: Bank failures
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.
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.
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.
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.
FDIC Releases Revised Rule for Small Bank Deposit Insurance Assessments, Approves Extended Exam Cycles
Following a board meeting earlier today, the FDIC issued revisions to a proposed rule for assessing deposit insurance premiums on banks with under $10 billion in assets.
Rep. Sean Duffy (R-Wis.), chairman of the House Financial Services Committee’s oversight subcommittee, recently wrote to the FDIC requesting information about how banks might handle a debt default by Puerto Rico.
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.
State regulators on Friday closed Edgebrook Bank, Chicago, and appointed the FDIC as receiver.
The FDIC today issued a final rule making changes and clarifications to its prohibition on individuals or entities associated with the failure of a bank purchasing assets from the bank under FDIC receivership.