The OCC today issued a final rule establishing a framework for how the agency will handle receiverships for national banks not insured by the FDIC, such as trust banks and other special purpose charters.
Browsing: Deposit insurance
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.
ABA today urged the OCC to keep in mind the fundamentally different business models of uninsured trust and fiduciary banks as it develops its rulemaking for the resolution of national banks without deposit insurance.
ABA today wrote to members of the Senate Banking, Housing and Urban Affairs Committee in support of S. 3373, a bipartisan bill introduced by Sens. Mark Warner (D-Va.) and Jerry Moran (R-Kan.) that would clarify that reciprocal deposits of another insured depository institution are not considered brokered deposits.
According to the Quarterly Banking Profile released today, the FDIC’s deposit insurance fund has grown to 1.17 percent of insured deposits in June, up from 1.13 percent in March. With this increase, the fund surpassed a target of 1.15 percent to trigger important changes in the FDIC assessments for all banks.
ABA staff experts estimate that the FDIC’s insurance fund likely reached 1.15 percent of insured deposits by the end of June.
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 last week announced that it will extend the comment period for proposed recordkeeping requirements for large FDIC-insured institutions.
The FDIC today approved a final rule for assessing deposit insurance premiums on banks with under $10 billion in assets.
As required by the Dodd-Frank Act, the FDIC today finalized a rule to increase the deposit insurance fund from 1.15 percent of insured deposits to 1.35 percent by 2020.