WASHINGTON - (12/13/05) A deposit insurance reform plan isclose to moving forward in Congress, although it lacks severalprovisions desired by the banking industry, which continues tosupport the bill. The Senate and the House passed separate versionsof the bills in November, and it is now being reconciled. Thelegislation would merge the bank (FDIC) and thrift (BIF) insurancefunds, give the FDIC more flexibility in charging premiums, andreplace the minimum ratio of reserves to insured deposits. But thebiggest issue to be resolved remains insurance coverage levels. TheSenate OKd an increase in coverage for retirement accountsto $250,000, while leaving coverage at $100,000 on all otheraccounts. The House would raise coverage to $130,000, and $260,000on retirement accounts. There are also provisions for indexingdeposit insurance coverage to inflation.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27