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A trade group for payment processors is accusing the Federal Deposit Insurance Corp. of improperly pressuring banks to cut ties with merchants in the pornography business.
October 3 -
A federal judge has dismissed an FDIC lawsuit against directors and officers of a failed North Carolina bank. The ruling has big implications for future cases that seek to hold senior bank management accountable for financial crisis-era failures.
October 3 -
Community banks, by and large, appear well-prepared for capital standards that Basel II will phase in beginning in January. Still, concerns remain on how the requirements will shape cost structures and consolidation at smaller institutions.
October 1
The Federal Deposit Insurance Corp. has reached a settlement with former executives at the failed LandMark Bank of Florida.
The FDIC will receive $650,000 from Chartis Specialty Insurance, the defunct bank's insurer. In return, the FDIC will not pursue further legal action against the former executives. Chartis was also released from any interest related to the policy, along with any future liability related to the FDIC's receivership.
LandMark experienced major losses in the aftermath of the bursting real estate bubble, Florida being one of the hardest hit real estate markets. LandMark reportedly held about $47 million in bad loans before regulators shut the bank down, according to The Sarasota Herald-Tribune. Florida's
American Momentum Bank in Tampa, Fla., bought LandMark from the FDIC.
