IndyMac Federal Bank may soon be back in private hands. HoldCo LLC, which includes J.C. Flowers and other private investors, filed a bank holding company application with the Office of Thrift Supervision, and a deal is reportedly imminent. The $14-billion offer may include an agreement under which the Federal Deposit Insurance Corp. would guarantee some of IndyMac’s potential loan losses. It’s unclear whether or in what form the relatively benevolent foreclosure policy orchestrated by the FDIC would survive the transaction. The agency was vague about the details. “The FDIC has not made any announcement on the sale of IndyMac outside of that we expect to have announcement by the end of the year,” said spokesman David Barr, adding: “Any money obtained from selling a failed bank flows back through the receivership reimburse creditors. The [FDIC] insurance fund is also a creditor of failed banks.”
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A team of ex-First Republic private bankers hopes to serve entrepreneurs who once worked with Silicon Valley Bank.
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The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
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In a joint letter signed by over 50 bank trade groups, leaders in the banking industry urged regulators to revise bank regulatory thresholds upward to keep up with inflation.
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Dime Community Bancshares, which has added dozens of bankers over the past two years, is now ready to consider expanding its geography.
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The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
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The Senate passed President Trump's tax and spending bill Tuesday, but questions around Consumer Financial Protection Bureau funding, 1071 delay and remittance taxes remain as GOP leaders scramble to pass the bill out of the House before Trump's July 4 deadline.
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