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The FDIC Office of Inspector General attributed the downfall of Citizens Bank in November 2023 to lax lending practices and risk mismanagement by the Lange family, causing a $14.8 million loss to the regulator's Deposit Insurance Fund. The OIG saw no grounds for a more extensive review.
March 22 -
Net income at the nation's more than 4,000 banks dipped markedly in the final quarter of 2023, though for the full year it exceeded pre-pandemic averages. Deterioration in commercial real estate and credit card lending is a concern, FDIC Chairman Martin Gruenberg says.
March 7 -
The central bank granted 15 large banks eight additional months to prepare their resolution plans. Federal regulators are currently weighing changes to their resolution planning framework.
January 17 -
Though new bank formation slowed somewhat in 2023, with only five de novos opening, the stage appears set for a more active year in 2024 with a number of groups working toward a charter.
December 28 -
The Federal Deposit Insurance Corp. finalized rules governing display of the FDIC logo Wednesday, requiring a new digital FDIC sign on online banking platforms beginning in 2025, conspicuous physical signs in nontraditional bank facilities and explicit labeling of insured and non-deposit products.
December 21 -
Banking advocates claim FDIC's proposed corporate governance guidelines could undermine their legal duty to shareholders, despite the agency's claim that the proposal wouldn't break new ground.
December 1 -
The lobbyist for the Home Loan Bank System has asked the Federal Deposit Insurance Corp. to confirm that the private consortium can continue to be a "lender of last resort," in direct conflict with the recommendations of its regulator, the Federal Housing Finance Agency.
December 1 -
A report by the Federal Deposit Insurance Corp.'s Office of Inspector General identified issues in the regulator's oversight of First Republic Bank.
November 30 -
The Federal Deposit Insurance Corp. announced Tuesday that two financial officials with European regulatory backgrounds, Sir Jon Cunliffe and Elke Koenig, will join its Systemic Resolution Advisory Committee meeting on December 5 to discuss Dodd-Frank resolution authority and related issues.
November 28 -
Three GOP leaders of the House Financial Services Committee, including Chairman Patrick McHenry, say they'll explore possible connections between the agency's alleged "toxic" work culture and its staffing shortages that may have contributed to this year's banking crisis.
November 17