Follow Us

Tag Archive: FDIC

Data lacking on overdraft fees

by

More than six months after new federal rules went into effect that prohibit banks from charging consumers overdraft fees unless they “opt in” to such an arrangement, government data are lacking on how this has changed banks’ bottom lines.

“This is the most expensive form of credit, and consumers most likely to use it are the most vulnerable. You’d think regulators would want to know exactly how much revenue banks are taking in,” says Jean Ann Fox, director of financial services with the Consumer Federation of America.

The federal regulations came after years of controversy over banks’ practice of ...

Continue reading
Share This:

Information scarce on bids for failed banks

by

The Federal Deposit Insurance Corporation (FDIC) is making less information available to the public about how it is dealing with the rising number of bank failures in 2010. Over the last year, the agency has failed to post a complete list of bids on 41 percent of the deals it makes with other banks to take over failing institutions--and what information it does provide is more limited than before.

Before May 2009, the FDIC would provide, upon request, the names of all entities placing bids on failed banks and how much each of them bid for the bank in question ...

Continue reading
Share This:

Banking interests strive to get regulations written their way

by

New meeting records disclosed by the Federal Deposit Insurance Corporation (FDIC) last week show that corporate banking interests, many of which lobbied on the Dodd-Frank Dodd-Frank Wall Street Reform and Consumer Protection Act, continue to weigh in on its implementation by the agency.

On November 9, the same day the agency issued new proposed rules changing the way banks are assessed fees for the exhausted deposit insurance fund, agency officials met with executives from eight banks, insurance companies, trade associations, and law firms on the issue. Institutions represented included the Financial Services Roundtable, Regions Bank, Hartford Financial, and State Street ...

Continue reading
Share This:

Small banks continue lobbying winning streak at FDIC

by

When the Federal Deposit Insurance Corporation proposed new rules in early November that would hit big banks harder than small ones when assessing fees for the exhausted deposit insurance fund, community bankers--who had aggressively lobbied first Congress and then in recent months the independent agency--declared victory.

"The FDIC today took an important step in leveling the playing field for the nation's community banks," said Jim McPhee, chairman of the Independent Community Bankers of America (ICBA) in a statement at the time. Federal Deposit Insurance Corporation (FDIC) meeting logs show that Independent Community Bankers of America representatives met four times with agency officials since August, when the agency first put meeting records on-line in a bid to increase transparency.

Continue reading
Share This:

Making the bailout more transparent

by

It's old news -- several trillion dollars ago -- but back in 2008 the Federal Reserve, Treasury and the FDIC started working in tandem on a series of measures to stabilize the financial system. The Federal Reserve's aid is doled our or loaned out in secrecy, despite the dogged attempts of Bloomberg News to pry loose the data; the FDIC has released some, thanks to a Freedom of Information Act request filed by our colleagues at SubsidyScope.com.

[caption id="" align="alignnone" width="480" caption="Banks participating in FDIC's Transaction Guarantee Account Option"]Banks participating in FDICs Transaction Guarantee Account Option[/caption]

You can download data in ...

Continue reading
Share This:

CFC (Combined Federal Campaign) Today 59063

Charity Navigator