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Showing posts with the label FDIC .

FDIC Press Release - November 18, 2014: Joint Release: Agencies Propose Technical Corrections and Clarifications to the Capital Rules Applicable to Advanced Approaches Banking Organizations.

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Press Release Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency For Immediate Release November 18, 2014 Agencies Propose Technical Corrections and Clarifications to the Capital Rules Applicable to Advanced Approaches Banking Organizations The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today proposed clarifications to the revised regulatory capital rules adopted by the agencies in July 2013. The proposal applies only to large internationally active banking organizations that currently determine their regulatory capital ratios under the advanced approaches rule, or may use the advanced approaches rule in the future—generally those with at least $250 billion in total consolidated assets or at least $10 billion in total on-balance sheet foreign exposures. Specifically, the proposed rule would make technical c

FDIC Press Release: FDIC Weekly National Rates and Rate Caps Update - October 20, 2014.

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On May 29, 2009, the FDIC Board of Directors approved a  final rule  making certain revisions to the interest rate restrictions applicable to less than well capitalized institutions under Part 337.6 of the FDIC Rules and Regulations. The final rule redefined the "national rate" as a simple average of rates paid by U.S. depository institutions as calculated by the FDIC. The national rates and rate caps for various deposit maturities and sizes are provided below. For more information. see Financial Institution Letter  FIL-25-2009 Rates updated October 20, 2014 Non-Jumbo Deposits (< $100,000) Deposit Products National Rate  1 Rate Cap  2 Savings 0.06 0.81 Interest Checking 0.04 0.79 Money Market 0.08 0.83 1 month CD 0.06 0.81 3 month CD 0.08 0.83 6 month CD 0.12 0.87 12 month CD 0.20 0.95 24 month CD 0.34 1.09 36 month CD 0.47 1.22 48 month CD 0.60 1.35 60 month CD 0.78 1.53 Jumbo Deposits (≥ $100,000) Deposit Products National Rate  1 Rate Cap  2

FDIC | Announcements - September 29, 2014: FDIC Announces Settlement With Merrick Bank, South Jordan, Utah, for Unfair and Deceptive Practices

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Press Release FDIC Announces Settlement With Merrick Bank, South Jordan, Utah, for Unfair and Deceptive Practices FOR IMMEDIATE RELEASE September 29, 2014 Media Contact: LaJuan Williams-Young Office: (202) 898-3876 Email:  lwilliams-young@fdic.gov The Federal Deposit Insurance Corporation (FDIC) today announced a settlement with Merrick Bank, South Jordan, Utah, (Bank) for unfair and deceptive practices related to marketing and servicing of credit card "add-on products," in violation of Section 5 of the Federal Trade Commission (FTC) Act. This action results from a review of the Bank's credit card products by the FDIC. As part of the settlement, the Bank stipulated to the issuance of a Consent Order, Order for Restitution, and Order to Pay Civil Money Penalty (collectively, FDIC Order). The FDIC Order requires the Bank to pay a civil money penalty (CMP) of $1.1 million, and restitution of approximately $15 million to harmed consumers. Consumers who are eligi

FDIC | Press Release from Office of Inspector General Report: Material Loss Review of The Bank of Union, El Reno, Oklahoma.

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FDIC Office of Inspector General Report The following report was recently posted to the Federal Deposit Insurance Corporation’s (FDIC) Office of Inspector General (OIG) Web site:  www.fdicig.gov . Material Loss Review of The Bank of Union, El Reno, Oklahoma  If you have questions or need additional information, please  contact the OIG . (In cases where an OIG report includes sensitive or confidential information, the OIG may redact certain information in the report, and the report will be marked as such. In some instances because of the highly sensitive nature of the entire report, the OIG may not make the report publicly available and instead, a brief summary of the report is posted to the Web site.)

FDIC Weekly National Rates and Rate Caps Update -August 18m, 2014:

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On May 29, 2009, the FDIC Board of Directors approved a  final rule  making certain revisions to the interest rate restrictions applicable to less than well capitalized institutions under Part 337.6 of the FDIC Rules and Regulations. The final rule redefined the "national rate" as a simple average of rates paid by U.S. depository institutions as calculated by the FDIC. The national rates and rate caps for various deposit maturities and sizes are provided below. For more information. see Financial Institution Letter  FIL-25-2009 Rates updated August 18, 2014 Non-Jumbo Deposits (< $100,000) Deposit Products National Rate  1 Rate Cap  2 Savings 0.06 0.81 Interest Checking 0.04 0.79 Money Market 0.08 0.83 1 month CD 0.06 0.81 3 month CD 0.08 0.83 6 month CD 0.12 0.87 12 month CD 0.20 0.95 24 month CD 0.33 1.08 36 month CD 0.46 1.21 48 month CD 0.59 1.34 60 month CD 0.77 1.52 Jumbo Deposits (≥ $100,000) Deposit Products National Rate  1 Rate Cap  2