Banks Must Produce Living Wills To Tell Regulators How To Liquidate Them

Banks Must Produce Living Wills To Tell Regulators How To Liquidate Them

No one likes to imagine their own undoing, but that’s what the government has asked the largest American banks to do, mapping out liquidation plans in “living wills” that will help financial regulators pick apart their carcasses if they go under. The banks have until next year to submit their plans, which are mandated by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. [More]

3 More Banks Shut Down; That Makes 61 So Far This Year

Movie rental chains, book stores and newspapers aren’t the only businesses that are dying off. The Federal Deposit Insurance Corp. (FDIC) announced three banks have been shut down, making 61 closures so far this year. Bank closures are still far behind the pace of 2010, when 157 banks were shuttered. [More]

FDIC Sues Former WaMu Execs & Their Wives Over Risky Loans And Hidden Money

FDIC Sues Former WaMu Execs & Their Wives Over Risky Loans And Hidden Money

They say that behind every great man there is a woman who will eventually be his co-defendant when he is sued by the FDIC for his part in the largest bank failure in U.S. history. [More]

List Of Sick Banks Rise To 17-Year High. Is Yours On It?

List Of Sick Banks Rise To 17-Year High. Is Yours On It?

The number of banks on the FDIC’s “in danger of failing” list grew to 860 in July-September, a 17-year high. That number is up from 829 the previous quarter. The list is secret but even if your bank was on it, it doesn’t mean that it’s going to fail, only that it might. So what’s a good way to give your bank a checkup? [More]

FDIC Seizes 4 More Banks

FDIC Seizes 4 More Banks

The FDIC seized four more banks on Friday. That brings the total number for 2010 to 143, the most in a year since the S&L fiasco back in the 80′s. Here’s who went down: [More]

FDIC Says Pilot Program Offers Alternative to Payday Loans

FDIC Says Pilot Program Offers Alternative to Payday Loans

The FDIC has announced the results of a two-year pilot program designed to help banks offer alternatives to payday loans that would be “safe, affordable and feasible.” Under the test program, participating banks offered loans of up to $2,500 at maximum interest rates of 36% — instead of the 400% offered by some payday lenders. [More]

Obama To Bankers: Remember When Creating The FDIC Was Going To Ruin The Economy?

Obama To Bankers: Remember When Creating The FDIC Was Going To Ruin The Economy?

During the President’s address to Wall Street bankers today in New York City, he reminded them that their predecessors had completely flipped out about a bill that passed through Congress way back in 1933. It was, in their view, sure to “not only rob them of their pride of profession but would reduce all U.S. banking to its lowest level.” What was this reform bill? [More]

How To Find A Good Local Bank

How To Find A Good Local Bank

So you’re tired of banking at one of the big, faceless national chains and want to keep your money local? You can try one of the recent sites devoted to the local bank movement, like anewwayforward.org or moveyourmoney.info, or you can follow this Kiplinger columnist’s lead and do it yourself with a little online research. [More]

FDIC: This "Troubled Bank" List Is Getting Ridiculous

FDIC: This "Troubled Bank" List Is Getting Ridiculous

The Federal Insurance Deposit Corporation announced today that it had added 450 more banks to its troubled bank list. The list is secret, because announcing that a bank is in trouble is a good way to kill it for good. [More]

Is Bank Of America Of Trying To Skirt The CARD Act With New Annual Fees?

Is Bank Of America Of Trying To Skirt The CARD Act With New Annual Fees?

In a series of recent posts, WalletBlog has accused Bank of America of breaking the spirit of its “no new fees” promise and of potentially breaking the law next year, after it announced it will introduce annual fees on some existing credit card accounts in 2010.

The FDIC Would Like You To Know That They're Not Emailing You

The FDIC Would Like You To Know That They're Not Emailing You

An email claiming to be from the FDIC is making the rounds on the internet. It supposedly contains a “personal FDIC insurance file” that is really some sort of badness that will ruin your day. Do not click.

FDIC May Ask Banks For Bailout

FDIC May Ask Banks For Bailout

Due to the record number of bank failures this year, the FDIC is low on funds. Instead of borrowing from the Treasury as they did in the early ’90s savings and loan crisis, regulators have a new idea: asking banks for a bailout.

FDIC Low On Funds After Record Bank Failures In 2009

Given how many banks have failed and been taken over by the FDIC this year (84, including three yesterday), it’s not one bit surprising that the FDIC isn’t doing too well, funds-wise. It’s down to $22 billion, the lowest the failed bank fund has been since the savings and loan crisis of the early ’90s, when it needed to borrow money from the Treasury Department to keep going.

Colonial Bank Fails, Assets Bought By BB&T

Colonial Bank Fails, Assets Bought By BB&T

Just when we though the financial crisis might be over…or starting to be over, at least…came two more bank failures today. The larger one was Colonial BancGroup of Montgomery, Alabama. Colonial is the sixth largest bank failure in American history. The FDIC swooped in to save the day, and competitor BB&T will buy the bank’s assets.

WaMu/Chase Doesn't Believe Your Card Was Stolen, Despite The Fact That The Thief Was Arrested

WaMu/Chase Doesn't Believe Your Card Was Stolen, Despite The Fact That The Thief Was Arrested

Reader Stephen says that a NYC Taxi driver tricked him into using an ATM skimmer-like-device instead of the normal credit card machine and made off with his card and PIN. The NYPD made an arrest, but Stephen says he’s still battling with Chase/WaMu.

Ally Bank Delivers Lower CD Rates Than Promised; Also No Pony

Ally Bank Delivers Lower CD Rates Than Promised; Also No Pony

A few weeks ago, we posted about the rebranding of and promising new start for Ally Bank, formerly GMAC. But one new customer isn’t very enthusiastic about their services.

How The FDIC Is Funded

How The FDIC Is Funded

So you know that the Federal Deposit Insurance Corporation (FDIC) protects your money in deposit accounts at FDIC insured institutions up to $250,000, but have you ever wondered how they pay for it?

FDIC $250,000 Insurance Limit Extended to 2013

FDIC $250,000 Insurance Limit Extended to 2013

This week, President Obama signed a law that includes provisions that extend the $250,000 FDIC & NCUA deposit insurance limit to December 31st, 2013.