Items Tagged with 'FDIC'

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More Wells Fargo fallout: Feds to look into sales practices at other Wall Street banks

CFPB, OCC, other agencies to conduct reviews of big banks
Federal regulators are preparing to conduct reviews of the nation’s biggest banks, aiming to root out any of the aggressive cross-selling practices that led to Wells Fargo being fined $185 million for more than 5,000 of the bank’s former employees opening more than 2 million fake accounts to get sales bonuses.
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JPMorgan, FDIC, Deutsche Bank finalize settlement in WaMu mortgage suit

JPM paid $645 million from receivership estate
JPMorgan Chase’s legal battle with the Federal Deposit Insurance Corp. and Deutsche Bank AG over its acquisition of Washington Mutual’s banking operations is finally over. The settlement closes the door on issues that date back to the financial crisis. After nearly a decade of back and forth battles, here's what the parties agreed on.
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JPMorgan, FDIC, Deutsche Bank near settlement in WaMu mortgage suit

Covers breaches of certain WaMu representations and warranties
JPMorgan Chase’s legal battle with the Federal Deposit Insurance Corp. and Deutsche Bank AG over its acquisition of Washington Mutual’s banking operations is nearing an end. After battling back and forth, the latest update in the bank’s quarterly regulatory filing revealed two key agreements the involved parties finally came to.
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Monday Morning Cup of Coffee: Trump U paid AGs? NY Fed Bank heist warning?

Also, jobs crises may be like housing crash
Yahoo News broke a story on Sunday revealing that the Federal Reserve Bank of New York — which was the victim of a spectacular $81 million heist in February — actually blocked 35 requests for money transfers, but then approved five of those transfers later. Plus, two attorneys general who dismissed Trump U charges received campaign contributions.
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FDIC wins $190M settlement for toxic Countrywide mortgage bonds

Settlement stems from failure of five banks
The ghosts of Countrywide past just struck again, as the Federal Deposit Insurance Corporation announced Thursday that eight major financial institutions will pay $190 million total to settle a series of lawsuits tied to toxic Countrywide mortgage bonds that subsequently led to the failure of five banks during the housing crisis.
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Tennessee's Trust Company Bank becomes second bank failure of 2016

First FDIC-insured bank failure in state since 2013
The Tennessee Department of Financial Institutions closed Memphis-based Trust Company Bank on Friday, and appointed the Federal Deposit Insurance Corporation as receiver. Trust Company Bank becomes the second FDIC-insured bank to close in 2016, and the first in the state since 2013.
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Monday Morning Cup of Coffee: Should mortgage lenders consider payday loans?

Plus, the most polluted housing market in the country
The same regulators that have driven up mortgage loan origination costs are now training their sights on payday lenders. Payday lending rules proposed by the Consumer Financial Protection Bureau would prevent consumers from re-borrowing to pay the interest on these loans, but has other consequences that hurt both lenders and consumers.
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GE Capital mere days from 'exiting' U.S. banking system

Sells online deposit platform to Goldman Sachs
GE Capital, once a big player in housing finance, is now just a handful of days away from exiting the U.S. banking system after the company completed the sale of its online deposit platform to Goldman Sachs. According to GE Capital, that sale positions the company to terminate its FDIC insurance and "extinguish" its final U.S. bank charter.
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