Articles Tagged with ''Federal Deposit Insurance Corporation''

OCC seeks public comment on raising appraisal exemption threshold

Would be first increase since 1994
The three federal banking agencies announced they are seeking public comment on a recent proposal to raise the threshold for residential real estate transactions that require an appraisal. All three agencies have approved the proposal and comments will be accepted until 60 days after publication in the Federal Register.
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Amid scandal, SoFi bails on becoming a bank

"Remains an attractive option"
While the chances were already slim, SoFi announced on Friday that it is pulling its application to open a bank, as it continues to deal with claims over its alleged toxic work environment. However, SoFi hasn’t fully given up on the idea.
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Should SoFi be granted a bank charter? Rep. Waters isn't so sure

FDIC decision pending
As SoFi waits for a decision on its bank charter application, the request is drumming up a lot of criticism. On top of groups already writing letters in opposition to the move, Rep. Maxine Waters, D-Calif, added her name to the list of people questioning the application. Does this kill SoFi’s chance to ever be a bank?
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Massive Chase mortgage bond first to meet FDIC Safe Harbor rule

$1.88 billion deal is one of largest post-crisis RMBS deals
A new mortgage bond from JPMorgan Chase Bank is not only one of the largest RMBS deals since the housing crisis, the $1.88 billion residential mortgage-backed securitization is also the first RMBS deal that qualifies for the Federal Deposit Insurance Corporation’s Safe Harbor rule, which took effect in 2010.
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FDIC reaches $63M RMBS settlement with Morgan Stanley

Funds distributed between three different receiverships
The Federal Deposit Insurance Corporation announced a $62.95 million settlement with Morgan Stanley & Company resolving claims over residential mortgage-backed securities. Under the agreement, the settlement funds will be distributed among the receiverships for the three failed banks.
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FDIC Director Jeremiah Norton resigns

Served since April 2012
The director of the Federal Deposit Insurance Corporation, Jeremiah Norton, resigned his position on the FDIC’s board of governors on Friday. In a letter to President Obama, Norton said he believes that it is “an appropriate time to conclude my service as I am now approaching nearly two years since the expiration of my term.”
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FDIC, other federal buildings lose power

Outage only lasts a few minutes
The power has been restored to several federal buildings in Washington, D.C., including the Federal Reserve and Federal Deposit Insurance Corporation, after a transformer explosion at the Office of Personnel Management Monday morning.
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It's official: Risk retention rule approved

Federal Reserve gives last and final approval
The final version of the risk retention rule is now officially approved by six federal agencies, following the Federal Reserve’s final approval on Wednesday. The rule contains an exemption for Qualified Mortgages similar to when the rule was proposed in 2013.
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