Items Tagged with 'FDIC'

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  • Gateway Mortgage to acquire Oklahoma's Farmers Exchange Bank

    The acquisition will create one of the top five banks in Oklahoma
    With an eye on long-term growth posturing, Gateway Mortgage Group has entered into an agreement to acquire Oklahoma’s Farmers Exchange Bank. With the acquisition, Gateway anticipates the ability to expand the resulting bank’s suite of services and lower the costs of those services for consumers.
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  • Fifth Third exec Jelena McWilliams to become FDIC chair

    Former Senate staffer confirmed to replace Martin Gruenberg
    President Donald Trump’s remaking of the country’s financial regulatory system is about to take another step forward, as another of Trump’s handpicked choices is about to take over at one of the nation’s top financial regulators. On Thursday, the Senate voted to approve Jelena McWilliams to take over as the next chair of the Federal Deposit Insurance Corp.
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  • Will sexual harassment claims cost SoFi its bank charter?

    Odds slim to start
    Shortly before the sexual harassment claims at SoFi overtook news headlines, the company filed a bank charter application. Chances were already low though that SoFi would be approved for a bank charter, and the controversy surrounding SoFi only increases the likelihood that the company will be denied.
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  • Feds announce 2017 list of distressed, underserved non-metro areas

    Banks can receive Community Reinvestment Act credit for working in these areas
    On Wednesday, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency announced the 2017 list of distressed or underserved non-metro areas where banks can receive Community Reinvestment Act credit for certain activities.
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  • SoFi files for FDIC bank charter

    Moves closer to being a banking institution
    SoFi took another major step toward becoming a bank, filing an application for a new-bank charter. SoFi made the first move to become a banking institution earlier this year. But according to one report, it might not be an easy process for SoFi to get its application approved.
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  • FDIC unveils Dodd-Frank alternative for "better" bank regulation

    Reducing risk to taxpayers named as one motivation
    Speaking at the Institute of International Bankers Annual Washington Conference, FDIC Vice Chairman Thomas Hoenig said that while Dodd-Frank is well intended, the regulations are too burdensome for all banks, "especially smaller banks." So here's what the FDIC wants to do, instead.
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  • ServiceLink fined $65 million for LPS foreclosure deficiencies

    Fine related to 2011's industry-wide foreclosure settlement
    The ghost of Lender Processing Services came back to haunt ServiceLink and Black Knight Financial Services on Tuesday, as the Federal Reserve, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corp. announced that they are fining ServiceLink $65 million for the “improper actions” of LPS that contributed to a massive settlement with the government over industry-wide foreclosure misconduct that occurred after the housing crash.
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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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