Items Tagged with 'FDIC'

ARTICLES

  • [Pulse] Washington needs to rescue community lenders it created

    Why strengthening the CDFI program will help solve the mortgage and credit challenges facing underserved communities
    Two decades ago, policymakers created Community Development Financial Institutions, or CDFIs, to bring lending to underserved communities. Now, steps must be taken to strengthen the CDFI program as a critical step to solve the mortgage and credit challenges facing this demographic. Here’s what needs to be done, and why taking action should be a no-brainer.
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  • PwC reaches $335 million settlement with FDIC over Taylor, Bean & Whitaker/Colonial Bank audits

    Auditor settles damages claim for more than half of original amount
    PricewaterhouseCoopers will pay $335 million to the Federal Deposit Insurance Corp. in a settlement that ends claims that the auditor failed in its duties by not discovering the accounting malfeasance that led to the late-2000s collapse of Colonial Bank, which funded the mortgages originated by Taylor, Bean & Whitaker.
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  • Who watches the Watchmen? Former senior FDIC employee found guilty of stealing confidential bank documents

    Stole banks’ living will documents while applying for jobs at those same banks
    The Federal Deposit Insurance Corp. is one of the nation’s top banking regulators, but one of the agency’s former senior employees faces 20 years in jail for stealing confidential documents from the world’s largest banks while trying to get a job at those very same banks.
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  • Appraisers accuse federal regulators of recreating housing crisis conditions

    Appraisal Institute blasts proposal to eliminate appraisal requirement on certain home sales
    As one might expect, appraisers are none too pleased about the FDIC, the OCC, and the Federal Reserve proposing to eliminate the appraisal requirement on certain home sales of $400,000 and below. According to Appraisal Institute President James Murrett, the newly proposed rules would add significantly more danger to the lending environment and harken back to the way things were just before the financial crisis.
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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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