Items Tagged with 'Federal Deposit Insurance Corp'

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  • Wells Fargo lays off 63 mortgage employees in Maryland

    Second round of layoffs announced this month
    Wells Fargo announced its Frederick, Maryland-based office will lose 63 mortgage employees by Aug. 19, according to an article by Holden Wilen for the Baltimore Business Journal. This is the big bank's second announcement of mortgage layoffs this month.
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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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  • 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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  • Lenders join together against SoFi banking move

    Urge Federal Deposit Insurance Corp. to reject application
    SoFi, an online lender, applied with the Federal Deposit Insurance Corp. for a special banking charter known as an industrial loan company, the first step toward becoming a bank. But the Independent Community Bankers of America is opposing the move.
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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 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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  • 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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