Search Results for agency_names:"Federal Deposit Insurance Corporation"

The Federal Deposit Insurance Corporation (FDIC) has issued a correction to a previous regulation published on November 13, 2020, which deals with Branch Application Procedures. The regulation amendment aims to fix an error in the instructions concerning the establishment and relocation of branches and offices, specifically regarding statements about compliance with the National Historic Preservation Act of 1966 and the National Environmental Policy Act of 1969. As a result of this correction, certain paragraphs in the regulation are being removed and others are being renumbered. This correction became effective on February 16, 2021.

The Federal Deposit Insurance Corporation (FDIC), acting as the Receiver for several insured banks, has completed its role of wrapping up the banks' affairs and liquidating their assets. The FDIC has transferred the authority to execute any necessary legal documents to FDIC-Corporate. As a result, the receiverships have been terminated and no longer exist as legal entities.

The Federal Deposit Insurance Corporation (FDIC) has implemented a final rule to remove outdated and duplicative regulations related to "Prompt Corrective Action" that were inherited from the Office of Thrift Supervision (OTS). The goal is to streamline regulations and ensure clarity by consolidating these rules into existing FDIC regulations. This change affects state savings associations, making it clear that all FDIC-supervised institutions will follow the same regulations. These adjustments are not expected to have substantial impacts on small entities, as the rules remain consistent with existing FDIC standards.

The Federal Deposit Insurance Corporation (FDIC) held a Board of Directors meeting via video conference on January 19, 2021. The meeting covered several topics, including discussions on the final rule regarding supervisory guidance, and proposed rules on various regulations affecting state savings associations and banks. The Board decided to hold the meeting with less than seven days' notice due to urgent business needs. The meeting was open to the public and was webcast online.

The Depository Institutions Disaster Relief Act of 1992 (DIDRA) allows agencies to temporarily suspend some appraisal requirements under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) for real estate transactions in disaster areas. Following the President's declaration of a major disaster in Los Angeles County, California due to wildfires and straight-line winds starting January 7, 2025, these exceptions have been granted for affected real estate transactions until January 8, 2028. The exceptions aim to facilitate recovery and are consistent with safe banking practices, as long as certain conditions are met, like having a commitment to fund transactions and ensuring the property's value is supportive.

The Federal Deposit Insurance Corporation (FDIC) has announced the updated maximum civil money penalties, adjusted for inflation, applicable from January 15, 2025. These adjustments are guided by the Federal Civil Penalties Inflation Adjustment Act, which requires federal agencies to annually revise penalty amounts based on an inflation multiplier provided by the Office of Management and Budget. The penalties apply to violations occurring on or after November 2, 2015.

The Federal Deposit Insurance Corporation (FDIC) has issued a final rule that updates its procedures for collecting debt. This amendment specifically allows for the collection of civil money penalties (CMPs) by including them in the scope of existing debt-collection regulations. The rule aligns with the Debt Collection Improvement Act of 1996 and aims to enhance FDIC's ability to recover debts by using existing Treasury procedures. Although the rule does not impose new requirements on insured institutions, it potentially increases the success rate of collecting delinquent CMPs.

The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and Federal Deposit Insurance Corporation (FDIC) have finalized a rule concerning the treatment of certain debt investments by advanced banking organizations. The rule requires these organizations to deduct from their regulatory capital any investments in unsecured debt instruments issued by systemically important banks, known as GSIBs, to meet specific capacity requirements. This rule aims to reduce interconnectedness and systemic risks within the financial system and includes adjustments following public comments on the proposal. Additionally, the rule incorporates several technical amendments and new definitions to its regulatory framework.

The Federal Deposit Insurance Corporation (FDIC) held a closed meeting via video conference on January 19, 2021, at 10:22 a.m. The Board determined that urgent corporation business needed attention with less than seven days' public notice and decided that these matters could not be discussed in an open meeting due to specific exemptions under the "Government in the Sunshine Act." Individuals seeking more information about the meeting are advised to contact Ms. Debra A. Decker, Deputy Executive Secretary of the Corporation.

The Federal Deposit Insurance Corporation (FDIC) is proposing changes to its regulations concerning securities offerings by State savings associations and State nonmember banks. The FDIC plans to streamline regulations by removing outdated rules transferred from the Office of Thrift Supervision and creating a new unified regulation for securities disclosures. This new rule aims to simplify and align requirements with current securities laws, ensuring both State savings associations and State nonmember banks are subject to the same rules. The proposed rule also includes technical amendments and invites public comments on these changes until April 5, 2021.