Search Results for keywords:"FDIC"

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Search Results: keywords:"FDIC"

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  • 2020-27955 — Collection of Civil Money Penalty Debt
    💰
    Type:Rule
    Citation:86 FR 1740
    Reading Time:about 25 minutes

    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.

    Simple Explanation

    The FDIC, like a money manager, made a rule so they can pick up penalties that people owe more easily, using existing rules from another money manage—the Treasury. But it might be hard to understand, and they didn't say how they will make sure it's fair or how they will check if it works well.

  • 2020-27046 — Regulatory Capital Treatment for Investments in Certain Unsecured Debt Instruments of Global Systemically Important U.S. Bank Holding Companies, Certain Intermediate Holding Companies, and Global Systemically Important Foreign Banking Organizations; Total Loss-Absorbing Capacity Requirements
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    Type:Rule
    Citation:86 FR 708
    Reading Time:about 4 hours

    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.

    Simple Explanation

    The government has made a new rule for big banks to make sure they don't get too tangled up with each other by telling them to be careful about certain kinds of money they put into other big banks, so they all stay safe and strong.

  • 2021-04046 — Agency Information Collection Activities: Proposed Collection Renewal; Comment Request
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    Type:Notice
    Citation:86 FR 11771
    Reading Time:about 5 minutes

    The Federal Deposit Insurance Corporation (FDIC) is seeking public comments on renewing two information collection requirements as part of its obligations under the Paperwork Reduction Act of 1995. The first collection relates to recordkeeping, disclosure, and reporting requirements in connection with Regulation Z, which involves the Truth in Lending Act. The second concerns account-based disclosures linked to Consumer Financial Protection Bureau Regulations E and DD and Federal Reserve Regulation CC, ensuring proper disclosure about electronic fund transfers and deposit accounts. The public has until April 27, 2021, to submit their comments, which will be considered a matter of public record.

    Simple Explanation

    The FDIC is asking people to share their thoughts on keeping track of how certain money rules are followed. They want to make sure banks tell people the truth about their loans and accounts. People can say what they think until April 27, 2021.

  • 2020-29175 — Notice of Inflation Adjustments for Civil Money Penalties
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    Type:Notice
    Citation:86 FR 299
    Reading Time:about 4 minutes

    The Federal Deposit Insurance Corporation (FDIC) has announced updates to the maximum amounts for civil money penalties (CMPs) to account for inflation. These adjustments apply to penalties assessed after January 15, 2021, for violations occurring from November 2, 2015, onwards. Federal agencies, like the FDIC, are required to adjust these penalties annually based on guidance from the Office of Management and Budget (OMB). The updated CMP amounts were calculated using the inflation multiplier provided by the OMB in December 2020.

    Simple Explanation

    The FDIC is telling everyone that they have changed how much money someone has to pay if they break certain rules, to keep up with how prices go up over time. These changes start from January 15, 2021, and are based on special rules from the government to make sure penalties stay fair.

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