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Federal Deposit Insurance Corporation (FDIC)

Bipartisan Measure Introduced to Require State Representation on Federal Banking Board


U.S. Sens. Tom Coburn (R-OK) and Mazie Hirono (D-HI) have jointly introduced bipartisan legislation that would ensure proper state regulatory representation on the Board of the Federal Deposit Insurance Corporation (FDIC).Click to continue

Multiple Agencies Agree to Potential Basel Changes

Handshake Credit: Digital Vision

The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) have adopted a final rule modifying the definition of the denominator of the supplementary leverage ratio in a manner consistent with recent changes agreed to by the Basel Committee on Banking Supervision. The revisions to the supplementary leverage ratio apply to all banking organizations subject to the advanced approaches risk-based capital rule.Click to continue

Regulators Target AMCs With Joint Proposed Rule

Appraisal Looking Glass Pic

A new regulation is slated to be implemented on appraisal management companies (AMCs) would be subject if, in a given year, it oversees an appraiser panel of more than 15 state-certified or state-licensed appraisers in a state, or 25 or more state-certified or state-licensed appraisers in two or more states.Click to continue

CFPB to Closely Examine Mobile Financial Services


The Consumer Financial Protection Bureau (CFPB) has announced that it is launching an inquiry into the opportunities and challenges associated with the use of mobile financial services. As part of the inquiry, the Bureau is exploring how mobile technologies are impacting unbanked and underserved consumers with limited access to traditional banking systems.Click to continue

FDIC-Insured Banks and Savings Institutions Report $3.1 Billion Year-Over-Year Loss in Q1


Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $37.2 billion in the first quarter of 2014, down $3.1 billion (7.6 percent) from earnings of $40.3 billion the industry reported a year earlier. The decline in earnings was mainly attributable to a $7.1 billion (10.7 percent) decline in non-interest income.Click to continue

FDIC Warns Institutions of Increased Cyber Attacks


The Federal Deposit Insurance Corporation (FDIC) is urging financial institutions to actively utilize available resources to identify and help mitigate potential cyber-related risks. It is important for financial institutions of all sizes to be aware of the constantly emerging cyber threats and government-sponsored resources available to help identify these threats on a real-time basis.Click to continue

Colorado LO Fesses Up to Real Estate Kickback Scheme

Black Gavel Pic/Credit: Brand X Pictures

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has announced that Christopher Tumbaga of Colorado Springs, Colo. pleaded guilty to one count of bank fraud and to one count of illegally receiving kickbacks for procuring loans. The charges stem from Tumbaga's involvement in a two‐year long scheme to defraud TARP‐ recipient Colorado East Bank & Trust of Lamar, Colo., out of approximately $1.2 million. The plea was entered before U.S. District Judge William J. Martinez in federal court in Denver.Click to continue

Feds to Further Tighten Rules Against AMCs


Six agencies have issued a proposed rule that would implement minimum requirements for state registration and supervision of appraisal management companies (AMCs). An AMC is an entity that serves as an intermediary between appraisers and lenders and provides appraisal management services.Click to continue