The Federal Deposit Insurance Corporation (FDIC) and Consumer Financial Protection Bureau (CFPB) launched a new financial resource tool, Money Smart for Older Adults, to help older adults and their caregivers prevent elder financial exploitation across the country.Click to continue

The Federal Deposit Insurance Corporation (FDIC) has reported that FDIC-insured commercial banks and savings institutions earned $40.3 billion in the first quarter of 2013, a $5.5 billion increase from earnings reported in the first quarter of 2012. Increased non-interest income, lower non-interest expenses, and reduced provisions for loan losses accounted for the increase in earnings, the FDIC reported in the Quarterly Banking Profile. Half of the insured institutions reporting financial results had year-over-year increases in their earnings.Click to continue

The federal bank regulatory agencies have requested comment on proposed revisions to "Interagency Questions and Answers Regarding Community Reinvestment." The Questions and Answers document provides additional guidance to financial institutions and the public on the agencies' Community Reinvestment Act (CRA) regulations. The proposed revisions focus primarily on community development. Community development activities are considered as part of the CRA performance tests for large institutions, intermediate small institutions, and wholesale and limited purpose institutions.Click to continue

The Federal Deposit Insurance Corporation (FDIC) has announced that Sandra L. Thompson, Director of the Division of Risk Management Supervision (RMS), has accepted the position of Deputy Director of Housing Mission and Goals at the Federal Housing Finance Agency (FHFA). Thompson directed the FDIC’s risk management and consumer protection examination activities relating to approximately 4,500 FDIC-supervised institutions during the recent financial crisis. Thompson joined the FDIC in 1990 and has served in a variety of leadership roles during her tenure.Click to continue

Vericrest Financial Inc. has announced that it has appointed Ben Purser as Chief Risk Officer. Purser brings 26 years of experience in financial services to Vericrest, with a focus on risk management, audit, compliance and governance. In his new role, he will be responsible for all risk management efforts, including determination of risk tolerances, and will focus on operational risk practices, compliance with all state and federal agency requirements, as well as measuring and monitoring risk in Vericrest’s portfolios.Click to continue

The Federal Deposit Insurance Corporation (FDIC) has released the results of a study of community banking in the United States, as well as a series of supervisory and rulemaking measures relating to community banks, as the outcome of its year-long Community Banking Initiative (CBI). The FDIC announced the CBI in the fall of 2011 to further the understanding of the evolution of community banks during the past 25 years, devoting comprehensive research and analysis to the current challenges and opportunities for community banks, and implications for the future of community banking.Click to continue

As you are reading this article, the Consumer Financial Protection Bureau (CFPB) has set up shop in, or is about to knock on, the door of a credit bureau near you for the first round of historic examinations. For the very first time, starting Sept. 30, 2012 as instructed by the Congress that created and granted them vast powers, the CFPB will be examining the credit reporting industry in a similar fashion as the Federal Deposit Insurance Corporation (FDIC) examines banks holding consumer deposits.Click to continue

The Federal Deposit Insurance Corporation (FDIC) has closed on the fourth sale in its Small Investor Program, a sale involving a competitive bidding process for an equity interest in a limited liability company (LLC). The LLC was formed by the FDIC in its receivership capacity to hold certain assets of the failed Tennessee Commerce Bank located in Franklin, Tenn., which was closed on Jan.Click to continue

The Federal Deposit Insurance Corporation (FDIC) has announced publication of its final rule regarding company-run stress testing required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The rule applies to covered institutions with total consolidated assets greater than $10 billion. The final rule implements section 165(i)(2)(A) of the Dodd-Frank Act, which requires all financial companies with total consolidated assets of more than $10 billion that are regulated by a primary federal financial regulatory agency to conduct an annual company-run stress test.Click to continue

The Federal Deposit Insurance Corporation (FDIC) has released the results of its 2011 National Survey of Unbanked and Underbanked Households, the most comprehensive survey on the unbanked and underbanked in the United States. The survey indicates that more than one in four U.S. households (28.3 percent) are either unbanked or underbanked, a slight increase from the findings of the FDIC's 2009 inaugural survey. The survey, conducted every two years by the FDIC in partnership with the U.S.Click to continue