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Federal Deposit Insurance Corporation (FDIC)

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

FDIC-Insured Institutions Report $40 Billion in Earnings in Q4


Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $40.3 billion in the fourth quarter of 2013, a $5.8 billion (16.9 percent) increase from the $34.4 billion in earnings that the industry reported a year earlier. This is the 17th time in the last 18 quarters — since the third quarter of 2009 — that earnings have registered a year-over-year increase. The improvement in earnings was mainly attributable to an $8.1 billion decline in loan-loss provisions.Click to continue

Florida Man Sentenced in Straw Buyers Scam

Cherry Red Gavel/Credit: Comstock

Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and Pamela C. Marsh, United States Attorney for the Northern District of Florida announced that Lawrence Allen Wright of Niceville, Fla., was sentenced on Tuesday by Senior Federal District Court Judge Lacey A. Collier to 75 months in federal prison and ordered to pay more than $3.7 million in restitution. Wright’s sentence is a result of his guilty plea last October to a seven-count Information charging:Click to continue

Federal Financial Agencies Clarify Community Reinvestment Act

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Four federal financial institution regulatory agencies issued a statement to clarify safety-and-soundness expectations and Community Reinvestment Act (CRA) considerations related to Qualified Mortgage loans and non-Qualified Mortgage loans offered by regulated institutions.Click to continue

Volcker Rule FAQs Laid Out by Several Regulatory Agencies

Money Cut/Credit: Creatas

Three federal financial institution regulatory agencies have jointly issued a FAQ (Frequently Asked Questions) document to provide clarification and guidance to banking entities regarding investments in “Covered Funds” and whether collateralized debt obligations backed by trust preferred securities (TruPS CDOs) could be determined to be Covered Funds under the final rules to implement section 619 of the Dodd-Frank Act.Click to continue

Volcker Rule Begins Amid Mixed Feelings

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As part of the Dodd-Frank Act, the Volcker Rule (named after former Fed chair, Paul Volcker, who had proposed the rule as a way to avoid further economic downturn) establishes limits placed on bank funding and risky hedge fund investing. Remember the London Whale fiasco? Well, the Volcker Rule is supposed to stop that kind of nightmare from ever happening again.Click to continue