The Real Estate Settlement Procedures Act (RESPA) of 1974 requires lenders and mortgage brokers to provide borrowers with timely disclosures regarding the nature and costs of real estate settlement services in connection with a federally related mortgage loan.
The National Credit Union Administration (NCUA) on Monday was appointed liquidating agent of Kaiser
Lakeside Credit Union (Kaiser Lakeside) of Oakland, California by the California Department of Financial Institutions (DFI).
The Office of the Comptroller of the Currency today issued a proclamation allowing national bank offices affected by the fires in California to close at their discretion.
The Financial Crimes Enforcement Network ("FinCEN") is issuing this guidance to help banks1 determine whether a customer is eligible for exemption from currency transaction reporting requirements.
New federal consumer protections for credit cards and mortgages -- including prohibitions against abusive lending practices and requirements for clearer, more timely disclosures -- will help people avoid surprises. The Summer 2009 issue of FDIC Consumer News from the Federal Deposit Insurance Corporation features key...
Affinity Bank, Ventura, California, was closed on Aug. 28 by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Pacific Western Bank, San Diego,...
Mainstreet Bank, Forest Lake, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Central Bank, Stillwater, Minnesota, to assume all...
Bradford Bank, Baltimore, Maryland, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Manufacturers and Traders Trust Company (M&T), Buffalo, New...
The FDIC is advising the banking industry of supervisory changes for state nonmember institutions insured seven years or less (de novo period). Under current policy, newly insured institutions are subject to higher capital requirements and more frequent examination activities during the first three years of operation.
The National Credit Union
Administration (NCUA) today liquidated Free Choice Federal Credit Union
(Free Choice) in Feasterville, Pennsylvania. Its members' share accounts
were purchased and assumed by Trumark Financial Credit Union of Trevose,
Pennsylvania, providing Free Choice members with uninterrupted...
On August 26, 2009, the FDIC adopted the attached final rule extending the Transaction Account Guarantee (TAG) portion of the Temporary Liquidity Guarantee Program for six months, through June 30, 2010. For institutions that choose to remain in the program, the fee will be raised and adjusted to reflect the...
Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported an aggregate net loss of $3.7 billion in the second quarter of 2009, a decline of $8.5 billion from the $4.8 billion in profits the industry reported in the second quarter of 2008. Insured institutions earned...
The FDIC Board today adopted a final Statement of Policy on the Acquisition of Failed Insured Depository Institutions. This policy statement provides guidance to investors interested in acquiring or investing in the deposit liabilities of failed banks or thrifts about the standards they will be expected to meet in...
The Federal Reserve Board on Wednesday warned consumers about fraudulent solicitations that appear to be made with the approval or involvement of the Federal Reserve, Federal Reserve officials, or other U.S. government officials. These solicitations promise bogus financial services or large sums of money in exchange...
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