Last year, Capital One announced that it had acquired ING Direct. In November 2012, the two legally became one bank. However, the re-branding effort has been moving at a gradual pace. Right now, the colors associated with Sharebuilder (which used to be owned by ING Direct and was also sold to Capital One) have changed [...]
The Federal Deposit Insurance Corp. (FDIC) decided to extend the comment period on a proposal to implement the requirements in Section 165 of the Dodd-Frank Act (covers risk governance, risk measurement, risk disclosure, risk-based capital and risk control) to require state, nonmember banks and savings associations with more than $10 billion in consolidated assets to [...]
The FDIC announced today that two additional community banks have failed in 2012. Premier Bank of Wilmette, IL and Covenant Bank & Trust of Rock Spring, GA are the 14th and 15th banks to fail this year. The FDIC has entered into purchase and assumption agreements with both the International Bank of Chicago (for Premier Bank) and [...]
One of the points of interest to the public is whether or not banks are repaying the TARP funds they received as part of a bailout following the 2008 financial crisis. The Troubled Asset Relief Program was designed to help banks shore up their financial situations. The idea was to provide low-cost loans to troubled [...]
In early January 2012, President Obama made the recess appointment of Richard Cordray as the head of the recently-formed Consumer Financial Protection Bureau (CFPB). The Bureau was formed in response to the almost-predatory practices of banks leading up to the financial crisis. The point of the bureau is to enforce consumer protections and uphold laws [...]
The FDIC announced Friday that five additional banks have been shut down, bringing the total number of US bank failures in 2012 from 17 to 22. This is the first time in 2012 that five banks have been announced at once as failing. Below are the banks, along with the acquiring institutions. Bank Name FDIC [...]
Last Friday, Security Bank, National Association of North Lauderdale, Florida became the 23rd bank to fail in 2012. Banesco USA of Coral Gables, Florida, has agreed to assume the deposits and assets of the failed Security Bank. Security Bank N.A.'s failure will cost the Deposit Insurance Fund 10.8 million.
There has been a lot of discussion about the possibility of Greece leaving the European Union but not much about the potential effect on the largest U.S. banks. If Greece leaves the Euro and there are sovereign bond defaults will our largest U.S. banks (Citibank, Bank of America, JP Morgan) take losses on their Credit [...]
A recent report from Dallas Federal Reserve Bank research head Harvey Rosenblum suggests we need to break up the big banks, and get rid of the idea that they are "too big to fail." In the report, titled "Choosing the Road to Prosperity: Why We Must End Too Big to Fail - Now," Dallas Fed [...]
The Consumer Finance Protection Bureau is examining 9 banks on overdraft fees practices. The banks are being investigated for potentially pushing customers into overdraft protection programs which allow banks to collect more fees. Overdraft Protection Programs Overdraft protection programs allow people to overdraft their account, here's the catch though, when you overdraft your account the [...]
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