FDIC Establishes Signature Bridge Bank as Successor to Closed Signature Bank

The New York State Department of Financial Services closed Signature Bank over the weekend and appointed the FDIC as receiver. The FDIC transferred all deposits and assets to a bridge bank that began operations on Monday.

March 14, 2023 Federal Deposit Insurance Corporation | Greg D. Carmichael | New York State Department of Financial Services | Signature Bank | Signature Bridge Bank Ian Koplin

FDIC Approves Proposed Merger of First Citizens and CIT

The Federal Deposit Insurance Corporation approved the proposed merger of First Citizens BancShares, the parent company of First Citizens Bank & Trust Company, and CIT Group, the parent company of CIT Bank.

July 15, 2021 CIT Bank | CIT Group | Ellen R. Alemany | Federal Deposit Insurance Corporation | First Citizens BancShares | First-Citizens Bank & Trust Company | Frank B. Holding Jr. Ian Koplin

Bell Bank Hires Flaten as SVP of Credit Risk, Regulatory Affairs

Bell Bank hired Steve Flaten as senior vice president of credit risk and regulatory affairs. Flaten recently retired from the Federal Deposit Insurance Corporation after a 33-year career.

February 23, 2021 Bell Bank | Federal Deposit Insurance Corporation | Michael Solberg | Steve Flaten Phil Neuffer

Fed, FDIC & OCC Delay CECL Adoption for Two Years

The federal bank regulatory agencies announced optional extension of the regulatory capital transition for the new credit loss accounting standard.

March 30, 2020 Board of Governors of the Federal Reserve System | CECL | Current Expected Credit Loss | Federal Deposit Insurance Corporation | Office of the Comptroller of the Currency Phil Neuffer

Regulators Offer Guidance for Troubled Debt Restructurings

The Fed, FDIC, NCUA, OCC, CFPB) and state banking regulators issued an interagency statement for financial institutions working with borrowers affected by the coronavirus. FASB concurs with the approach.

March 23, 2020 Board of Governors of the Federal Reserve System | CFPB | Consumer Financial Protection Bureau | coronavirus | COVID-19 | FASB | FDIC | Federal Deposit Insurance Corporation | FRB | NCUA | OCC | Office of the Comptroller of the Currency | State Banking Regulators | the National Credit Union Administration Phil Neuffer

PwC Reaches $335MM Settlement with FDIC Over Audits of Failed Bank

The FDIC reached a $335 million settlement with PricewaterhouseCoopers related to professional negligence claims brought by the FDIC against accounting firm arising out of the audits of the failed Colonial Bank.

March 18, 2019 Colonial Bank | FDIC | Federal Deposit Insurance Corporation | PricewaterhouseCoopers | PwC Amanda Koprowski

Federal Reserve to Host Public Meetings on BB&T/SunTrust Merger

The Federal Reserve Board and the FDIC will jointly hold two public meetings on the proposed merger of BB&T and SunTrust Banks.

March 15, 2019 BB&T | FDIC | Federal Deposit Insurance Corporation | Federal Reserve Board | SunTrust Bank Amanda Koprowski

BancorpSouth Bank Receives Regulatory Approval for Mergers

BancorpSouth Bank received the necessary regulatory approvals to complete its proposed mergers with Louisiana-based Ouachita Bancshares and Texas-based Central Community Corporation.

December 28, 2017 BancorpSouth Bank | Central Community Corporation | Dan Rollins | Federal Deposit Insurance Corporation | First State Bank Central Texas | Kevin Koh | Mississippi Department of Banking and Consumer Finance | Ouachita Bancshares | Ouachita Independent Bank Amanda Koprowski

Q3 Bank Earnings Improve Amid Concerns over Lending Conditions

The FDIC reported industry net income was 5.2% higher in Q3/17 versus a year earlier on higher net interest income. The regulator noted, however, that “competitive lending conditions continue to pose challenges.”

November 30, 2017 FDIC | Federal Deposit Insurance Corporation | Martin J. Gruenberg Amanda Koprowski

Agencies Propose Increasing Leverage Ratio For Largest Banks

The Federal Reserve, FDIC and the OCC proposed a rule to strengthen the leverage ratio standards for the largest, most systemically significant U.S. banking organizations.

July 10, 2013 Federal Deposit Insurance Corporation | Federal Reserve Board | leverage ratio ABF Journal