California Real Estate Fraud Report

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08
Feb

FDIC Processing of Deposit Accounts in the Event of a Bank Failure

In an article posted on its own website January 14, 2008, the FDIC outlines its proposed rules for how to reimburse account holders should their banking institution fail. This is significant because the larger banks have more than 50 million deposit accounts and because the FDIC has in fact never supervised the distribution of insured funds beyond 175,000 accounts – and that was in a bank failure that occurred in 2007 .

Quoted from the FDIC website, and signed by Mitchell Glassman, FDIC Director of Resolutions and Receiverships:

  • Part 1 proposes a rule governing how and at what point deposit account balances would be determined in the event of an insured depository institution failure. This part would apply to all insured depository institutions.
  • Part 2 proposes requirements to facilitate the process for determining the insurance status of depositors of large insured depository institutions in the event of failure. As proposed, the Part 2 requirements currently would apply only to the 159 insured depository institutions with at least $2 billion in domestic deposits and either (1) more than 250,000 deposit accounts or (2) total assets over $20 billion, regardless of the number of deposit accounts. These “Covered Institutions” amount to less than two percent of the more than 8,500 insured depository institutions.

Read the Proposed Rule changes

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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