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Washington
Inside Washington (01/11/2008)
* WASHINGTON (1/14/08)--The Federal Deposit Insurance Corp. (FDIC) has expressed uncertainty regarding the need for voluntary excess coverage for deposits by private or public entities. The FDIC Quarterly published a study Thursday indicating that increasing profits have lowered demand for the coverage (American Banker Jan. 11). Though the study recognized that the FDIC could provide the coverage, it also pointed out that the agency would face several complications in doing so. If the agency were to offer excess coverage, it could offer its own form and charge financial institutions higher premiums or focus on the private market. If the FDIC offered coverage, it could limit well-capitalized institutions, cap available coverage and create a new pricing system, said the study’s authors. Other excess options for financial institutions exist outside of an FDIC plan, including a service that would divide larger deposits into smaller ones among several banks, the study stated. The study’s findings were originally reported last February to Congress ... * WASHINGTON (1/14/08)--The Department of Labor is suing Fifth Third Bancorp, alleging mismanagement of a pension fund in 2004 (Dow Jones Jan. 11). According to the lawsuit, Fifth Third created an investment strategy to develop a property in Detroit. After Operating Engineer Local 324 Pension Fund invested $28 million in the property, Fifth Third sold the property for $4.5 million to Cavaliere Group. Fifth Third created the strategy after receiving advice from co-defendant Carey Milestone Advisors LLC ...


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