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HR 3606 (CARD Act 21-day rule fix) signed into law by president, as was the homebuyer tax credit extension
Scam warning: Kennedy Space Center FCU members being targeted via phony text messages by ID thieves in Florida. http://ow.ly/zWCE
Financial Stability Improvement Act markup, which began today, will continue after Vets. day, Hse. Fin. Svcs. Chair Barney Frank says.
In Mon NN: 24 SE Wisc. CUs will now have control of $71.5M in loans and lender-owned homes after Central States Mtge went into receivership.
Detroit Edison Credit Union and NuUnion Credit Union announce their intent to merge http://tinyurl.com/y8bslvg
FDIC increases reserves for bank failures
WASHINGTON (5/12/08)--The Federal Deposit Insurance Corp. (FDIC) increased its reserves for anticipated bank failures by 370%, according to a letter to stakeholders released Wednesday.
During the first quarter of 2008, the FDIC raised its reserves from $124 million to $583 million. The increase is "due to the continued deterioration in the banking industry's financial conditions," wrote FDIC Chairman Sheila Bair.
The FDIC also increased its provision for insurance losses by 819%. The provision was $525 million in the first quarter of 2008, compared with -$73 million at the same time in 2007.
The FDIC plans to increase staffing in the Division of Resolutions and Receiverships by up to 60% to handle a likely increase in bank failures and prepare for expected retirements in the division's workforce, Bair added.
"We are focusing on maintaining the safety and soundness of the institutions we insure and are prepared to move promptly to handle any bank failures that may occur," Bair said.
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