Wells Fargo Will Pay Citigroup $100 Million to Settle Wachovia Claim
Wells Fargo agreed to pay Citigroup $100 million to settle a lawsuit stemming from Wells Fargo's acquisition of Wachovia in 2008, the companies said Friday.
fdic
Higher FDIC Fees May Benefit Bank Customers
The FDIC is changing the way banks pay for insurance, and big banks will soon pay much more than their smaller rivals to protect deposits. Even so, many customers may be better off at large banks, which could start aggressively competing for new deposits.
Four More Banks Shuttered, Bringing 2010 Total to 143
Regulators shut down four banks Friday, bringing the total of 2010 failures to 143. That tops the 140 shuttered last year and is the most in a year since the savings-and-loan crisis two decades ago.
FDIC: More Sick Banks but Sector Is Recovering
The FDIC says the number of troubled financial institutions is increasing, but the number of loans 90 days or more past-due has declined for the first time in four years. "This is the best quarterly profit for the banking sector in almost three years."
103 Bank Failures And Counting in 2010
Over the weekend, the FDIC announced the seizure of seven banks, bringing the 2010 tally to 103. It's very possible that 2010 failures could surpass 2009, but the forecast improves starting in 2011.
Depositors at Failed Banks Get $200 Million
A provision in the newly passed Dodd-Frank financial overhaul law makes the higher FDIC insurance limit of $250,000 retroactive to 2008. That means depositors at six banks will now get reimbursed for the higher amount.
Congress Scraps Bank Tax in Wall Street Reform Bill
Congressional negotiators agreed late Tuesday to abandon a $19 billion tax on banks after Republicans balked over the measure. Instead, lawmakers agreed to increase FDIC bank premiums and use the savings from ending the $700 billion TARP program early to pay for the bill.
Lee Farkas, Ex-CEO of Bankrupt Mortgage Lender TBW, Indicted on TARP Fraud
Lee Farkas, the former CEO of the now bankrupt mortgage lending company Taylor, Bean & Whitaker, has been indicted for allegedly engaging in a fraud scheme to misappropriate $1 billion from the government's Troubled Assets Relief Program and other targets.
FDIC Closes 82nd Bank in 2010
Regulators have closed the Washington First International Bank in Seattle, bringing to 82 the number of U.S. bank failures this year.