Thursday, September 30, 2010
Online viewing available CRA Public for the purposes of the oral procedure
Press ReleasesThe Directors General of the United States Government
Currency as the Chief Financial Officer Office
The Federal Deposit Insurance Corporation
Office of Thrift Supervision
Online viewing available CRA Public for the purposes of the oral procedure
Online viewing is available for public consultation, the Centers for disease control in Atlanta on Friday kuljetusjärjestelmiä options that take the Community Reinvestment Act (CRA).
This is the second of four public hearings, the Federal Deposit Insurance Corporation, currency control and the Chief Financial Officer Office of the Executive Board of the Agency, in conjunction with the Thrift sponsored.
The hearing is scheduled for Friday, August 6, 9.00 4 p.m. at Oregon Il Homes For Sale Federal Reserve Bank of Atlanta. at the hearing, can be viewed online at www.ustream.tv/channel/federalreserve.tekstitys is also available on the Internet at www.captionedtext.com/client/event.aspx?customerid=1062&eventid=1590231.istunnossa agenda a copy of which is attached.
Atlanta, after consultation with the agencies post at the hearing, the transcript and audio recording www.ots.treas.gov.on the series CRA guidelines on the revised threshold applying to public hearings, the sending of the comments, for more information, see www.ffiec.gov/cra/hearings.htm.# ##Annex:
Joint Public Hearing on the Community Reinvestment Act regulation agenda-PDF (PDF help)
Media contacts:
(FDIC: PR-179-2010)
Tuesday, September 28, 2010
Pacific Western Bank, San Diego, California, is responsible for all deposits Los Padres Bank, Solvang, California
Press Releases
Pacific Western Bank, San Diego, California, is responsible for all deposits Los Padres Bank, Solvang, California
AS SOON AS THE PUBLICATION OF THE
20. August 2010 Media Contact:
Greg Hernandez
Phone: (202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov
Los Padres Bank, Solvang, California, has ended today, the Office of Thrift Supervision, which the German Deposit Insurance Corporation (FDIC) as receiver appointed. depositors, purchase and assumption agreement with the Pacific Western Bank, San Diego, California, to assume all deposits Los Padres Bank became the FDIC.
14 branches open bank Los Padres on Monday as the Pacific Western Bank branches of the Bank's depositors Indians. Los is automatically entered into the Pacific Western Bank depositors. FDIC insured Deposits continue, so there is no need for customers to change banking relations between them in order to preserve the deposit insurance coverage. Los Padres bank customers should continue to use the existing branch, before they receive communication in the Pacific Western Bank, that it is complete, so that other Pacific Western Bank branches account for changes in the systems.
This evening and over the weekend, the Bank uses the depositors Los Padres money checks in writing or using ATM or debit card cards. handled for the Bank to carry out checks.Loan customers should continue their for the purpose of effecting payments in the usual manner.
30. June 2010 Los Padres Bank had approximately 870.4 million dollar assets and the 770.7 million in total deposits.Pacific Western Bank shall pay to the FDIC 0,45% assumed all deposits Los Padres Bank premium.In addition to assuming all of the failed bank's deposits, Pacific Western BANK agreed to purchase substantially all the assets.
FDIC and Pacific Western Bank became the LGD of a transaction, 579.8 million dollar Los Indians of EIB funds.Pacific Western Bank share loan losses asset pools LGD within the scope of the agreement.Loss-to-GDP ratio is projected to maximise the return on the transaction to keep the assets covered by the private sector are also expected to the transaction. loan customers to reduce disturbances.For more information about the LGD, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.
Customers who have questions about today's event can call the FDIC toll free 1-800-640-2751. phone number: 00-functional 9 p.m., Pacific Daylight Time (PDT) until the evening of Saturday-9: 00 a.m. 6: 00 p.m. PDT, on Sunday, at 6: 00 p.m., PDT, and 8: 00 a.m. 8: 00 p.m., PDT. interested parties may also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/lospadres.html.
FDIC estimates that Deposit Insurance (DIF)-cost is 8,7 million dollars compared to other options., Pacific Western Bank acquisition was the cheapest, the accuracy of the FDIC DIF. Los Padres Bank is FDIC insured with the institution in the territory of the Union to face the nation this year and in California Last 9th FDIC insured institution. closed was District Community Bank Chico, earlier today.
# # #Congress created the Federal Deposit Insurance Corporation to restore the public's confidence in the nation of the banking system of the 1933. deposits FDIC takaatte successful nation 7,932 banks and savings associations and it contributes to the stability and security by identifying, monitoring and deal with risks for which they are exposed to the FDIC may not. federal tax dollars – the insured financial institutions to finance their activities.
FDIC press releases and other information is electronically available on the Internet at www.fdic.gov order (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained from the FDIC's Public Information Center (877-275-3342 or 703-562-2200).PR-195-2010
Monday, September 20, 2010
Rabobank, National Association, El Centro, California, acquires all deposits of two Banks in California
Press Releases
Rabobank, National Association, El Centro, California, acquires all deposits of two Banks in California
Butte Community Bank, Chico and Pacific State Bank, Stockton
AS SOON AS THE PUBLICATION OF THE
20. August 2010 Media Contact:
Greg Hernandez
Phone: 202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov
Chico, California, Pacific State Bank, Stockton, California, Butte Community Bank is closed today by the California Department of financial institutions, which then was appointed receiver of two banks, the Federal Deposit Insurance Corporation (FDIC). depositors, FDIC entered into a purchase and assumption agreement Rabobank, National Association, El Centro, California, all deposits and substantially all the assets of two failed banks, which are linked.
In conjunction with the failed banks operating in 23 branches, which opened as the Rabobank, National Association of normal business hours, including Saturday hours of those establishments, branches. Butte Community Bank has 14 branches and Pacific State Bank has nine branches.Depositors will appear automatically in the depositors of the Rabobank, National Association.FDIC insured Deposits continue, so there is no need for customers to change banking relationships to conserve their deposit insurance coverage.
Two failed banks customers should continue to use their former branches Pink Car Seat Covers before they receive communication in the framework of the Rabobank, National Association, that it is a ready-to-use systems changes, so that other Rabobank National Association also for its branches. Over the weekend the depositors to provide cash checks in writing or using ATM or debit card cards. further the Bank's Loan. customers should continue their for the purpose of effecting payments in the usual manner.
30. June 2010, the District Community Bank had total assets of $ 498.8 million and total deposits 471.3 million, and Pacific State Bank had total assets of $ 312.1 million and total deposits 278.8 million dollars.Rabobank, National Association shall pay the FDIC 4.05% to assume all deposits District Community Bank premium, but it did not pay the premium with the Pacific FDIC State Bank.
FDIC and Rabobank, National Association became the LGD events 425.4 million dollars in the Bank's District of Community funds; and 249.7 million dollar Pacific State of EIB funds.Rabobank, National Association share the determination of asset pools LGD within the scope of the agreement.Loss-to-GDP ratio is projected to maximise the return on the transaction to keep the assets covered by the private sector are also expected to the transaction. loan customers to reduce disturbances.For more information about the LGD, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.
Customers who have questions about days events call toll free: FDIC District community bank customers, 1-800-450-5417; and Pacific State Bank customers, 1-800-640-2693. phone numbers ready to operate in the evening until 9: 00 p.m. Pacific Daylight Time; 6: 00 p.m. PDT-9: 00 a.m., Saturday, Sunday, at 6: 00 p.m. PDT; up to and after 8: 00 a.m. 8: 00 p.m. PDT.
Interested parties also visit the FDIC's Web site (s): Butte Community Bank, http://www.fdic.gov/bank/individual/failed/butte.html; and Pacific State Bank, http://www.fdic.gov/bank/individual/failed/pacificbk.html.
FDIC estimates that the cost-Deposit Insurance fund (DIF) Butte Community Bank is 17,4 million dollars, and Pacific State Bank, 32.6 million dollar. other options, Rabobank, compared to the National Association of acquisition was the cheapest, the accuracy of the FDIC DATA INTERCHANGE FORMAT.
These closures will lead to an increase in the total number of banks in 116 of the nation and the seventh and eighth in California. these failures before the last FDIC insured bank closed was Granite Community Bank, National Association, Granite Bay, 28.until May 2010.
# # #Congress created the Federal Deposit Insurance Corporation to restore the public's confidence in the nation of the banking system of the 1933. deposits FDIC takaatte successful nation 7,932 banks and savings associations and it contributes to the stability and security by identifying, monitoring and deal with risks for which they are exposed to the FDIC may not. federal tax dollars – the insured financial institutions to finance their activities.
FDIC press releases and other information is electronically available on the Internet at www.fdic.gov order (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained from the FDIC's Public Information Center (877-275-3342 or 703-562-2200).PR-194-2010
Salt Lake City Bank and Trust Company, Salt Lake City, Illinois, reply to all, Ravenswood Bank deposits, Chicago, Illinois
Press Releases
Salt Lake City Bank and Trust Company, Salt Lake City, Illinois, reply to all, Ravenswood Bank deposits, Chicago, Illinois
AS SOON AS THE PUBLICATION OF THE
6. August 2010 Media Contact:
Greg Hernandez (202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov
Ravenswood Bank, Chicago, Illinois, has ended today, the Illinois Department of financial and Professional regulation, Division of Banking, appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. Depositors, purchase and assumption agreement, Salt Lake City Bank and Trust Company, Salt Lake City, Illinois, it is assumed that all deposits Ravenswood Bank FDIC.
Ravenswood Bank two branch open on Saturday as the Salt Lake City Bank and Trust Company. Ravenswood Bank depositors will appear automatically in the depositors of the Salt Lake City Bank and Trust Company FDIC insured Deposits continue., so there is no need for customers to change banking relations between them in order to preserve the deposit insurance coverage.Ravenswood Bank customers should continue to use the existing branch, before they receive notice in Salt Lake City Bank and Trust Company, that it is complete, so that other Salt Lake City Bank and Trust Company branches account for changes in the systems.
This evening and over the weekend, the depositors of the Ravenswood Bank uses money in writing checks or using ATM or debit card cards.Further Bank. Loan customers should continue their for the purpose of effecting payments in the usual manner.
30. June 2010, Ravenswood Bank had approximately 264.6 million dollar assets and the 269.5 million euro in total deposits. Salt Lake City Bank and Trust Company to pay the FDIC 0.90% of the premium, Ravenswood Bank-brokered deposits.In addition to the assumption of a failed Bank-brokered deposits, Salt Lake City Bank and Trust Company decided to purchase substantially all the assets.
FDIC and Salt Lake City Bank and Trust Company became the LGD 161.3 million dollar transaction, Ravenswood Bank funds. Salt Lake City Bank and Trust Company share loan losses asset pools LGD within the scope of the agreement.Loss-to-GDP ratio is projected to maximise the return on the transaction to keep the assets covered by the private sector.The event of serious internal disturbances affecting the maintenance loan customers are also expected to curtail. LGD for more information, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.
Customers who have questions about today's event can call the FDIC toll free 1-800-430-7974. phone number: 00-functional 9 p.m., Central Daylight Time (Centre), until the evening of Saturday-9: 00 a.m. 6: 00 p.m., the translation Centre for bodies of the European Union; on Sunday, April 26, 2009 at 6: 00 p.m., the translation Centre for bodies of the European Union; and after 8: 00 a.m. 8: 00 p.m., the translation Centre for bodies of the European Union. interested parties may also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/ravenswood.html.
FDIC estimates that the cost of Deposit Insurance (DIF), 68,1 million dollars is. compared to the other options, Salt Lake City Bank and Trust Company acquisition was the cheapest, the accuracy of the FDIC DIF Ravenswood Bank has to face. the nation this year, the FDIC insured with the institution and 109th thirteenth, Illinois Last FDIC insured institution. closed was Arcola Homestead savings bank, Arcola, 4 June 2010.
# # #Congress created the Federal Deposit Insurance Corporation to restore the public's confidence in the nation of the banking system of the 1933. deposits FDIC takaatte successful nation 7,932 banks and savings associations and it contributes to the stability and security by identifying, monitoring and deal with risks for which they are exposed to the FDIC may not. federal tax dollars – the insured financial institutions to finance their activities.
FDIC press releases and other information is electronically available on the Internet at www.fdic.gov order (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained from the FDIC's Public Information Center (877-275-3342 or 703-562-2200).PR-181-2010
Sunday, September 19, 2010
The first round by the financial reform in the c series of the Symposium is FDIC
Press Releases
The first round by the financial reform in the c series of the Symposium is FDIC
AS SOON AS THE PUBLICATION OF THE
30 August 2010
As part of the Dodd-Frank Wall Street reform and Consumer Protection Act, the Federal Deposit Insurance Corporation announced a series of roundtable discussions with external parties.The first discussion take place on Tuesday, August 31, 2010, and a new focus on the resolution of the authority provided for in the Dodd-Frank main economic enterprises.
Government officials, industry leaders, academia and investors to discuss the resolution process, the creditors ' treatment and living wills.Discussions at a later date, to be made public; http://www.fdic.gov/financialreform/.
Participation is only at the invitation of the latter, however, the FDIC Web cast each negotiation. interested parties may view the discussion by clicking on: http://www.fdic.gov/regulations/reform/forum.html.arkiston will be made available approximately two to three days of live Web cast.
The round are part of the FDIC In the transparency of the process in the past month, bring into force, the FDIC was announced to the input from the public as widely as possible by encouraging the public to send by e-mail to the exchange of views on how the FDIC should be implemented in the new law.These comments will become part of the record and will be posted on the website of the FDIC. interested parties may submit comments finreformcomments@fdic.gov.
# # #Congress created the Federal Deposit Insurance Corporation to restore the public's confidence in the nation of the banking system of the 1933. deposits FDIC takaatte successful nation 7,932 banks and savings associations and it contributes to the stability and security by identifying, monitoring and deal with risks for which they are exposed to the FDIC may not. federal tax dollars – the insured financial institutions to finance their activities.
FDIC press releases and other information is electronically available on the Internet at www.fdic.gov order (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained from the FDIC's Public Information Center (877-275-3342 or 703-562-2200).PR-200-2010
Tuesday, September 14, 2010
The Government of the United States safe accounts FDIC Pilot Program applications can contribute to be approved by 15 September 2010
Press Releases
The Government of the United States safe accounts FDIC Pilot Program
Requests to participate in be approved through 15 September 2010
AS SOON AS THE PUBLICATION OF THE
10 August 2010 Media Contact:
David Barr (202-898-6992)
FDIC pilot program, the Board approved the insured depository institutions today offers a secure, low cost and savings accounts, to assess the feasibility of transactional. The pilot-in-command, on the basis of the participating institutions provides electronic deposit accounts FDIC model safe accounts template properties of the products.
Offered by the pilot are FDIC insured accounts, reasonable rates and fees that are proportionate in relation to their costs, and application of consumer protection laws, regulations and guidelines. participating institutions may collect fees do not have sufficient resources or overdrafts on these accounts.
Pilot Model of secure accounts is designed to help meet the needs of more than one-quarter of all U.s. households, according to the technology of the FDIC Survey of Unbanked and Underbanked functions of Government (http://www.fdic.gov/householdsurvey/). The investigation also showed that minorities and lower-income households and are likely to be much more to technology.
"Access to mainstream financial services CatGenie SaniSolution institution, federally insured provides consumers ' money and perform basic data on financial transactions in a safe place kirjastokäyttöoikeutta. access to, you can also create a credit history, use the favourable credit conditions and work towards financial security, Chairman of the FDIC Consumer" said Sheila c. Bair. "We have seen, the banks which have already been successful by providing a safe and inexpensive for a new financial system for the consumers ' accounts.FDIC model accounts for the Pilot to make safe the offers by providing other voluntary road map. "
FDIC Vice Chairman Martin Gruenberg said, "an electronic transaction and FDIC model safe accounts template in savings accounts, press and hold the guide offers financial institutions providing views of the unbanked and unused household affordable basic banking services on the basis of cost-efficient.Today approved Pilot program is an important step for these accounts in the assessment of the opportunities. "
FDIC insured institutions accept is through 15.September 2010, the participation of the interested pilot applications. are the reporting requirements of the Pilot, participation in the positive aspects of the information necessary to establish eligibility for the insured institutions is available at http://www.fdic.gov/consumers/template/.hakemukset shall be carried out through the FDIC safeacctpilot@fdic.gov. institutions concerned their selection for the pilot-in-30.September 2010.
###Congress created the Federal Deposit Insurance Corporation to restore the public's confidence in the nation of the banking system of the 1933. deposits FDIC takaatte successful nation 7,932 banks and savings associations and it contributes to the stability and security by identifying, monitoring and deal with risks for which they are exposed to the FDIC may not. federal tax dollars – the insured financial institutions to finance their activities.
FDIC press releases and other information is electronically available on the Internet at www.fdic.gov order (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained from the FDIC's Public Information Center (877-275-3342 or 703-562-2200).PR-183-2010
Monday, September 13, 2010
Urban partnership Bank, Chicago, Illinois, reply to all, ShoreBank, Chicago, Illinois deposits
Press Releases
Urban partnership Bank, Chicago, Illinois, reply to all, ShoreBank, Chicago, Illinois deposits
AS SOON AS THE PUBLICATION OF THE
20. August 2010 Media Contact:
David Barr
Phone: 202) 898-6992
Cell: (703) 622-c(2006) 4790
Email: dbarr@fdic.gov
ShoreBank, Chicago, Illinois, has ended today, the Illinois Department of financial and professional regulation, to be appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. depositors, purchase and assumption agreement with Urban partnership Bank, Chicago, Illinois, recently vessels chartered institution assumes that all FDIC ShoreBank deposits came.
ShoreBank 15 branches open than Urban partnership Bank-Detroit, Michigan, and Cleveland, Ohio, those of a normal business hours, including Saturday hours in accordance with the said establishments. branches of depositors is automatically set to the depositors of the ShoreBank Urban partnership Bank. FDIC insured Deposits continue, so there is no need for customers to change banking relations between them in order to preserve the deposit insurance coverage.ShoreBank customers should continue to use existing branch, before they receive communication in the framework of the Urban partnership Bank that it is a ready-to-use systems changes.
This evening and over the weekend, the depositor in writing to provide cash checks ShoreBank or by using ATM or debit card cards. handled for the Bank to carry out checks.Loan customers should continue their for the purpose of effecting payments in the usual manner.
30. June 2010, ShoreBank was about 2.16 billion dollar assets and the 1.54 billion dollars in total deposits.Urban partnership the Bank shall pay to the FDIC 0.50% to assume all the premium ShoreBank deposits.In addition to assuming all of the deposits of the failed Bank, Urban partnership Bank agree to purchase substantially all the assets, except in the case of marketable securities and fixed assets.
Urban partnership between the Bank and the FDIC entered the LGD of a transaction, 1.41 billion u.s. dollars of funds ShoreBank. Urban partnership Bank share loan losses asset pools within the scope of the agreement the LGD. LGD to help maximize the return on the transaction is expected to keep the assets covered by the private sector.The event of serious internal disturbances affecting the maintenance of the loan are also expected to reduce customers.For more information about the LGD, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.
Customers who have questions about today's event can call the FDIC toll free 1-800-523-8503. phone number: 00-functional 9 p.m., Central Daylight Time (Centre), until the evening of Saturday-9: 00 a.m. 6: 00 p.m., the translation Centre for bodies of the European Union; on Sunday, April 26, 2009 at 6: 00 p.m., the translation Centre for bodies of the European Union; and after 8: 00 a.m. 8: 00 p.m., the translation Centre for bodies of the European Union. interested parties may also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/shorebank.html.
FDIC estimates that the cost of Deposit Insurance (DIF), is 367.7 million dollars compared to other options., Urban partnership from the Bank's acquisition was the cheapest, the accuracy of the FDIC DIF. ShoreBank is FDIC insured institution 114th-to face the nation this year, and posted, Illinois Last FDIC insured institution. closed was Palos Bank and Trust Company, Palos Heights, 13.August 2010.
Annex:
The page-PDF (PDF help)
Congress created the Federal Deposit Insurance Corporation to restore the public's confidence in the nation of the banking system of the 1933. deposits FDIC takaatte successful nation 7,932 banks and savings associations and it contributes to the stability and security by identifying, monitoring and deal with risks for which they are exposed to the FDIC may not. federal tax dollars – the insured financial institutions to finance their activities.
FDIC press releases and other information is electronically available on the Internet at www.fdic.gov order (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained from the FDIC's Public Information Center (877-275-3342 or 703-562-2200).PR-193-2010
Sunday, September 12, 2010
Westamerica Bank, San Rafael, California, reply to all, Sonoma Valley Bank deposits, Sonoma, California
Press Releases
Westamerica Bank, San Rafael, California, reply to all, Sonoma Valley Bank deposits, Sonoma, California
AS SOON AS THE PUBLICATION OF THE
20. August 2010 Media Contact:
Greg Hernandez
Phone: (202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov
Sonoma Valley Bank, Sonoma, California, was closed today by the California Department of financial institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. depositors, entered in the purchase and assumption agreement Westamerica Bank, San Rafael, California, to assume that all of the Sonoma Valley Bank deposits FDIC.
Sonoma Valley Bank three branches open Saturday than branches Westamerica Bank depositors Valley Sonoma. the Bank shall automatically Westamerica Bank depositors.FDIC insured Deposits continue, so there is no how to get child custody need for customers to change banking relations between them in order to preserve the deposit insurance coverage.Sonoma Valley Bank customers should continue to use the existing branch, before they receive communication Westamerica Bank that it is complete, so that other branches of the bank account for the Westamerica also systems changes.
This evening and over the weekend, the depositors of the Sonoma Valley, a bank to provide cash the checks in writing or using ATM or debit card cards.Further Bank. Loan customers should continue their for the purpose of effecting payments in the usual manner.
30. June 2010, the Sonoma Valley Bank was around 337.1 million dollar assets and the 255.5 million euro in total deposits.Westamerica Bank to pay 2,0% assumed all deposits Sonoma Valley Bank FDIC premium. in addition to assuming all of the failed bank's deposits, Westamerica Bank agreed to purchase substantially all the assets.
Customers who have questions about today's event can call the FDIC toll free 1-800-913-3062. phone number: 00-functional 9 p.m., Pacific Daylight Time (PDT) until the evening of Saturday-9: 00 a.m. 6: 00 p.m. PDT, on Sunday, at 6: 00 p.m., PDT, and 8: 00 a.m. 8: 00 p.m., PDT. interested parties may also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/sonoma.html.
FDIC estimates that Deposit Insurance (DIF)-cost is 10.1 million dollar compared to other options., Westamerica Bank acquisition was the FDIC DIF. Sonoma Valley Bank cheapest resolution is FDIC insured institution-118th, face the nation this year, and 10th in California Last FDIC insured institution. closed was Los Padres Bank, Solvang, earlier today.
# # #Congress created the Federal Deposit Insurance Corporation to restore the public's confidence in the nation of the banking system of the 1933. deposits FDIC takaatte successful nation 7,932 banks and savings associations and it contributes to the stability and security by identifying, monitoring and deal with risks for which they are exposed to the FDIC may not. federal tax dollars – the insured financial institutions to finance their activities.
FDIC press releases and other information is electronically available on the Internet at www.fdic.gov order (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained from the FDIC's Public Information Center (877-275-3342 or 703-562-2200).PR-196-2010
Saturday, September 11, 2010
FDIC Money Smart News-Summer 2010
News and Information about Financial Education from the FDIC
In This Issue
Message from the FDIC
As a consumer, I appreciate the tips issued by government and private agencies on how to stay safe. Summer presents many opportunities to learn about managing money, from what teenagers should know about getting a summer job to how families can keep vacation costs down. That's why I am pleased that the Summer issue of our Money Smart News presents new ways the FDIC and our outside partners are working to educate people of all ages how to safely manage their money and plan for their future.
In this edition, read what FDIC Chairman Sheila C. Bair thinks Citronella Dog Collar about financial education and consumer protection efforts -- and avoiding another financial crisis. Chairman Bair explained her interest in expanding access to "safe" accounts, which she described as "federally insured, affordable, easy to understand and free of hidden or unfair fees."
In fact, the FDIC recently sought and received public comments on templates for safe, low-cost transaction accounts and basic savings accounts for low- and moderate-income consumers. Once finalized, the templates may be of interest to financial institutions as they design or review their own deposit products, particularly those that they offer to Money Smart workshop participants. You can also find out about the results of the FDIC's two-year pilot project that reviewed affordable and responsible small-dollar loan programs in financial institutions.
There are several new educational resources that bankers and other educators can use to promote safe and smart banking by consumers. One is a new online catalog for ordering free educational products from the FDIC. Another is an educational resource from NeighborWorks America® about avoiding loan modification scams. Read the latest issue of FDIC Consumer News, a quarterly newsletter for consumers, which features money-saving tips in the new world of credit cards. Also learn about an update to EDIE ? the FDIC's interactive, online deposit insurance calculator ? that can be customized by banks for use on their Web sites.
When summer draws to a close, that will mean it is back-to-school time. The "Success Stories" feature in this edition of Money Smart News looks at ways that financial education can reach students at colleges and universities. Several of these teaching strategies can be put to use by other educators, in various settings, for all age groups.
As always, if you have questions or suggestions regarding financial education or how to promote access to insured financial services, please contact the FDIC.
Sandra L. Thompson
Director
FDIC Division of Supervision and Consumer Protection
FDIC Chairman Discusses Importance of Financial Education to the Economy
In a speech in Atlanta on April 7, FDIC Chairman Sheila Bair offered five ways that financial education can help us avoid another financial crisis. She noted that financial education empowers consumers to use mainstream financial services responsibly. She also said that all consumers should have access to "safe" accounts and services that are well-structured, easy to understand, and competitively priced. To read the speech, visit www.fdic.gov/news/news/speeches/chairman/spapr0710.html. Also see the related news item below on discussions of safe accounts by the FDIC Advisory Committee.
The FDIC Testifies Before Congress on Initiatives to Advance Financial Education
On July 15, FDIC Division Director Sandra Thompson testified before a Senate subcommittee on the role of the federal government in empowering Americans to make informed financial decisions. Her testimony discussed a number of initiatives by the FDIC to improve financial education and access. Read it at: http://www.fdic.gov/news/news/speeches/chairman/spjul1510.html.
Ways to Introduce College Students to Financial Education: Successful Answers to a Multiple-Choice Question
This edition of the Money Smart News Success Stories focuses on strategies for delivering financial education to students at colleges and universities. Don't forget to look at past Success Stories that highlight other successful strategies to reach people of all ages in various venues. (Read the stories.)
Latest FDIC Consumer News Discusses Credit Cards, Depositing Funds Through an Agent or Broker, and Reverse Mortgages
As reported in the Fall 2009 issue of Money Smart News, a new credit card law helps protect consumers from most instances of sudden increases in interest rates and other unfavorable changes in terms. But as noted in the Spring 2010 issue of FDIC Consumer News, there are still potential pitfalls for credit cardholders. The FDIC newsletter offers eight ways to avoid problems including increases in rates and fees and reductions in credit limits. Other timely articles discuss questions to ask before depositing money through an "agent" or broker instead of directly with a bank, and understanding the risks and costs of a reverse mortgage. The FDIC encourages financial institutions, financial educators and others to distribute the information in FDIC Consumer News by reprinting, linking to the material, or making copies and affixing their name or logo. Subscriptions are free. See the latest newsletter and subscription information at http://www.fdic.gov/consumers/consumer/news/cnspr10/.
New Version of FDIC Deposit Insurance Estimator Now Available
The FDIC's Electronic Deposit Insurance Estimator, better known as "EDIE," can be used to calculate the insurance coverage of all types of deposit accounts offered by an FDIC-insured bank. Consumers who have more than $250,000 on deposit in the bank will find EDIE useful to calculate their FDIC insurance coverage. EDIE also assists bank employees who answer customer questions about deposit insurance coverage. An updated version of EDIE announced by the FDIC in April offers new functions requested by consumers and bankers, such as the ability to calculate deposit insurance coverage for irrevocable trust accounts, which are held in the name of trusts that cannot be changed or nullified. FDIC-insured institutions also can now integrate and customize the EDIE application for their own Web sites. To use EDIE and to learn more about deposit insurance coverage, visit www.fdic.gov/deposit/deposits.
New Way to Order FDIC Products Online
Our new online catalog enables financial educators, consumers and others to more easily order FDIC educational resources free of charge. These products cover such topics as what happens when a bank fails, how deposit insurance coverage works, and ways to avoid foreclosure rescue scams. For more details and to place an order, start at https://vcart.velocitypayment.com/fdic/index.php.
Small-Dollar Loan Pilot Project Shows Banks Can Offer Alternatives to High-Cost, Short-Term Credit
On June 24, 2010, a report was issued that highlights final results of the FDIC's pilot project to review affordable and responsible small-dollar loan programs in financial institutions. The study shows banks can offer alternatives to high-cost, short-term credit, and it resulted in the creation of a template of elements for safe, affordable and feasible small-dollar loans. Read the press release at http://www.fdic.gov/news/news/press/2010/pr10140.html, which provides links to the full text of the report and the template.
Advisory Committee Discusses Safe Accounts for Underserved Consumers
Also on June 24, 2010, at a meeting of the FDIC's Advisory Committee on Economic Inclusion, members discussed the design and promotion of safe, affordable bank accounts for underserved consumers. The committee reviewed trends in public comments received on criteria for templates that financial institutions could use to make these accounts more widely available to customers. See the agenda, copies of presentations and a video of the meeting by starting at http://www.fdic.gov/about/comein/meetingJune2010.html. Also, as background, read about the Committee's previous meeting on April 1, 2010, that highlighted best practices for safe deposit accounts: http://www.fdic.gov/about/comein/meetingApril12010.html.
Agencies Announce Public Hearings on Community Reinvestment Act Regulations
The federal bank and thrift regulatory agencies have announced a series of public hearings on modernizing the regulations that implement the Community Reinvestment Act (CRA). The public is encouraged to provide testimony and written comments on potential changes to the CRA regulations at four hearings to be held around the country between July 19 and August 17. For more details, see http://www.ffiec.gov/cra/hearings.htm.
New Campaign Offers Educational Materials to Fight Loan Modification Scams
To help combat loan modification scams that target homeowners facing foreclosure, Congress asked NeighborWorks America® to launch a national public education campaign. Financial educators can access a variety of the campaign's educational resources that can help homeowners avoid loan modification scams and find help from legitimate counselors. The FDIC is one of many partners working with NeighborWorks America on this effort. Learn more at www.loanscamalert.org.
GAO Reports on the Financial Literacy of People With Limited English
The U.S. Government Accountability Office (GAO), an investigative agency of Congress, published a report in May 2010 examining the relationship between fluency in English and financial literacy. Financial educators and others interviewed by the GAO said that a lack of proficiency in English can create significant barriers to performing tasks such as completing account applications, understanding contracts and resolving problems. The study was mandated by the Credit Card Accountability, Responsibility and Disclosure Act of 2009. Read the full report at http://www.gao.gov/products/GAO-10-518. Educators are reminded that the FDIC's Money Smart curriculum is available in seven languages -- Chinese, English, Spanish, Hmong, Korean, Russian, and Vietnamese.
Reminders
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Past Issues
See other issues of the quarterly Money Smart News dating back to 2003.
Thursday, September 9, 2010
The proposed set of Financial education Core competencies to comment on
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