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Latest Depositors Insurance Fund Stories

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2009-09-22 07:43:57

Senior regulators say the Federal Deposit Insurance Corp. is contemplating borrowing money from healthy U.S. banks to keep its deposit insurance fund solvent. The about-face -- having banks bailout the government for a change -- is a nice irony, Karen Shaw Petrou, managing partner of Federal Financial Analytics told The New York Times. But, bankers said it was the best of several options, including having the FDIC tap a $100 billion line of credit at the U.S. Treasury. With their...

2009-08-31 00:16:51

The number of U.S. banks shut to date in 2009 is triple the number that failed in 2008, government regulators said. Most of the banks that failed this year are small, regional banks that fell victim to losses on real estate and consumer loans when unemployment surged to a 25-year high. However, many large institutions closed in 2009, a Federal Deposit Insurance Corporation spokesman said. The cost to FDIC of closures on Friday alone was about $446 million, CNN reported. The FDIC said more...

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2009-08-27 12:50:08

The safety net for U.S. bank depositors dropped 20 percent in the second quarter, the Federal Deposit Insurance Co. said Thursday. The bank's insurance fund fell to $10.4 billion from $13 billion, the FDIC said. The 8,195 banks and thrifts insured by the FDIC lost $3.7 billion in the quarter, a drop of $8.5 billion from the second quarter of 2008 when FDIC-covered banks earned profits of $4.8 billion. With total assets of federally insured banks dropping by $238 billion in the quarter, there...

2009-02-26 21:46:11

The federal insurance fund that guarantees the security of U.S. bank deposits is being drained by the rise in financial institution failures, officials said. The Federal Deposit Insurance Corp. fund has dropped to its lowest level since 1993, The Washington Post reported Thursday. Depositors are not at risk because the fund is backed by the government, but taxpayers could be forced to buttress the fund if its reserves slip further, the newspaper said. There was $52.4 billion in the fund at...

2008-09-17 09:00:20

By Associated Press WHAT'S UP: The federal fund that insures American bank deposits may need a taxpayer-financed cash infusion in the form of a Treasury Department loan. WHAT GIVES: After 11 bank failures this year, especially the July collapse of IndyMac Bank, the Federal Deposit Insurance Corp. has less in its fund than is required by Congress. WHAT'S NEXT: All eyes are on Seattle-based Washington Mutual Inc., the nation's largest thrift, whose deposits would cost billions more to...


Word of the Day
penuche
  • A fudgelike confection of brown sugar, cream or milk, and chopped nuts.
'Penuche' is a variant of 'panocha,' a coarse grade of sugar made in Mexico. 'Panocha' probably comes from the Spanish 'panoja, panocha,' ear of grain.
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