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News Now

Washington
Inside Washington (01/02/2009)
* WASHINGTON (1/5/09)--In a letter to financial institutions sent Wednesday, the Federal Deposit Insurance Corp. (FDIC), the Office of the Comptroller of the Currency and the Federal Reserve Board reminded banks to record the amount and number of their non-interest-bearing transaction accounts of more than $250,000. The FDIC offered the extra coverage to banks in October. The temporary increase will expire later this year ... * WASHINGTON (1/5/09)--Regulators are deploying loss sharing to deal with expected bank failures this year and to provide an incentive for healthy institutions to take on the troubled assets of failed institutions (The Wall Street Journal Jan. 2). Loss sharing could be costly to the Federal Deposit Insurance Corp. (FDIC) if the agency bears responsibility for exotic assets normally assumed by the acquiring institution, or if loss-sharing is applied to institutions that have not failed. But loss sharing could also help reduce the losses the government would absorb during a failure, like bad real estate loans. FDIC last year used the loss sharing model to help Citigroup, Wachovia and two failed California institutions. Loss sharing was primarily used during the savings and loan crisis of the 1980s and 1990s ...


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