Posted by William Byrnes on January 20, 2015
The FDIC has opened an online market place to dispose of failing banks — read about it at International Financial Law Prof Blog.
The ability to bid applies to FDIC-insured financial institutions of any size that may be interested in acquiring a failing institution from the FDIC.
Posted in Compliance, Wealth Management | Tagged: FDIC | Leave a Comment »
Posted by William Byrnes on October 1, 2014
International Financial Law Prof Blog.
The Bank marketed the “PAYS Plan,” a payment protection credit card add-on product that was sold from 2008 to 2013 to consumers who had a Bank credit card. The PAYS Plan provided a benefit payment towards a consumer’s monthly credit card payment following certain life events such as involuntary unemployment, disability, and hospitalization.
The FDIC determined that the Bank violated federal law prohibiting unfair and deceptive practices by, among other things: …
Posted in Compliance | Tagged: cease and desist, Credit card, FDIC, Merrick | Leave a Comment »
Posted by William Byrnes on September 27, 2011
On September 17, 2008, $140 billion was drawn out of money market accounts by investors who were transferring their funds to U.S. Treasuries. The following day, the FDIC, realizing that money market accounts were being withdrawn in record amounts, deposited over $100 billion into the system.
But after realizing that an influx of cash wouldn’t be enough to prevent a collapse, the Treasury stepped in with a $250,000 guarantee per money market account. If the Treasury hadn’t taken this action, $5.5 trillion could have been drawn out of the market, which could have collapsed the entire U.S. economy.
Read this complete analysis of the impact at AdvisorFX (sign up for a free trial subscription with full access to all the planning libraries and client presentations if you are not already a subscriber).
For previous coverage of money market accounts in Advisor’s Journal, see How to Increase the FDIC $250,000 Permanent Guarantee (CC 10-67).
For in-depth analysis of the Dodd-Frank Act, see Advisor’s Main Library: The Dodd-Frank Wall Street Reform and Consumer Protection Act: An Analysis.
Posted in Wealth Management | Tagged: Dodd-Frank, Dodd–Frank Wall Street Reform and Consumer Protection Act, FDIC, Federal Deposit Insurance Corporation, Money market account, September 18 2008, Treasury, United States Treasury security | Leave a Comment »
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