Federal Deposit Insurance Act of 2005

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Federal Deposit Insurance Act of 2005

Legislation in the United States that created the Deposit Insurance Fund, which insures American banks and thrifts. Before the passage of the Act, banks and thrifts were separated into two insurance pools. While this was likely beneficial for a time because of the savings and loan crisis, it created a perverse incentive for banks and thrifts to reclassify themselves as the other (i.e., a bank to a thrift or a thrift to a bank), depending on which fund had lower fees. The Federal Deposit Insurance Act abolished these two funds to simplify banking regulation.
References in periodicals archive ?
Banco Popular North America ("BPNA"), (1) New York, New York, a state member bank, has requested the Board's approval under section 18(c) of the Federal Deposit Insurance Act (2) ("Bank Merger Act") to acquire certain assets and assume certain liabilities of Doral Bank ("Doral"), San Juan, Puerto Rico, (3) a state nonmember bank, from its affiliate, Banco Popular, San Juan.
2852) explains existing language in the Federal Deposit Insurance Act that the FDIC Board must include an individual who has worked as a state official responsible for bank supervision.
The OCC is proposing these guidelines pursuant to section 39 of the Federal Deposit Insurance Act (FDIA), which authorizes the OCC to prescribe safety and soundness standards in the form of a regulation or guidelines.
The deposits of Capital One Bank (USA), National Association are insured by the Deposit Insurance Fund of the FDIC up to applicable limits under the Federal Deposit Insurance Act (the "FDIA").
Section 17 of the Federal Deposit Insurance Act, as amended, requires GAO to annually audit the financial statements of the DIF and the FRF.
Schwartz, a Washington attorney, thinks the OFR should look to the types of instruments included within the definition of "qualified financial contracts" (QFCs) as set forth in the Federal Deposit Insurance Act (FDIA).
01 Question--For purposes of compliance by insured depository institutions (IDIs) with Section 112 of the Federal Deposit Insurance Corporation Improvement Act (FDICIA) (Section 36, Independent Annual Audits of Insured Depository Institutions, of the Federal Deposit Insurance Act [Banks and Banking, U.
The Fed and the FDIC are authorized under section 8 of the Federal Deposit Insurance Act to take appropriate action against state-chartered banks when either the Fed or the FDIC discovers such acts or practices.
758 would allow businesses (and public depositors) to earn interest on their checking accounts, which is now prohibited under the Federal Deposit Insurance Act.
Most of the new auditing guidance relates to examples of legal opinions that auditors will need to obtain and review with regard to transfers of financial assets by banks subject to receivership or conservatorship under provisions of the Federal Deposit Insurance Act.
Ackerman's Washington office, said the act will amend both the Federal Deposit Insurance Act and the Federal Credit Union Act.
Centennial Bank ("Centennial"), (1) Conway, Arkansas, a state member bank, has requested the Board's approval under section 18(c) of the Federal Deposit Insurance Act (2) ("Bank Merger Act") to acquire certain assets and assume certain liabilities of Doral Bank ("Doral"), San Juan, Puerto Rico, a state nonmember bank.

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