FDIC

FDIC closes Silicon Valley Bank and creates new entity

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Having ordered the closure of Silicon Valley Bank in the USA, FDIC has created "Deposit Insurance National Bank of Santa Clara" to which depositors' funds will be transferred - so long as they are insured.

BIScom Subsection:

Commercial banking

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The roll-back of Dodd-Frank reforms should raise the USA's risk profile

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As the US bill to roll-back the Dodd-Frank reforms that were designed, amongst other things, to stabilise banks to protect them from failure is sent to the President, who promoted it, for signature, BankingInsuranceSecurities.com points out one statistic that might indicate how successful Dodd-Frank has been and why the changes increase the USA's risk profile.

BIScom Subsection:

Regulation

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USA's FDIC takes further action against Florida's Optimumbank

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Optimumbank (yes, it is all one word) is based in Plantation, Florida. It's on the watchlist of both state regulator the Florida Office of Financial Regulation and the USA's Federal Deposit Insurance Corporation, the Plan B for failing US banks that protects itself (and taxpayer's money) by an increasingly tight system of national regulation. Its actions include monitoring capital adequacy (about which it often has justifiable hissy fit with the "mom and pop" banks that seem to forget they owe multiple regulatory duties) and, because it is a relatively measurable form of compliance monitoring, failures to comply with money laundering laws. Optimum bank has come to FDIC's notice before the action apparently concluded in November 2016.

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AML/CFT: First Bank of Delaware pays USD15 million penalty for Bank Secrecy Act failures

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FinCEN and FDIC have assessed First Bank of Delaware to a USD15m civil penalty as a result of breaches of the Bank Secrecy Act and other counter-money laundering laws and regulations. The bank has also settled DoJ charges.

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AML / CFT: Waves of Regulators issue penalties against Ocean Bank

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Ocean Bank of Miami, Florida, has been issued with penalties by the Federal Deposit Indemnity Corporation, Florida Office of Financial Regulation and FinCEN in respect of a series of breaches of the Bank Secrecy Act and other anti-money laundering laws and regulations. The bank neither admits nor denies the allegations.

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