The United States Federal Deposit Insurance Corporation (FDIC) has handed a cease-and-desist letter to FTX and four other crypto entities over false claims on deposit insurance. As a result, FTX US, Cryptonews.com, Cryptosec.info, SmartAsset.com, and FDICCrypto.com are the alleged cryptocurren...
The guaranteed deposits extend beyond the Federal Deposit Insurance Corporation (FDIC) fund insurance that promises depositors' funds up to $250,000 will be covered, and only a very small percentage of those bank customers held accounts under the FDIC maximum. At SVB, 94% of...
NCUA insurance backs all deposit accounts at credit unions. The National Credit Union Share Insurance Fund (NCUSIF) is the actual name of the insurance program for member deposits in federally insured credit unions, but it’s commonly referred to as NCUA insurance. NCUA insurance means that depos...
From FDIC: [If], after June 30, 2009, the reserve ratio of the DIF [Depositors Insurance Fund] is estimated to fall to a level that the Board believes would adversely affect public confidence or to a level which shall be close to or below zero at the end of any calendar quarter, the...
Morgan Chase, regional banks such as PNC Financial Services Group, and even some banks that are relatively local — may have to pay more to supplement deposit insurance funds. This is a reserve fund used by the FDIC to protect savers when a bank fails....
With a total of 42 banks failures since last year, and many more expected in the coming months, the FDIC has proposed large insurance premium increases for banks. The agency, notes the Globe, collected $3 billion in premium fees last year versus a proposed collection of up to $27 billion...
Crypto exchange Coinbase says that the US Federal Deposit Insurance Corporation (FDIC) sent letters to financial institutions instructing them not to offer crypto banking services. In aseries of postson X (formerly Twitter), Coinbase’s Chief Legal Officer Paul Grewal said that FDIC did this as...
(the "FDI Act") requires the FDIC to resolve failed banks in the least costly manner. Value appreciation instruments or warrants (collectively, "VAIs") have been taken from time to time by the FDIC from winning bidders to reduce the costs to the FDIC's Deposit Insurance Fund ("DIF") of...
Among the things that the FDIC does not cover are: investments in stocks, bonds, and mutual funds; cryptocurrency assets; life insurance products; and Treasury bills, bonds, or notes. (Treasury securities are, however, backed by the full faith and credit of the U.S. government, making them...