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#1418098 - 07/21/10 06:16 PM
Increased FDIC insurance - now permanent
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Platinum Poster
Joined: Feb 2003
Posts: 962
PA
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Since Obama signed the Financial Reform Act, should we be changing our FDIC signs and disclosures immediately to reflect the permanent $250,000 amount of insured deposits? Is there any reason to wait to do so (i.e. - directive from the regulators or FDIC)?
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#1418120 - 07/21/10 06:40 PM
Re: Increased FDIC insurance - now permanent
AuditorK
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10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
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I would not until FDIC officially changes the official logo sign.
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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#1418124 - 07/21/10 06:45 PM
Re: Increased FDIC insurance - now permanent
RR Joker
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Platinum Poster
Joined: Feb 2003
Posts: 962
PA
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That's what I was initially thinking, but started to doubt myself after I received the press release directly from the FDIC stating that the $250,000 is permanent.
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#1418207 - 07/21/10 08:06 PM
Re: Increased FDIC insurance - now permanent
AuditorK
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Platinum Poster
Joined: Feb 2003
Posts: 962
PA
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When I go on the FDIC's site to order signs, they all show the $250,000 coverage amount - no reference to the 12/31/2013 expiration date. It looks like they already updated the signs. Also, the FDIC brochures have all been pulled for updating and are currently unavailable. I think we're going to go ahead and update our disclosures/signs.
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#1418379 - 07/22/10 12:32 PM
Re: Increased FDIC insurance - now permanent
AuditorK
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10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
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thanks for the heads up, AK
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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#1418409 - 07/22/10 01:11 PM
Re: Increased FDIC insurance - now permanent
RR Joker
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Georgia Plum
Unregistered
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I'm waiting for the official FIL.
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#1418446 - 07/22/10 01:43 PM
Re: Increased FDIC insurance - now permanent
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Joined: Nov 2002
Posts: 20,656
The Swamp
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Georgia, it is out and available on their publications section...I just ordered my electronic version and am gathering numbers for the actual teller stations for our branches.
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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#1418456 - 07/22/10 01:50 PM
Re: Increased FDIC insurance - now permanent
RR Joker
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Power Poster
Joined: Nov 2001
Posts: 7,984
FINALLY ABOVE the gnat line
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Yep - glad they pulled the order section out of FDIC Connect. I sent the new link to our retail staff to handle getting new signs ordered and distributed. Welcome to your FDIC Online Product Catalog Here's the FIL.
Last edited by waldensouth; 07/22/10 02:12 PM.
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#1418471 - 07/22/10 02:12 PM
Re: Increased FDIC insurance - now permanent
waldensouth
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Joined: Nov 2002
Posts: 20,656
The Swamp
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HA! I just got the e copy...it's the old "temporary" sign. She just responded back and said the new sign hadn't been released to them yet!
Last edited by RR joker; 07/22/10 02:13 PM.
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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#1418474 - 07/22/10 02:16 PM
Re: Increased FDIC insurance - now permanent
RR Joker
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10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
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At least the official FIL just came out!
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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#1418475 - 07/22/10 02:17 PM
Re: Increased FDIC insurance - now permanent
RR Joker
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Power Poster
Joined: Nov 2008
Posts: 4,132
Somewhere in the middle
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I don't know where you all are seeing the new stuff. Everyone I have looked at still show the temporary language. And FDIC says on their site they have not yet updated the material and it will be coming soon.
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#1418480 - 07/22/10 02:19 PM
Re: Increased FDIC insurance - now permanent
RR Joker
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Power Poster
Joined: May 2002
Posts: 6,259
NW IL
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#1418483 - 07/22/10 02:21 PM
Re: Increased FDIC insurance - now permanent
QCL
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Power Poster
Joined: Nov 2008
Posts: 4,132
Somewhere in the middle
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No temporary or expiration date. Looks new to me.
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I'm only responsible for what I say, not for what you understand.
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#1418491 - 07/22/10 02:27 PM
Re: Increased FDIC insurance - now permanent
DD Regs
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Platinum Poster
Joined: Feb 2003
Posts: 962
PA
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I guess we'll also need to update our TLGP - Transaction Account Guarantee lobby disclosure as well. This has been changed with the reform bill's signing. According to the chart on this webpage: FDIC Deposit Insurance Summary Beginning 12/31/10 through 12/31/12, deposits held in noninterest-bearing transaction accounts will be fully insured, regardless of the amount in the account, at all FDIC-insured institutions (regardless of whether they were participating in the TAG program).
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#1418530 - 07/22/10 02:53 PM
Re: Increased FDIC insurance - now permanent
AuditorK
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100 Club
Joined: Sep 2009
Posts: 213
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Auditor K,
Other than the chart that is on the FDIC Summary website page, have you seen any other publication regarding the non-interest bearing checking accounts being fully insured through 12/31/12?
We are not participating in the TAG program due to our denovo status and currently disclose that non-interest bearing checking accounts are insured up to $250,000. It sounds like I should change our sign to read these are fully insured with no expiration date. Would that be a correct interpretation?
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#1418533 - 07/22/10 02:56 PM
Re: Increased FDIC insurance - now permanent
AuditorK
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Diamond Poster
Joined: Sep 2008
Posts: 2,474
Midwest
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I was just wondering if the TLGP notice needed to be updated. We do not participate either but I was thinking we would need to add a section that says the 12/31/12 depostis will be fully insured in non-interest accounts and after that time will remain insurned under the standard 250,000.
Any thougths?
Last edited by ahkcompliance; 07/22/10 03:05 PM.
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#1418543 - 07/22/10 03:05 PM
Re: Increased FDIC insurance - now permanent
BNKO
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Platinum Poster
Joined: Feb 2003
Posts: 962
PA
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BNKO,
I think if you chose not to participate in the TAG program, then the unlimited coverage won't start until 12/31/10 (at least that's the wording from the FDIC's chart). Having said that, it does seem odd to not make that unlimited coverage begin immediately as well.
I did see reference to this unlimited coverage now applying to all banks, not just those participating banks, in a summary put together by the ICBA. I can't seem to find that document right now - not surprisingly lost in the mountain of information on my desk!
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#1418617 - 07/22/10 03:50 PM
Re: Increased FDIC insurance - now permanent
AuditorK
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100 Club
Joined: Sep 2009
Posts: 213
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Thanks, AuditorK. I'll go out to the ICBA and see if I can find it. As long as I've been in Compliance, I still question why "they" can't send out information in a manner that actually makes sense!
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#1418632 - 07/22/10 03:55 PM
Re: Increased FDIC insurance - now permanent
Mary Beth Guard
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10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
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good grief. That is ridiculous.
I'm guessing that's another affect of looking out for the poor consumer who needs protection from their own self?
Last edited by RR joker; 07/22/10 03:56 PM.
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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#1418641 - 07/22/10 03:57 PM
Re: Increased FDIC insurance - now permanent
Mary Beth Guard
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10K Club
Joined: Jul 2001
Posts: 83,364
Galveston, TX
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You can probably guess it was someone in the district of the depositors in one of the six banks that are covered under the retro provisions. IndyMac had a $1B in uninsured deposits - I would probably start there.
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#1418670 - 07/22/10 04:14 PM
Re: Increased FDIC insurance - now permanent
Cornfed Turtle
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Platinum Poster
Joined: Oct 2000
Posts: 797
Oklahoma City, OK
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MBG: Perhaps we should compare the list of senators to the list of Indymac depositors? I'm sure you are all right on target. This cracked me up, Turtle. With rampant self-dealing going on, it's not beyond the realm of possibility, which is just too gross to contemplate.
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#1418704 - 07/22/10 04:37 PM
Re: Increased FDIC insurance - now permanent
Cornfed Turtle
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Power Poster
Joined: Jul 2008
Posts: 4,796
You are here
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Let see one of IndyMac's founders was Angelo from Countrywide that gave a FOA mortgage to Dodd.....
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