FDIC CHANGES HOW EXAMINERS SUGGEST ACCOUNT TERMINA
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Posted On: 01/30/2015 6:32:52 AM
FDIC CHANGES HOW EXAMINERS SUGGEST ACCOUNT TERMINATIONS
Jon Prior: “Federal Deposit Insurance Corp. examiners will have to follow a formal protocol when suggesting that a bank terminate a deposit account with clients they suspect of fraud, according to an agency memo sent to staff. The changes are a win for industries like payday lenders that have accused regulators of pushing banks to cut ties with them as part of a joint investigation with the Justice Department known as ‘Operation Choke Point.’ …
“FDIC Chairman Martin Gruenberg and Vice Chairman Thomas Hoenig met with Republican Rep. Blaine Luetkemeyer this morning detailing the steps they are taking … Leutkemeyer also said that he will push to put into law the changes the FDIC is making administratively and said the bill could include broader examination changes for other banking agencies. He said there was interest in his legislation on the Senate side, including from Banking Committee Chairman Richard Shelby.”
http://politico.pro/1z4NCS1
Jon Prior: “Federal Deposit Insurance Corp. examiners will have to follow a formal protocol when suggesting that a bank terminate a deposit account with clients they suspect of fraud, according to an agency memo sent to staff. The changes are a win for industries like payday lenders that have accused regulators of pushing banks to cut ties with them as part of a joint investigation with the Justice Department known as ‘Operation Choke Point.’ …
“FDIC Chairman Martin Gruenberg and Vice Chairman Thomas Hoenig met with Republican Rep. Blaine Luetkemeyer this morning detailing the steps they are taking … Leutkemeyer also said that he will push to put into law the changes the FDIC is making administratively and said the bill could include broader examination changes for other banking agencies. He said there was interest in his legislation on the Senate side, including from Banking Committee Chairman Richard Shelby.”
http://politico.pro/1z4NCS1
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