Collection Recon

U.S. Banks Had Most Profitable Quarter Since 2007, FDIC Says

Posted on 28. Nov, 2011 by Collections Recon.

Nov. 22 (Bloomberg) — U.S. lenders had net income of $35.3 billion in the third quarter, their best performance in four years, as loan-loss provisions and net charge-offs declined, the Federal Deposit Insurance Corp. said today.

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FDIC sues officials of failed bank, alleging misuse of funds

Posted on 01. Nov, 2011 by Collections Recon.

Officers and directors of Mutual Bank issued $10.5 million in “imprudent” dividends, spent $250,000 of the bank’s money on a wedding, and paid $495,000 in defense costs for a spouse’s Medicaid fraud case before the Harvey-based lender failed in July 2009, a federal regulator alleged last week.

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CIT Launches Online Bank

Posted on 18. Oct, 2011 by Collections Recon.

CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced the launch of its online FDIC-insured consumer bank, CIT Bank ( BankOnCIT.com).

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Sheila Bair, Former FDIC Chair, to Keynote at Fiserv Innovate 2011

Posted on 02. Sep, 2011 by Collections Recon.

BROOKFIELD, Wis., Aug 29, 2011 (BUSINESS WIRE) — –Bair is credited with developing innovative and stabilizing programs for credit markets, deposit insurance, and mortgage lending

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Something Stinks in Washington, D.C.

Posted on 13. Jun, 2011 by Collections Recon.

WASHINGTON, June 9, 2011 /PRNewswire-USNewswire/ — In a powerful new ad campaign launched this week, Astani Enterprises points out the perverse incentive that the Federal Deposit Insurance Company (FDIC) has created for the hedge funds tasked with managing the assets of failed banks. The more seized assets a hedge fund keeps on its books, the more taxpayer dollars the hedge funds receive in “management fees.” While these hedge funds profit, more Americans are thrown out of work, more construction projects are junked, and communities across America continue to struggle.

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FDIC prepares to crack down on officials of failed banks

Posted on 12. Nov, 2010 by Collections Recon.

For former insiders at some of the several hundred banks that collapsed during the financial crisis and in its aftermath, a day of reckoning has arrived.

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Bank to Pay $3 million to Settle FDCPA Charges from FDIC

Posted on 06. Oct, 2010 by Collections Recon.

The Federal Deposit Insurance Corporation (FDIC) announced a settlement with Monterey County Bank, Monterey, California (MCB), for deceptive practices in violation of Section 5 of the Federal Trade Commission Act and Section 807 of the Fair Debt Collection Practices Act in connection with solicitations for its balance transfer credit card program (Balance Transfer Card) and debit card program.

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BancVue to Acquire Large Credit Card Portfolio From FDIC

Posted on 03. Sep, 2010 by Collections Recon.

Austin Company Negotiates Purchase of Closed Silverton Bank Loans and Accounts

AUSTIN, TX–(Marketwire – September 2, 2010) – BancVue (www.bancvue.com), just announced as one of Inc. 500′s fastest-growing private companies in America for the second year in a row, announced it has successfully negotiated the purchase of the Silverton credit card portfolio from the FDIC.

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FDIC Urges Stronger Debit Card and Overdraft Oversight; Other Bank Regulators Should Take Action

Posted on 12. Aug, 2010 by Collections Recon.

WASHINGTON, Aug. 11 /PRNewswire-USNewswire/ — Statement of CRL president Michael D. Calhoun: “American families, especially those most vulnerable financially, could save millions of dollars a year in costly overdraft fees if guidelines the FDIC proposed today are adopted. The guidelines would encourage the banks the FDIC oversees to offer customers lower-cost overdraft alternatives rather than charge unlimited high-cost overdraft fees—as many banks do, even on small debit card transactions.

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Washington Mutual, Inc. Announces Global Settlement Agreement With J.P. Morgan Chase and FDIC

Posted on 12. Mar, 2010 by Collections Recon.

SEATTLE, March 12 /PRNewswire-FirstCall/ — Washington Mutual, Inc. (Pink Sheets: WAMUQ.PK) (“WMI”) today announced that it has reached a Global Settlement Agreement with J.P. Morgan Chase JPM and the Federal Deposit Insurance Corporation (FDIC). The significant terms of the settlement have been read into the record of the United States Bankruptcy Court for the District of Delaware, the court overseeing Washington Mutual, Inc.’s chapter 11 bankruptcy case.

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