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Topic: FDIC

	Federal Deposit Insurance Corporation - Wikipedia, the free encyclopedia
		The FDIC currently guarantees checking and savings deposits in member banks up to $100,000 per depositor.
		It was not the FDIC that was tested, but a parallel institution, the Federal Savings and Loan Insurance Corporation (FSLIC), created by Glass-Steagal to insure savings and loan institutions (SandLs).
		FSLIC was strained to the breaking point and, in fact, went bankrupt.
	en.wikipedia.org /wiki/FDIC (1394 words)

	Federal Deposit Insurance Corporation (FDIC)
		An independent agency of the federal government, the FDIC was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s.
		In addition, the FDIC is the back-up supervisor for the remaining insured banks and thrift institutions.
		The FDIC is managed by a five-person Board of Directors, all of whom are appointed by the President and confirmed by the Senate, with no more than three being from the same political party.
	www.alliemae.org /fdic.html (664 words)

	FDIC Issues Letter on Effect of Sarbanes-Oxley on FDIC-Insured Institutions \| Cullen and Dykman LLP
		The FDIC notes that applicability of Sarbanes-Oxley depends to a great extent on the size of a bank and whether it is a public company or subsidiary of a public company.
		The FDIC confirms that banks that are public companies or subsidiaries of public companies, and their independent public accountants, must comply with Sarbanes-Oxley and the implementing regulations of the Securities and Exchange Commission ("SEC"), including the provisions for auditor independence, corporate responsibility and financial disclosure.
		The FDIC notes that Section 302 of Sarbanes-Oxley requires a separate certification by the principal executive officer and principal financial officer of each quarterly and annual report as to the accuracy of the financial reports by specified language.
	www.cullenanddykman.com /advisory/advisorypage.asp?pubid=1617413192003 (1953 words)

	FDIC: OIG Audit Report No. 02-014 - Capitalization of Internal-Use Software Development Costs, March 29, 2002 (Site not responding. Last check: 2007-10-22)
		The FDIC incurs the cost of establishing that system up front in the first year, but measures one-fifth of the initial investment to record it as an expense in each of the 5 ensuing years.
		Generally, FDIC employees do not identify all leave hours in a manner that will allow their costs to be accumulated as part of the project development costs of internal-use software.
		The FDIC has established a means of accumulating the amount of leave that is taken by employees through the employee’s individual time and attendance forms.
	www.fdicig.gov /reports02/02-014-508.shtml (5663 words)

	FDIC Insurance
		The FDIC is changing the insurance rules for living trust accounts primarily because the existing rules have been confusing for both consumers and bankers.
		In general, a living trust is a type of "revocable" trust that enables the owner (grantor) to retain full control over the assets and the designation of beneficiaries during the owner's lifetime.
		The FDIC has determined that this requirement is burdensome and unnecessary, especially when living trust depositors may change the trust beneficiaries at any time.
	www.pacifictrustbank.com /Consumer/FDIC.htm (925 words)

	Hachikian v. FDIC
		In January of 1994, the appellant's attorney again wrote to the FDIC, reiterating his view that the December transaction was accomplished merely as a means of mitigating the damages caused by the FDIC's repudiation of the earlier (June 1993) pact.
		To be sure, the FDIC approved a potential settlement on June 3, 1993 – but the agency's records conclusively demonstrate that the contemplated settlement involved only that portion of the appellant's indebtedness that came under the aegis of the WCO.
		The FDIC asserts without contradiction that its board passed a resolution concerning the delegation of authority to dispose of corporate assets (like the debts Hachikian owed to failed banks and which were inherited by the FDIC qua receiver), and that this resolution was in effect at all relevant times.
	www.law.emory.edu /1circuit/sept96/96-1230.01a.html (1789 words)

	Commonwealth of Mass. v. FDIC
		The new policy was merely announced in a 1988 presentation by one of the FDIC's staff attorneys at a conference of the National Association of Unclaimed Property Administrators.
		The FDIC's position is, in context, an eminently reasonable interpretation of the statute.
		Massachusetts' theory appears to be that as a fiduciary of the depositors, it had no claim against FDIC-Receiver for the pro rata value of the abandoned deposits until the expiration of depositors' rights to claim the insured value of their accounts.
	www.law.emory.edu /1circuit/dec96/96-1548.01a.html (4231 words)

	Consumer Information Center - FDIC: Your Insured Deposit - General Insurance Page (Site not responding. Last check: 2007-10-22)
		The FDIC presumes that funds are owned as shown on the "deposit account records" of the insured depository institution.
		If the FDIC determines that the deposit account records of the institution are unambiguous, those records are binding on the depositor.
		Generally, the FDIC will not recognize a fiduciary relationship (e.g., trustee, agent, nominee, guardian, executor, custodian, or conservator) unless the relationship is specifically disclosed in the deposit account records.
	www.pueblo.gsa.gov /cic_text/money/insured-deposit/general.html (1104 words)

	FDIC warns of scam targeting consumers' bank accounts - Computerworld
		Instead, according to FDIC spokesman David Barr, the attached file is either a computer virus or a program that can steal personal information from a computer and send it to the scammer.
		FDIC security personnel are still working to determine what the virus does on target machines.
		The FDIC was hit in January when a phishing scam was used to try to lure consumers into entering their personal bank-account information onto a Web page that claimed to be from the agency (see story).
	www.computerworld.com /printthis/2004/0,4814,92050,00.html (441 words)

	FDIC says personal employee info breached - Jun. 18, 2005
		In a letter dated last Friday and obtained by CNN, the FDIC told employees that anyone employed at the agency since July 2002 may be affected.
		Paul Resson, a spokesman for the FDIC, told CNN that the FBI is investigating the security breach along with the FDIC's own internal investigators.
		The FDIC also declined to say which credit union was involved, nor comment on the number of FDIC employees whose data was used fraudulently, citing the investigation.
	money.cnn.com /2005/06/16/news/economy/security_fdic?cnn=yes (554 words)

	World Savings: Savings About FDIC Insurance
		The FDIC insures your money against the financial failure of the member banks or savings institutions where you have deposited your funds.
		FDIC rules allow each individual depositor to obtain up to $100,000 of deposit insurance in any single financial institution in each of three account categories: individual, joint and retirement.
		Since we offer dual FDIC insurance, a customer with accounts in both banks can actually be FDIC-insured up to $200,000 in each of the three account categories and up to $200,000 for each qualifying beneficiary in a testamentary account.
	www.worldsavings.com /servlet/wsavings/home/fdic.html (591 words)

	FDIC FCU (Site not responding. Last check: 2007-10-22)
		It is the policy of FDIC FCU to comply with all applicable laws and regulations and to conduct business in accordance with applicable safety and soundness standards.
		FDIC Federal Credit Union will normally pay overdrafts within the Overdraft Privilege limits, but payment by FDIC Federal Credit Union is a discretionary courtesy and not a right or obligation.
		FDIC FCU will make available immediately up to $5,000.00 no later than the business day of deposit from the aggregate amount of all checks deposited into share or share draft Accounts in good standing (good standing is defined as an Account with a positive balance and no service denial or warning flags) on that day.
	www.fdicefcu.org /infodesk/accountterms.html (11034 words)

	FDIC Office of Inspector General, Semiannual Report to the Congress, April 1, 2002 - September 30, 2002 (Site not responding. Last check: 2007-10-22)
		The FDIC is the primary federal regulator for 5,417 federally insured state-chartered commercial banks that are not members of the Federal Reserve System, which includes state non-member banks, including state-licensed branches of foreign banks and state-chartered mutual savings banks.
		The FDIC is committed to fulfilling both the requirements of the Results Act and congressional expectations that the performance plans and reports clearly inform the Congress and the public of the results and outcomes of the FDIC's major programs and activities, including how the agency will accomplish its goals and measure the results.
		The Tax Counsel believes that the FDIC will be able to recover $1,559,418 (99 percent of the total) from 6 of the 22 tax refunds held by state tax officials and added that the state would also pay interest to the FDIC for the period that the states held the refunds.
	www.fdicig.gov /semi-reports/sar2002-oct/Oct02-SAR.shtml (17362 words)

	FDIC OIG: Audit Report No. 04-019 - Enhancements to the FDIC System Development Life Cycle Methodology, April 30, 2004 (Site not responding. Last check: 2007-10-22)
		Unlike the classic waterfall model, the FDIC methodology does allow for development phases to be combined or overlapped, depending on the size and complexity of the project.
		The FDIC’s existing SDLC methodology recommends that the project manager consider the complexity and risk associated with a planned application in determining whether to use the current SDLC methodology for the project or whether to adapt the procedures and documentation required by the methodology.
		FDIC guidelines for applying these new standards are in place and briefings with business managers and project teams are underway to discuss the new processes and evaluate impact on project plans.
	www.fdicoig.gov /reports04/04-019-508.shtml (9648 words)

	The History of FDIC
		Deposit insurance increased to $100,000.00; FDIC insurance fund is $11 billion.
		First increase in FDIC insurance premiums from 8.3 cents to 12 cents per $100 of deposits.
		FDICIA legislation increases FDIC borrowing capacity, least cost-resolution is imposed, too-big-to-fail procedures are written into law and risk-based premium system is created.
	www.cbbwi.com /fdic.htm (307 words)

	FDIC Launches Hispanic Media Campaign Promoting Financial Education (Site not responding. Last check: 2007-10-22)
		The FDIC was recently asked by President Bush to serve on the first national public-private partnership to ensure that financial education is available consistently and comprehensively in Hispanic communities.
		The FDIC insures deposits at the nation's 8,930 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed.
		FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 202-416-6940).
	communitydispatch.com /artman/publish/article_1168.shtml (565 words)

	Report: FDIC not protecting data \| CNET News.com
		The FDIC's mission is to "maintain stability and public confidence in the nation's financial system" by insuring deposits at virtually all U.S. banks and savings associations.
		The FDIC has made some improvements since an earlier audit, reviewing system software, adding guard service and surveillance to its computer rooms, and determining appropriate levels of security for corporate data, the GAO report said, but hasn't adequately protected itself against new threats.
		The GAO said that, at its request, the FDIC is reducing the number of staff authorized to enter the control center from 270 to 227.
	news.com.com /2100-1017-944133.html (966 words)

	[No title] (Site not responding. Last check: 2007-10-22)
		We applaud the FDIC’s insight and efforts to address the issues of phishing, spyware (crimeware), and hacking, collectively termed “account hijacking”.
		We believe that the FDIC plays a vital and guiding role in elevating awareness of these issues and potential technical and operational measures that can be taken to reduce the impact.
		We would also caution the FDIC that statistics regarding fraud numbers related to online account hijacking are hard to come by.
	www.antiphishing.org /APWG-FDICCommentaryLetter.doc (812 words)

	GAO Proposes Controls Remedies to FDIC - - CFO.com
		The GAO added that implementing these recommendations would strengthen the FDIC's conformance with the internal-control standards that federal agencies are required to follow.
		The lack of effective invoice-review procedures increased the risk of overcharges for goods and services, as well as the possibility that they may not be detected and recovered.
		The GAO recommended that the FDIC remind individuals who review and approve invoices of their responsibility to compare each invoice to the terms of the contract prior to approving the invoice for payment.
	www.cfo.com /article.cfm/4076691/c_4076698?f=home_todayinfinance (400 words)

	The FDIC Page
		Beginning in 1934, the FDIC was a smashing success at liquidating highly marketable farm land which once belonged to struggling families who, thanks to usurers and funneling usurpers, couldn't keep up with their Federal Farm Loans of 1916.
		By 1976, the FDIC liquidation division constituted the largest real estate investment trust in the U.S. and the corporation overall was the 49th largest U.S. conglomerate.
		It is unclear who actually regulates the aspect of the FDIC which consistently comes up with billions in bail out packages that actually allow bad bankers and directors to be forgiven while their grantees end up with loads of valuable property for half its value or even for nothing.
	www.frankkryder.com /dic.htm (7468 words)

	Tennessee Bankers Association -- Progress through Service
		The FDIC board announced that it will not charge premiums for the Bank Insurance Fund (BIF) or the Savings Association Insurance Fund (SAIF) for the first half of 2006.
		The FDIC Board yesterday raised the asset-size threshold from $500 million to $1 billion for requiring banks to have management internal control assessments; external auditor attestations of such assessments; and audit committee members who are independent of management.
		The Bush Administration yesterday named FDIC Chairman Donald Powell to oversee the federal government's disaster recovery efforts on the Gulf Coast, news reports said.
	www.tnbankers.org (1885 words)

	FDIC East 2005 (Site not responding. Last check: 2007-10-22)
		One of the signature traits of an FDIC event is the high-caliber H.O.T. programs that we offer.
		The FDIC East Exhibit Hall offers an extensive gathering of fire service and EMS vendors.
		FDIC East is an elite training conference because we hold our programs to the absolute highest standard.
	fdice05.events.pennnet.com (318 words)

	FDIC-West - Sacramento City Fire Department
		In order for this private venture to work, FDIC needed to team-up with the local fire service to form a unique partnership to make the move to the west coast a success.
		FDIC provides all of the liability and insurance coverage to protect both our agencies.
		These are the people who volunteer to FDIC during the conference to assist FDIC with the running of the conference.
	www.cityofsacramento.org /fire/fdicwest2001.html (1033 words)

	kingcountyjournal.com - Spam scam uses FDIC, Patriot Act (Site not responding. Last check: 2007-10-22)
		The FDIC and the FBI are attempting to identify the source of the e-mails and disrupt the transmission.
		Neither the FDIC nor the FBI could be reached Monday to comment on the investigation or how many people might have been duped.
		The FDIC Web site warning about the fraudulent e-mails advises financial institutions and consumers not to access the link provided within the body of the e-mail and not, under any circumstances, to provide any personal information through this media.
	www.kingcountyjournal.com /sited/story/html/154650 (467 words)

	FDIC Consumer News - Summer 2002
		Unfortunately, FDIC fraud investigators are reporting that fake cashier's checks are getting easier for crooks to produce on personal computers.
		In one example recently reported to the FDIC, an individual lost a classic car worth $41,000 to a thief who used a counterfeit cashier's check.
		Federal banking regulators and the Internal Revenue Service are warning consumers about fake bank correspondence and IRS forms that are trying to trick people into divulging their Social Security number, bank account PINs (personal identification numbers), mother's maiden name and other information that a con artist can use to tap bank accounts or commit fraud.
	www.pueblo.gsa.gov /cic_text/housing/hcloans/fraud.html (1026 words)

	Wired News: Report: FDIC Data Vulnerable (Site not responding. Last check: 2007-10-22)
		As it operates now, however, the FDIC is unable to ensure that such problems do not occur, the report said.
		The FDIC has made significant progress in correcting previously identified glitches in information security, the report said.
		Auditors found that critical financial and sensitive personnel and bank examination information are at risk of unauthorized disclosure, disruption of operations or loss of assets, the GAO report said.
	www.wired.com /news/privacy/0,1848,63664,00.html?tw=wn_tophead_5 (545 words)

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