Fdic, Regulators | featured news

The Federal Deposit Insurance Corp. must face a $10 billion lawsuit over the toxic remnants of Washington Mutual Bank, a federal judge ruled.

Regulators closed Public Savings Bank of Huntingdon Valley, Pa., on Thursday, boosting to 65 the number of U.S. bank failures this year.

A senior banking regulator urged Congress to raise the federal debt ceiling to prevent a "calamitous" government debt default.

Sheila Bair, one of the most visible regulators who navigated the recent financial crisis, will leave the Federal Deposit Insurance Corp on July 8, the agency announced on Monday.

Regulators closed six more banks around the country, marking the second consecutive year that more than 100 financial institutions have collapsed.

The difficulties at Sheila Bair's regulator highlight just how distressed the U.S. banking system really is. Congress was told Thursday that the two government-sponsored mortgage enterprises (Fannie Mae and Freddie Mac) may need more public funds--but the Federal Deposit Insurance Corporation (FDIC) insists it can do without taxpayer dollars.

Regulators shut down two banking units of Irwin Financial Corp. Friday, marking the 93rd and 94th failures this year of federally insured banks.

The Federal Deposit Insurance Corp. was appointed receiver of Louisville, Ky.-based Irwin Union Bank FSB and Columbus, Ind.-based Irwin Union Bank and Trust Co.
As of Aug. 31, Irwin Bank FSB had $493 million in assets and $441 million in deposits, while Irwin Union Bank and Trust had $2.7 billion in assets and $2.1 billion in deposits.