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The Latest Breaking News from FDIC

Key figure accused of embezzling from failed Bridgeport bank lost $1 million at casinos, sources say

Authorities are trying to determine whether the money Marek Matczuk lost gambling came from the millions he never repaid Washington Federal Bank for Savings.

Chicago Sun-Times

Bank regulators eye climate risk scenarios, drawing GOP criticism - Roll Call

The Fed and FDIC consider how to test banks' resilience under various climate scenarios, but say they aren't stress tests.

Roll Call

Political divide snags the digital update to anti-redlining law

Federal bank regulators' efforts to modernize the 45-year-old law known as the Community Reinvestment Act to reflect the rise of digital banking are raising accusations of partisanship, a claim that those digging into the details say is likely unfounded.

Tribune News Service

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Political divide snags the digital update to anti-redlining law - Roll Call

Complaints of partisanship go on regardless which party is trying to update the Community Reinvestment Act for new financial technology.

Roll Call

Who is the least likely to have a bank account in the US?

People with low educational attainment or family income, people who live in the South, and Black people all have lower bank account ownership rates.

USAFacts

8 best short-term investments in August 2022

If you’re looking to invest money for the short term, you’re probably searching for a safe place to stash cash before you need to access it in the not-so-distant future. The volatile markets and slumping economy led many investors to hold cash as the coronavirus crisis dragged on — and…

Tribune News Service

Abaca And Pacific Valley Bank Partner To Deliver 'The Highest Quality Banking Experience To The California Cannabis Industry'

Abaca and Pacific Valley Bank (OTCPK:PVBK), are partnering to expand access to cannabis banking in the California market.

Benzinga

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AFC Gamma Q2 2022 Net Income Grows 147%, What About Distributable Earnings?

AFC Gamma, Inc. (NASDAQ: AFCG) released its results for the second quarter of 2022, revealing net income of $11.4 million in Q2 2022, or $0.58 per basic weighted average share of common stock, an increase of 147% compared to

Benzinga

Benzinga Before The Bell: Apple's Strong China Revenue, Amazon's EV Partnership, Jack Ma To Cede Control Of Ant Financial And Other Top Financial Stories Friday, July 29

Reuters Tencent’s Overseas Ambitions Face Resistance From India

Benzinga

A member of Chicago’s Daley dynasty faces possible prison time in federal court Wednesday

A jury convicted ex-Ald. Patrick Daley Thompson in February of cheating on his taxes and lying to regulators. He is the grandson of the late Mayor Richard J. Daley and the nephew of former Mayor Richard M. Daley.

Chicago Sun-Times

Investors urge regulators to protect vulnerable from climate risk

WASHINGTON — Impact investors are ramping up their calls to federal agencies to protect financially vulnerable communities from the ramifications of climate change, with a particular focus on updating regulations implementing a 1977 anti-redlining law.

Tribune News Service

Investors urge regulators to protect vulnerable from climate risk - Roll Call

Advocates of ESG investing say only one financial regulator has made considerable progress in protecting the vulnerable from climate risk.

Roll Call

Short Circuit: A Roundup of Recent Federal Court Decisions

Fragile vessels, unlawful encouragement, and an unchastened district attorney.

Reason

What Is A Money Market Fund?

The Federal Reserve is expected to raise interest rates by 1.5% by the end of July. With the SPDR S&P 500 ETF Trust (NYSE: SPY) down more than 20% from its highs, money market accounts may soon become more attractive to investors and savers in a volatile economic climate.

Benzinga

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Chicago Sun-Times

Prison or probation? Feds ask judge to sentence Daley dynasty’s Patrick Daley Thompson to two years behind bars

Thompson asked the judge to give him probation instead. The two sides made their recommendations Monday ahead of Thompson’s sentencing before U.S. District Judge Franklin Valderrama, which is set for July 6.

Salon

Adam ruins government & criticizes Obama

Netflix's "The G Word" host tells Salon government is "astonishing" when it works and how to stop doomscrolling

Benzinga

AFC Gamma Enters Into $60M Senior Secured Revolving Credit Facility With Commitments From Two FDIC-Insured Banks

AFC Gamma, Inc. (NASDAQ: AFCG) has entered into a senior secured revolving credit facility with $60 million of current commitments from two FDIC-insured banks and the ability to increase the facility to $100 million.

Zenger

Consumer Internet Fraud Cases Are Rising But Prosecutions Aren’t

At least $60 billion in online fraud occurs annually, but faulty enforcement helps fraudsters escape punishment

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Tribune News Service

Stablecoin issuers seek bank licenses to reassure customers

WASHINGTON — Firms that issue or trade stablecoins are looking to secure banking licenses, largely as a signal to customers that the coins are safe as bank deposits.

Roll Call

Stablecoin issuers seek bank licenses to reassure customers - Roll Call

Firms that issue or trade stablecoins are looking to secure banking licenses, largely to signal that the coins are safe as bank deposits.

Kiplinger

How to Keep Your Savings Safe

If you want to keep your savings safe but they exceed FDIC and NCUA limits, it's time to open multiple accounts, preferably ones with high yields.

Roll Call

Unimpressed with post office banking trial, backers eye new initiative

Advocates of postal banking say a current trial is a dud and are eyeing a House appropriations bill that would set up a new test.

Chicago Sun-Times

Ald. Patrick Daley Thompson guilty on all counts

The jury heard roughly three-and-a-half days of testimony in Thompson’s trial last week, mostly from government witnesses. The trial began nine months after the feds hit Thompson with an indictment charging him with two counts of lying to regulators and five counts of filing false federal income-tax returns.

Chicago Sun-Times

Jurors deliberating in trial of Ald. Patrick Daley Thompson

A federal prosecutor told the jury that "no one is so big, no one is so important, that they can’t be held accountable for their criminal conduct."

Kiplinger

What Is a Good Inheritance? 6 Great Assets to Keep an Eye On

Your heirs will thank you for leaving any of these six assets as an inheritance.

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