On April 2, 2014, the FDIC issued a Financial Institution Letter notifying banks of recent “large dollar” ATM fraud and related cyber-attacks aimed at tapping into web-based control panels for ATMs. The FDIC highlighted a recent $40 million theft involving the use of 12 debit card accounts. The FIL included guidance for financial institutions related to reducing financial and other risks associated with cyber-attacks.
Entries in FDIC (16)
The Federal Deposit Insurance Corporation wants its members to sure that their director and officer liability insurance is adequate. On October 10, 2013, the FDIC issued an Advisory Statement urging banks to review their D&O policies to ensure the policies provided sufficient coverage to attract and retain high quality individuals.
On October 8th, the FDIC issued a Financial Institution Letter (FIL-46-2013) entitled “Managing Sensitivity to Market Risk in a Challenging Interest Rate Environment.” The letter outlines four key areas for banks to consider in managing the risk of rising interest rates.
The FDIC recently announced the Summer 2013 issue of FDIC Consumer News. The newsletter covers a range of topics, including:
15 “quick tips” to help seniors confronting a range of financial issues, including reverse mortgages and avoiding fraudulent schemes
Wire transfer fraud, including scams related to transferring funds to strangers in foreign countries
Adjustable Rate Mortgages, and advice for borrowers comparing ARMs to traditional mortgage loans
Health Savings Accounts, and tips for consumers
Student loans, and advice to borrowers having trouble repaying them
On August 29, 2013, the FDIC and Federal Reserve Board issued an optional template for certain holding companies to file their “resolution plans,” which are detailed descriptions of how a covered institution plans to deal with financial stress that threatens the viability of the institution.