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2023-05-03 14:14:18

**Press Release: FDIC Issues List of Banks Examined for CRA Compliance**
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PRESS RELEASE \| MAY 3, 2023
**FDIC Issues List of Banks Examined for** **CRA Compliance**
WASHINGTON - The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in February 2023.
The CRA is a 1977 law intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations. As part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Congress mandated the public disclosure of an evaluation and rating for each bank or thrift that undergoes a CRA examination on or after July 1, 1990.
You may obtain a consolidated list (https://crapes.fdic.gov/?source=govdelivery&utm_medium=email&utm_source=govdelivery) of all state nonmember banks whose evaluations have been made publicly available since July 1, 1990, including the rating for each bank, or obtain a hard copy from FDIC's Public Information Center, 3501 Fairfax Drive, Room E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).
A copy of an individual bank's CRA evaluation is available directly from the bank, which is required by law to make the material available upon request, or from the FDIC's Public Information Center.
**ATTACHMENTS:**
- May 2023 List of Banks Examined for CRA Compliance (https://fdic.gov/resources/bankers/community-reinvestment-act/monthly-list-of-examined-banks/2023/cramay23.html?source=govdelivery&utm_medium=email&utm_source=govdelivery)
- Monthly List of Banks Examined for CRA Compliance (https://www.fdic.gov/resources/bankers/community-reinvestment-act/monthly-list-of-examined-banks/?source=govdelivery&utm_medium=email&utm_source=govdelivery)
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**MEDIA CONTACT:**
LaJuan Williams-Young
202-898-3876
lwilliams-young@FDIC.gov (mailto:lwilliams-young@FDIC.gov)
FDIC: PR-36-2023
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2023-05-01 18:03:09

**Report: FDIC Releases Comprehensive Overview of Deposit Insurance System, Including Options for Deposit Insurance Reform**
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REPORT \| MAY 1, 2023
**FDIC Releases Comprehensive Overview of Deposit Insurance System,** **Including Options for Deposit Insurance Reform**
The Federal Deposit Insurance Corporation (FDIC) today released a comprehensive overview of the deposit insurance system and options for reform to address financial stability concerns stemming from recent bank failures. The report, _Options for Deposit Insurance Reform_, examines the role of deposit insurance in promoting financial stability and preventing bank runs, as well as policies and tools that may complement changes to deposit insurance coverage.
The FDIC released the following materials today:
- FDIC’s Options for Deposit Insurance Reform (https://fdic.gov/analysis/options-deposit-insurance-reforms/index.html?source=govdelivery&utm_medium=email&utm_source=govdelivery)
- Press Release (https://www.fdic.gov/news/press-releases/2023/pr23035.html?source=govdelivery&utm_medium=email&utm_source=govdelivery)
- Statement by FDIC Chairman Martin J. Gruenberg (https://fdic.gov/news/speeches/2023/spmay0123b.html?source=govdelivery&utm_medium=email&utm_source=govdelivery)
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2023-05-01 07:33:56

**Statement by FDIC Board Member Jonathan McKernan on First Republic Bank**
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STATEMENT \| MAY 1, 2023
Statement by FDIC Board Member Jonathan McKernan on First Republic Bank
I am pleased we were able to deal with First Republic’s failure without using the FDIC’s emergency powers. It is a grave and unfortunate event when the FDIC uses these emergency powers. Any decision to use the FDIC’s emergency powers should be approached skeptically, taking into account the unique facts and circumstances of the time, and with careful attention to the implications for the future.
The March 12 rescue of SVB and Signature’s uninsured depositors was an admission that 15 years of reform efforts have not been a success. Many of the Dodd-Frank Act regulations were prescriptive, burdensome, and expensive. Yet still a failed bank’s investors do not always bear the consequences of the bank’s poor risk management. And yet still the banking system is not resilient to failures of bank supervision
More work remains to be done. We should avoid the temptation to pile on yet more prescriptive regulation or otherwise push responsible risk taking out of the banking system. Instead, we should acknowledge that bank failures are inevitable in a dynamic and innovative financial system. We should plan for those bank failures by focusing on strong capital requirements and an effective resolution framework as our best hope for eventually ending our country’s bailout culture that privatizes gains while socializing losses.
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2023-05-01 07:26:35

**Press Release: JPMorgan Chase Bank, National Association, Columbus, Ohio Assumes All the Deposits of First Republic Bank, San Francisco, California**
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PRESS RELEASE \| MAY 1, 2023
**JPMorgan Chase Bank, National Association, Columbus, Ohio Assumes All the Deposits of First Republic Bank, San Francisco, California**
WASHINGTON – First Republic Bank, San Francisco, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits and substantially all of the assets of First Republic Bank.
JPMorgan Chase Bank, National Association submitted a bid for all of First Republic Bank’s deposits. As part of the transaction, First Republic Bank’s 84 offices in eight states will reopen as branches of JPMorgan Chase Bank, National Association, today during normal business hours. All depositors of First Republic Bank will become depositors of JPMorgan Chase Bank, National Association, and will have full access to all of their deposits.
Deposits will continue to be insured by the FDIC, and customers do not need to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of First Republic Bank should continue to use their existing branch until they receive notice from JPMorgan Chase Bank, National Association, that it has completed systems changes to allow other JPMorgan Chase Bank, National Association, branches to process their accounts as well.
As of April 13, 2023, First Republic Bank had approximately $229.1 billion in total assets and $103.9 billion in total deposits. In addition to assuming all of the deposits, JPMorgan Chase Bank, National Association, agreed to purchase substantially all of First Republic Bank’s assets.
The FDIC and JPMorgan Chase Bank, National Association, are also entering into a loss-share transaction (https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/lossshare/index.html?source=govdelivery&utm_medium=email&utm_source=govdelivery) on single family, residential and commercial loans it purchased of the former First Republic Bank. The FDIC as receiver and JPMorgan Chase Bank, National Association, will share in the losses and potential recoveries on the loans covered by the loss-share agreement. The loss-share transaction is projected to maximize recoveries on the assets by keeping them in the private sector. The transaction is also expected to minimize disruptions for loan customers. In addition, JPMorgan Chase Bank, National Association, will assume all Qualified Financial Contracts.
The resolution of First Republic Bank involved a highly competitive bidding process and resulted in a transaction consistent with the least-cost requirements of the Federal Deposit Insurance Act.
The FDIC estimates that the cost to the Deposit Insurance Fund will be about $13 billion. This is an estimate and the final cost will be determined when the FDIC terminates the receivership.
\# # #
**MEDIA CONTACT:**mediarequests@fdic.gov (mailto:mediarequests@fdic.gov)
FDIC: PR-34-2023
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2023-04-28 17:01:43

**Report: FDIC Releases Report Detailing Supervision of the Former Signature Bank**
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REPORT \| APRIL 28, 2023
FDIC Releases Report Detailing Supervision of the Former Signature Bank
Federal Deposit Insurance Corporation (FDIC) Chief Risk Officer Marshall Gentry released _FDIC's Supervision of Signature Bank_, an internal review evaluating the agency’s supervision of Signature Bank, New York, New York from 2017 until its failure in 2023.
The report also identifies the causes of Signature Bank’s failure and assesses the agency’s supervision of the bank, as well as areas for further exploration and study by the FDIC. The review was conducted at the request of FDIC Chairman Martin J. Gruenberg.
The FDIC released the following materials today:
- FDIC’s Supervision of Signature Bank (https://fdic.gov/news/press-releases/2023/pr23033a.pdf?source=govdelivery&utm_medium=email&utm_source=govdelivery)
- Press Release (https://www.fdic.gov/news/press-releases/2023/pr23033.html?source=govdelivery&utm_medium=email&utm_source=govdelivery)
- Statement by FDIC Chairman Martin J. Gruenberg (https://fdic.gov/news/speeches/2023/spapr2823.html?source=govdelivery&utm_medium=email&utm_source=govdelivery)
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2023-04-19 20:32:28

**SUNY—Geneseo Wins 3rd Annual FDIC Academic Challenge**
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PRESS RELEASE \| APRIL 19, 2023
**SUNY—Geneseo Wins 3rd Annual FDIC Academic Challenge**
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced a four-member team of undergraduate students from the State University of New York College at Geneseo is the winner of the Third Annual FDIC Academic Challenge (https://www.fdic.gov/analysis/academic-challenge/index.html?source=govdelivery&utm_medium=email&utm_source=govdelivery), a competition among university and college undergraduate students concerning the U.S. banking sector.
The FDIC selected the team of Jenna Huizinga, Ian Merrihew, Jake Syzmanski, and Chris Bridenbaugh led by faculty advisor Leonie Stone as recipients of the FDIC 2022-2023 Academic Challenge recognition.
The FDIC also recognized the other finalist teams: California State University Fullerton, James Madison University, the University of North Carolina at Chapel Hill, and the Virginia Polytechnic Institute and State University.
The FDIC’s Center for Financial Research (https://www.fdic.gov/bank/analytical/cfr/?source=govdelivery&utm_medium=email&utm_source=govdelivery) hosted the 2022-2023 Academic Challenge, which consisted of two rounds. In the first round of the competition, teams of undergraduate students used multiple public data sources to prepare a written submission. In the second round, finalist teams presented their findings and answered questions from a panel of judges who work in the areas of banking and bank supervision.
\# # #
**MEDIA CONTACT:**
Brian Sullivan
(202) 412-1436
brsullivan@fdic.gov (mailto:brsullivan@fdic.gov)
FDIC: PR-31-2023
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2023-04-18 14:40:11

**FDIC Board of Directors Meeting**
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BOARD MATERIALS \| APRIL 18, 2023
FDIC BOARD OF DIRECTORS MEETING
Today the Federal Deposit Insurance Corporation’s Board of Directors met in open session to discuss the Semiannual Update of the DIF Restoration Plan. Materials and information relative to the Board actions are available here:
Semiannual Update of the DIF Restoration Plan:
- DIF Restoration Plan Update (https://fdic.gov/news/board-matters/2023/2023-04-18-notice-dis-a-mem.pdf?source=govdelivery&utm_medium=email&utm_source=govdelivery)
- Press Release (https://fdic.gov/news/press-releases/2023/pr23030.html?source=govdelivery&utm_medium=email&utm_source=govdelivery)
- Statement by Chairman Martin J. Gruenberg (https://fdic.gov/news/speeches/2023/spapr1823a.html?source=govdelivery&utm_medium=email&utm_source=govdelivery)
A recording of the full webcast is available here (https://www.youtube.com/watch?source=govdelivery&utm_medium=email&utm_source=govdelivery&v=L-5_oaYhP4w).
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