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FDIC Sets New Rules on U.S. Deposits to Avoid System Failure
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Anonymous Coward
User ID: 331956
7/18/2008 11:15 AM
Report abusive post | FDIC Sets New Rules on U.S. Deposits to Avoid System Failure
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read this carefully...
FDIC Sets New Rules on U.S. Deposits to Avoid System Failure
By Vernon Wessels
July 18 (Bloomberg) -- The Federal Deposit Insurance Corp. set new rules for U.S. banks that let regulators take charge of paying off depositors in a move to prevent industrywide spillover in the event of a large failure.
The rules, which apply to 159 banks with at least $2 billion in U.S. deposits and either $20 billion in assets or 250,000 account holders, start Aug. 18, the Washington-based regulator said in a notice to banks published yesterday on the FDIC Web site. Banks have 18 months to comply.
The change will help pay off insured deposits as soon as possible and help ``maintain public confidence in the banking industry,'' the regulator said. It will also ``mitigate the spillover effects of a failure, such as risks to the payments system, problems stemming from depositor illiquidity and a substantial reduction in credit availability.''
IndyMac Bancorp Inc., with $19 billion of deposits, was seized by U.S. regulators on July 11 after it failed to raise cash amid the worst housing crisis since the Great Depression. The collapse of the Pasadena, California-based bank threatens to spur withdrawals from banks ranging from First BanCorp in Puerto Rico to Los Angeles-based Nara Bancorp Inc. as customers trim accounts below the $100,000 limit on deposit insurance, according to Sandler O'Neill & Partners LP.
Banks and brokers have taken more than $435 billion of writedowns and credit losses since the beginning of last year as mortgage-backed securities, CDOs, leveraged loans and other fixed- income assets lost value.
The new FDIC rules will require banks to standardize the information they provide on deposit accounts and to establish systems to automatically place holds on accounts with large deposits, the Wall Street Journal reported. The FDIC also proposed new rules for how it determines the value and nature of claims against a failed bank, the newspaper said.
To contact the reporter on this story: Vernon Wessels in London at vwessels@bloomberg.net
Last Updated: July 18, 2008 03:50 EDT
[link to www.bloomberg.com]
if they want to "help pay off insured deposits as soon as possible" why do they want to put "holds on accounts with large deposits" ?
banks must be bleeding from withdrawals... |
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Omega 
Total Unequivocal Bad Fuckin' News
User ID: 340280
7/18/2008 11:24 AM
 | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
They wish to change the rules mid game and try and save their sorry asses.
Just like the change in short selling, and their proposal to re-instate the uptick rule.
Whatsa matter, skeered????
Yahoo IM omega375hh |
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Anonymous Coward
User ID: 331956 (OP)
7/18/2008 11:33 AM | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
They wish to change the rules mid game and try and save their sorry asses.
Just like the change in short selling, and their proposal to re-instate the uptick rule.
Whatsa matter, skeered????
:panic22: Quoting: Omega
what me scared ? lol, I only keep enough in bank to pay bills..rest is in Bank of sealy and other places
needless to say, this "hold on accounts with large deposits"
rule SMELLS like the precursor to a "bank holiday" just like in 1929, know what I'm sayin? |
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TX PATRIOT
User ID: 440969
7/18/2008 4:07 PM | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
...establish systems to automatically place holds on accounts with large deposits, Quoting: Anonymous Coward 331956
Whoa.....what is their operational definition of "large"?
. |
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Anonymous Coward
User ID: 457431
7/18/2008 4:07 PM | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
You know, I'm changing the rules too.
From this point forward, I'm signing my name with a smiley face. I'll X out the ugly pyramid should I use a one dollar bill. I'll keep more cash on hand. And finally I'll make all banking employees I meet feel uncomfortable and ashamed.
I doubt I'll solve any evils, but I'm just one man (or woman). |
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ExhaleAeonVolts
User ID: 444542
7/18/2008 4:09 PM
 | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
...establish systems to automatically place holds on accounts with large deposits,
Whoa.....what is their operational definition of "large"?
. Quoting: TX PATRIOT 440969
Exactly TXPatriot...
Large deposit could be the autodeposit of everyones monthly paychecks.
I don't like that. I don't like auto deposit. In the past it was a convenience...
But, this is disturbing.
Angels Don't Grow on Wall Street. -E.A.V.
“Get the facts first. You can distort them later. ” - Mark Twain
Question with boldness even the existence of a God; because, if there be one, he must more approve of the homage of reason, than that of blind-folded fear.
- Thomas Jefferson |
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Doomamatrix
User ID: 386470
7/18/2008 4:12 PM
 | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
No more direct depo for me. I want some control left! |
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TX PATRIOT
User ID: 440969
7/18/2008 4:30 PM | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
To contact the reporter on this story: Vernon Wessels in London at vwessels@bloomberg.net
Last Updated: July 18, 2008 03:50 EDT
[ link to www.bloomberg.com]
Just clicked on the link and was provided:
"Sorry, the page you requested does not exist
or cannot be served at this time.
Please check your URL and try again or
go to the Bloomberg.com homepage."
. |
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TX PATRIOT
User ID: 440969
7/18/2008 4:32 PM | |
TX PATRIOT
User ID: 440969
7/18/2008 4:40 PM | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
For those interested, this is the link to the FDIC rule doc. It is PDF format, however.
[link to edocket.access.gpo.gov]
This is the link to the FDIC rule announcement page providing the PDF doc:
[link to www.fdic.gov]
. |
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TX PATRIOT
User ID: 440969
7/18/2008 5:01 PM | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
This is the exact text as written in the FDIC Final Rule document:
In summary, Covered Institutions are required to adopt mechanisms that would, in the event of the institution's failure:
* Allow automatic posting of provisional holds on large liability accounts in any percentage specified by the FDIC on the day of failure.
* Provide the FDIC with deposit and customer account data in a standard format.
* Allow automatic removal of the provisional holds and posting of the results of insurance determinations as specified by the FDIC.
Detailed explanations of these holds are provided on page 2, column 3 and then into page 4 of the above PDF doc. It is very detailed and banking technical.
In short, though, the "holds on large liability accounts" refer to when the bank fails/closes and calls in the FDIC. But this doc is quite interesting.
I also just confirmed the info with my banker, who also informed me that they had fielded many calls this past week concerning FDIC regs.
I'm quite certain they all have.
. |
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Skipper1975
User ID: 448826
7/18/2008 6:42 PM | |
Jdd
User ID: 347452
7/18/2008 6:45 PM
 | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
Sounds like you have the makings for a new religion here, AC. Don't forget to set-up a tithing program...
You know, I'm changing the rules too.
From this point forward, I'm signing my name with a smiley face. I'll X out the ugly pyramid should I use a one dollar bill. I'll keep more cash on hand. And finally I'll make all banking employees I meet feel uncomfortable and ashamed.
I doubt I'll solve any evils, but I'm just one man (or woman). Quoting: Anonymous Coward 457431 |
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Anonymous Coward
User ID: 436505
7/18/2008 8:00 PM | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
No more direct depo for me. I want some control left! Quoting: Doomamatrix
well my company is making it mandatory! |
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Anonymous Coward
User ID: 469439
7/18/2008 8:08 PM | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
Omega's right again.... |
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CraftZanie
User ID: 469669
7/18/2008 8:19 PM | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
My social security disability is mandatory direct deposit too!
 |
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Anonymous Coward
User ID: 430474
7/18/2008 8:50 PM | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
Sounds like you have the makings for a new religion here, AC. Don't forget to set-up a tithing program...
You know, I'm changing the rules too.
From this point forward, I'm signing my name with a smiley face. I'll X out the ugly pyramid should I use a one dollar bill. I'll keep more cash on hand. And finally I'll make all banking employees I meet feel uncomfortable and ashamed.
I doubt I'll solve any evils, but I'm just one man (or woman). Quoting: Jdd
Outstanding suggestion! I bet I could even get a 501c3 designation. Yeah. |
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Anonymous Coward
User ID: 470394
7/18/2008 11:12 PM | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
The small county I live in (less than 70,000 population) has $12,000,000 in CDs.
What should the county treasurer do to protect these deposits? |
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Anonymous Coward
User ID: 406027
7/19/2008 12:33 AM | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
I get it,
The Government realizes that the players can't score goals like last year so they just move the playing field goal posts closer together, this year. Change the rules, is the name of the Government game. |
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TungfumastR
User ID: 445132
7/19/2008 12:37 AM
 | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
No more direct depo for me. I want some control left! Quoting: Doomamatrix
Where I work, we don't have this choice anymore. No more paychecks. |
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Anonymous Coward
User ID: 400833
7/19/2008 1:20 AM | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
Since this is a small county and still a governmental agency, they would (we presume) be exempt from a recall of gold should it happen.
I would advise your treasurer to get 80% the CD into cash and then into hard gold. Large (100 or 1000 oz bars) for most of it, and maybe 500k or a little more in small 1 oz gold coins. A mix of platinum wouldn't hurt on the bars, either. The remaining money may be kept in EUROS in a SWISS bank and get the best yield you can on the EURO CD's.
There are many SWISS banks that will allow you check writing privs on your gold account balances. You authorize the sale of a bar now and then at spot price to cover the checks. Normally these guys pay the checks and settle up once or twice per month. There are many SWISS banks who will offer the service and your checks are drawn on their LA or NY branch but payable thru one of their correspondent banks in the US (Wells, BofA, etc.) That way someone receiving your check won't have to wait for international clearance. You SWISS bank keeps X number of dollars on deposit at WFB or BofA to cover these floating checks as they come in. The balances are adjusted automatically to be equal to 80% of last months total cleared items. Doesn't hurt the SWISS at all - they have too many friggin dollars on deposit anyway!
Having a LOT of the counties money in hard assets and not in the reaches of the US authorities is always a good idea. Unless the whole international wire system fails completely, your county business will proceed as normal. Paying bills, making deposits, etc. Except when you disburse money it may deplete your gold accounts and when you deposit money you can order them to buy gold with your deposited money, too.
The ONLY difference is that you now have your 12 million backed by hard metal which has withstood the test of time in terms of holding it's value for a long long time.
The "worth" of the 12 million will be pegged to the price of Gold. The pundits and experts say it's not going down anytime soon. And it may well go up.
In 1850 an ounce of gold was 20 dollars and 20 dollars was 1oz of gold. That 20 dollars or one oz of gold would then buy: 1) a nice suit of clothing for a man or woman. (not designer shit, but decent Penney's Quality). That same $20 or 1 oz of gold would (then) buy 200 loaves of bread (at a dime a piece), or an average horse (just a plain vanilla variety not thorough bred etc.)
Today, although gold is selling for around 950/oz - it still (when converted to cash) will buy the same suit of clothes, the same number of loaves of quality bread, a horse, etc. The comparisons hold even into housing. Or they did until this last bubble in the housing market took hold. As it bursts and the 1.2 million dollar houses fall back in price to 200k or 300k You will find that it takes X number of oz of gold to buy an "average" house. An X will be about the same number of ounces of gold an equivalent home would have sold for in 1850.
BTM LINE? Gold is a way to PRESERVE WEALTH regardless of what the world does. Whether you're buying your bread for 10 cents per loaf and your clothes for 20 dollars for a suit, or you're paying $5 for a loaf of bread and about $1000 for a suit of clothes - doesn't matter any more. The purchasing power of gold seems to be about the same down through the generations. It may not be perfect but it's about as good a way of preserving buying power when the world outside is going to shit! Like now.
The small county I live in (less than 70,000 population) has $12,000,000 in CDs.
What should the county treasurer do to protect these deposits? Quoting: Anonymous Coward 470394 |
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<October>
User ID: 427959
7/19/2008 4:49 AM
 | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
They wish to change the rules mid game and try and save their sorry asses.
Just like the change in short selling, and their proposal to re-instate the uptick rule.
Whatsa matter, skeered????
You got it, Omega. They're VERY skeered!!
Scrambling around, trying to figure out how they can save their sorry asse(t)s...
All I can say is that it looks good on them...heh
~~~~~~~~~~~~~~~~~~~~~~~
"This is going to be fun to watch.
By fun I mean terrifying."-Zerosum
~~~~~~~~~~~~~~~~~~~~~~~ |
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Wake up tards
User ID: 459770
7/19/2008 5:05 AM | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
The REAL significance of this is the fact that if YOU cannot pay your bills, your business/home are TAKEN from you and your life is RUINED, but if these evil bastards that take people's homes/busniesses/lives cannot pay their bills, the government changes the fucking rules!
Are you people tired of this shit yet?
I am absolutely disgusted!
This fake government is so obvious in EVERYTHING they do!
There is no democracy, there is only hipocracy. |
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WW RAUPP
User ID: 414047
7/19/2008 5:33 AM | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
I wouldn't be surprised at all if the FDIC lowers the maximum amount they insure from $100,000 to say $75,000 or even $50,000. I mean, you can save a lot more people that way. Well, sort of.
To shape the world is to become immortal |
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Anonymous Coward
User ID: 394778
7/19/2008 7:08 AM | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
Like all pyramid schemes, this one is failing. It works for awhile, just like most do -- then it reaches its zenith point, and things come crashing down.
Sadly, most people can't see it. |
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Anonymous Coward
User ID: 248638
7/19/2008 10:06 AM | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
Thanks for posting this and pointing out the important lines. This is VERY disturbing... |
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Anonymous Coward
User ID: 160240
7/19/2008 11:35 AM | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
I also keep just enough in my bank account to pay my bills. I have NO bank savings account. Why would anyone have that? They pay almost no interest so what's the point?
I have a Walmart Fireproof safe that I keep my gold coins and money in. It is well hidden and disguised as a box of "Xmas stuff".
Nobody is on the side of consumers. The Federal Reserve is there to protect the BANKS, not people. |
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Is45
User ID: 294391
7/19/2008 11:55 AM | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
I wouldn't be surprised at all if the FDIC lowers the maximum amount they insure from $100,000 to say $75,000 or even $50,000. I mean, you can save a lot more people that way. Well, sort of. Quoting: WW RAUPP
The FDIC raised the coverage on IRAs to $250,000.
[link to www.fdic.gov]
~ |
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loosecannon
User ID: 443570
7/19/2008 12:03 PM
 | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
to prevent industrywide spillover in the event of a large failure.
``maintain public confidence in the banking industry,'' the regulator said. It will also ``mitigate the spillover effects of a failure, such as risks to the payments system, problems stemming from depositor illiquidity and a substantial reduction in credit availability.''
establish systems to automatically place holds on accounts with large deposits, the Wall Street Journal reported. The FDIC also proposed new rules for how it determines the value and nature of claims against a failed bank, the newspaper said.
banks must be bleeding from withdrawals... Quoting: Anonymous Coward 331956
If not yet they anticipate that possibility. It seems like they have 3 aims:
1) Limit panic withdrawals, they used to just close the doors.
2) maintain as much as possible the function of the interbank credit system (credit crisis/runaway contraction)
3) maintain public confidence in the public confidence racket we call fractional reserve banking.
No bank can withstand bank runs, because no bank is solvent. Your money goes out the back door the day you bring it in the front door.
I wonder exactly what those new rules are
In any case I think this signals a recognition on the part of the FDIC that we are in for a LOT of bank failures.
Including quite a few abmong the largest 159 banks singled out for the application of "new rules". |
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Anonymous Coward
User ID: 321058
7/19/2008 12:05 PM | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
The rules, which apply to 159 banks with at least $2 billion in U.S. deposits and either $20 billion in assets or 250,000 account holders, start Aug. 18, the Washington-based regulator said in a notice to banks published yesterday on the FDIC Web site. Banks have 18 months to comply.
again 18 months... amero has to be in place by 2010
hagelian dialectic
create problem define solution (Illuminati hagelian dialectic)
economic collapse due to banking system collapse introduce amero so we can comply with a new currency by 2010
Research date 2009 it will unravel or sooner... we have to be ready to take a new currency due to North american Union agreeement..
================================
then this info.....
As America Collapses US Government Secret Plans Revealed
Posted by indglass on May 21, 2008
A secret meeting of Congress discusses immanent martial law.
B.A. Brooks
The United American Freedom Foundation
March 13, 2008
On March 13th 2008 there was a secret closed door meeting of The United States House Of Representatives in Washington. In the history of The United States this is only the fourth time a secret meeting was held by the house. Even though Representatives are sworn to secrecy by House Rules XVII, some of the members were so shocked, horrified, furious, and concerned about the future of America by what was revealed to them inside the secret meeting, that they have started to leak this secret information to independent news agencies around the world. The mass media said almost nothing about the secret meeting of the House, mentioning only one of the items being discussed. (The new surveillance techniques that are going to be used by the U.S. Government to watch all American citizens). The story was first released in a newspaper out of Brisbane, Australia revealing the contents of the secret U.S. Government meeting and plans for America including all of it’s citizens. Shortly there after, David J. Meyer from Last Trumpet Ministries found it and made it more available for the world to see.
Here is what was revealed:
* The imminent collapse of the U.S. Economy to occur sometime in late 2008
* The imminent collapse of the U.S. Government finances sometime in mid 2009
* The possibility of Civil War inside the United States as a result of the collapse
* The advance round-ups of “insurgent U.S. Citizens” likely to move against the government
* The detention of those rounded up at The REX 84 Camps constructed throughout the United States
* The possibility of public retaliation against members of Congress for the collapses
* The location of safe facilities for members of Congress and their families to reside during massive civil unrest
* The necessary and unavoidable merger of The U.S. with Canada and Mexico establishing The North American Union
* The issuance of a new currency called the AMERO for all three nations as an economic solution.
Except for a few hundred thousand U.S. Patriots, most Americans have no clue what has really been going on within The United States over the past 100 years, and the sad thing is that most do not want to know the truth. The further you look into the rabbit hole, the deeper it gets. Go to any currency conversion site and convert U.S. dollars to Euros so you can see for yourself the massive decline of the dollar. Look at how much money is and has been spent on the Iraq War to date, ($12 billion per month). Look at our currency and when it stopped being backed by gold.
The Federal Reserve is not federal but a private bank who does not have Americans best interests at heart. We no longer have any manufacturing really based out of America and there is no way that our economy can survive this incredible strain very much longer. The IRS strong arms every American yearly with income taxes, yet there are no laws saying an income tax is to be paid.
The CIA is involved in everything from global drug trafficking and covert military missions, to assassinations around the world and including U.S. Soil. Look at JFK for instance. It did not take long after JFK announced that he was going disband the CIA that he was shot in Texas. America’s new StasiThe Department Of Homeland Security is and has been slowly eradicating our rights for a few years now. based organization called
House Bill H.R. 1955/S-1959 was read by the senate and then sent to DHS for some reason, but is now back and sure to pass. Once passed, this bill introduced by Jane Harman (D/CA), will be the proverbial last nail hammered into every American patriots coffin. H.R. 4279 or the Prioritizing Resources and Organization for Intellectual Property Act of 2008 which was recently passed by the U.S. House of Representatives, will give the government draconian powers to do just this. This legislation gives the government the power to seize property that facilitates the violation of intellectual property laws. The legislation also mandates the formation of a formal Intellectual Property Enforcement Division within the office of the Deputy Attorney General to enforce this insanity…
It has been revealed that F.E.M.A. has been building internment camps all over America granting Halliburton a massive $385 million dollar construction contract to make this happen. Most of these sites only need refurbished because they are mostly closed prisons, old WW2 internment camps still intact and other facilities taken over by the government. Some people have referred to them as F.E.M.A. Death Camps where the infamous Red list/Blue Lists will be used to decide who goes where.
Whether you believe that The NWO/Illuminati/Globalization is real or not, there is a lot of proof that exposes definite plans or plots by the rich, political and religious elite to bring on an era of the end times. It is almost like some individuals are trying to make bible prophecy come true in their own sick and twisted ways. Not to mention that the world only has about 10 to 15 years of drinking water left before the wars fought for oil today will be fought for water in the near future. It has been said that these powers want to depopulate the planet of over 30% of it’s human inhabitants in the coming years. Examine all of the executive orders that have been signed into place allowing the president to basically become dictator in control of all government from tribal to federal in the event of any national emergency.
If you did not know, In late 2006, Congress revised the Posse Comitatus Act and the Insurrection Act to make it far easier for a president to declare martial law. Those changes were repealed at the end of this January as part of Public Law 110-181 (HR 4986), the National Defense Authorization Act for Fiscal Year 2008 (signed into law by President Bush on January 28, 2008). Unfortunately it is not the great victory in which one might think because of the total militarization of all local and State police forces all across America.
Will there be martial law? Is martial law coming soon to America? When you see law enforcement being armed with automatic weapons, bullet proof vests and riot gear in small towns that have not had a murder or crime in years, then you have to ask yourself why.
The United States has more people locked up in prisons today than Russia and China combined. It comes out to one in every hundred Americans is behind bars. Our once great country that our ancestors fought and died for has become exactly the tyrants they were fighting. Fascists! When has America ever used words like Homeland? Never!
If you spend a few weeks reading all the info, watching the videos and following the links at The U.A.F.F., you will then have a better understanding of what has led to The Decline And Fall Of America. Remember that Knowledge is power! Learn, look, listen, read, share, prepare, train, stock up on food and water supply for one year.
Fill your pantry with non perishable foods, medicines, cooking oils, tinned meats and veggies. Flour, oats dried corn peas, beans and lentils.. Teach your self how to preserve food for storage. Check out your local potable/ drinking water supplies, non perfumed chlorine bleach is a good sterilizer for water, about 2 teaspoons full per 2 gallon bucket, stirred well and allowed to stand for at least 24 hours with a lid on it or until it no longer smells of bleach. Boiling water helps but it is not always enough to kill off the bacteria which can resist high temperatures.
Americans have been warned for years of the things to come, but have blindly looked away from the truth, which has been available for all to see. There are no more excuses not to prepare for the possible future. The time to act is now before it is too late. Check The United American Freedom Foundation for daily updates and news you won’t see in the mainstream media.
[link to www.sluniverse.com] |
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Anonymous Coward
User ID: 445699
7/19/2008 2:20 PM | | Re: FDIC Sets New Rules on U.S. Deposits to Avoid System Failure | Quote |
We use a credit union. I think more people will be using them since they are non profit. Do these rules apply to a credit union? |
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