The Federal Deposit Insurance Corporation (FDIC) Sues Bank Of America
The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by Congress to maintain stability and public confidence in the nation's financial system by insuring deposits; examining and supervising financial institutions for safety and soundness and consumer protection; making large and complex financial institutions resolvable and managing receiverships. According to Bloomberg News -- Bank of America Corp. owes the Federal Deposit Insurance Corp. at least $542 million for deposit insurance that it refuses to pay, the U.S. regulator claimed in a lawsuit. The bank ignored FDIC instructions on how to account for its exposure to counterparties, according to the agency, which sued Monday in federal court in Washington over payments in the last three quarters of 2013 and all of 2014. The total dating to 2011 exceeds $1 billion according to the FDIC, which said it may revise its complaint. To get more information on the FDIC suing Bank of America click on the pictures below to read the articles.