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The Federal Reserve and Federal Deposit Insurance Corporation want to create systemic regulator in the United States and overhaul the financial system to prevent and limit impacts from financial crises, according to officials from both bodies. "It...

Rising bank failures forced the U.S. to raise premiums and implement a one-time fee in order to cover the cost of deposit insurance. There were rumours of changes to a debt guarantee program but only minor changes were announced. The Federal Deposit Insurance...

FDIC chairman Sheila Bair said the government has been behind the curve when it comes to preventing foreclosures, and she called for regulators to use their authority in creating flexible rules for making free loan modifications a top priority. She also...

Net income from U.S. banks totalled $1.7 billion in the third quarter, according to the Federal Deposit Insurance Corporation on Tuesday, who added that the figure represents a 94% decline in banking income compared to twelve months ago. The report cited...

Citigroup has joined Morgan Stanley Chase, the Federal Deposit Insurance Corporation (FDIC,) and a few other large banks in initiating an aggressive program to mitigate foreclosures of single family homes. The bank said on Monday that it is putting a moratorium on both initiating new foreclosures and on completing the legal process against homeowners who are currently moving toward foreclosure. The moratorium will be available to homeowners if they meet several criteria; they must want to stay in...

The U. S. Department of Commerce has launched a new website to assist Americans in getting through the current and probably future economic situation. The site, http://www.economicrecovery.gov/ is billed by the Department as "a resource for the American people to find help to keep their homes, find jobs and protect their savings." It is basically a quick link to useful web pages sponsored by other federal agencies such as the Department of Housing and Urban Development, Department of Agriculture...

While the media today focused mostly on the testimony of former Federal Reserve Chairman Alan Greenspan before the Senate Banking Committee, there was other news coming out of the hearing. Federal Deposit Insurance Corporation Chairperson Sheila Bair told lawmakers about her plans to use methods pioneered by several existing programs to encourage mortgage servicers to increase the pace of loan modifications for homeowners facing foreclosure. The proposed initiative in which the FDIC is working closely...