FDIC Alleges That The Bank of America Owes Half A Billion
The FDIC (Federal Deposit Insurance Corporation) claims that Bank of America owes it about half a billion dollars. The FDIC is an agency that insures people's deposits against a possible bank failure. And they've gone ahead and launched a lawsuit over the matter, demanding that the bank pay at least $542 million toward its own deposit insurance fund
They say that the Bank of America is refusing to pay and their lawsuit states that the bank underreported a key risk metric during the final quarters of 2013, as well as for all of 2014. And they say that they underreported it by billions of dollars, by doing this it made the bank appear stronger than it really was; therefore lessening their payment into the deposit fund.
The FDIC can insure customers' deposits anywhere up to $250,000 in the event that a bank collapses. That insurance fund that is there to try and help when another market meltdown happens, has grown to about $81 billion and there are a number of different banks that are paying into it.
The FDIC says that the Bank of America is the first bank in more than two decades that it has had to file a lawsuit over, in an effort to try and secure the money that is allegedly owed into the deposit fund.
Pics:
Business Insider
Sources:
http://money.cnn.com/2017/01/09/investing/fdic-sues-bank-of-america/
http://www.bizjournals.com/charlotte/news/2017/01/09/reports-fdic-slaps-bank-of-america-with-542m.html
https://www.thestreet.com/story/13947716/1/fdic-sues-bank-of-america-over-542-million-in-miscalculated-premiums.html
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