Updated: Banking mess: FDIC had another very busy month and year
Friday, October 30, 2009
In one more indication of the banking mess, the Federal Deposit Insurance Corporation announced that it had taken administrative enforcement actions against 48 banks and individuals in September.
The FDIC’s announcement about the 48 actions in September came on the day it shuttered another California bank, as detailed in this Los Angeles Times report. Here’s the FDIC’s announcement on its latest bank seizures.
For the first three quarters of 2009, the FDIC has issued 438 orders of administrative enforcement actions against banks and bankers. The total for 2009 already significantly exceeds the 313 actions taken for the entire year of 2008.
Three California banks were on the September list, including institutions in San Rafael, San Francisco and Woodland Hills. Altogether, the FDIC has issued 39 such orders against California banks and individuals in 2009. That’s up from 23 in 2008.
The FDIC’s 48 matters in September included 26 cease and desist orders; 12 removal and prohibition orders; six civil money penalties; two prompt corrective action directives; one voluntary termination of insurance; and one order terminating the order to cease and desist.
UPDATE: The banking mess continued, with the seizure of a San Clemente bank on Nov. 13.