Bank’s Failure to Submit Proof of Loss Precludes FDIC’s Claim As Receiver Under Crime Bond

By | Executive Summary Blog | November 11, 2016

The Court of Appeals for the Tenth Circuit, applying Colorado law, has held that an insurer’s denial of coverage to the Federal Deposit Insurance Corporation (FDIC), standing in the shoes of an insured as receiver, does not violate public policy where the insured’s rights under a policy have not vested.

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CFPB and Prudential Regulators Issue Guidance On Deposit Reconciliation Practices

The Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau (“CFPB”), the Federal Deposit Insurance Corporation (“FDIC”), the National Credit Union Administration, and the Office of the Comptroller of the Currency (“OCC”) issued guidance on May 18, 2016 outlining the agencies’ supervisory expectations regarding customer account deposit reconciliation practices.

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