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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

Office of the Ombudsman -- Report to Industry

Importance of Examinations

Message from Cottrell L. Webster, FDIC Ombudsman posted on 02/2014

Over my tenure with the FDIC, I have seen more than one cycle of good and bad times for the banking industry. During good times, bankers pressure regulators to relax their supervision. Some argue regulators get in the way of a free market by disrupting competition with unnecessary, burdensome requirements.

A recent contact with a banker provided a story about this topic, which I retell without verifying its accuracy. According to the banker, his bank and three other banks faced unfair competition from a fifth bank.

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Dodd-Frank legislation and Mortgage Reform

Message from Cottrell L. Webster, FDIC Ombudsman posted on 06/2012

During the first half of 2012, the FDIC Office of the Ombudsman heard from a number of community bankers about the perceived regulatory burden of the Dodd-Frank legislation. Chief among their concerns is the creation of the new Consumer Financial Protection Bureau (CFPB) and the burden of mortgage reform, including compensation restrictions for mortgage originators.

During my many years with the FDIC, I have witnessed a steady increase in federal consumer protection laws that have required banking resources to ensure compliance. Each time a consumer law creates a new challenge, bankers tend to overcome the challenge and continue to operate successfully. read more...

Concerns about RESPA

Message from Cottrell L. Webster, FDIC Ombudsman posted on 03/2011

I am pleased to present the latest in our series of online reports to the financial services industry addressing issues and concerns raised to the FDIC Office of the Ombudsman (OO). This report covers the period July 1, 2010, through December 31, 2010.

During the second half of 2010, 446 industry representatives contacted the OO requesting assistance. In addition, OO staff discussed banking matters with 152 financial industry representatives through outreach visits, telephone calls, and industry-sponsored conferences. The major areas of concern continued to be the struggling economy and its impact on borrowers and the Deposit Insurance Fund. A significant volume of inquiries and comments also related to changes in regulations. In addition, the OO spoke to 1,643 members of the public about the FDIC and banking matters. 

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Concerns about Examinations and Regulation

Message from Cottrell L. Webster, FDIC Ombudsman posted on 10/2010

I am pleased to present the latest in our series of online reports to the financial services industry about issues and concerns raised to the FDIC Office of the Ombudsman. This report covers the period January 1, 2010, through June 30, 2010.

During the first half of the year, 442 industry representatives contacted the Ombudsman requesting assistance. In addition, Ombudsman staff spoke about banking matters with 93 financial industry representatives through outreach visits, telephone calls and industry-sponsored conferences. The major area of concern for industry representatives continued to be the struggling economy, but also evident was concern about regulation changes and examinations they perceived as aggressive, particularly those relating to loan quality.

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