FDIC Warns Banks Over Errors in Reporting Uninsured Deposits
- Dozens of banks revised data disclosed in regulatory filings
- Lenders facing increased scrutiny after recent bank failures
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The Federal Deposit Insurance Corp. said some US banks incorrectly reported the amount of their uninsured deposits after dozens of lenders restated the figures amid increased scrutiny of such funds.
In recent months, 55 banks revised the deposit data disclosed in a regulatory filing known as a call report, according to an analysis by S&P Global Market Intelligence. In some cases, the banks no longer included certain uninsured deposits that were collateralized by pledged assets as well as those held by bank subsidiaries, the FDIC found.