Elizabeth Warren Presses FDIC for Information on Banks’ Uninsured Deposits
- Senator is seeking names of banks that underreported
- Agency called out certain firms’ incorrect reporting practices
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US Senator Elizabeth Warren is pressing the Federal Deposit Insurance Corp. for more information on how it’s holding banks accountable for their deposit-reporting practices, after the regulator called lenders’ reports into question last month.
Warren, who sits on the Senate Banking Committee, called on the agency to use its regulatory power to crack down on the banks and ensure they are reporting their uninsured deposit levels accurately. The Massachusetts Democrat asked the agency to answer a series of questions, including to identify the banks that have underreported their uninsured deposits, according to a letter to FDIC Chairman Martin Gruenberg seen by Bloomberg News.