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The 1980s saw a trend of banks and credit unions, often at the urging of state-level insurers, shifting to federal insurers, the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). The trend became particularly pronounced after Ohio and Maryland, the largest state-chartered funds, collapsed in 1985 ...
The savings and loan crisis of the 1980s and 1990s (commonly dubbed the S&L crisis) was the failure of approximately a third of the savings and loan associations (S&Ls or thrifts) in the United States between 1986 and 1995.
It also downgraded the credit ratings of several regional banks, including Western Alliance, First Republic, Intrust Bank, Comerica, UMB Financial Corporation, and Zions Bancorporation. [102] Large declines in regional bank stocks continued after First Republic's failure. [103]
Banking at an FDIC-insured bank or at an NCUA-insured credit union are the only ways to protect your money if a financial institution fails. ... “No matter how remote the risk of a bank failure ...
The receivership of Washington Mutual Bank by federal regulators on September 26, 2008, was the largest bank failure in U.S. history. Regulators simultaneously brokered the sale of most of the banks's assets to JPMorgan Chase , which planned to write down the value of Washington Mutual's loans at least $31 billion.
This corporate credit union will continue to run under NCUA management. Corporate credit union [53] April 24, 2009: Eastern Financial Florida Credit Union, Miramar, Florida: Placed into conservatorship under the NCUA. Officials from Space Coast Credit Union of Melbourne, Florida will temporarily manage day-to-day operations. credit union [54 ...
The Franklin Credit Union was raided by authorities investigating the embezzlement of tens of millions in November 1988. The Nebraska Legislature organized a state committee in December 1988 to look into both the credit union embezzlement and the child prostitution allegations named the Franklin Committee, [ 5 ] led by state Senator Loran ...
Senator J. D. Vance of Ohio questioned whether the federal government would have taken similar action for a smaller bank or credit union. [38] Economist Paul Krugman compared the failure and resulting government action to the savings and loan crisis. [171]