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Cease and Desist Order - FDIC - fdic

Cease and Desist Order - FDIC - fdic 2025

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The document is an official order issued by the Federal Deposit Insurance Corporation (FDIC) and the Illinois Department of Financial and Professional Regulation against Arcola Homestead Savings Bank. It mandates the bank to cease unsafe banking practices, improve management oversight, enhance lending policies, and ensure compliance with laws and regulations. The order outlines specific actions the bank must take within set timeframes to rectify identified deficiencies in its operations, including management qualifications, asset quality, liquidity, and overall financial health.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Which products are not insured by the FDIC?

What Products Are Not Insured? Stock Investments. Bond Investments. Mutual Funds. Crypto Assets. Life Insurance Policies. Annuities. Municipal Securities. Safe Deposit Boxes or their contents.

What are 3 things not insured by FDIC?

The FDIC does not insure: Stock Investments. Bond Investments. Mutual Funds. Crypto Assets. Life Insurance Policies. Annuities. Municipal Securities. Safe Deposit Boxes or their contents.

What account is not FDIC-insured?

The FDIC only insures your money if it is in a deposit account at an FDIC-insured bank. Banks offer some financial products and services that are not deposits, and the FDIC does not insure them. These include: Mutual Funds.

What is Section 42 of the FDIC?

Section 42 of the Federal Deposit Insurance (FDI) Act (12 USC 1831r) sets forth guidelines for financial institutions to notify the FDIC and its customers regarding proposals to close a branch.

What is a cease and desist order in banking?

Cease Desist Orders (CD) or Personal Cease-and-Desist Order (PCD): A final order issued pursuant to 12 USC 1818(b) that may, among other things, require a bank or IAP to cease and desist from an unsafe or unsound practice or violation and to take affirmative action to correct or remedy any conditions resulting from

Does FDIC cover $500,000 on a joint account?

For example, if the same two co-owners jointly own both a $350,000 CD and a $150,000 savings account at the same insured bank, the two accounts would be added together and insured up to $500,000, providing up to $250,000 in insurance coverage for each co-owner.

Cease and Desist Order - FDIC - fdic 2025

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