1. Bank of America Sued for $542 Million Over FDIC Risk Rule

    Bank of America Sued for $542 Million Over FDIC Risk Rule

    Bank of America Sued for $542 Million Over FDIC Risk Rule by FDIC claims underpayments dating to 2011 exceeded $1 billion Bank says dispute arises from ‘technical disagreement’ Bank of America Corp. owes the Federal Deposit Insurance Corp. at least $542 million for deposit insurance that it refuses to pay, the U.S. regulator claimed in a lawsuit...

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    1. The amount in question, derived from a technical disagreement about a calculation from several years ago regarding a rule that has had changing provisions over time, comprises a fraction of what we annually pay to the FDIC.
    2. The FDIC made significant changes in the relevant regulation in 2014, and now is claiming that what it added in 2014 is actually what the rule said all along.
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