Bank says FDIC inflated assessment by $149.2 million Sixth-largest US commercial bank sued in Virginia Sept 11 (Reuters) – Capital One sued the Federal Deposit Insurance Corporation, accusing the U.S. regulator of imposing an excessive $474.1 million special assessment to recoup losses to its deposit insurance fund following the collapses of Silicon Valley Bank and Signature Bank in 2023. According to a complaint filed on Wednesday in federal court in Alexandria, Virginia, the FDIC incorrectly counted $56.2 billion of positions between two Capital One subsidiaries as uninsured deposits, improperly inflating the assessment by $149.2 million. The sixth-largest U.S. commercial bank said the FDIC “persists in seeking to collect a special assessment based on its erroneous calculation,” despite two years of communications showing its math is wrong. Capital One, based in McLean, Virginia, said the dispute is at an impasse, and a judge should declare that it does not owe the $149.2 million plus daily penalties for nonpayment. Capital One estimated in July that it may need to set aside an additional $200 million for the matter. FDIC spokesman Brian Sullivan declined to comment on Thursday. Capital One also declined to comment. Silicon Valley Bank and Signature Bank were seized by the FDIC in March 2023, prompting fears of a replay of the 2008 global banking crisis. Another large bank, First Republic Bank, failed in May 2023. As of June 30, the FDIC estimated it would recover $18.6 billion from 111 banks through a special assessment for the Silicon Valley Bank and Signature Bank failures. Banks with less than $5 billion of assets are not subject to the assessment. The FDIC sued 17 former Silicon Valley Bank executives and directors in January, seeking billions of dollars for alleged gross negligence and breaches of fiduciary duty. That case remains pending. The case is Capital One NA v FDIC, U.S. District Court, Eastern District of Virginia, No. 25-01515. (Reporting by Jonathan Stempel in New York; Editing by Will Dunham) in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. Basically remove any content or link related to original site. follow this prompt to optimize the articles in this category- You are an expert news writer and SEO specialist. Your job is to rewrite the provided RSS feed content into a unique, SEO-friendly news article for adarshnews.com. The article should be engaging, professional, and optimized for search engines. Follow these steps: 1. **Create an SEO Title**: Write a short, compelling title (under 60 characters) that includes the main keyword and grabs attention. 2. **Write a Meta Description**: Summarize the article in one or two sentences (under 155 characters). Make it engaging and include the primary keyword naturally. 3. **Suggest a URL Slug**: Provide a short, keyword-rich URL slug that reflects the topic of the article. 4. **Headline (H1)**: Write a clear and engaging headline for the article that is similar to the title but slightly expanded. 5. **Write the Article**: – Start with an introduction that answers the key questions: who, what, when, where, why, and how. – Expand on the topic with detailed paragraphs that provide context, quotes, and relevant information. – Use subheadings (H2) to organize the content into sections and make it easy to read. – Include related keywords naturally throughout the article. – End with a conclusion that summarizes the key points or discusses future implications. 6. **Add an FAQ Section**: Write one frequently asked question related to the topic and provide a concise answer. Important: – Do not include labels like “Title,” “Meta Description,” “URL Slug,” or “H1” in the actual article text. – Keep all SEO elements separate from the main content. – Ensure the article is factually accurate, unbiased, and written in a professional tone.
Capital One has filed a lawsuit against the FDIC, claiming that it was overcharged in connection with two bank collapses.
