FDIC Warns Banks Over Errors in Reporting Uninsured Deposits (1)

The Federal Deposit Insurance Corp. said some US banks incorrectly reported the amount of their uninsured deposits after dozens of lenders restated the figures amid increased scrutiny of such funds.

In recent months, 55 banks revised the deposit data disclosed in a regulatory filing known as a call report, according to an analysis by S&P Global Market Intelligence. In some cases, the banks no longer included certain uninsured deposits that were collateralized by pledged assets as well as those held by bank subsidiaries, the FDIC found.

“This is incorrect because in and of itself, the existence of collateral has no ...