Capital One Financial (NYSE:COF) filed a lawsuit against the Federal Deposit Insurance Corporation over erroneous calculations related to losses at the regulator’s deposit insurance fund after the collapses of Silicon Valley Bank and Signature Bank, Reuters reported.
The two banks were placed under FDIC receivership in March 2023. The government had invoked the systemic risk exception, allowing the regulator to cover all uninsured deposits.
As of June 30, the loss estimate for Silicon Valley Bank and Signature Bank was $21.8B. An estimated $18.6B is attributable to the protection of uninsured depositors pursuant to the systemic risk determination, and was set to be recovered through special assessment from 111 banking organizations.
FDIC allegedly imposed on Capital One an inflated $474.1M special assessment to recoup losses to its deposit insurance fund, according to the September 11 Reuters report.
The McLean, VA-based financial services holding company reportedly said the FDIC “persists in seeking to collect a special assessment based on its erroneous calculation,” despite two years of communications related to the errors.