PwC Reaches $335MM Settlement with FDIC Over Audits of Failed Bank

The FDIC reached a $335 million settlement with PricewaterhouseCoopers related to professional negligence claims brought by the FDIC against accounting firm arising out of the audits of the failed Colonial Bank.

Federal Reserve to Host Public Meetings on BB&T/SunTrust Merger

The Federal Reserve Board and the FDIC will jointly hold two public meetings on the proposed merger of BB&T and SunTrust Banks.

FDIC: Community Banks Hold 42% of Small Business Loans

According to a FDIC survey, despite holding only 13% of banking industry assets, the data showed that community banks hold 42% of small business loans.

FDIC: Q1 Bank Earnings Up 27.5%; Chairman Warns of ‘Reach for Yield’

The FDIC reported Q1/18 aggregate bank earnings of $56 billion were up 27.5% from the same quarter last year. The FDIC chairman noted an “increasingly competitive lending environment has led some institutions to reach for yield.”

FDIC Penalizes Wilmington Bank $2MM for Deceptive Practices

The FDIC arranged a settlement with The Bancorp Bank of Wilmington, DE, relating to unfair and deceptive practices in violation of Section 5 of the Federal Trade Commission Act. The bank will pay a civil money penalty of $2 million.

FDIC: New Tax Law Causes Q4/17 Bank Net Income to be 40.9% Lower

The FDIC reported commercial banks and savings institutions’ Q4/17 net income was 40.9% lower than a year ago largely due to one-time changes from the new tax law.

FDIC Issues Underwriting Trends Survey

The FDIC issued its winter issue of the “Underwriting Trends and Other Highlights” survey which focuses on trends in underwriting, loan growth and funding.

Q3 Bank Earnings Improve Amid Concerns over Lending Conditions

The FDIC reported industry net income was 5.2% higher in Q3/17 versus a year earlier on higher net interest income. The regulator noted, however, that “competitive lending conditions continue to pose challenges.”

Bank Year/Year Earnings 10.7% Higher in Q2/17

The FDIC reported bank aggregate net income of $48.3 in Q2/17 was up $4.7 billion or 10.7% from a year earlier. The regulator noted the increase was mainly attributable to a 9.1% gain in net interest income.

FDIC Reports Syndicated Loan Risk Remains High

According to the FDIC’s recently released Shared National Credit Program Review, regulators said risk in the portfolio of large syndicated bank loans declined slightly but remains elevated.