The Fed, FDIC, NCUA, OCC, CFPB) and state banking regulators issued an interagency statement for financial institutions working with borrowers affected by the coronavirus. FASB concurs with the approach.
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.
The Federal Reserve Board and the FDIC will jointly hold two public meetings on the proposed merger of BB&T and SunTrust Banks.
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.
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.”
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.
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.
The FDIC issued its winter issue of the “Underwriting Trends and Other Highlights” survey which focuses on trends in underwriting, loan growth and funding.
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.”
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.