The federal bank regulatory agencies announced optional extension of the regulatory capital transition for the new credit loss accounting standard.
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.
BancorpSouth Bank received the necessary regulatory approvals to complete its proposed mergers with Louisiana-based Ouachita Bancshares and Texas-based Central Community Corporation.
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 Federal Reserve, FDIC and the OCC proposed a rule to strengthen the leverage ratio standards for the largest, most systemically significant U.S. banking organizations.