Banks diverted earnings to reserves for "newly risky loans as the coronavirus tanked credit health and plunged the U.S. into a recession."
First State Bank had "experienced longstanding capital and asset quality issues, operating with financial difficulties since 2015,” the FDIC says.
Boosted by a 6% gain in net interest income, the industry's strong Q1 performance followed a record year in 2018.
The Federal Reserve and FDIC found shortcomings in the bank's plans for unwinding in bankruptcy without disrupting the broader financial system.
An industrial loan charter would enable Square to provide loans and other financial services directly to merchants.
Banks are concerned about the potentially disruptive effects of a new standard that will change how they account for losses from soured loans.
While preventing another financial crisis is paramount, there were a number of unintended consequences of the law.
Federal Reserve chair Janet Yellen deserves blame for creating onerous real estate asset bubbles, according to risk analyst Chris Whalen.
The number of financial institutions on the FDIC’s “problem list” fell to the lowest level in more than seven years.
An FDIC lawsuit alleges the bank may ultimately have underreported its deposit insurance liability by more than $1 billion.
The industry's first-quarter results were mixed, with loan balances growing at the highest rate since 2009 and operating revenue up 2.7%.
Federal regulators propose to ease up on margin requirements for end-users of swaps and permit more kinds of assets to be used as collateral.
