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Banks in third quarter pocketed $68.4 billion in profits; growth appears to have leveled off

November 29, 2023 0

A profit of $68.4 billion was pocketed by the nation’s banks in the third quarter, although it was less than that realized at midyear, the federal insurer of bank deposits reported Wednesday. In reporting on third quarter numbers reported by [...]
FDIC adds 2 to systemic resolution advisory panel, which meets next week

November 29, 2023 0

Look for two new faces during next week’s meeting of the Federal Deposit Insurance Corp. (FDIC) Systemic Resolution Advisory Committee: Jon Cunliffe and Elke Koenig. The two additions to the advisory committee were announced in a notice sent Tuesday reminding [...]
Business lending slowed in November, reflecting overall reduced economic activity, Beige Book reports

November 29, 2023 0

Business loan demand decreased a bit in the last month, reflecting a slowdown in overall economic activity, the Federal Reserve reported in its latest Beige Book, published Wednesday. According to the Fed publication – which reports information collected on or [...]
$12 million fine ordered against BofA after loan officers lied about mortgage data to federal regulators

November 28, 2023 0

A $12 million penalty is imposed on Bank of America (BofA) for the acts of submitting false mortgage lending information to the federal government for at least four years, the federal consumer financial protection agency said Tuesday. In a release, [...]
Filing a late credit union call report will spur a fine in 2024, ending COVID-19 era suspension

November 28, 2023 0

Filing a late credit union call report will, once again, prompt a fine from their federal regulator starting Jan. 1, the agency said Tuesday. Civil money penalties (CMP) for credit unions for late Form 5300 Call Reports were suspended following [...]
Reserve requirement for banks remains at 0, but Fed publishes technical changes anyway

November 28, 2023 0

Reserve requirements for banks will remain at zero in 2024, the Federal Reserve said late Monday, but some technical details will change, the agency added. The Fed, each year, is required by law to issue the annual indexing for the [...]