Author: Pete Schroeder
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US bank regulator to boost transparency of merger reviews
By Pete Schroeder WASHINGTON (Reuters) -A top U.S. bank regulator on Monday proposed new regulations for bank mergers and acquisitions (M&A) in a bid to increase transparency around the process, while ensuring some deals do not slide through automatically without sufficient scrutiny. The move by the Office of the Comptroller of the Currency (OCC) comes…
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U.S. bank profits flat after accounting for failed bank acquisitions: FDIC
By Pete Schroeder WASHINGTON (Reuters) – U.S. bank profits were largely flat in the second quarter of 2023 after accounting for the impact of three large failed bank acquisitions, the Federal Deposit Insurance Corporation reported Thursday. The bank regulator said industry profits dipped 11.3% to $70.8 billion in the second quarter, but that was primarily…
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Fed plans to boost US banks’ reserve requirements; industry gripes
By Pete Schroeder WASHINGTON (Reuters) -The Federal Reserve’s top regulatory official laid out a sweeping plan to increase capital requirements for the nation’s largest banks in the wake of recent bank failures, a move that was immediately met with criticism from the industry. In a widely-anticipated speech, Fed Vice Chair for Supervision Michael Barr said…
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U.S. banks saw record deposit declines in Q1 as profits remained steady: FDIC
By Pete Schroeder WASHINGTON (Reuters) – U.S. banks saw total deposits decline by a record 2.5% in the first quarter of 2023, and industry-wide profits were relatively flat after taking into account the effects of two large bank failures, the Federal Deposit Insurance Corporation said Wednesday. The FDIC said the $472 billion in deposit outflows…
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U.S. regulators warn banks to be on alert for crypto-related liquidity risks
By Pete Schroeder and Hannah Lang WASHINGTON (Reuters) -Top U.S. banking regulators issued a fresh warning to banks to be on guard for any liquidity risks from cryptocurrency-related clients, cautioning some of their deposits could prove volatile. In a joint statement issued Thursday, the Federal Reserve, Federal Deposit Insurance Corporation, and the Office of the…
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Republicans warn bank CEOs to steer clear of social, cultural issues
WASHINGTON • The heads of the nation’s largest banks faced pointed criticism on Thursday from Republicans complaining the firms are inappropriately taking liberal stances on social and cultural issues. Sen. Pat Toomey, the senior Republican on the Senate Banking Committee, urged banks to stop “embracing a liberal ESG (environmental, social and governance) agenda that harms…
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U.S. bank profits climb 7.8% on higher interest income – FDIC
By Pete Schroeder WASHINGTON (Reuters) – U.S. banks reported $64.4 billion in profits in the second quarter of 2022, as higher net interest income offset growing reserves to guard against loan losses, the Federal Deposit Insurance Corporation said Thursday. However, bank profits were down 8.5% from a year ago, driven primarily by larger banks boosting…
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U.S. consumer bureau sues TransUnion, former executive for deceptive marketing
By Pete Schroeder and Chris Prentice WASHINGTON (Reuters) -A U.S. consumer watchdog on Tuesday sued TransUnion and one of its top former executives, charging the credit reporting agency tricked consumers into making recurring payments after being fined in 2017 for similar activity. The lawsuit, filed by the Consumer Financial Protection Bureau in a U.S. District…
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U.S. bank profits jump in 2021 as firms shed credit loss reserves, FDIC says
By Pete Schroeder WASHINGTON (Reuters) – U.S. banks saw their profits jump nearly 90% in 2021 as firms shrank how much money they were setting aside to protect against credit losses, the Federal Deposit Insurance Corporation said on Tuesday. Banks reported $279.1 billion in profits in 2021, up $132 billion compared to 2020, the FDIC…