Federal Deposit Insurance Corporation

US Bank Profits Slip 1.2% in Q3

Reuters | |

U.S. bank profits fell 1.2% in the third quarter of 2021 to $69.5 billion as firms were slower to shrink their credit loss provisions and grappled with low interest rates, the Federal Deposit Insurance Corporation reported Tuesday.

Bank profits are still up nearly 36% from the same time a year ago when banks were still rushing to set aside funds to guard against pandemic-driven loan losses.

​FDIC Says Bank Profits Plunged 70% in Second Quarter Amid Virus and Low Interest Rates

AP News | |

The U.S. banking industry’s second-quarter profits fell by 70% from a year ago as low interest rates and the economic turmoil of the COVID-19 pandemic weighed heavily on big and small banks alike.

The Federal Deposit Insurance Corp. said Tuesday that total bank profits across 5,066 insured institutions were $18.8 billion, compared with profits of $62.5 billion in the same period a year ago. It was the second consecutive quarter of steep profit declines as banks set aside billions to cover potentially bad loans back in April.

Community Reinvestment Act To Be Weakened By Trump Proposal

AP News | |

Critics argue the proposed changes could make it easier for banks to potentially ignore under-served communities.

FDIC Named One of the Best Places To Work in the Federal Government

Equities Staff | |

Agency is recognized for tenth consecutive year.

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