While the total deposits at Connecticut banks remained steady during the 12-month period ending in June, FDIC data shows that the share of deposits once held by People’s United Bank has declined.
Banks that charge multiple nonsufficient fund fees on a single item could be violating consumer laws, according to the FDIC.
With banks holding record volumes of commercial real estate loans, the FDIC plans to increase its focus on CRE transaction testing during its next cycle of bank examinations.
The Federal Deposit Insurance Corp. has moved forward with plans to review bank merger policies after an attempt late last year to address mergers led to controversy on the FDIC board.
Amid the ongoing economic effects of the pandemic, Connecticut bank earnings in 2021 reached record levels, according to FDIC data.
Weeks after a conflict arose between the FDIC chairman and board members, FDIC Chairman Jelena McWilliams has announced her resignation.
The controversy over proposals to review bank merger regulations continues to play out publicly, with Federal Deposit Insurance Corp. Chairman Jelena McWilliams saying that FDIC board members are attempting a “hostile takeover” of the FDIC.
A request seeking public comments about bank mergers that one government agency said had been approved by the Federal Deposit Insurance Corp. has come under dispute after the FDIC said the request had not been approved.
A new investment vehicle designed by the Federal Deposit Insurance Corp. will let financial institutions and other organizations provide capital to insured Minority Depository Institutions and Community Development Financial Institutions that will then request funding through a “pitch process.”
While decreases in loan loss provisions helped Connecticut banks bring in more net income in the first quarter, the net interest margin at these institutions continued to decline.
Connecticut banks saw the pandemic-related deposit surge continue in the fourth quarter, as the year ended with an 18 percent increase in deposits compared to 2019.
About three-quarters of Connecticut’s banks have had losses so far in 2020 as the pandemic and margin pressure continue to affect earnings.
Banks with more than $500 million in assets will receive temporary relief from FDIC audit requirements if they experienced growth by participating in the Paycheck Protection Program and other economic aid activities.
More Americans than ever obtained a basic bank account in 2019, the Federal Deposit Insurance Corp. said Monday. But data was gathered before the outbreak of the coronavirus pandemic and start of this historic recession.
Deposits at nearly every Connecticut bank increased in 2020, as the state’s total bank deposits grew by more than 16 percent, according to the FDIC’s annual Summary of Deposits survey.
Most Connecticut banks have had losses so far in 2020 as the pandemic and margin pressure continue to affect earnings.
The Federal Reserve and four other regulatory agencies announced on Thursday that they have finalized a rule that will ease restrictions curtailing the ability of banks to make investments in such areas as hedge funds.
With federal and state regulators encouraging banks and credit unions to support customers during the coronavirus pandemic, agencies have in turn relaxed some of the filing deadlines for financial institutions.
Banks that became subject to CECL this year can delay implementing the standard for two years following an interim final rule issued by federal bank regulators on March 27.
Connecticut’s FDIC-insured banks saw total assets and year-to-date net income increase in 2019, but fewer institutions reported earning gains.