JPMorgan Chase & Co.’s legal bills contributed to a decline in the Federal Deposit Insurance Corp. tally of U.S. bank-industry profits for the third quarter.
Global banks that failed to convince U.S. regulators last year they could go bust without destroying the financial system got another chance this week to submit plans for a safe demise.
The Federal Deposit Insurance Corp. approved a rule responding to concerns that commercial depositors in overseas branches of U.S. banks could be disadvantaged in the event of a lender’s collapse.
U.S. banks had $141.3 billion in net income last year, the second-best on record behind the $145.2 billion total reported for 2006, on non-interest income and lower loss provisions, the Federal Deposit Insurance Corp. said.
HSBC Holdings Inc. has signed a $249 million accord to settle claims of improper U.S. foreclosures, joining 12 other mortgage servicers in a deal that now exceeds $9 billion, according to banking regulators.
Ten of the largest U.S. mortgage servicers will pay a combined $8.5 billion under an agreement that will end case-by-case reviews of foreclosure-abuse claims stemming from a 2011 deal with regulators.
If big U.S. banks are not forced to sever their investment arms from traditional banking, they will return to behavior that led to the 2008 credit crisis, said FDIC's Hoenig.
The U.S. Securities and Exchange Commission is updating the technology it uses to understand operations at the financial firms it regulates and to catch wrongdoing.
