The FDIC has appointed seven new members to its Advisory Committee on Community Banking. Twelve of 19 on the panel are with ABA member banks.
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FDIC-insured banks and savings institutions earned $63.9 billion in the fourth quarter of 2021, a 7.4% increase from the year prior, and full-year net income increased 89.7% to $279.1 billion, the FDIC reported today in its Quarterly Banking Profile.
Federal Reserve Governor Michelle Bowman, who holds the designated community bank seat on the board of governors, will speak during ABA’s Conference for Community Bankers, taking place Feb. 20-22 in Palm Desert, California.
The CFPB today released the lists of rural counties and rural or underserved counties that entities can use in 2022 to determine whether they are exempt from certain regulatory requirements of the Truth in Lending Act.
The Federal Reserve today announced the members of its 2022 Community Depository Institutions Advisory Council, which includes several ABA member bankers.
Members of the Federal Reserve’s Community Depository Institution Advisory Council flagged cybersecurity threats—particularly related to ransomware—as a top threat facing community banks during a recent meeting, and noted that “a framework needs to be put in place that encourages cooperation and reduces risks of transparency (which currently is seen as leading primarily to punishment and reputational damage).”
Despite uncertainty related to COVID-19, four in 10 businesses say they expect their credit needs to increase in 2022, according to the JPMorgan Chase Business Leaders Outlook survey released today.
The Treasury Department, through its Emergency Capital Investment Program, will invest $8.7 billion in community financial institutions, which includes community development financial institutions and minority depository institutions.
In its Semiannual Risk Perspective Report, the OCC yesterday flagged operational risk and strategic risk as being elevated, with banks continuing to face increasingly sophisticated cyberattacks and take strategic risks in order to improve earnings in the current economic environment.