The number of problem US banks rose to the highest level in 15 years between April and June, the industry’s regulator has revealed.
The Federal Deposit Insurance Corporation (FDIC) said 416 banks had failed its test criteria during the quarter, up 111 from January to March.
It added that 81 US banks had now been forced to close this year.
The FDIC judges banks on criteria such as the quality of their outstanding loans and the reserve funds they hold.
‘Difficult process’
The regulator said that due to the large number of failed banks, its deposit insurance fund – which safeguards up to $250,000 (£154,000) per personal bank account – had fallen by 20% between April and June to $10.4bn (£6.4bn).
While this was the lowest the fund has been since 1992, FDIC chairman Sheila Bair said she had no plans as yet to ask the Treasury for more funds.
However, she said it was likely that banks would have to pay an additional fee to help replenish the fund.
Ms Bair said the banking industry “can look forward to better times ahead”.
“But for now, the difficult and necessary process of recognizing loan losses and cleaning up balance sheets continues to be reflected in the industry’s bottom line,” she added. –BBC News
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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