Ebrima Santos Sanneh covers the Treasury, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency for American Banker. He is a native of Providence, R.I. and a 2020 graduate of UCLA. Before joining American Banker he worked as a staffer for Sen. Jack Reed, D-R.I.
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Net income at banks fell 4.6% year over year in the third quarter, though it remained above pre-pandemic levels, according to the latest Quarterly Banking Profile. FDIC Chairman Gruenberg cautioned about deteriorating commercial real estate loans and unrealized losses on securities in a high interest rate enviroment.
November 29 -
Moderate Democrats on the Senate Banking Committee voiced concerns about the impact of the Basel III endgame proposal on small businesses and minority communities, saying regulators should consider revisions or an extended comment period.
November 14 -
The Financial Stability Oversight Council enhanced its powers to designate nonbank financial institutions as systemically important Friday, emphasizing transparency and the need to protect financial stability.
November 3 -
Banks and dissenting policymakers have raised the possibility of challenging regulators' Community Reinvestment Act overhaul in court, but it remains unclear whether they intend to walk the walk.
October 25 -
After years of discussion among regulators, the Federal Reserve Board has approved changes to its CRA rules that will base compliance exams on where lending occurs rather than branch locations. The updates — set to take effect in January 2026 — also emphasize lending in lower-income areas as well as community development loans and investments.
October 24 -
The Department of Justice reached a $9 million settlement Wednesday with Westerly, R.I.-based Washington Trust over race-based lending discrimination and redlining in the state, saying the bank denied lending services to Black and Hispanic neighborhoods from 2016 to 2021.
September 27 -
Federal Deposit Insurance Corp. Chairman Martin Gruenberg said Wednesday he wants to see tailored enhanced prudential standards and increased reporting requirements for specific nonbank financial institutions like open-ended mutual funds, hedge funds, and nonbank lenders, citing their potential systemic risks and the need for improved oversight.
September 20 -
The Federal Deposit Insurance Corp. acknowledges in a new report that it didn't adequately monitor First Republic Bank's uninsured deposits, interest rate risk sensitivity and rapid growth — and as a result left the bank vulnerable to contagion.
September 8 -
The FDIC is launching joint ventures to market $33 billion of commercial real estate loans from the failed Signature Bank, prioritizing its statutory obligation to preserve low-income housing availability.
September 5 -
Banking regulators have been debating how to reform the implementing regulations for the Community Reinvestment Act across two presidential administrations. But despite banks' urging to slow down, regulators are poised to finish the job in early fall.
August 24