Latest Federal Deposit Insurance Corporation News

FILE - In this March 24, 2020 file photo, a Chase bank employee, right, disinfects the branches ATMs to fend off coronavirus as a customer uses another in the Flushing neighborhood of the Queens borough of New York. The U.S. banking industry’s second quarter profits fell by 70% from a year ago, the FDIC said Tuesday, Aug. 25 as low interest rates and the economic turmoil of the COVID-19 pandemic weighed heavily on big and small banks alike. (AP Photo/Mary Altaffer, File)

Bank profits slump 70% as virus rakes businesses, households

Aug. 25, 2020 5:29 PM EDT

NEW YORK (AP) — The U.S. banking industry’s second-quarter profits fell by 70% from a year ago as low interest rates and the economic turmoil of the COVID-19 pandemic weighed heavily on big and small banks alike. The Federal Deposit Insurance Corp. said Tuesday that total bank profits across 5,066...