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Stock impact report

Big banks get to keep $5 billion more a year thanks to FDIC [MSN Money]

JP Morgan Chase & Co. (JPM) 
Last jp morgan chase & co. earnings: 4/14 06:43 am Check Earnings Report
Company Research Source: MSN Money
© Bloomberg Pedestrians pass in front of a JPMorgan Chase & Co. bank branch stands in Chicago, Illinois, U.S., on Tuesday, July 10, 2017. JPMorgan Chase & Co. is scheduled to release earnings figures on July 13. (Bloomberg) -- Big U.S. banks that are already smashing profit records will soon get a $5 billion windfall, courtesy of the federal government. The Federal Deposit Insurance Corp. announced Tuesday that lenders will no longer have to pay quarterly surcharges that cover some of the costs of insuring their customers’ deposits. Megabanks such as JPMorgan Chase & Co. and Bank of America Corp. shell out the lion’s share of such payments, which amount to about $5.2 billion annually. Load Error Large banks have been paying the charges for years to replenish an FDIC insurance fund that was wiped out by the 2008 financial crisis. But now that the regulator has hit a funding target required by the Dodd-Frank Act, it’s ending the extra assessments. Banks will s Show less Read more
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