A new report from the Federal Deposit Insurance Corp. finds bankers are increasing the money they set aside for bad loans.
A recent FDIC report found that community bank profits rose last quarter, thanks to fee income from PPP loans and mortgage refinancing.
About 75% of small businesses sought Paycheck Protection Program loans and about 72% of them got PPP loans, according to the Census Bureau.
Laurie Stewart, CEO of Seattle-based Sound Community Bank, says the bank has made more than 700 loans through the program.
“For every loan we made, I had another one in the pipeline,” said Laurie Stewart, CEO of Sound Community Bank in Seattle.
Fair housing advocates are concerned about a pending vote in the Senate that would relax banking rules on reporting loan data. Click the audio player above to hear the full story.