AP FACT CHECK: Bank sector not in ruins, despite Trump beef
COLUMBUS, Ohio (AP) — President Donald Trump is claiming that a federal banking watchdog has devastated the financial sector. An AP Fact Check finds that assertion is unsupported by the evidence that banks like best: profits.
Federally insured commercial banks and savings institutions have reported more than 5 percent growth in the third quarter, as well as growth last year.
Of more than 5,700 institutions reporting, more than two-thirds had year-over-year growth in quarterly earnings. The proportion of unprofitable banks fell.
There’s also a longer term measure of health: The Fed says 34 firms have added more than $750 billion in capital since 2009.
Trump’s beef is with the Consumer Financial Protection Bureau.
The bureau is at the center of a struggle over who’s in charge.