Wells Fargo reported record net income of $18.9 billion in 2012, which was up 19 percent from 2011. During the fourth quarter, the bank had record net income of $5.1 billion. The Federal Deposit Insurance Corp. attributes banking’s successful year to higher income and lower provisions for loan losses. (Associated Press)
ASSOCIATED PRESS Federal Deposit Insurance Corp. Chairman Sheila C. Bair is leaving stepping down as one of the government's top bank regulators, ending a five-year term in which she helped craft the government's response to the 2008 financial crisis.
** FILE** Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair testifies on Capitol Hill in Washington, Thursday, Feb. 17, 2011, before the Senate Banking Committee hearing on the Dodd-Frank law, the sweeping financial reforms passed six months ago to prevent a repeat of the economic crisis. (AP Photo/J. Scott Applewhite)
ASSOCIATED PRESS The federal ethics office said FDIC Chairman Sheila C. Bair received a retroactive waiver for mortgages she took out with Bank of America while working on the bank's government rescue, but it found no evidence the loans influenced her actions.
