WASHINGTON - U.S. banks' have put the worst of their problems behind them, Federal Reserve Governor Susan Phillips said Tuesday.

Speaking to a meeting of the Virginia Bankers Association in White Sulphur Springs, W. Va., Ms. Phillips said nonperforming loans are beginning to decline and banks are benefiting from the widest net interest margins in many years.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.