A bunch of regional banks report this week, including Zions ( ZION), KeyCorp ( KEY), PNC Financial ( PNC), Fifth Third ( FITB), U.S. Bancorp ( USB) and Marshall & Ilsley ( MI). At 18.2% of IAT, U.S. Bancorp will have a large impact on this ETF, but the next 10 holdings also report, in addition to others. Within the top 20 holdings alone, companies representing more than two-thirds of the assets in IAT are reporting earnings. On Friday, Goldman Sachs ( GS) walloped the financial sector, and the regional bank ETFs, which had been outperforming, were not spared. However, the regional banks are not as involved with CDOs, and commercial real estate is the greater risk. Since the focus has turned to fraud and litigation, good earnings news this week may lead investors to separate the financials, as they have been doing in 2010, clearing the way for regional banks to lead a market rebound.