Community credit unions typically must serve a well-defined community, neighborhood or rural district, but there are exceptions. One such exception is for “underserved” areas. A federal credit union may be allowed to expand outside its defined area if the target…
Insider Loans Top $37 Billion
Last year at this time, we reported on a new rule that would allow businesses owned by bank insiders to apply for Small Business Administration Paycheck Protection Program (PPP) loans (JRN 38:08). There was widespread concern that these loans would…
Some Banks Turning Away from Banking
The Federal Reserve will almost certainly raise short-term interest rates when it meets on March 15/16. It will also publish its summary of economic projections which will shed light on whether its leanings are towards another increase in May. At…
4 Big Banks Account for 37% of 2021 Branch Closures
The U.S. lost over 2,900 bank branches in 2021. While that represents less than 3.5% of the total, it is a new record. The previous record was set in 2020 as COVID began nudging consumers toward mobile banking. Clearly, that…