Payday loans typically come with very high annual percentage rates and are generally due in one lump sum, often on the date of the borrower’s next paycheck. As a rule, the lender does not take into consideration the borrower’s ability…
U.S. Banks Lost Over 45,500 Jobs in 2023
The number of full-time equivalent (FTE) U.S. bank employees dropped 2.2% during calendar 2023 for a loss of over 45,500 jobs. Over 75% of those job losses came from just nine banks with 4-Star Wells Fargo Bank, Sioux Falls, SD…
Cross Border Banking, Double the Fines
The number of U.S. banks under foreign company control is now much less than it was 15 years ago, but the assets at some of those banks, particularly those with Canadian company ownership, have grown tremendously. Canadian firms own currently…
Fed Waived its Magic Wand and Rates Stayed the Same
As the Federal Reserve holds out for signs that inflation is moving steadily down toward its 2% goal, the target Fed Funds rate remains between 5.25% and 5.50%. The downside to that is that banks will have to pay more…