With constantly changing rules and rising fear that the loans may not be forgiven, the stampede for Paycheck Protection Program Loans (PPP) money slowed to a trot. Phase 1 dollars were all tapped in less than weeks; as of June…
Banks Report Lowest Net Income in a Decade
First quarter 2020 net operating income at the nation’s banks was $43.1 billion lower than a year ago. That’s a 71.6% drop, and the lowest number we’ve seen since the last recession. Some of that decrease can be attributed to…
Industrial Banks Stage a Comeback
Industrial Banks or Industrial Loan Companies (ILCs) are state-chartered, FDIC-insured depository institutions subject to the same regulations as other bank charter types. Only a handful of states allow the charter. Utah in particular, has always been very open to the…
New Bank Star-Ratings and a Gaping CBLR Hole
It’s been quite a year so far. And with so much going on, one very important change in bank reporting has gone largely unnoticed by the public and the media. In an effort to ease regulatory burden for well-capitalized community…
CRA was Now or Never for Joseph Otting
Joseph M. Otting steps down as Comptroller of the Currency effective Friday, May 29th. But before leaving, he made sure that years of work towards improving the Community Reinvestment Act had not been done in vain. The agency went solo…
Otting CRA: Now or Never
Joseph M. Otting steps down as Comptroller of the Currency effective Friday, May 29th. But before leaving, he made sure that years of work towards improving the Community Reinvestment Act had not been done in vain. The agency went solo…
Doing Well While Doing Good
As you know, many banks are offering special emergency concessions to customers affected by COVID-19, whether it be from illness or job insecurity. Some banks are waiving overdraft and/or late payment fees. Others are granting payment extensions or forbearance on…
Unemployment Begets Bad Debt
Chairman of the Federal Reserve, Jerome Powell, made some poignant remarks in a speech on Wednesday. What we found particularly disheartening was that: People who had a job in February and whose annual household income was less than $40,000 stood…
Debt, Delinquencies, Unemployment, All Up
Thanks to the New York Fed, we are getting our first glimpse into first quarter numbers, and it’s not a pretty sight. Household debt hit a new record at $14.3 trillion. That’s not a surprise; it’s been rising every quarter…
Debt and Delinquencies Up
Thanks to the New York Fed, we are getting our first glimpse into first quarter numbers, and it’s not a pretty sight. Household debt hit a new record at $14.3 trillion. That’s not a surprise; it’s been rising every quarter…