News
"Jamie Santistevan, senior vice president of risk and compliance for $273 million-asset Native American Bank, N.A., is staying alert to support risk management and compliance. 'First, we're watching changes to the beneficial ownership reporting rules from FinCEN,' he says. 'We're concerned about a lack of specific guidance to both banks and businesses clarifying data collection and reporting requirements.'"
"Spring Bank has only one branch, which is located in the Bronx, New York, but it is a member of the MoneyPass ATM network, which has around 40,000 surcharge-free ATMs nationwide, and offers fee-free access to Citibank branch ATMs. It also has a highly rated mobile app.
The U.S. Treasury has designated Spring Bank as a Community Development Financial Institution (CDFI), in recognition of the investments and loans the bank makes in low- and moderate-income communities in New York City.
The bank offers competitive yields on checking, savings and money market accounts and CDs. Opening deposit requirements are low for most accounts."
"The New York Fed's Educational Comic Book Series brings readers on an out-of-this-world journey to teach about basic economic principles and the Federal Reserve's role in the financial system.
For classroom or independent learning, the series is created for students of all ages, and stimulates curiosity and raises awareness of careers in economics and finance. In addition, lesson plans created for each comic book meet national and state standards for New York, New Jersey, and Connecticut.
Comic books are available to students, teachers, and community organizations at no charge. Download your digital copy below. Educators may use the online form to request free printed copies by mail."
"Launching a small business takes capital, and many entrepreneurs who find themselves not eligible for funding from traditional banks turn to CDFIs for financial support. But, CDFIs can also have limited resources and operate under constraints. For instance, they may fund loans but not have the capacity to invest in their own marketing, technology or staff retention.
Scale Link is working to change that."
"A surge in brokered deposits is pushing US banks' wholesale funding near levels that prevailed in 2018 and 2019 as funding costs continue to reset higher.
Brokered deposits, which tend to be high cost and generally do not represent direct customer relationships, increased 7.4% sequentially to $1.295 trillion in the third quarter, making the funding type the largest among wholesale categories, according to data from S&P Global Market Intelligence. Overall wholesale funding increased 2.9% to $3.285 trillion."
"United Bank has provided $350,000 in soft financing to The Gateway Companies for the new construction of Hill at Sand Mountain Apartments, a 56-unit multi-family affordable housing complex in Rainsville, Alabama. The soft financing is funded through United Bank's 2020 Capital Magnet Fund award from the CDFI Fund division of the US Treasury Department. United Bank is also providing $2.5 million in construction financing to the project through its participation in Synovus Bank's $11.9 million construction facility."
"Homeownership has become a pipe dream for more Americans, even those who could afford to buy just a few years ago.
Many would-be buyers were already feeling stretched thin by home prices that shot quickly higher in the pandemic, but at least mortgage rates were low. Now that they are high, many people are just giving up."
"Redlining has been around forever, and was even condoned by the government when the Home Owners Loan Corporation published maps circling 'hazardous' neighborhoods that banks should avoid.
Weblining is modern-day redlining by credit card, fintech, internet and other branchless banks paying high rates on the World Wide Web to vacuum up deposits without any required reinvestment."
"From local scout troops to hospitals and housing development organizations, banking nonprofits have turned into big business for many community banks.
At Beneficial State Bank in Oakland, Calif., nonprofits account for 33% of the total client portfolio, encompassing nearly 1,000 different groups. 'It is really an important vertical for us,' says Mary Edmeades, vice president and client treasury manager at the $1.7 billion-asset community bank."
"Former Speaker Kevin McCarthy, Republican of California, who made history as the first speaker to be ousted from the post, announced on Wednesday that he would leave the House at the end of the year but said he planned to remain engaged in Republican politics.
Mr. McCarthy's resignation, which he announced in an opinion essay in The Wall Street Journal, will bring to a close a 16-year stint in Congress in which he rose from a member of the self-proclaimed 'Young Guns' — Republicans driving to build their party's majority in the House — to the position second in line to the presidency."