A week after doing a 180-degree change in direction with the $700 billion dollar bailout, Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke on Tuesday defended their choice. The plan is now focused on infusing liquidity into banks to increase lending to consumers, rather than buying up toxic...
I was watching CNN this morning, and one of the stories they covered was that of President-elect Obama's selecting his cabinet. In a poll taken regarding this topic, 41% of respondents identified the Secretary of the Treasury as the most important position to be filled; Secretary of State was a distant second at 25%....
At a time when resources are tight and risks are abundant, many banking institutions are going mobile.
This is one of the findings of the recent Banking Confidence Survey, wherein 41% of respondents say their immediate business objectives include investment in new and enhanced services such as mobile banking. Their...
As the $700 billion bailout bill was signed into law on Friday, October 3, a tiny, troubled credit union was closed by the National Credit Union Administration (NCUA) and the Texas State Department of Credit Unions. The TEXDOT-WF Credit Union of Wichita Falls, TX was the 12th credit union to fail in 2008.
Stepping...
This week's news begins with word that banking giant Citigroup will slash more than 50,000 jobs over the next year due to the souring economic outlook. These cuts are in addition to the 22,000 already announced to cut the bank's 375,000 staff. The latest cuts total 20 percent of Citi's workforce.
This news is on...
US Secretary of the Treasury Henry Paulson on Wednesday changed where money will be directed from the $700 billion economic bailout. The Troubled Asset Repurchase Program, better known as TARP, will no longer buy back from banks their failed mortgages because Paulson cites that faster relief from the economic crisis...
American Express, one of the most recognized brands in the world, with assets of $127 billion, is transforming into a bank holding company in order to strengthen its position in the uncertainty and turmoil of the global economy.
State-chartered credit unions may think they've at least temporarily dodged the enforcement bullet re: the Identity Theft Red Flags Rule. But just because the Federal Trade Commission (FTC) pushed back the compliance enforcement deadline for these institutions doesn't mean that they can take a break, industry experts...
Worries over consumer spending, the ongoing mortgage crisis and the federal bailout are all top of mind for financial institutions on Thursday, as Wall Street heads toward a lower opening with the Dow down more than 150 points initially. Investors and economists remain stumped about how bad the global economic slump...
Interview with Banking/Security Expert Bill Sewall
As of Nov. 1, banking institutions are now eligible to be examined by federal regulators for compliance with the new Identity Theft Red Flags Rule.
So, what should banking/security leaders expect from their initial examinations?
In an exclusive interview,...
OK, so first came the subprime mortgage debacle, and it was bad.
Then came the global credit crunch, and it was worse.
Reading the economic tea leaves, the feds in October swept in with a $700 billion economic relief package designed to bail out some of the nation's troubled financial institutions. So, then we...
With double-digit unemployment, central Michigan saw today's financial crisis long before much of the rest of the nation. And Dennis Angner has been front and center to see it.
Past chair of the Michigan Bankers Association, Angner is CEO if Isabella Bank Corp., a $1.5 billion community banking institution. In this...
On Nov. 4, America elected Democrat Barack Obama as its next President, and the Democratic Party also cushioned its majorities in both the House and Senate.
So, what does a Democratic federal government portend for the U.S. banking industry?
In an exclusive interview, Stephen Verdier, Senior Vice President and...
One night in early October, Harbor Credit Union of Green Bay, WI, warned its members of a recent mass of robocalls. "An automated dialer started phoning people and telling them that their account had been compromised, and asking them to enter information," says Mike DeGrand, president of the institution. People were...
Two more bank closures last Friday capped a tumultuous week for the U.S. economy and stock market. And on Monday, the week began with news that the federal government is poised to invest $40 billion in troubled insurance giant AIG.
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