Last month, Ford Credit Bank, Salt Lake City, UT submitted an application for deposit insurance to the FDIC with the intention of opening a new Industrial Loan Company (ILC) in Utah. This is not the first time Ford has sought…
Category: Jumbo Rate News
Rough Road for Farmers & Their Banks
Covid notwithstanding, the last 18 months seem to have been particularly challenging for our nation’s farmers and ranchers. In that year and a half, the Office of the Comptroller of the Currency (OCC) has issued six different proclamations allowing banks…
What You Need to Know About Crypto
The following was released by the Federal Deposit Insurance Corporation (FDIC) on Friday, July 29, 2022. BauerFinancial felt it was important enough to repeat in its entirety: For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today published the Fact Sheet:…
Credit Union Industry’s Growing Footprint
As the nation’s banking industry continues to contract, losing more than 3,000 branch offices in the 12 month period ending March 31, 2022 (JRN 39:27), credit unions are growing their presence, albeit slowly. During the same 12 month period, federally-insured…
Credit Card Fees: More than Meets the Eye
In keeping with its mandate to protect the collective wallets of U.S. consumers, the Consumer Financial Protection Bureau (CFPB) is seeking information on late fees assessed by credit card issuers. Specifically, how late fee amounts are calculated, what are issuers…
50% of Branches Closed by these 9 Banks
The United States lost more than 3,000 bank branches in the 12 month period ending March 31, 2022. But not all banks are shedding branches. In fact, nine (Big) banks were responsible for more than half of the closures. The…
What You Need to Know About Rising Interest Rates
As you know (all too well) banks raise interest rates on loans well before doing so on deposits. Because of that, we expect to see increased profits and interest margins in second quarter bank call reports. Third quarter could be…
Minority Depository Institutions
As a nation of immigrants, we thought we would take the opportunity that Independence Day offers to us to champion our nation’s Minority Depository Institutions (MDIs). The first MDI on record was Freedman’s Savings & Trust Company, Lexington, KY, which…
The (Mortgage Refinancing) Party is Over
With a 1.5% increase in short-term interest rates in a three month period, the mortgage refinancing party is effectively over. Yet, total household debt (including mortgage loans) increased by $266 billion in the first quarter 2022. Balances, now at $15.84…
All New Credit Union Data Now Available
The Federal Reserve boosted short-term interest rates by three-quarters of a percent on Wednesday. That completes the removal of the 1.5% easing of credit (March 2020) intended to “stimulate” the economy during the Covid-19 shutdown. The target Fed Funds rate…