dd to capital reserves or slim your operation down. And this time, we mean it, courtesy of your own shareholders.
That’s the message of a bill introduced on Feb. 11 by U.S. Rep. Michael Capuano (D-Mass.). HR 888, the Subsidy Reserve Act of 2015, would apply to nonbank financial companies supervised by the board of governors of the Federal Reserve, and bank holding companies with total consolidated assets of $500 billion or more to establish and maintain a subsidy reserve.
Last July, the U.S. Treasury issued regulations allowing Qualified Longevity Annuity Contracts as tax-deferred annuity products. The new rules allow deferment distribution of payments, within qualified retirement plans, until up to age 85, far beyond the required minimum distribution age of 70 Â½.
Digital online, remote deposit capture and mobile payment systems are growing rapidly, but they haven’t eclipsed the growth of the analog lockbox yet. For some banks – and their customers – the lockbox remains a payment system staple, and not just because of a fondness on the part of banks for retro technologies.
The emergence of peer-to-peer (P2P) lending as a vehicle for non-banked or underbanked people to get business loans and to develop or improve their credit history has become a financial feel-good story in an era of financial re-adjustment.
Bank customers, particularly those of the larger banks, are used to email and phone inquiries asking them about their experience with a recent branch or online transaction.
Worcester Housing Authority Executive Director Raymond V. Mariano was ready to launch a groundbreaking new public-housing program, after receiving an Aug. 14 approval letter from the Massachusetts office of the Office of Housing and Urban Development (HUD). But on Sept. 22, HUD rescinded its approval, saying it had been in error, just as Mariano was ready to send thousands of notification letters to WHA public housing residents.
If it were possible to legislate good times for all, banks wouldn’t be caught between the requirements of the 1977 Community Reinvestment Act and today’s broadened definition of â€œredlining,â€ a term with antecedents in early 20th century maps in which zones termed as high-risk lending environments were highlighted in red, as opposed the blue, yellow and green hues of more economically-sanguine districts.
Sharon Birchall knows that the difference between financial soundness and financial instability can be determined by a few simple decisions and practices, consistently carried out. She also knows that for many on the financial edge, it’s not easy to talk about their situations to a financial-institution staffer – particularly when their financial standing is on the line as they apply for loans or other products and services.
Talking with Linda Lagoy is like talking to a good neighbor.
Keefe Bruyette & Woods Analyst Nishil Patel minced no words last month when he told global financial and business news provider SNL Financial that the potential selling bank list compiled by KBW is marked by institutions whose CEOS â€œtend to be pretty old.â€
A recently-issued study by the Federal Reserve Bank of Boston shows that poverty in the suburbs is far more pervasive in higher-income census tracts than previously thought.