April 20 – The pace of expansion in the U.S. economy was equally split between “modest” and “moderate” in reports from the Federal Reserve’s 12 district banks for the April Beige Book. Economic activity increased in each of the districts between mid-February and the end of March and the pickup was evident to varying degrees across economic sectors.
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November 18 – The Federal Reserve Board announced it is broadening the scope of post-employment restrictions that apply to Federal Reserve bank senior examiners and officers. (more…)
August 17 – Metro City Bank recently broke ground on a new, larger branch in Doraville, Ga.
By Robert Mendez
As a board member or a member of the bank’s executive team, understanding the levels of risk you’re accepting for your bank, your customers and for yourself is essential. CEOs and executives of non-banking firms, such as Target, have lost their jobs because they didn’t understand the cybersecurity risks their businesses were accepting. Bankers have additional concerns about financial risks and the penalties regulators may assess if cybersecurity risks are not being effectively managed by the board.
February 1 – The nation’s banks stopped more than $8 out of every $10 of attempted deposit account fraud in 2014, according to the 2015 American Bankers Association Deposit Account Fraud Survey Report. While attempted fraud against bank deposit accounts reached $13 billion, banks’ prevention measures stopped $11 billion in fraudulent transactions. Fraud against bank deposit accounts cost the industry $1.9 billion in losses an increase from $1.7 billion in 2012. (more…)
November 30 – Signature Bank, a New York-based full-service commercial bank, has announced that President and Chief Executive Officer Joseph J. DePaolo was named the recipient of the Alfred B. DelBello Visionary Award by the Westchester County Association, the leading business membership organization in Westchester County, focused on economic vitality and development in Westchester and the surrounding region.
July 27 – In the highly competitive auto lending environment, the level of service provided, including technology and a collaborative and consultative staff, is more important than price, as dealers are willing to pay a premium for high-quality service, according to the J.D. Power 2015 U.S. Dealer Financing Satisfaction Study. (more…)
March 12 – Electronic invoicing and payment provider Viewpost IP Holdings LLC is looking to build on growth in business-to-business payment processing by connecting buyers and suppliers through its free-to-join online portal. CEO Max Eliscu compares his company’s portal, launched last fall, to Facebook or LinkedIn, except instead of browsing old bosses’ profiles, buyers and suppliers use their Viewpost pages to get paid.
July 10 – The Consumer Financial Protection Bureau has taken enforcement action against ACE Cash Express, one of the largest payday lenders in the United States, for pushing payday borrowers into a cycle of debt. The CFPB found that ACE used illegal debt collection tactics – including harassment and false threats of lawsuits or criminal prosecution – to pressure overdue borrowers into taking out additional loans they could not afford. ACE will provide $5 million in refunds and pay a $5 million penalty for these violations.
July 2 – John M. Floyd & Associates, a provider of profitability and performance-improvement consulting for more than 35 years, was named a recipient of the 2014 Five*Star Award by the Independent Bankers Association of Texas (IBAT) at the association’s Leadership Conference General Session held Friday, June 27, in San Antonio. The Five*Star Award recognizes IBAT Associate Members who routinely provide not just excellent service, but innovative solutions that help community banks grow faster, enhance profits, gain efficiency and shine.