Banks or Credit Unions: Five bank transfer tips for consumers in lieu of legislation

April 9, 2012 By Leave a Comment
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A legislative bill in Congress may allow credit unions to engage in more small business lending, and any consideration of a financial institution change will be a different experience. A few tips are below for a brief comparison analysis of bank to crest union. As a former financial services executive, a diverse professional experience did include exposure to both commercial banks and credit unions. The diverse exposure to both industries does provide insight to the internal differences of technology and organizational structure when transferring a banking relationship. Consumers are exposed to many opinions about the best choice of institution to house a banking relationship, and opinion is irrelevant(i.e. my opinion) when information is a better tool to insure "a change will do you good. Therefore, the following five tips should be explored in a comparison analysis of your current bank and a potential new bank or credit union. 1) Direct Deposit Access and/or Funds Availability: … [Read more...]

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JP Morgan’s announcement boost bank stocks

March 14, 2012 By Leave a Comment

JP Morgan Chase (NYSE: JPM) made the last hour of trading even hotter with the bank's dividend and buyback announcement. The Federal Reserve gave the US largest bank by assets the blessing to raise the dividend on the bank's stock by a nickel to 30 cents a share and allowing a plan buyback of $15 billion of its stock. This announcement was just before the Federal Reserve Bank's Stress Test release by the Federal Reserve Bank on 19 banking institutions, and the performance results were made public after the 4pm market close. The blessing by Federal Reserve was more good news for the markets as the Dow surged 218 points, and the NASDAQ closed above 3000. JP Morgan did lead the industry in announcing the increase on dividends paid to its shareholders.JP Morgan Chase was up 7% to 43.39 at close of business today.... However, many banks and financials were a benefactor on JP Morgan’s announcement late Tuesday. The following DC banking/financial institutions did see significant … [Read more...]

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Rapid reaction via TARP diverts collapse at the cost of accountability

March 3, 2012 By 3 Comments
TARP

Posted by donnywise | Posted in Consumer and Banking Analysis | Posted on 13-04-2010: Examiner.com In a January 2010, Harvard Law School reviews the success of the TARP program. The Troubled Asset Relief Program or TARP was $700 billion fund authorized under the Emergency Economic Stabilization Act of 2008 (EESA) to provide liquidity directly to banks to stabilize the financial system in lieu of the credit collapse of 2008. As the report discloses, Congress had established a broader set of objectives in the passage of TARP including resumption in lending by the banks, a recovery in the job market, and reduction in foreclosures. The report recognizes TARP for bringing stability to the markets, but the broader objectives were still challenges to the real economy. As we approach 18 months after the passage of TARP, banks are not lending to consumers and small businesses, unemployment is 9.7% and no private sector job recovery is foreseeable, and the foreclosure crisis is … [Read more...]

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Greece Crisis is America’s (2010)

March 3, 2012 By 5 Comments
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EXAMINER: GREECE CRISIS Posted by donnywise | Posted in Consumer and Banking Analysis | Posted on 01-05-2010 The downgrade on Spain by Standard & Poors did spark immediacy into a reluctant Chancellor Merkel in being proactive on behalf of Germany and the European Union (EU) to engage the International Money Fund (IMF) in joint negotiations to develop a three-year financing plan of around $130 billion euros or $170 billion dollars to ease the fiscal crisis of Greece. The decisive measures are easing concerns on the imminent default by Greece. The negotiations are with many obstacles to derail the process as Chancellor Merkel is taking steps that are very unpopular in Germany to bailout a country that has been dishonest in reporting figures and statistics to gorge on debt until this crisis point. In addition, the austerity measures in the massive cuts in the budgetary expenses of Greece must be agreed under the IMF and EU stabilization plan. The citizens of Greece are … [Read more...]

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Inside Banking: DC Banks earnings, FHFA reconsideration, and Shareholders first

March 2, 2012 By 1 Comment
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Donny Wise: DC Consumer Banking: Examiner.com - The health of the banking industry is at the forefront in the consideration of a sustainable economic recovery. In addition, the health of the industry can be measured through performance, market indicators including foreclosures and housing, and corporate responsibility of banks to implement business models and strategies to foster a safe and prepared industry. The local indicator in DC banking is the recent report in the Washington Business Journals stating that earnings were up for the 40 local banks in the fourth quarter of 2011. The market indicator is the recent urgent request by lawmakers for the FHFA to follow reconsideration mortgage loans to assist homeowners underwater in a mortgage loan. Third, the reckless behavior of the banks are still alive in the current economic uncertainty as banks were allowed to pay $33 billion in dividends to shareholders, and this move was allowed by the Federal … [Read more...]

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Bank of America’s “stay the course” banking model

March 2, 2012 By 5 Comments
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  Donny Wise: DC Consumer and Banking: Examiner.com-Bank of America has made one truth evident this week in lieu of recent news about dealings with Fannie Mae and New Bank Fees being considered by the bank. The one truth at Bank of America is the stubborn resistance for the bank to pursue fundamental change, and the stay the course motto is alive and well albeit the same policy has brought the bank to the edge of the abyss. The foreclosure fiasco with Countrywide has brought enormous losses to the bank, and future losses and litigation costs threaten to undermine the future of the bank In addition, the public relations nightmare has haunted Bank of America as the public has made the bank public enemy number one in the bank blame game for excessive fees and foreclosure crisis. In lieu of these issues, the survival of the bank would constitute change in practice or behavior, but the news show a bank determined to “stay the course” to meet some internal goal with … [Read more...]

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FDIC shuts banks in Georgia and Minnesota, DC Troubled Banks, and One in Three Unbanked

February 25, 2012 By 3 Comments
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The number of DC banks on the unofficial FDIC Troubled Bank List remains steady at eight. The unofficial version of the FDIC Troubled Bank list can be found at the calculatedriskblog.com. The FDIC did shutdown two banks in Georgia and Minnesota. The two bank failures this Friday did bring the number of failures for 2012 to 11 in comparison to 23 at the same time in 2011. The closing of the bank in Georgia is after four Georgia banks came under FDIC scrutiny in February. The FDIC did find a buyer for the Georgia bank, but no buyer was found for the bank in Minnesota. The FDIC will cut checks to these customers for the amount of the insured funds. In the world of the unbanked, 30 million consumers are unable to obtain mainstream checking or account services due to bank sharing information like Chex Systems and Credit Bureau Reporting for delinquent checking accounts. Meredith Whitney is analyst of banking institutions, and her recent remarks show the number of unbanked customers in … [Read more...]

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The End of and Era: RBC/Centura Bank merger with PNC brings a finality

February 24, 2012 By 1 Comment
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DC banking consumers take notice as PNC Bank is poised to expand the bank’s footprint south to Florida and Birmingham, Alabama. PNC’s gain is a major loss for the state of North Carolina. The end of a banking era approaches rapidly as RBC Bank will close at 4pm on March 2, and reopen March 5 as PNC. RBC Bank formerly RBC Centura or Centura Bank was HQ in Rocky Mount, NC until moving the US banking HQ to Raleigh, NC after Centura Bank was acquired by Royal Bank of Canada. Centura Bank was an Eastern North Carolina bank before making several acquisitions including the 2000 Triangle Bank merger to spread the bank’s footprint beyond Eastern NC with 250 branches in North Carolina, South Carolina, and Virginia by the 2001 merger announcement with Royal Bank of Canada. The employees and customers of RBC will not hear the infamous city names of Raleigh and Rocky Mount as the command center for the bank. PNC is Pittsburgh, Mid-Atlantic, and Northeast with DC and Philly are … [Read more...]

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ABA states concerns over Obama’s mortgage relief proposal

February 3, 2012 By Leave a Comment

President Obama did use the State of the Union to outline his administration's proposal to provide homeowners with privately held mortgages not backed by Fannie Mae or Freddie Mac to have the opportunity to refinance at record low rates for borrowers with good credit but underwater on their mortgage loan. President Obama spent Wednesday detailing the proposed mortgage relief program at the James Lee Community Center in Falls Church, VA. The entire fact sheet on the proposed mortgage relief program can be found at the FACT SHEET: President Obama’s Plan to Help Responsible Homeowners and Heal the Housing Market. The controversy is concerning on the paying for the mortgage relief by taxing banks up to 10 billion in “Financial Crisis Responsibility Fees” to help millions of homeowners refinance into cheaper mortgages. The republicans would be the first to object in an election year, but the American Bankers Association(ABA) has issued a statement with concern's over the proposed … [Read more...]

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Weiss Ratings of DC area banking institutions

February 3, 2012 By Leave a Comment
Downtown Washington, DC

Banks are starting to lend money to consumers and small businesses as fourth quarter 2011 show regional banks showing strong loan growth. In the DC market, 40 banks call the DC metro market home and many outside banks have a presence in one of the most lucrative markets in the country. The market search will uncover almost 1700 bank branches, and the decision to embark on a banking relationship is a monumental decision for a consumer or business owner. Several ways to discover information about a prospective financial institutional include stock and performance results via Zack's Investment Research, star ratings system with Safe and Sound  on BankRate.com, and financial strength on Weiss Ratings with access via TheStreet.com. In this analysis, the focus is on DC banking institutions financial strength via Weiss Ratings with A or Excellent ratings in the DC market. Only two banking institutions in the DC metro marketplace did score an A or Excellent according to Weiss. The … [Read more...]

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