Community banks continue to close their lobbies, and encourage online banking as a way to promote social distancing during the COVID-19 pandemic. At two Minnesota banks, all lobbies are closed, and in-bank services are available by appointment, but only after customers are screened through a series of questions. [Continue]
In the wake of the evolving novel coronavirus pandemic, community bankers are responding by widespread cancellations of large gatherings, enhanced sanitation efforts, and promotion of online banking services and remote work. [Continue]
The Office of the Comptroller of the Currency released a bulletin on March 13 advising banks to work with customers and communities affected by COVID-19. [Continue]
The Federal Reserve announced March 15, a Sunday, that it would cut interest rates to near zero. It was the Fed’s second rate cut in less than two weeks as the central bank attempts to stabilize financial markets as the coronavirus reshapes the very fabric of American life. Additionally, the Fed said it would restart … Read more
Federal and state regulators released a statement encouraging financial institutions to meet the financial needs of those affected by the coronavirus. [Continue]
Noah Wilcox, president, CEO and chairman of Grand Rapids State Bank, Grand Rapids, Minn., was elected 2020-2021 chair of the Independent Community Bankers of America. [Continue]
The Consumer Financial Protection Bureau has filed a suit against Fifth Third Bank over allegations it opened deposit and credit card accounts without customers’ knowledge or consent and transferred funds from consumers’ existing accounts into them. [Continue]
The Iowa Division of Banking and First American Bank, Fort Dodge, reached a settlement on March 6 that clears the way for the bank to sell to Green State Credit Union. [Continue]
The Iowa Superintendent of Banking has denied an application filed by First American Bank, Fort Dodge, Iowa, to cease business in relation to a deal to sell its assets and liabilities to a credit union. [Continue]
The Fed cut its benchmark interest rate by one-half of a percentage point, to between 1 percent and 1.25 percent, two weeks ahead of its scheduled FOMC meeting. [Continue]