Delinquency numbers from the third quarter of 2017, released by the American Bankers Association, reveal a slight uptick in delinquencies for closed end loans such as personal and auto loans, and a modest decline in certain open-end loans, such as credit cards. Overall, delinquencies fell in 5 and rose in 5 of the 11 individual consumer loan categories tracked. [Continue]
A federal judge ruled in favor of President Donald Trump’s choice as acting director of the CFPB on Wednesday, denying deputy director Leandra English’s request for a preliminary injunction. The ruling furthers Mick Mulvaney’s claim to the position until the President nominates a permanent choice for Senate confirmation. [Continue]
Mackinac Financial Corp., the largest bank headquartered in Michigan’s Upper Peninsula, announced late Tuesday its intent to purchase First Federal of Northern Michigan Bancorp and its wholly-owned subsidiary, First Federal of Northern Michigan, Alpena, in an all-stock acquisition. With the addition of First Federal $320 million in assets, Mackinac’s subsidiary, mBank, Manistique, will become a $1.3 billion institution. [Continue]
Busey Bank, Champaign, Ill., has completed its second merger of the year, most recently with South Side Trust & Savings Bank, Peoria, Ill., and one this summer with First Community Financial Bank, Joliet, Ill. [Continue]
Equity Bank, Andover, Kan., has received approval to complete its previously announced mergers with Eastman National Bank of Newkirk, Okla., and Patriot Bank of Tulsa, Okla. [Continue]
The CFPB issued principles for protecting consumers when they authorize third party companies to access their financial data to provide certain financial products and services.
The CFPB said the principles are intended to help foster the development of innovative financial products and services, increase competition in financial markets, and empower consumers to take greater control of their financial lives. The principles affirm, to all stakeholders, that consumer-authorized financial data needs to be protected. [Continue]
Independent Bank, Grand Rapids, Mich., and Traverse City State Bank, Traverse City, Mich., are combining. The transaction is anticipated to close in the first half of the year. After the closing, Traverse City State Bank will operate as Independent Bank and maintain all five of its branches. One member of Traverse City’s board of directors will join Independent’s upon completion of the transaction. [Continue]
Richard Cordray, director of the Consumer Financial Protection Bureau, stepped down Nov. 24. While President Trump has the right to name Cordray’s permanent replacement, an argument broke out over who would be the bureau’s interim director. [Continue]
Anything that is alive has a “beat,” and we are dedicated to covering that beat in banking. We have formally adopted the BankBeat name as an update on the NorthWestern Financial Review name for our online delivery. Later this year, this change will be reflected in our print magazine. We believe BankBeat is a better moniker for a multi-modal news organization, which not only reviews the latest banking industry developments, but analyzes them and brings intelligent information to the industry discussion table, something we’ve done under the NorthWestern Financial Review name since 1988. [Continue]
An S&P Global Market Intelligence report indicated while the rate of digital lending growth may begin to slow in the next few years, albeit still growing overall, banks need to emphasize their digital and mobile capabilities more than ever. Specifically, mobile apps have moved from a luxurious perk to an absolute necessity for banks as demanded by their customers. [Continue]