FDIC-insured institutions made $70.4 billion in second quarter 2021, a $51.9 billion increase (281 percent) from a year ago as net interest margin continued its contraction and loans grew slightly. The increase was primarily due to a $73 billion (117.3 percent) decrease in aggregate provision expenses, reflecting economic growth and better credit conditions. [Continue]
Wisconsin’s Nicolet National Bank is reducing its branch footprint through closures and a sale. [Continue]
A Creighton University monthly economic survey is revealing healthy but slower growth expectations for the next three to six months for Midwest manufacturers. [Continue]
As drought conditions persist across much of the West and Upper Midwest, emergency haying and grazing is providing temporary relief for some farmers. [Continue]
Federal regulators late last week issued guidance for community banks to consider when they seek to partner with fintechs. [Continue]
Leadership of Michigan’s Union Bank gathered earlier this month to break ground on a new corporate office in Grand Rapids, Mich. [Continue]
Fintech-provided Paycheck Protection Program loans were “highly suspicious” at nearly five times the rate of loans from traditional lenders, and included billions of dollars in fraudulent loans. [Continue]
Federal Reserve Chair Jerome Powell today said the Fed is drawing closer to ending its increased support for the markets as economic growth continues despite the ongoing spread of the delta Covid-19 variant. [Continue]
A recent financial services consultant report found that a litany of factors have placed small business lenders at a competitive disadvantage to larger financial institutions and credit unions. [Continue]
More than half a dozen financial trade organizations are criticizing the Federal Reserve’s proposal to make at least two unaffiliated debit networks available on every debit card issued in the United States, including for card-not-present transactions. [Continue]