Net farm income will increase 13.8 percent this year to $160.5 billion as operating expenses also continue to rapidly rise, according to the U.S. Department of Agriculture’s December 2022 Farm Income Forecast. The jump in farm income follows a 49.3 percent surge last year. “When prior years are adjusted for inflation, net farm income is … Read more
Credit unions have acquired a record number of banks this year following a spike of activity in the final weeks of 2022, according to S&P Global data. The record-setting 14th deal occurred Dec. 16 when LGE Community CU, Marietta, Georgia, agreed to buy Greater Community Bank, Rome, Georgia. The previous record of 13 was set … Read more
The Consumer Financial Protection Bureau fined Wells Fargo $3.7 billion for consumer auto and mortgage lending violations. [Continue]
Dubuque, Iowa-based Heartland Financial USA recently settled a months-long public dispute with board member Lynn Fuller. [Continue]
U.S. financial service firms are most concerned about keeping up “with the volume, scope and breadth of regulatory changes” heading into the new year, according to Wolters Kluwer’s annual Regulatory & Risk Management Indicator survey. The survey, taken from July 27 to Sept. 9, included responses from 328 firms. Concern over new regulations jumped considerably, … Read more
The Midwestern economy is improving heading into 2023, according to Creighton University’s monthly Rural Mainstreet Index. The RMI, which tracks the sentiments of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy, rose five points to 50.1 this month, the first time the reading has been above the growth-neutral score … Read more
Manufacturing output fell by 0.6 percent in November but remained 1.2 percent above its year-earlier level, according to the Federal Reserve. “Decreases were broad-based across market groups with the primary exceptions of consumer energy products, energy materials, and defense and space equipment,” the Fed stated. “The output of consumer durables fell about 2 percent, led … Read more
Small businesses’ optimism increased in November but remained below average as rising interest rates, inflation and worker shortages continued to pose problems to their companies, according to the National Federation of Independent Business. The index for small business optimism increased by 0.6 points in November to 91.9, the 11th straight month of the reading falling … Read more
Consumer sentiment increased in November but remained historically low, according to December’s University of Michigan Surveys of Consumers. The index for consumer sentiment increased by 4 percent to 59.1, which is still 16.3 percent lower than the reading of 70.6 in December 2021. The index for current economic conditions increased by 2.4 percent to 60.2, … Read more
Paycheck Protection Program fraud disproportionately originated from fintechs due to executive greed and lax outside oversight, according to a staff report from the Senate Select Subcommittee on the Coronavirus Crisis. The subcommittee urged the Small Business Administration to review whether fintechs should be allowed to participate in future emergency public lending programs. The report recommended … Read more