Ag professor: More workers needed to tame inflation
Growing the U.S. workforce either through more immigration or a higher birthrate will tame any future problematic inflation rates, according to a Purdue University professor. [Continue]
ABA Chair: Credit union deals at ‘inflection point’
Credit union purchases of community banks are at an “inflection point,” American Bankers Association Chair Jim Edwards said, bankers must advocate for the industry as they continue. [Continue]
SBA: Outreach during pandemic sparked economy, community banks
SBA Administrator Isabella Casillas Guzman said her organization has strengthened its relationship with community banks by increasing its number of preferred lenders and helping bankers navigate a sometimes complicated lending process. Guzman’s Aug. 16 comments came during a roundtable in downtown St. Paul as part of a nationwide tour intended to highlight the nation’s economic recovery from the pandemic and emphasize the importance of vaccinations to ensure further growth. [Continue]
Financial inclusion promoted at ABA Summit
Sen. Sherrod Brown (D-Ohio) asked bankers to keep “an open mind” as he refocuses the attention of the Senate Banking Committee on housing and urban affairs in addition to its traditional focus on banking. “This committee for too long has been all about Wall Street banks,” said the committee’s chair. “This means you all won’t like everything we do. It’s not personal. It’s about approaching the economy in a different way.” [Continue]
Bowman addresses Fed’s approach to community banking supervision
The Federal Reserve Board is putting an increased focus on renewable technology, according to a speech from Governor Michelle Bowman. The former Kansas state bank commissioner addressed community bankers about the Fed’s approach to regulation and supervision at the American Bankers Association Conference for Community Bankers on Feb. 16. [Continue]
Economy strengthening but rates likely to remain low next three years, Evans says
Although the economy is likely to improve in 2021, inflationary pressures are expected to be minimal which means interest rates are not expected to rise anytime soon. That is how Charles Evans, president of the Federal Reserve Bank of Chicago since 2007, summarized the economic outlook in an event jointly held by the Indiana Bankers Association and the Wisconsin Bankers Association. [Continue]
Regulators expect trouble to make landfall for banks, eventually
The conditions at banks are strong right now, reports James LaPierre, regional director of the FDIC’s Kansas City office. But 2021 will likely bring the industry some troubles, he predicted. Preparing a bank for the fallout of this pandemic is “like preparing for a hurricane,” LaPierre said. Bankers are doing a lot of “watchful waiting.” … Read more
Coronavirus, land values and trade cause concern at ag symposium
Low prices, labor and weather top the list of challenges facing the ag industry in southern Minnesota, according to a poll of attendees at South Central College’s annual ag forum. Regarding the overall economy, about 20 percent said the biggest challenge was government while another 20 percent said politics. [Continue]
Changing conditions bring paradox to industry
Calling these “paradoxical times” investment banker Curtis Carpenter of Sheshunoff & Co., noted the strength of the banking industry at a time when technology is rapidly changing the payments system and younger generations know little about traditional banking. [Continue]
Economy firm, but ag issues merit concern, speakers agree
The sputtering economy has everyone “searching for yield,” commented Creighton University Economist Ernest Goss, who addressed bankers in Des Moines, Iowa on Nov. 14. Goss and other speakers at the half-day seminar hosted by the Eide Bailly accounting firm, shared concerns about the economy and banking sector conditions, but generally offered upbeat industry assessments. [Continue]