Banks handling record influx of deposits, economic uncertainty
Banks say they are facing challenges from an influx of deposits and a lack of business investments due to ongoing economic uncertainty surrounding the progression of Covid-19. [Continue]
Writer: Sam Wilmes
SEC Chair: Securities regulations apply to cryptocurrency platformers
SEC Chair Gary Gensler said securities regulations apply to platforms that offer crypto tokens or other products that are priced off the value of securities and operate like derivatives. [Continue]
Community banks: Biden’s reporting proposal improper, not needed
Community banks are speaking out against President Joe Biden’s proposal to require financial institutions to report to the IRS deposits and withdrawals of all business and personal accounts with a balance of more than $600. [Continue]
SBA loan volume sees large fiscal year increase with PPP
Sparked by PPP and other stimulus efforts, the SBA’s main lending program is seeing significantly higher volumes this year. [Continue]
FDIC proposes simplifying insurance coverage rules
The Federal Deposit Insurance Corp. on July 20 issued a proposed rule to simplify aspects of the agency’s insurance coverage standards. [Continue]
Bank regulators propose rewrite of CRA update
The Office of the Comptroller of the Currency will rescind and replace the Community Reinvestment Act rule issued in May 2020 under former President Donald Trump. [Continue]
Home prices hit eight-year high during Covid-19
U.S. home prices increased nearly 10.5 percent in 2020 as demand soared amid Covid-19 and associated state shutdowns. [Continue]
Banks raise starting pay, amenities in competitive environment
Bridgewater Bank executives say the pending increase in minimum starting wages in their institution to $20 per hour next month is necessary to keep entry-level employees on board and foster a positive work environment. The need to offer additional amenities and starting pay increases comes as companies, including banks, face an increasingly competitive economic environment. [Continue]
Bridgewater bumps base pay
Twin Cities-based Bridgewater Bank will raise its minimum wage to $20 per hour for all regular, full-time employees, beginning Aug. 1. [Continue]