The Wal-Mart threat to traditional banking is stronger now than ever. Although it has been three years since the retail giant dominated industry discussion with its application for an industrial loan company, banking industry events during the last year actually set the stage for big non-banks to make unprecedented inroads into the … Read more
One of the results of the current economic conditions is an increase in the American savings rate. In May, the national savings rate hit 6.9 percent, the highest it has been since December of 1993, according to the Bureau of Economic Analysis. That is a significant development. The rate was less than … Read more
Speakers at the 38th annual convention of the Community Bankers of Iowa urged independent bankers to engage elected officials and remain active in their associations. [Continue]
Business author B. Joseph Pine II spoke at the Minnesota Bankers Association convention last month, delivering a message that says a lot about the kind of service successful companies, including banks, will be offering in the coming years. Customers are searching for authenticity, he said, and companies that figure out how to … Read more
Bankers and their guests gathered at Madden’s Resort near Brainerd, Minn., June 14-16 for the 120th annual convention of the Minnesota Bankers Association. [Continue]
Thanks to clarifying information issued by the Government Accounting Standards Board, municipalities in Minnesota should find it easier to make large deposits in local banks. [Continue]
Bank honored for supporting women Grand Rapids State Bank has been named Employer of the Year for the state of Minnesota in 2009 by the Business and Professional Women’s Clubs. The Minnesota Federation of Business and Professional Women’s Clubs, Inc., looks for employers that support and promote equal opportunities for women in the workplace, equitable … Read more
President Obama announced a plan to reform the regulation of the financial services industry. The goal is to prevent a repeat of the economic turmoil we have experienced during the last year. Among the plan’s numerous components is the creation of a Consumer Financial Protection Agency. Observers already are raising questions about … Read more
Earlier in the decade, I was writing about the way home equity lines of credit had turned the home into a glorified ATM. What a different story it is for many people today, when their home has virtually become a prison. There are thousands of homeowners across the country who would like … Read more
Poor risk management practices are among the leading reasons for the current financial crisis, S. Scott MacDonald and Darnell Canada told nearly 250 bankers gathered for the Spring Seminar of the Bank Holding Company Association. [Continue]