Lending discrimination isn't limited to consumer loans. Here's how to protect yourself. Wells Fargo, one of the largest banks in the country and the leading originator of mortgages to consumers, recently reached a settlement agreement with the Department of Justice over accusations of lending discrimination. The settlement requires the bank to pay a whopping $175 million while avoiding any admission of guilt. The DOJ was investigating the bank for allegedly steering well-qualified mortgage … [Read more...]
Actualización bancaria: ¿se volverán a ofrecer préstamos pronto?
La Corporación de Seguro Federal para Depósitos (FDIC, por sus siglas en inglés) ha publicado recientemente el perfil bancario para el último trimestre de 2011. Este informe proporciona una visión detallada de la condición del sector bancario en los Estados Unidos. Si nos ponemos a analizar los detalles, podemos obtener algunos datos importantes con respecto a lo que los propietarios de pequeñas empresas pueden esperar para el resto de 2012. Importancia de la actualización bancaria: La … [Read more...]
Why You Should Add A Stress Test To Your 2012 Plan
A stress test will predict how something, whether it's your heart or your business, will react under simulated strains. As the year begins to wind down, many companies are putting the finishing touches on their financial and operations plans for 2012. Regardless of how far along you’ve gotten in your planning, you should consider adding a stress test if you haven’t done so already. A financial stress test has much in common with the well-known cardiac stress test. In both cases, the goal is … [Read more...]
Are U.S. Banks Getting Healthier?
Banks need to bounce back so that small businesses to thrive. But is the banking sector really on the road to recovery? Are U.S. Banks Getting Healthier? The fate of virtually every small business in the United States is tied to the health of the banking sector. Banks are the institutions that circulate and multiply money throughout our economy. Think of them as financial funnels; when the funnels are in working order, money from depositors enters the narrow stem, multiplies and exits the wide … [Read more...]
The Debt Crisis No One Is Talking About
There's one more debt crisis we should be paying attention to but aren't: China. If I mention the phrase “debt crisis” most people will assume I’m talking about the U.S. federal budget deficit or the situation in the Eurozone. As if we didn’t have enough crises on our radars, there is one more that business owners need to monitor. This additional debt crisis could have a material impact on our profitability as it affects the largest supplier of goods for resale to the U.S.: China. There is a … [Read more...]
How Brian Moynihan Is Transforming Bank Of America
What exactly is going on at Bank of America and what does this mean for your company? Brian Moynihan, CEO of Bank of America, has one of the most stressful jobs in the country today. With the entire world watching and waiting for disaster to strike, he is attempting to transform (in record time) an organization with 280,000 employees, over 55 million customers and revenues in excess of $134 billion. There are varying opinions regarding the decisions he is making, but few people argue that … [Read more...]
Are Interest Rates Heading Up?
Interest Rates Heading Up is no good for businesses or consumers, but often they're inevitable. Here's how you can prepare. As the U.S. economy navigates a toxic mix of sluggish growth, high unemployment, rising inflation and trillion dollar budget deficits, increases in interest rates are a real possibility. Increasing rates are exactly what we don’t need. As interest rates go up, both consumers and businesses tend to spend less. People already in debt must divert money budgeted for other … [Read more...]
What The End Of Quantitative Easing 2 Means For Your Business
How will the end of the $600 billion economic stimulus package affect your business? The end of June 2011 marks the conclusion of the $600 billion economic stimulus program known as “Quantitative Easing 2” or “QE2.” It’s called “2” because it represents the second round of quantitative easing undertaken by the Federal Reserve after the financial crisis spurred by the collapse of Lehman Brothers. Before discussing what the implications are for your business, it’s important to understand what … [Read more...]
Banking Update: Is lending making a comeback?
The FDIC recently released a report on the banking sector for the first quarter of 2011. Is lending making a comeback? The Federal Deposit Insurance Corporation (FDIC) recently released the quarterly banking profile for the first quarter of 2011. This report provides a detailed overview of the condition of the banking sector in the United States. Digging into the details provides some important insight into what small business owners can expect for the remainder of the year and into … [Read more...]
How To Get More Value From Your banking partner
There are four things that every business owner should expect from their banking partner. If you’re current bank is unwilling or unable to provide these services then it’s time to shop around. While working in Kansas City, Missouri last month I had the opportunity to meet Grant Burcham, CEO of Missouri Bank & Trust Co., also known as Mobank. The minute you walk into their main branch, you are met by the following words and phrases: Entrepreneurial, individual, be the difference, unique, … [Read more...]
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