Post Tagged with: "credit unions"
Bank Fee Revolt
November 5th is the date of the planned action. CNBC video below
News from around the web: 2009-09-11
Follow the money – BBC News "Find out how the money was spent and what it means for the taxpayers who have funded it" To the victors, the spoils: a post-Lehman scorecard | Reuters A year after their high-speed takeovers, Britain’s Barclays is confident it is on course to fulfill long-held ambitions now it has
Sheila Bair and the case against a super-regulator
There is an effort underway to install the Federal Reserve as super-regulator for all banks and financial institutions, concentrating power in one institution. I find these efforts one of the most disturbing outgrowths of the financial crisis we have been witnessing. Such a system is sure to increase the power of too big to fail
All your bank are belong to us
It looks pretty clear that the U.S. regulators are going to clean house this year — at least with small banks. Hundreds of small banks and credit union will go into receivership in 2009. However, big banks are getting a free ride. First there was the juxtaposition of the kid gloves treatment of too big
Florida credit union put into conservatorship
The National Credit Union Administration (NCUA) has put Eastern Financial Florida Credit Union into conservatorship, an institution with $1.6 billion in assets. This looks to be the busiest day for regulators since the crisis began. 4 banks and 1 credit union have been shut this Friday. The NCUA Eastern Financial press release reads as follows:
Two largest wholesale credit unions seized
From the Wall Street Journal: In the latest dramatic move by federal authorities to prop up the nation’s banking system, regulators late Friday seized control of the two largest wholesale credit unions in the U.S. after finding that their losses on mortgage-related securities were even larger than previously thought. U.S. Central Corporate Federal Credit Union
Peer-to-Peer Lending
Apparently, a new market of peer-to-peer lending has popped up , where banks are no longer a part of the lending proposition. Loans are made directly peer-to-peer. Whether this is a reaction to tight credit or some weird new innovation due to the Internet, I don’t know. Call me conservative, but it doesn’t sound like an attractive proposition for individual lenders
Credit Unions in trouble
I wish it were not so, but it is increasingly obvious that every part of the financial sector in the United States is infected by this menacing plague of credit losses and writedowns. Now it comes to light that the five biggest U.S. credit unions have lost so much on residential mortgage-backed securities that it
Credit Unions aren’t immune
Apparently the credit crisis is claiming victims in the financial sector everywhere including this New London, CT credit union and its investment manager. Obviously, credit unions aren’t immune either. The 82-year-old broker who handled investments for the New London Security Federal Credit Union committed suicide hours after federal regulators closed the lender. Edwin F. Rachleff,
Principal-agent problem, part 1: banks
As the financial sector melts down, one wonders which institutions are the safest: smaller local banks, money center banks, super regionals, credit unions. Credit unions are certainly something to think about because they offer high rates of deposit interest and low rates on loans. I don’t know if credit unions are safer than banks across