Posts Tagged ‘FDIC’

Banks See Slower Loan Growth, Higher Charge-Offs

Posted on June 12, 2017 by Laura Lam

FDIC-insured banks reported that the pace of loan growth slowed in the first quarter and that charge-offs on loans to individuals increased. But banks still recorded robust earnings for the period.  Total loans and leases fell by $8.1 billion, or 0.1% year-over-year, in the 3 months ended March 31, led by credit card loans, which posted a seasonal decline of $43.7 billion, or 5.5%. In its Quarterly Banking Profile, the FDIC attributed the decline to cardholders paying down outstanding balances, but residential mortgages also fell, by 0.5%. Credit to businesses offset some of the decline, with commercial and industrial loans up…

Should You Make the Switch to a Credit Union?

Posted on April 01, 2016 by Laura Lam

Credit unions are community-focused, federally insured, nonprofit, and member-owned banks. They exist to provide financial services for specific groups, like the employees of a union or people who work or live in a certain neighborhood. Like banks, credit unions offer financial services: debit cards, checking accounts, savings accounts, loans, and mobile banking options. But unlike banks, credit unions do not have outside investors and are not motivated by profit. All credit unions are considered cooperatives, because all the account holders are members – or shareholders — and decisions are made democratically, says Rebecca Pear of Brooklyn Cooperative Federal Credit Union. Membership…