Saturday, December 5, 2020

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Mobile, online banking notch 99% approval rating

Mobile and online banking experiences were rated as ‘excellent’ ‘very good’ or ‘good’ by 99% of consumers, a record high, according to a new ABA/Morning Consult survey released Nov. 23, topping last year’s record by four percentage points. According to the survey, 84% of consumers said innovation and technological improvements by banks are making it easier to access financial services and …

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Household debt rises by $87 billion in third quarter

Household debt rose by 0.6% in the third quarter of 2020, rising by $87 billion to land at $14.35 trillion, the Federal Reserve Bank of New York reported Tuesday. The increase more than offset the second quarter decline of 0.2% that was the first decrease since 2014 and the largest drop since 2013. Mortgage balances, the largest component of household debt, …

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Survey: PPP drives record small business bank satisfaction

The administering of $669 billion in Paycheck Protection Plan loans to small businesses drove customer satisfaction with banks to a record high, according to J.D. Power’s Small Business Banking Satisfaction Survey released today. Small businesses gave their banks a satisfaction score of 822 out of 1,000—up 2 points from 2019. Overall, 36% of small business banking customers applied for a PPP loan …

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Friends of Traditional Banking looks for help in three key races

Friends of Traditional Banking has picked key close races each election cycle and encourage community bankers around the country to contribute what they can to help. Friends of Traditional Banking is a non-partisan grassroots effort organized by bankers in 2012 to improve the political and regulatory environment for the traditional banking industry in the U.S. FOTB is the inverse of …

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Tenth District services activity expanded in October

The Federal Reserve Bank of Kansas City released the October Services Survey today. According to Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City, the survey revealed that Tenth District services activity expanded in October but remained below year-ago levels, while expectations for future activity remained positive. “Regional services activity rose slightly in October,” said …

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FDIC survey shows 95 percent of U.S. households were banked in 2019

A record 95 percent of U.S. households had a bank or credit union account in 2019, according to a new biennial survey and report released today by the Federal Deposit Insurance Corporation (FDIC). How America Banks: Household Use of Banking and Financial Services also found that a record low 5.4 percent of U.S. households were unbanked in 2019. “It is encouraging that …

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SBA streamlines PPP loan forgiveness for $50,000 or less

The Small Business Administration tonight released a streamlined loan forgiveness application for Paycheck Protection Program loans of $50,000 or less. The forgiveness application, Form 3508S, includes certifications from the borrower but does not require calculations to be submitted with the application. Applicants must submit documentation verifying forgivable payroll and non-payroll expenses. Borrowers are required to retain the documentation supporting their …

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ABA, OBA creates voting resource page for bankers

It’s officially October, and news on the presidential election is on every corner. The conversation has taken over social media, television and even the dinner table. While talking about the election is a great way to educate yourself and others, the most essential part is exercising your right to vote. The ABA has teamed with the OBA to create a …

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Voting deadlines approaching

The upcoming elections to be held on Nov. 3 are of critical importance to all Americans. Regardless of whether you or anyone else you know is a Democrat, Republican or independent, that person must be registered to vote to cast a ballot. HERE ARE THE DEADLINES BY WHICH YOU MUST BE REGISTERED: Oct. 9 — Voter registration deadline for in-person …

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