BankUnited of Florida recently received FDIC approval to sell a covered loan portfolio. The sale is expected to take place by the end of this year. Selling covered loans is a complicated process requiring the writing of a case for the FDIC, and FDIC approval. Garnet Capital is experienced in writing these cases and can help interested institutions both write the cases and sell the covered loans on the market.
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The labor market has had a very positive year, and October was no exception. Roughly 250,000 jobs were added last month and wages climbed modestly, a welcome change from previous periods of stagnating wages. The robust job market is leading to strong business and consumer sentiment and an expanding gross domestic product.
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Banks have varying perspectives on the current economy. Some are trimming their sales on credit card issuance and limits; others are growing the balances on credit cards. This could reflect the difference between subprime and affluent borrowers and anxiety about how one or the other group will react to an economic downturn.
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Puerto Rico's largest bank turned in strong growth in the just-completed third quarter over year-ago results, which were impacted by Hurricane Maria. The results are a sign of economic recovery on the island, making it attractive for investors.
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Some small banks are either unable or unwilling to invest in digital solutions for their customers. According to one CEO, this could put banks in jeopardy of falling behind in the tech enabling surge as partnerships and M&A activity increases in this sector. A partnership with the right loan sale advisor can help to facilitate much-needed product availability for small banks.
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Banks and FinTechs are increasingly finding synergies in partnerships, rather than competing head to head. The latest is a new subsidiary, ODX, intended to provide online services to small businesses, created by FinTech OnDeck. Given the number of FinTechs searching for partners, though, banks should be careful that they are choosing the right fit from among the available possibilities.
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Major banks are expected to experience strong earnings growth in the third quarter - growth significantly over that of the entire S&P 500, in fact. But a number of issues, including slow loan growth, are likely to hold back bank stock performance despite the forecast strong earnings.
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Puerto Rico was devastated in September 2017 by Hurricane Maria, the worst hurricane in 85 years. But hotels and restaurants have rebuilt and are aggressively courting tourists for the coming year. The tourism industry is responsible for 7% of Puerto Rico's GDP, and its rebound is economic good news for the island and banks who do business with it.
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