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Banks and credit unions are worried about the potential impact of a required conversion to current and expected credit loss (CECL) accounting from the currently used incurred loss system. But it is not clear whether proposals to modify or delay CECL from the current conversion dates will be successful. Right now, banks will transition on January 1, 2020, and credit unions two years later.<
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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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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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Non-banks now write the majority of mortgages in the U.S., but the sustainability of their business model in an economic downturn is not proven - and may be questionable. In addition, traditional banks lend to non-banks, and are thus still exposed to any vulnerability they have.
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