Displaying items tagged: Michigan Bankers Association

A proposal by a trio of federal agencies would bring major banking industry regulations into the modern digital age as banking is increasingly done electronically instead of in branch offices.

The software platform behind a new tech startup backed primarily by West Michigan investors learns about users and offers them ideas on what to buy next.

The FDIC intends to keep providing regulatory flexibility to banks as they navigate the economic recession brought on by the COVID-19 pandemic. The federal regulatory agency wants banks to remain agile and do what they can to support consumers and small business owners during the crisis, according to FDIC Chairman Jelena McWilliams. McWilliams, who began a six-year term on the FDIC Board of Directors in June 2018, previously served as executive vice president, chief legal officer, and corporate secretary for Fifth Third Bank in Cincinnati, Ohio.

The sheer volume of small businesses that have sought federal relief loans illustrates the depth and scope of the economic pain brought on by the COVID-19 pandemic.

The trade associations representing the banking industry across Michigan say banks intend to stay open during the crisis brought on by the coronavirus pandemic.

Even if the U.S. Senate were to pass a bill to make it easier for banks and credit unions to serve the emerging cannabis industry, questions remain over just how many financial institutions will act quickly on the opportunity.

The legalization of cannabis in Michigan offers an emerging economic sector for banks and credit unions, but only if Congress enacts legislation to change existing federal law and allow them into the market.

The proposed formation of a trust bank by seven Michigan credit unions gives new fodder to a long-standing battle in the financial services industry.

Executives at banks and credit unions across Michigan found common ground in advocating for legislation to ease federal regulations they say hurt smaller financial institutions and their ability to lend.

More bank branches closed in Michigan than in 45 other states in the years following the most recent financial crisis.

Banks and credit card companies think they should be the ones who select the best technologies to combat fraud, not the state Legislature.