Community Bankers Describe a Year of Challenges and Opportunities
The nation’s community bankers are emerging from the COVID-19 pandemic a little battered but somewhat buoyed by operational changes that have turned into newfound efficiencies.
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U.S. commercial banking, like many sectors of the economy, appears to be bouncing back after a challenging 2020. Return on average assets (ROA)—a key benchmark of bank profitability—averaged 1.38% in the first quarter of 2021, up 67 basis points from its year-end 2020 level and 100 basis points from a year earlier.
This month, we are examining how these entrants have affected competition in the provision of financial services. Fintech firms have been labeled “disrupters.” Whether teaming up with financial institutions or going it alone, fintech firms—or neobanks—are rapidly gaining market share in several areas formerly dominated by financial institutions, such as payments and consumer loans.
The Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a wide range of questions related to the implementation of the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA).
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Take Five is a popular video series featuring St. Louis Fed economist Dr. Bill Emmons. In each video, Emmons provides a quick, concise synopsis of the most recent meeting of the Federal Open Market Committee (FOMC).