Robert Fay likes to tell the story of a client whose father worked with his grandmother long ago. She mentioned her plan to move her money to an investment firm. “I told her, ‘You should talk to me.’ After we had gone through all that [our bank could] do, I said, ‘Dorothy, you know I’m going to do the best I can for you.’ She said, ‘I know you will. And if you don’t, I’ll tell your mother.’”
Banks throughout the country are putting new practices in place to comply with an onset of new federal regulations prompted by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act and other post-meltdown rule changes. Those expensive efforts are sparking major changes and concerns for some of the Capital Region’s smaller lenders.
A 2010 Federal Reserve rule requires banks to ask customers if they want to sign up for overdraft protection programs, which often come with steep penalties for making purchases that exceed the account balance. A Consumer Finance Protection Board report released in June suggests the change may not be enough to protect consumers.
Two hundred, four hundred … twenty, forty, sixty, eighty, five hundred …
As the young woman behind the glass divider counts out the entirety of my paycheck, I can’t help but think of how measly it looks before I stuff it in my wallet.
Since 2007, Rodney Brown, 65, has served as the president and CEO of the California Bankers Association, which represents the majority of banks doing business in California.
Banks are running up against some odd new competitors these days. Big box retailer Costco is advertising mortgages. Wal-Mart has issued its own debit card. Amazon is offering loans to merchants in its online marketplace.
On a morning in April, eight representatives of local banks and credit unions walked into the Sacramento Metro Chamber headquarters to discuss the region’s lousy credit situation.
The past few years have seen the biggest social upheaval against the banking industry in this nation’s history, and Capitol Hill lawmakers responded with 848 pages of legislation that liberal critics deride as weak and many conservatives call a job killer.
On the list of problems everyone should have, deciding how to pay a financial adviser is near the top, just below picking a Porsche mechanic and choosing between Hawaii and Barbados for vacation.
Perry Ghilarducci holds a vivid memory from the day the Internal Revenue Service showed up unannounced at his office. Nobody wants a surprise visit from the IRS, and it’s even more nerve-wracking when the agents are from the criminal investigation division and when, like Ghilarducci, you’re an accountant.