LAKE BLUFF, Ill.-According to Michael Moebs, the up-and-coming transaction every credit union should be watching is ACH."
The big increase is coming in ACH, not prepaid," said the economist and CEO of Moebs $ervices. "Prepaid is equal to ATM and is a small piece of the market.
Prepaid is going strong but is less than 3% of the transaction system. Checks are 20% and quickly dying while debit cards are 38% and credit cards are 22% and dying. ACH is 17%."
Amerant Bancorp in Coral Gables, Florida, appointed Carlos Iafigliola its permanent president and CEO; Morton Community Bank in Illinois reached a deal to buy a three-branch franchise in the Land of Lincoln; Bank First in Manitowoc, Wisconsin, agreed to acquire PSB Holdings; and more in this week's banking news roundup.
President Donald Trump administered Federal Reserve Chair Kevin Warsh's oath of office in a ceremony Friday morning. Warsh is expected to pursue changes at the central bank, including a push to reduce its $6.7 billion balance sheet.
Federal Reserve Gov. Christopher Waller said in a speech Friday that he favors holding interest rates steady until energy prices fall, but noted that the central bank should be ready to hike rates if inflation gets too far out of hand.
Cetin Duransoy said every employee at his company is now using AI in some way.
Many banks are missing revenue and cost-cutting opportunities—and potentially disenfranchising customers by not offering relevant app details.
Lenders pulled back on commercial real estate loans in 2023, as high interest rates put pressure on property values. They're now returning to the sector, and the renewed competition is prompting a pricing war.
