WASHINGTON - (07/02/04) -- Credit unions are expected to takeand wait and see attitude to Wednesday's Fed rate cut beforeraising their dividend rates, which have hit rock bottom over thelast few months. "Credit unions are going to lag in raising theirdividend rates because even though they're so low, they're stillhigher than what the banks are paying," Bill Hampel, chiefeconomist for CUNA, told The Credit Union Journal. Average ratespaid by credit unions and banks have plunged to what are believedto be all-time lows this year. Data compiled by DataTrac Corp.,which tracks 1,000 credit unions, show the average rate paid onregular shares fell this week to a paltry 0.73%; while the averagefor share drafts (checking) dipped to an anemic 0.44% and for moneymarket shares to just 0.92%. But those still represent a bargaincompared to what the banks are paying: 0.46% for regular savings;0.33% for checking; and 0.52% for money market accounts.
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Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
9h ago -
The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
10h ago -
The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
April 25 -
Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.
April 25 -
Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
April 25 -
The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
April 25