Family-owned businesses, especially those crossing the mark of $10 million in annual revenue, often have unique banking needs. They have the freedom to make long-term investments, but they also face challenges associated with funding for growth, complex family dynamics and the need to manage liquidity events for family members.
“When we’re able to take banking to them, at a place where they already have trust with their employer, that’s a bridge,” says Jennifer Huffman of Atlantic Union Bank’s workplace banking product. “From there we’re able to grow that relationship.”
Many fintech firms’ offerings are narrow, leaving them unable to meet growing businesses’ capital needs. In contrast, most banks can work with businesses as they grow.
Why community banks should look like they belong in the community.
Julieann Thurlow, ABA’s 2023-24 chair, unites financial inclusion and financial innovation.
Federal Reserve Governor Michelle Bowman commented on what she termed the “responsible evolution” of banking’s regulatory framework.
Community banks need to get engaged on the regulators’ capital framework overhaul, outgoing ABA Chair Dan Robb told ABA’s Annual Convention in Nashville this morning.
Given the need for additional funds and the lack of attractive alternatives, bank use of FHLB advances is very likely to grow and should not necessarily be interpreted as a sign of banking stress.
Educating consumers about financial literacy is rarely a one-time action. It requires regular and continuous engagement.
With the availability of credit card rewards at stake under the Durbin-Marshall credit card bill, bill sponsor Sen. Roger Marshall dismisses consumer concerns about their rewards.