Home prices are still falling, unemployment is once again rising and the stock market lost ground every week in May.
But while the signs of a possible double-dip recession are increasing, this month’s Financial Security Index poll discovered a frightening fact: Roughly half of Americans are dangerously unprepared for a personal financial emergency.
Bankrate’s Financial Security Index poll for June found 24 percent of Americans have no emergency savings at all. Another 22 percent said their emergency savings would cover, at best, three months’ worth of expenses.
By DAVID GOLDSTEIN, McClatchy Newspapers
WASHINGTON — Federal banking regulators said Wednesday that community banks should not face the same post-Wall Street meltdown scrutiny that mega-banks do, but local bankers said that’s exactly what’s happening.
At a hearing before a Senate Banking panel, community bankers said that in the wake of the financial crisis, the regulatory pendulum has swung too far and their institutions are under a tremendous amount of stress.
Editor’s Note: The Senate vote discussed in the story below further highlights the need for the Federal Reserve to determine the full data security costs associated with debit card transactions, as required by law, and to adjust allowable interchange fees accordingly. CRE’s letter to the Board discussing cybersecurity costs may be found here.
From: Credit Union Times
Senate Defeats Debit Interchange Delay Measure
Credit unions’ efforts to delay the Federal Reserve’s rule regulating debit interchange fees by up to a year came up short today as the Senate defeated an amendment by Sens. Jon Tester (D-Mont.) and Bob Corker (R-Tenn.).
Editor’s Note: The following comment was submitted to CRE by a Financial Forum reader. The opinion expressed does not necessarily represent the views of CRE. CRE will publish all substantive comments on the issue.
Thumbs DOWN. Stop this reduction of competitors. Just so you can build companies with OVERPAID bosses. Does not help the USA, reduces employment. and reduces customers cost.
PLEASE JUST NO TO the AT& T Merger with “T” Mobile.
PS: A T-Mobile user..