Wisconsin Banking Update
Providing banking news in Wisconsin that Wisconsin Bankers can use. Keep on top of all the banking issues that are affecting Wisconsin in one place. If you would like to receive these updates by email please subscribe by entering your email address on the right. There is no cost and no obligation.
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North Milwaukee State Bank Celebrates 40 Years
Posted on March 6th, 2010 No commentsAs North Milwaukee State Bank approaches its 40th year, the staff has launched the “Founders Campaign” to honor two board members who have been with the bank since its inception: Dr. William E. Finlayson and Dr. Randle E. Pollard. The two recently were honored by CNN magazine at the Midwest Urban Empowerment Awards Ceremony. Read more in the Milwaukee Courier.
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Milwaukee Small Biz Loans Quadruple
Posted on March 5th, 2010 No commentsLoans made through the U.S. Small Business Administration quadrupled in the Milwaukee area in February compared with February 2009 as the improving economy and stimulus measures continue to encourage SBA lending. Read more in the Business Journal.
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Lenders May Lose Billions on Fannie, Freddie
Posted on March 5th, 2010 No commentsLenders including Wells Fargo & Co., Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. may be forced to buy back $21 billion in faulty loans from Fannie Mae and Freddie Mac. “The agencies, which have suffered $200 billion in losses since 2007, have been cracking down on boom-era loans issues that may have been issued based on falsely stated incomes or inflated appraisals,” the Business Journal reported.
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Consultant Must Stop Mortgage Modifications
Posted on March 5th, 2010 No commentsThe Wisconsin Department of Financial Institutions has ordered Rightway Solutions Inc., a Janesville foreclosure consultant, not to sell mortgage modification services and to refund fees it has charged to customers, according to the Milwaukee Journal Sentinel.
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Tomah Men Sentenced for $2M Bank Fraud
Posted on March 4th, 2010 No commentsTwo Tomah, Wis., brothers who defrauded two banks of $2 million while trying to keep their auto dealership afloat each were sentenced in federal court to two years in prison and ordered to pay $1.42 million in restitution. The men faced declining sales in 2004 when they began a four-year scheme to defraud the Farmers & Merchants Bank and First Bank of Tomah by pledging cars they didn’t possess as collateral and not repaying bank loans from cars sold, the La Crosse Tribune reported.
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Associated, Elan to Launch New Cards in April
Posted on March 4th, 2010 No commentsGreen Bay, Wis.-based Associated Bank is preparing to launch new credit cards in April under its new strategic partnership with Elan Financial Services, the Business Journal reported.
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Informing Consumers About Overdraft Changes
Posted on March 3rd, 2010 No comments“In the coming months, your bank or credit union will likely be contacting you to tell you about new rules that affect overdraft rules and fees,” begins a story from WKOW-TV in Madison.
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Wisconsin May Ban Credit Checks in Hiring
Posted on March 3rd, 2010 No commentsWisconsin is one of 16 states considering banning credit checks on most job applications – excluding financial institutions. Read more from WKBT-TV in La Crosse.
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Hudson Banker Heiser Honored
Posted on March 3rd, 2010 No commentsSt. Croix Economic Development Corp. honored Hudson banker Ken Heiser of Associated Bank with its inaugural EDC Directors Award, the Hudson Star-Observer reported.
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702 Banks on FDIC List in 4th Quarter
Posted on March 2nd, 2010 No commentsThe number of troubled banks in the United States jumped to 702 in the fourth quarter, according to FDIC figures reported in the Small Business Times. U.S. banks essentially broke even in October-December, earning $914 million in the quarter, compared with a $37.8 billion loss in fourth quarter 2008. Read more in the Small Business Times or the Business Journal.