Growin' Up Gregory

In this month's edition of Independent Banker, ICBA Chairman, Preston Kennedy shared his top three concerns facing community banks. The Federal Reserve's role in real-time payments. Housing finance reform. Credit union poaching of community banks. Below, allow me to interpret this from banker talk into a more understandable and applicable version of how it may affect your financial life. First, from CFO.com - "In a long-awaited move to speed up the U.S. payment system, the Federal Reserve has announced it will develop a real-time service that would eventually link more than 10,000 banks and credit unions across the country." It appears that for the next 4-5 years, small banks won't be playing on a level field with the big boys as there will likely be a tiered system of payment processing from the Fed. This won't affect most people's daily activities as transactions continue to increase in speed.  Just realize that the smaller companies and com...

If you've purchased, refinanced, or built a home in the past three years, odds are that you signed a slew of paperwork during your mortgage process. Hopefully, you had a lender who explained all of the details and answered any questions you had in order to make sure that you fully understood your mortgage terms and options. I can't count the number of people who have commented, "This is a lot more paperwork than the last time we did this." In late 2015, the Consumer Financial Protection Bureau (CFPB) introduced two new forms, the Loan Estimate (LE) and Closing Disclosure (CD), which went into effect at that time.  Like most new rules, regulations, and forms, there were some things they got right, some things they got wrong, and some things that have room for improvement. From both a borrower and lender's perspective, here is some background info as well as my thoughts on the current status and changes that should be considered. Purpose An explanation of ...

I'm a numbers person and have been for as long as I can remember.  I've often said that 2 + 2 = 4 every day that we went to math, but in English class, people could interpret the same book or poem in a different way and both be right.  That often confused me so I liked sticking with my good ole trusty numbers which could be why I ended up working in banking. Numbers are important, but sometimes we have to look beyond the numbers.  I am absolutely blessed to work where I do.  The company I work for, like many during the recession, had some trying times and fortunately the memories (hopefully not the lessons) of those trying times are slowly fading away.  During those years, our management team had to focus a great deal on the numbers.  But they never lost sight of what truly matters to the operations of a business, its employees.  Yes, numbers were tight, raises were non-existent for a time, and stress levels were high.  But there was and st...