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Where People Spent Stimulus Payments – And Where They Didn’t

PYMNTS

In one example, with the 2001 tax rebates, households spent roughly 20 percent to 40 percent of those funds in the first quarter after receiving them, with two-thirds spent over the first six months.

Payments 173
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Ex-Vatican Bank President, Lawyer Charged With Embezzlement

PYMNTS

According to the AP, the Institute for Religious Works reported that Caloia and Luizzo were charged with embezzlement and self-laundering between 2001 and 2008. Their trial is slated to begin on March 15, reported the news service, noting that a third suspect passed away while being investigated.

Taxes 101
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Tracking The Trends That Shaped 2020’s The Digital-First Economy

PYMNTS

You hear a lot about the new normal and stuff like that, but I really see it as banking at the speed of life,” said CarrieAnne Cormier , senior vice president of Retail Operations and Strategy at Avidia. The past year has been one of the most trying in recent memory for lenders as well as consumers.

Trends 259
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Online Sports Betting Gets A Super Bowl Workout

PYMNTS

sports betting event of the year, and the first big test of legalized online sports gambling in the wake of last year’s Supreme Court decision that overruled previous prohibition — a ruling that allowed states besides Nevada to allow such wagering operations. But it stands as the major U.S. billion, double the amount spent in 2011.

Las Vegas 122
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Prepare for stronger C&I lending demand: A $1.7 trillion “wave”

Abrigo

Drive growth The big C&I lending wave is coming If opportunities to drive bank or credit union performance are like the waves surfers seek constantly, C&I lending will be the next “bomb,” according to Joel Pruis , Senior Director and Lending & Operations Practice Lead at Cornerstone Advisors. 2004-2008: 82.6% 2010-2023: 137.3%

Lending 195
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A Decline in Personal Savings

TrustBank

The BEA calculates the personal saving rate by subtracting taxes from personal income to arrive at “disposable personal income” and then subtracts personal outlays. As of October, the US ranked 32 nd according to the Organization for Economic Co-operation and Development (OECD) data. What’s left is an estimate of personal savings.

US 52
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Consumer Lending: Should Banks Do It?

Jeff For Banks

Ever since we formed our company in 2001, this has been the case. Looking at our peer group numbers, the consumer loan costs a little above $1,100 per year in operating expense to originate and maintain. pre-tax profit as a percent of the portfolio. And it wasn’t an anomaly. But it was the only sub-product that showed a profit.

Lending 60