January 5, 2021
The Gateway For Payroll Data
Keeping the banking desert at bay in rural America

As big banks concentrate their branches in cities, smaller financial institutions and digital companies find ways to irrigate in abandoned markets.

When a community's only bank branch leaves town, the lack of financial services can pose a serious drawback for locals.

While residents and small businesses may have digital and mobile banking options to turn to when their brick-and-mortar option disappears, they are left with a lack of credit and cash depositing options that make the void especially hard to fill.

Banks shed 6,764 branches in the U.S., or 7% of the total number, from 2012 to 2017, according to a November report by the Federal Reserve.

The central bank identified 44 "deeply affected" counties that had 10 or fewer branches in 2012 and lost half or more of them by 2017. Thirty-nine of those counties are rural, the Fed found.

Paving the Payments Future
Banks rethink office space, branch strategy to sync with new customer, employee habits

With 70% of bank staff working remotely and more clients using digital channels, cutting back on square footage is the new efficiency.

The coronavirus pandemic has caused thousands of bank branches to temporarily close and limit hours and visits, as local governments enact social distancing measures to slow the spread of the virus.

The new normal has introduced bank customers and their employees to new habits and digital options, and some experts say banks are reevaluating the value of their branches and corporate offices as a result.

"With this forced mobile experiment of the COVID-19 pandemic fresh in their minds, I think it's going to accelerate timelines for taking action on the cost side," said Keefe, Bruyette & Woods (KBW) Managing Director Michael Perito on branch consolidation in the banking sector.

Economic Impact Payments on their way!
visit instead of calling.


NEVADA: Lawmakers grant final approval to payday lending database plans, over industry concerns

State lawmakers have given final approval allowing Nevada financial regulators to finally implement a statewide database for high-interest, short-term payday loans, something consumer advocates say will provide much-needed levels of oversight and accountability.

Members of the Legislative Commission — composed of state lawmakers who give final approval to state agency regulations — met Monday to approve the regulations submitted by the state’s Financial Institutions Division (FID), which will oversee and manage operations of the database. The majority-Democratic committee voted along party lines, 7-5, to approve the regulations.

Four in 10 U.S. adults said that they or someone in their household had lost their job or taken a pay cut during the pandemic.

That data point only hints at the uncertainty U.S. families faced this year as the financial effects of COVID-19 deepened—as shown in these Pew Research Center findings from August:

One in 4 U.S. adults have had trouble paying their bills since the start of the pandemic.
One-third have dipped into savings or retirement accounts to make ends meet.
About 1 in 6 have borrowed money from friends or family or have gotten food from a food bank

January 5, 2021 Release of the Taskforce on Federal Consumer Financial Law Report

In January 2020, CFPB Director Kathleen Kraninger announced the appointment of five members to serve on the Bureau’s Taskforce on Federal Consumer Financial Law (Taskforce). The Taskforce was charged with examining ways to harmonize and modernize federal consumer financial laws and given a year to submit a report of their findings and recommendations to the Director.

On January 5, 2021, the Bureau will host an event to share the findings, analyses, and recommendations of the Taskforce, followed by facilitated questions and answers with the CFPB’s Consumer Advisory Board Chair, Eric Kaplan.

The Biden Administration and New Congress Have Opportunities to Modernize Financial Regulation and Strengthen Our Economy

Since 2008, important reforms have helped the financial sector to meet the needs of its customers. The financial sector’s bedrock foundation was a source of strength that has helped to support businesses and consumers when the pandemic hit. As we emerge from the devastation of that crisis, the financial services industry will play a key role in leading a strong economic recovery and allowing the American economy to reach its full potential.

To achieve that goal, the Chamber’s Center for Capital Markets Competitiveness recently released The Growth Engine, a report with over 100 recommendations to modernize financial regulation and spur growth on main street. The report details collaborative opportunities the incoming Biden Administration and the 117th Congress have in enacting forward looking policies.

Top recommendations in the Growth Engine include:

Holiday Debt Averaged $1,381 in 2020, Reaching a 6-Year High Amid Pandemic

The holiday season is a time for celebrating and exchanging gifts with loved ones — which can often mean swiping credit cards or taking on loans in the process. About a third (31%) of all consumers took on debt to pay for holiday expenses this year, according to a December 2020 MagnifyMoney survey of 1,171 Americans. Holiday debt was defined as spending related to gifts, travel and entertainment.

Those who incurred holiday debt this year borrowed $1,381 on average. That’s up from $986 in 2015, an increase of nearly $400, or 40%, since we first started conducting this survey five years ago.

As the coronavirus pandemic continues to shape how we earn and spend money, fewer Americans racked up holiday debt than last year, but the ones who did — often millennials and parents of young children — borrowed more money than ever before.

National credit card debt $89B less than beginning of 2020

NEW YORK (WWTI) — Americans are expected to start the new year with a significantly less amount of credit card debt.

A recent study conducted by WalletHub determined national credit card debt statistics and rates; finding a significant decrease in debt compared to the start of 2020.

According to the study, United States consumers started 2020 owing over $1 trillion in credit card debt. This debt was accumulated following a $76.7 billion net increase during 2019.

Who's ready for big Social Security changes in 2021?

The pocketbooks of working Americans and retirees could be directly affected by these changes

The New Year may bring with it big changes. Promising late-stage COVID-19 vaccine results may soon end the pandemic. Meanwhile, President-elect Joe Biden's inauguration on Jan. 20, 2021, will usher in a new era for politics on Capitol Hill.

But some of the biggest changes in the upcoming year are to be found in the Social Security program. Whether you're receiving benefits or are working toward your eventual retirement, it's possible that these changes will affect what you'll take home in 2021 or beyond.

As recently as May, the outlook was bleak for the U.S. economy and the 46 million-plus retired workers who count on a monthly benefit check from Social Security. The coronavirus pandemic was wreaking havoc on the U.S. economy and the average prices for goods and services were falling.

3 payments trends to watch in 2021

As 2021 rapidly approaches, many of us are hoping for better days after the whirlwind year of 2020. While COVID-19 has certainly had an impact on every industry, certain trends that began in 2019 continued to develop in 2020, and some of them may even blossom fully in 2021.

As 2021 rapidly approaches, many of us are hoping for better days after the whirlwind year of 2020. While COVID-19 has certainly had an impact on every industry, certain trends that began in 2019 continued to develop in 2020, and some of them may even blossom fully in 2021.

Cashless will become a reality
The idea of a cashless society has been on our radar for quite some time, and COVID-19 has only sped it up. As people have started to prefer their own cards or phones to cash, some stores have begun to ditch cash entirely.

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