by Leif Jensen | Jun 14, 2023 | Banking |
I had a client asking me what happens when a bank fails, and you have a loan with them. If your bank fails, you still owe whatever outstanding loan balances you have. You’ll simply continue to make your loan payments to a new bank or FDIC-run intermediary. This...
by Leif Jensen | Jun 13, 2023 | Banking |
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation that supplies deposit insurance to depositors in American commercial banks and savings banks. The FDIC was created by the Banking Act of 1933, enacted during the Great...
by Leif Jensen | Apr 26, 2022 | Banking, Money Management, Running a Business |
How often do you reconcile your bank accounts? What about your brokerage accounts? I am working with a business that has neglected their cash and investment accounts for several years… I only have bank accounts in my businesses, and I seemingly don’t like to keep...
by Leif Jensen | Oct 18, 2021 | Banking |
Federal Financial regulators want more data on lending by banks to small firms. Forcing those same small firms to provide more and more information to get access to cash to grow their businesses. The Consumer Financial Protection Bureau is proposing a rule that it...
by Leif Jensen | Sep 14, 2021 | Banking |
Money laundering is the process of changing large amounts of money obtained from crimes, such as drug trafficking, into origination from a legitimate source. So with that in mind traditional currency poses problems of its own for investigators. Bank notes are...
by Leif Jensen | Sep 8, 2020 | Banking, Running a Business, Taxes |
I am going to harp on this on final time. PPP Forgiveness of the loan will be deemed tax-free. However, to business owners who take the loan will not be able to write off expenses that would otherwise be deductible if they use those PPP funds to cover the cost and...
