Banconomics helped WBA member banks follow through on a request from federal and state regulators this past January with strong results. On Jan. 11, five federal financial institution regulators encouraged financial institutions to work with consumers affected by the federal government shutdown by issuing a joint statement to the nation's banking industry.
In the statement, the regulators indicated that "while the effects of the federal government shutdown on individuals should be temporary, affected borrowers may face a temporary hardship in making payments on debts such as mortgages, student loans, car loans, business loans, or credit cards. As they have in prior shutdowns, the agencies encourage financial institutions to consider prudent efforts to modify terms on existing loans or extend new credit to help affected borrowers. Prudent workout arrangements that are consistent with safe-and-sound lending practices are generally in the long-term best interest of the financial institution, the borrower, and the economy. Such efforts should not be subject to examiner criticism."
The Joint Release was issued by the Board of Governors of the Federal Reserve System, Conference of State Bank Supervisors, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration, and the Office of the Comptroller of the Currency.
As a result of a WBA survey asking for member involvement, 46 Wisconsin banks with hundreds of branches created information and points of contact for affected customers which, in turn, was posted on the Banconomics website. Ultimately, the information generated media around the state and the nation. According to the site's analytics, nearly 1,000 unique individuals visited the list of resources and map of where to find branches. In addition, the social media post had a total reach of over 36,000 people, including 1,354 interactions and 565 shares for an engagement rate of 3.73 percent—an excellent performance. For context, the all-industry average engagement rate for Facebook posts in 2018 was 0.16 percent.
Banconomics.com is excited to announce a new layout and feature changes coming in April! Banconomics.com is a website that provides investors, opinion-leaders, bankers, elected officials, and media outlets with essential financial information and reports to support public and private decision-making. The Banconomics website fills the need for Wisconsin banking indicators presented in an easy-to-access, yet comprehensive, format for community bankers, public officials, reporters, and industry leaders.
The financial data and research found on the Banconomics website is fueled by the quarterly release of FDIC banking reports including metrics on profitability, asset quality, and liquidity. Banconomics visitors also find additional, timely information contributed by economic and business experts.
For more information, please email Mike Semmann.