Friday, September 3, 2010

This Week in Bank Failures

In testimony this week, Bernanke and other regulators testified that shutting down large financial institutions would permit the economy to avoid a repeat of the upheavals of 2008. Bernanke cautioned, though, that regulators would have to avoid the temptation to turn a blind eye to problems.

A credit union was liquidated this week. Wisconsin regulators closed First American Credit Union of Beloit, Wisconsin, on Wednesday. Michigan-based First Community Federal Credit Union assumed the assets and liabilities to provide uninterrupted service to the credit union members.

I am not expecting any bank failures tonight because of the holiday weekend and the season, which finds so many workers on vacation. Should any occur, though, I will be sure to look into them.